Category: Trade

MIL-OSI: BE Semiconductor Industries N.V. Announces Q4-24 and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance

FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23

Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio

DUIVEN, the Netherlands, Feb. 20, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2024.

Key Highlights Q4-24

Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23

Key Highlights FY 2024

Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased slightly to 30.0% vs. 30.6% in 2023
Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%

Q1-25 Outlook

Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24

(€ millions, except EPS)	Q4-2024	Q3-2024	Δ		Q4-2023	Δ		FY-2024	FY-2023	Δ
Revenue	153.4	156.6	-2.0	%	159.6	-3.9	%	607.5	578.9	+4.9	%
Orders	121.9	151.8	-19.7	%	166.4	-26.7	%	586.7	548.3	+7.0	%
Gross Margin	64.0%	64.7%	-0.7		65.1%	-1.1		65.2%	64.9%	+0.3
Operating Income	50.6	55.1	-8.2	%	66.1	-23.4	%	195.6	213.4	-8.3	%
EBITDA	58.0	62.4	-7.1	%	72.7	-20.2	%	224.2	239.1	-6.2	%
Net Income*	59.3	46.8	+26.7	%	54.9	+8.0	%	182.0	177.1	+2.8	%
Net Margin*	38.6%	29.9%	+8.7		34.4%	+4.2		30.0%	30.6%	-0.6
EPS (basic)	0.75	0.59	+27.1	%	0.71	+5.6	%	2.31	2.28	+1.3	%
EPS (diluted)	0.74	0.59	+25.4	%	0.68	+8.8	%	2.30	2.23	+3.1	%
Net Cash and Deposits	143.8	110.7	+29.9	%	113.0	+27.3	%	143.8	113.0	+27.3	%

* Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“Besi’s business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.

“We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi’s 2025 AGM which represents a pay-out ratio relative to net income of 95%.

“Investments in Besi’s future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.

“Besi’s fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.

“We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society’s move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry’s leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.

“The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs.”

Share Repurchase Activity

During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.

Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

Important Dates

Publication Annual Report 2024

Publication Q1 results

Annual General Meeting of Shareholders

Publication Q2/semi-annual results

Publication Q3/nine-month results

Publication Q4/full year results

February 28, 2025

April 23, 2025

July 24, 2025

October 23, 2025

February 2026

Dividend Information*

Proposed ex-dividend date

Proposed record date

Proposed payment of 2024 dividend

April 25, 2025

April 28, 2025

Starting May 2, 2025

* Subject to approval at Besi’s AGM on April 23, 2025

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.

Contacts
Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com

About Besi
Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Statement of Compliance
The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor’s opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

Caution Concerning Forward-Looking Statements

This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations
(€ thousands, except share and per share data)	Three Months Ended December 31, (unaudited)			Year Ended December 31, (audited)
	2024		2023	2024	2023

Revenue	153,413		159,635	607,473	578,862
Cost of sales	55,253		55,700	211,529	203,074

Gross profit	98,160		103,935	395,944	375,788

Selling, general and administrative expenses	28,575		24,277	126,048	105,956
Research and development expenses	19,009		13,533	74,305	56,440

Total operating expenses	47,584		37,810	200,353	162,396

Operating income	50,576		66,125	195,591	213,392

Financial expense, net	3,877		729	7,071	5,703

Income before taxes	46,699		65,396	188,520	207,689

Income tax expense (benefit)	(12,595	)	10,501	6,528	30,605

Net income	59,294		54,895	181,992	177,084

Net income per share – basic	0.75		0.71	2.31	2.28
Net income per share – diluted	0.74		0.68	2.30	2.23

Number of shares used in computing per share amounts: – basic – diluted ¹	79,402,192 81,628,947		77,070,082 82,091,299	78,877,471 81,889,907	77,508,722 82,800,279
¹⁾ The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

Consolidated Balance Sheets
(€ thousands)	December 31, 2024 (audited)	September 30, 2024 (unaudited)	June 30, 2024 (unaudited)	March 31, 2024 (unaudited)	December 31, 2023 (audited)
ASSETS

Cash and cash equivalents	342,319	307,448	127,234	232,053	188,477
Deposits	330,000	330,000	130,000	215,000	225,000
Trade receivables	181,862	169,266	174,601	150,192	143,218
Inventories	103,285	104,103	99,291	99,384	92,505
Other current assets	40,927	44,731	36,346	34,756	39,092

Total current assets	998,393	955,548	567,472	731,385	688,292

Property, plant and equipment	44,773	44,220	43,571	41,328	37,516
Right of use assets	15,726	16,419	16,821	16,901	18,242
Goodwill	46,010	45,278	45,710	45,613	45,402
Other intangible assets	96,677	94,855	92,627	90,241	93,668
Deferred tax assets	31,567	8,610	9,517	11,444	12,217
Other non-current assets	1,330	1,316	1,239	1,252	1,216

Total non-current assets	236,083	210,698	209,485	206,779	208,261

Total assets	1,234,476	1,166,246	776,957	938,164	896,553



Bank overdraft	776	–	–	–	–
Current portion of long-term debt	2,042	2,241	3,033	984	3,144
Trade payables	52,630	49,211	51,620	52,382	46,889
Other current liabilities	111,531	87,739	73,023	100,606	87,200

Total current liabilities	166,979	139,191	127,676	153,972	137,233

Long-term debt	525,653	524,527	179,801	265,142	297,353
Lease liabilities	12,350	13,033	13,448	13,625	14,924
Deferred tax liabilities	10,320	11,619	10,396	12,136	12,959
Other non-current liabilities	17,910	12,449	11,352	12,914	12,671

Total non-current liabilities	566,233	561,628	214,997	303,817	337,907

Total equity	501,264	465,427	434,284	480,375	421,413

Total liabilities and equity	1,234,476	1,166,246	776,957	938,164	896,553

Consolidated Cash Flow Statements
(€ thousands)	Three Months Ended December 31, (unaudited)				Year Ended December 31, (audited)
	2024		2023		2024		2023

Cash flows from operating activities:
Income before income tax	46,699		65,396		188,520		207,689

Depreciation and amortization	7,420		6,577		28,601		25,732
Share based payment expense	2,851		2,807		30,067		19,107
Financial expense, net	3,877		729		7,071		5,703

Changes in working capital	4,819		(24,238	)	(39,095	)	(26,819	)
Interest (paid) received	1,965		1,647		9,183		4,722
Income tax (paid) received	(3,751	)	386		(23,264	)	(27,562	)

Net cash provided by operating activities	63,880		53,304		201,083		208,572

Cash flows from investing activities:
Capital expenditures	(1,074	)	(1,451	)	(12,039	)	(6,899	)
Capitalized development expenses	(5,447	)	(5,780	)	(19,437	)	(21,121	)
Repayments of (investments in) deposits	–		(39,659	)	(105,000	)	(44,927	)

Net cash provided by (used in) investing activities	(6,521	)	(46,890	)	(136,476	)	(72,947	)

Cash flows from financing activities:
Proceeds from bank lines of credit	776		–		776		–
Proceeds from notes	–		–		350,000		–
Transaction costs related to notes	(29	)	–		(6,424	)	–
Payments of lease liabilities	(1,128	)	(1,100	)	(4,314	)	(4,307	)
Purchase of treasury shares	(22,415	)	(23,123	)	(79,833	)	(213,387	)
Dividends paid to shareholders	–		–		(171,534	)	(222,109	)

Net cash used in financing activities	(22,796	)	(24,223	)	88,671		(439,803	)

Net increase (decrease) in cash and cash equivalents	34,563		(17,809	)	153,278		(304,178	)
Effect of changes in exchange rates on cash and cash equivalents	308		1,261		564		969
Cash and cash equivalents at beginning of the period	307,448		205,025		188,477		491,686

Cash and cash equivalents at end of the period	342,319		188,477		342,319		188,477

Supplemental Information (unaudited) (€ millions, unless stated otherwise)

REVENUE	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Per geography:
China	42.8		28	%	45.5		29	%	57.5		38	%	58.5		40	%	62.0		39	%	40.8		33	%	64.9		40	%	37.6		28	%
Asia Pacific (excl. China)	53.5		35	%	51.6		33	%	54.1		36	%	43.6		30	%	57.9		36	%	42.3		34	%	59.2		36	%	58.2		44	%
EU / USA / Other	57.1		37	%	59.5		38	%	39.6		26	%	44.2		30	%	39.7		25	%	40.2		33	%	38.4		24	%	37.6		28	%

Total	153.4		100	%	156.6		100	%	151.2		100	%	146.3		100	%	159.6		100	%	123.3		100	%	162.5		100	%	133.4		100	%

ORDERS	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Per geography:
China	40.4		33	%	45.4		30	%	43.3		23	%	51.1		40	%	71.1		43	%	46.0		36	%	51.4		46	%	35.5		25	%
Asia Pacific (excl. China)	38.8		32	%	69.3		46	%	72.0		39	%	45.0		35	%	36.6		22	%	40.9		32	%	33.2		29	%	71.3		50	%
EU / USA / Other	42.7		35	%	37.1		24	%	69.9		38	%	31.6		25	%	58.7		35	%	40.4		32	%	28.0		25	%	35.2		25	%

Total	121.9		100	%	151.8		100	%	185.2		100	%	127.7		100	%	166.4		100	%	127.3		100	%	112.6		100	%	142.0		100	%

Per customer type:
IDM	61.2		50	%	84.5		56	%	122.4		66	%	53.5		42	%	82.7		50	%	70.5		55	%	60.5		54	%	74.0		52	%
Foundries/Subcontractors*	60.7		50	%	67.3		44	%	62.8		34	%	74.2		58	%	83.7		50	%	56.8		45	%	52.1		46	%	68.0		48	%

Total	121.9		100	%	151.8		100	%	185.2		100	%	127.7		100	%	166.4		100	%	127.3		100	%	112.6		100	%	142.0		100	%
* Includes foundries as of financial year 2024

HEADCOUNT	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Dec 31, 2023				Sep 30, 2023				Jun 30, 2023				Mar 31, 2023

Fixed staff (FTE)	1,812		93	%	1,807		87	%	1,783		86	%	1,760		88	%	1,736		93	%	1,725		87	%	1,689		86	%	1,682		84	%
Temporary staff (FTE)	134		7	%	271		13	%	279		14	%	236		12	%	134		7	%	248		13	%	279		14	%	312		16	%

Total	1,946		100	%	2,078		100	%	2,062		100	%	1,996		100	%	1,870		100	%	1,973		100	%	1,968		100	%	1,994		100	%

OTHER FINANCIAL DATA	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Gross profit	98.2		64.0	%	101.2		64.7	%	98.3		65.0	%	98.3		67.2	%	103.9		65.1	%	79.6		64.6	%	106.6		65.6	%	85.7		64.2	%


Selling, general and admin expenses:
As reported	28.6		18.6	%	27.3		17.4	%	30.5		20.2	%	39.6		27.1	%	24.3		15.2	%	23.3		18.9	%	29.4		18.1	%	29.0		21.7	%
Share-based compensation expense	-2.9		-1.8	%	(3.4	)	-2.1	%	(6.9	)	-4.6	%	(16.9	)	-11.6	%	(2.8	)	-1.7	%	(1.6	)	-1.3	%	(5.5	)	-3.4	%	(9.3	)	-7.0	%

SG&A expenses as adjusted	25.7		16.8	%	23.9		15.3	%	23.6		15.6	%	22.7		15.5	%	21.5		13.5	%	21.7		17.6	%	23.9		14.7	%	19.7		14.8	%


Research and development expenses:
As reported	19.0		12.4	%	18.9		12.1	%	18.5		12.2	%	17.9		12.2	%	13.5		8.5	%	13.6		11.0	%	14.3		8.8	%	15.0		11.2	%
Capitalization of R&D charges	5.4		3.5	%	4.4		2.8	%	4.9		3.2	%	4.7		3.2	%	5.7		3.6	%	4.7		3.8	%	5.3		3.3	%	5.4		4.0	%
Amortization of intangibles	-3.9		-2.5	%	(3.9	)	-2.5	%	(3.6	)	-2.3	%	(3.6	)	-2.4	%	(3.3	)	-2.1	%	(3.3	)	-2.6	%	(3.5	)	-2.2	%	(3.5	)	-2.6	%

R&D expenses as adjusted	20.5		13.4	%	19.4		12.4	%	19.8		13.1	%	19.0		13.0	%	15.9		10.0	%	15.0		12.2	%	16.1		9.9	%	16.9		12.7	%


Financial expense (income), net:
Interest income	-5.1				(5.2	)			(3.0	)			(4.0	)			(3.6	)			(2.9	)			(3.1	)			(2.6	)
Interest expense	6.1				5.7				2.1				2.8				3.0				2.8				2.9				2.9
Net cost of hedging	2.0				1.9				1.4				1.6				1.7				1.7				2.0				1.6
Foreign exchange effects, net	0.9				(0.8	)			0.5				0.2				(0.4	)			0.2				(0.1	)			(0.4	)

Total	3.9				1.6				1.0				0.6				0.7				1.8				1.7				1.5

Gross cash	672.3				637.4				257.2				447.1				413.5				391.2				378.3				644.9


Operating income (as % of net sales)	50.6		33.0	%	55.1		35.2	%	49.3		32.6	%	40.7		27.8	%	66.1		41.4	%	42.7		34.6	%	62.9		38.7	%	41.7		31.3	%

EBITDA (as % of net sales)	58.0		37.8	%	62.4		39.8	%	56.2		37.2	%	47.5		32.5	%	72.7		45.6	%	48.9		39.7	%	69.3		42.6	%	48.2		36.1	%

Net income (as % of net sales)	59.3		38.6	%	46.8		29.9	%	41.9		27.7	%	34.0		23.2	%	54.9		34.4	%	35.0		28.4	%	52.6		32.4	%	34.5		25.9	%

Effective tax rate	-27.0	%			12.6	%			13.0	%			15.3	%			16.1	%			14.4	%			14.0	%			14.0	%


Income per share
Basic	0.75				0.59				0.53				0.44				0.71				0.45				0.68				0.44
Diluted	0.74				0.59				0.53				0.44				0.68				0.45				0.66				0.44

Average shares outstanding (basic)	79,402,192				79,630,787				79,281,533				77,181,326				77,070,082				77,374,933				77,634,197				77,946,873

Shares repurchased
Amount	22.4				27.8				14.8				14.8				23.1				45.5				66.9				77.7
Number of shares	198,450				230,807				105,042				101,049				226,572				447,829				761,937				1,120,327

The MIL Network –

February 20, 2025

MIL-OSI: Municipality Finance issues RON 108 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

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

Municipality Finance issues RON 108 million notes under its MTN programme

Municipality Finance Plc issues RON 108 million notes on 21 February 2025. The maturity date of the notes is 21 February 2028. The notes bear interest at a fixed rate of 6.36% per annum.
The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 21 February 2025.

Société Générale acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

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

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

February 20, 2025
MIL-OSI: Municipality Finance issues SEK 1 billion notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
20 February 2025 at 10.00 am (EET)

Municipality Finance issues SEK 1 billion notes under its MTN programme

Municipality Finance Plc issues SEK 1 billion notes on 21 February 2025. The maturity date of the notes is 21 February 2028. The notes bear interest at a floating rate equal to 3-month Stibor plus 150 bps per annum.

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

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 21 February 2025.

Danske Bank A/S act as the Dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

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

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: www.munifin.fi

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

February 20, 2025
MIL-OSI: IDEX Biometrics receives IDEX Pay order for VISA biometric cards in MEA

Source: GlobeNewswire (MIL-OSI)

Oslo, Norway – 20 February 2025 – A leading smart card technology, security and ID company based in MEA (Middle-East & Africa) has placed a production order of 10,000 units with IDEX Biometrics. The order supports Visa biometric bank card programs in one of the fastest growing payment markets in the region, and marks the first Visa program in market on the IDEX Pay biometric technology solution. The IDEX Biometrics partner serves over 500 banks, governments, and corporations worldwide.

‘The innovation pace of our card manufacturing partners in bringing biometric smart cards to market is accelerating; certifications allow them to move to industrialized production and commercialization. Ultimately bringing more secure payments, access and identity control to more consumers around the world’, comments Catharina Eklof, Chief Executive Office at IDEX Biometrics.

For further information contact:
Marianne Bøe, Head of Investor Relations, +47 91800186
Kristian Flaten, CFO, +47 95092322
E-mail:ir@idexbiometrics.com

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. The company’s solutions provide convenience, security, peace of mind, and seamless user experiences worldwide. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, IDEX Biometrics’ biometric solutions target card-based applications for payments and digital authentication. As an industry enabler, the company partners with leading card manufacturers and technology companies to bring its solutions to market.

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

Trademark Statement
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

About this notice:
This notice was issued by Marianne Bøe, Head of Investor Relations, on 20 February 2025 at 08:30 CET on behalf of IDEX Biometrics ASA.

The MIL Network –

February 20, 2025
MIL-OSI Europe: Foreign trade and development minister Reinette Klever: Dutch interests at the heart of development policy

Source: Government of the Netherlands

News item | 20-02-2025 | 08:36

From now on, Dutch interests will take precedence in our country’s development policy. Those interests concern trade, security and migration. The government will focus on programmes and diplomatic activities in areas where the Netherlands excels: water management, food security and health.

These principles form the core of the new development aid policy that the Minister for Foreign Trade and Development, Reinette Klever, sent to the House of Representatives on Thursday. The government has agreed it will impose structural spending cuts of €2.4 billion on development aid from 2027. ‘All the programmes we fund must contribute directly to our own interests: promoting trade, enhancing security and reducing migration,’ Ms Klever said.

The minister believes that current Dutch policy is too fragmented to be sufficiently effective. She has therefore decided to apply a sharper focus and put Dutch interests first. ‘The goal is not merely to reduce development aid, but to make it better. We will make clear choices, doing only what we do best and working wherever possible with Dutch businesses. That will benefit the Netherlands and it will benefit recipient countries,’ the minister explained.

The government is linking aid and trade more explicitly, too. ‘We will give Dutch businesses more opportunity to win development contracts,’ Ms Klever said. ‘And we’ll help the countries concerned to develop into trading partners, which will be good for their economies and employment figures.’

The government will also use development aid as a way to boost security in various conflict regions surrounding Europe: West Africa, the Horn of Africa, the Middle East and North Africa. This should help avoid disruption to trade, combat the rise of terrorist or criminal organisations and prevent people applying for asylum in the Netherlands. ‘Food shortages, for example, are a cause of conflict,’ Ms Klever explained. ‘So we will deploy Dutch agricultural expertise to improve and increase food production.’

The government wants to tackle migration and is therefore investing in migrant return, as well as reception and protection of refugees in their country or region of origin. Ms Klever: ‘Giving people future prospects in those regions will enable them to build livelihoods, meaning they won’t have to make the journey to Europe.’ The government wants to make agreements with migration countries, aimed at combating migration and encouraging return.

Despite the major cutbacks, the government will continue providing humanitarian aid to people in crisis situations. Ms Klever aims to do this via local aid organisations, as they are able to respond swiftly and effectively in crises.

Under the new policy, funding for various programmes will be terminated, in areas such as gender equality, vocational and higher education, sport and culture. Funding for climate action, civil society and UN organisations will be reduced.

MIL OSI Europe News –

February 20, 2025
MIL-OSI Submissions: Energy Sector – Announcement of cash dividend per share in NOK for third quarter 2024 – Equinor

Source: Equinor

20 FEBRUARY 2025 – Equinor ASA announced on 24 October 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for third quarter 2024.

The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 14 February 2025, in total seven business days.

Average Norges Bank fixing rate for this period was 11.1820. Total cash dividend for third quarter 2024 of USD 0.70 per share is consequently NOK 7.8274 per share.

On 28 February 2025, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange.

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

MIL OSI – Submitted News –

February 20, 2025
MIL-OSI: Equinor ASA: Announcement of cash dividend per share in NOK for third quarter 2024

Source: GlobeNewswire (MIL-OSI)

Equinor ASA (OSE: EQNR, NYSE: EQNR) announced on 24 October 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for third quarter 2024.

The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 14 February 2025, in total seven business days.

Average Norges Bank fixing rate for this period was 11.1820. Total cash dividend for third quarter 2024 of USD 0.70 per share is consequently NOK 7.8274 per share.

On 28 February 2025, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange.

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The MIL Network –

February 20, 2025
MIL-OSI: ING to redeem Perpetual Capital Securities
Source: GlobeNewswire (MIL-OSI)

ING to redeem Perpetual Capital Securities

ING announced today it will redeem USD 1,250 million of 6.500% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Perpetual Capital Securities”) on the call date of 16 April 2025, in line with ING’s goal to continuously optimise its capital structure.

The Perpetual Capital Securities (CUSIP 456837AF0/ISIN US456837AF06) will be redeemed in full in accordance with their terms, with payment to be made on 16 April 2025. The redemption price will be the principal amount of the Perpetual Capital Securities. Accrued and unpaid interest due on the redemption date will be paid in the usual manner to holders of record as of 15 April 2025. The paying agent for the Perpetual Capital Securities is The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom.

Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of debt securities will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.

Note for editors

For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

Important legal information

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment
- ING to redeem Perpetual Capital Securities
The MIL Network –
February 20, 2025
MIL-OSI Banking: Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN

Source: ASEAN

Deputy Secretary-General for ASEAN Economic Community, H.E. Satvinder Singh, met with Ambassador of Norway to ASEAN, H.E. Kjell Tormod Pettersen. They discussed ways to further substantiate the ASEAN-Norway Sectoral Dialogue Partnership, implementation of the ASEAN-EFTA Joint Declaration on Cooperation and exchanged views on the negotiations of the Practical Cooperation Areas 2026-2030. This year marks the 10th anniversary of ASEAN and Norway Sectoral Dialogue Partnership.

The post Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025

MIL-OSI: SBM Offshore Full Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Amsterdam, February 20, 2025

Record-level results, increasing total shareholder returns

Highlights

Record Directional¹ Revenue of US$6.1 billion (+35%), in line with guidance
Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share² Directional net cash backlog³
30% increase in cash return to US$1.59 per share⁴: US$155 million dividend⁵; US$150 million share repurchase⁶
US$1.7 billion cash return to shareholders over the coming 6 years
2025 Directional Revenue guidance of above US$4.9 billion
2025 Directional EBITDA guidance of around US$1.55 billion
Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
FPSO Almirante Tamandaré achieved first oil on February 15, 2025

SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

Øivind Tangen, CEO of SBM Offshore, commented:

“SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share². Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share⁴ through a proposed US$155 million dividend⁵ and US$150 million share repurchase⁶ program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

Our Fast4Ward^® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10^th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

Financial Overview⁷

	Directional			IFRS

in US$ million	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Revenue	6,111	4,532	35%	4,784	4,963	-4%
Lease and Operate	2,369	1,954	21%	2,074	1,563	33%
Turnkey	3,743	2,578	45%	2,710	3,400	-20%
EBITDA	1,896	1,319	44%	1,041	1,239	-16%
Lease and Operate	1,261	1,124	12%	842	695	21%
Turnkey	724	296	145%	287	646	-56%
Other	(89)	(101)	-12%	(88)	(101)	-13%
Profit attributable to Shareholders	907	524	73%	150	491	-69%
Earnings per share (US$ per share)	5.08	2.92	74%	0.84	2.74	-69%

in US$ billion	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Pro-forma Backlog	35.1	30.3	16%	–	–	–
Net Debt	5.7	6.7	-15%	8.1	8.7	-7%

Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

Liquidity, Funding and Directional Net Debt

The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

Directional Pro-Forma Backlog

Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

in US$ billion	Turnkey	Lease & Operate	Total
2025	2.6	2.3	4.9
2026	1.6	2.6	4.2
2027	3.3	2.1	5.4
Beyond 2028	0.2	20.3	20.5
Total pro-forma Directional backlog	7.7	27.3	35.1

The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

Project Review and Fleet Operational Update

Project	Client/Country	Contract	SBM Share	Capacity, Size	Percentage of Completion	Project delivery
FPSO *Alexandre de Gusmão*	Petrobras Brazil	22.5-year L&O	55%	180,000 bpd	>75%	2025
FPSO *ONE GUYANA*	ExxonMobil Guyana	2-year BOT	100%	250,000 bpd	>75%	2025
FPSO *Jaguar*	ExxonMobil Guyana	Sale & Operate	100%	250,000 bpd	>25% <50%	2027
FSO Trion	Woodside	20-year Lease	100%	n/a	<25%	n/a⁸
FPSO *GranMorgu*	TotalEnergies	Sale & Operate	52%	220,000 bpd	<25%	2028

Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

FPSO Jaguar – The Fast4Ward^® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

FSO Trion – Engineering and procurement are progressing in line with project schedule.

FPSO GranMorgu – The Fast4Ward^® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

Fast4Ward^®MPF hulls – Under the Company’s successful Fast4Ward^® program, the 10^th MPF hull has been ordered. 4 Fast4Ward^® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

Safety and Sustainability

Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.12⁹, notwithstanding the high level of activity.

Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

Sustain-2 Notation – FPSO Liza Unity is the 1^st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2^nd out of 106 industry peers.

Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

Blue Economy

SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

emissionZERO^®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO^® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO₂ from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO₂ capture and storage. This investment has been completed in early 2025.

Capital allocation and Shareholder Returns

The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend⁵ (EUR150 million equivalent or US$0.88 per share⁴) and US$150 million (EUR141 million equivalent) share repurchase program⁶. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

Guidance

The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

Conference Call

SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

The live webcast will be available at: Full Year 2024 Earnings Webcast

A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025
Third Quarter 2025 Trading Update	November 13	2025
Full Year 2025 Earnings	February 26	2026

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

Market Abuse Regulation

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

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

¹ Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
² Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

³ Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
⁴ Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
⁵ Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
⁶ Including maximum US$25 million for management and employee share plans.

⁷ Numbers may not add up due to rounding.
⁸ Project delivery not disclosed by the client.

⁹ Measured per 200,000 work hours.

Attachment

SBM Offshore Full Year 2024 Earnings

The MIL Network –

February 20, 2025

MIL-OSI: Aegon reports second half year 2024 results
Source: GlobeNewswire (MIL-OSI)

The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents.

2H 2024 IFRS results
- Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
- Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
- Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91
2H 2024 capital generation, cash and capital management
- Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
- Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
- Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
- 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend
Lard Friese, Aegon CEO, commented:
In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

Additional information
Presentation
The conference call presentation is available on aegon.com.

Supplements
Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

Webcast and conference call including Q&A
The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com.

Click to join
With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

Dial-in numbers for conference call:
United States: +1 864 991 4103 (local)
United Kingdom: +44 808 175 1536 (toll-free)
The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

Financial calendar 2025
First quarter 2025 trading update – May 16, 2025
Annual General Meeting – June 12, 2025
Second half 2025 results – August 21, 2025
Third quarter 2025 trading update – November 13, 2025
Capital Markets Day – December 10, 2025

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

Contacts

Media relations Investor relations

Richard Mackillican Yves Cormier

+31(0) 6 27411546 +31(0) 70 344 8028

richard.mackillican@aegon.com yves.cormier@aegon.com

Local currencies and constant currency exchange rates
This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
- Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
- Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
- Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
- Changes in the performance of financial markets, including emerging markets, such as with regard to:
  - The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
  - The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
  - The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
  - The impact from volatility in credit, equity, and interest rates;
- Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
- Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
- Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
- The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
- Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
- Changes affecting interest rate levels and low or rapidly changing interest rate levels;
- Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
- Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
- Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
- Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
- Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
- The frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
- Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
- Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
- Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
- Customer responsiveness to both new products and distribution channels;
- Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
- As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
- The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
- Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
- Changes in the policies of central banks and/or governments;
- Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
- Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
- Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
- Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
- Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
- Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
- Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
- Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
- Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
- Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.
This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

WORLD FINANCIAL GROUP (WFG):
WFG CONSISTS OF:
IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

Attachment
- 20250220_PR_Aegon reports second half year 2024 results
The MIL Network –
February 20, 2025
MIL-OSI USA: Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

Today, U.S. Senator Reverend Raphael Warnock (D-GA), issued the following statement on consideration of the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary.
“I will vote against the nomination of Mr. Jamieson Greer to serve as the United States Trade Representative. Despite Mr. Greer’s qualifications, he would be responsible for implementing President Trump’s haphazard and reckless trade policies, which I believe are harmful to Georgia businesses, farmers, and families. I am particularly concerned that, instead of advising the President on trade, Mr. Greer would be forced to appease President Trump’s chaotic tariff impulses.”
“President Trump has used the threat of tariffs on America’s closest allies and trading partners—including Mexico, Canada, and even the European Union—merely to advance partisan or political goals that have little to do with our economy. These actions risk increasing costs for Georgia families and threatening good-paying American jobs.”
“Should Mr. Greer be confirmed, as Ranking Member of the Senate Subcommittee on International Trade, Customs, and Global Competitiveness, I will work with him, holding him accountable when necessary, to fight for domestic manufacturing in critical sectors like clean energy and electric vehicles, which are leading Georgia’s economic growth and reducing our dependence on China; to identify new international market access opportunities for Georgia’s farmers and small businesses, while protecting them from harmful trade wars; and to lower costs for hard-working families.”

MIL OSI USA News –

February 20, 2025
MIL-OSI New Zealand: Economic growth the focus of PM’s visit to Viet Nam

Source: New Zealand Government

Prime Minister Christopher Luxon will travel to Viet Nam next week, visiting both Ha Noi and Ho Chi Minh City, accompanied by a delegation of senior New Zealand business leaders.
“Viet Nam is a rising star of Southeast Asia with one of the fastest growing economies in the region. This year our two countries celebrate 50 years of diplomatic relations. My visit will further energise our relationships, strengthen existing trade, and open the door to more opportunities for New Zealand businesses, to grow incomes and create jobs here at home,” Mr Luxon says.
While in Viet Nam Mr Luxon will meet with His Excellency Prime Minister Pham Minh Chinh. He will also call on Viet Nam’s other principal leaders to strengthen the Strategic Partnership and discuss ways of collaboration with Viet Nam. Mr Luxon will also deliver a keynote speech at the ASEAN Future Forum in Ha Noi.
“Our trade with Viet Nam has grown by 40 per cent in the past five years, but we know there is room for more and I am committed to reaching our ambitious two-way trade goal of US$3 billion in 2026. With over two decades of 5 per cent-plus annual economic growth and a population of more than 100 million people, Viet Nam is a market with huge opportunity for New Zealand, particularly in the areas of international education and high-quality food and beverage offerings.”
Mr Luxon’s speech in Ha Noi comes as New Zealand also marks 50 years of dialogue relations with ASEAN.
“New Zealand’s future security and prosperity is linked to the success of ASEAN and its members. We are working hard to lift our cooperation and deepen the relationship with ASEAN, as we strengthen our international partnerships and leverage the opportunities they generate for Kiwi businesses.”
Along with the business delegation, the Prime Minister will be joined by Minister of State for Trade and Investment Nicola Grigg.

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI Australia: Boosting First Nations trade and investment
Source: Minister for Trade

The Albanese Labor Government is backing First Nations people, businesses and communities to take up new trade and investment opportunities through a new First Nations Trade and Investment Advisory Group.

Growing trade and investment links for First Nations people delivers well paying, secure jobs in communities across Australia. We know that First Nations businesses who export generated over $670 million in revenue in 2022-23 and typically employed over seven times more workers than other First Nations businesses.

The group will help First Nations businesses tap into a wide array of trade and economic opportunities, including our recently signed free trade agreement with United Arab Emirates, so that First Nations businesses can reap more of the benefits from international trade.

By establishing this pilot Advisory Group we are delivering on our commitment to share the benefits of trade widely across our community.

The membership includes a range of First Nations business leaders, industry groups and experts in international trade including:
- Mr Bevan Mailman, Desert Springs Octopus
- Mr Joshua Gilbert, Gilbert Consulting
- Mr Cameron Costello, Costello Consultancy
- Mr Brian Bero, First Nations Clean Energy Network
- Ms Sharon Brindley, First Nations Bushfood and Botanical Alliance Australia
- Mr Michael Dickerson, Gambarra Kaha
- Ms Shannon McGuire, Kirrikin Foundation
- Ms Leah Armstrong, First Nations Representative on the Indigenous Peoples Economic Trade and Cooperation Agreement (IPETCA)
- Mr Leslie Delaforce, Dreamspark
- Ms Jenny Wardrop, Supply Nation Representative
- Ms Michelle Deshong, Deshong Consulting
More information, including terms of reference, will be available at Advisory Group webpage.

Quotes attributable to the Minister for Trade and Tourism Don Farrell:

“Our First Nations people were our first traders, exchanging goods with Makassan seafarers from Indonesia.

“These days First Nations businesses export a range of goods including native botanicals, art, design, cyber and clean energy solutions to the world markets.

“We know First Nations business involved in trade create more jobs and grow faster.

“That’s why our government is focussed on helping more First Nations businesses tap into the many opportunities provided by exporting to the world.”

Quotes attributable to the Minister for Indigenous Australians Malarndirri McCarthy:

“First Nations Australians are the holders of traditional knowledge and culture, and these perspectives can only benefit Australia’s international trade and investment agenda.

“Initiatives like the First Nations Trade and Investment Advisory Group ensure First Nations perspectives, experiences and interests are embedded in our international economic agenda.

“Working in partnership demonstrates the value of knowledge sharing and can deliver real, long-term economic empowerment and self-determination for First Nations Australians.”

MIL OSI News –
February 20, 2025
MIL-OSI China: China’s passenger car industry sees stable growth in January

Source: China State Council Information Office

Visitors learn about a car at the 20th China (Changsha) International Automobile Exposition in Changsha, central China’s Hunan Province, Dec. 4, 2024. [Photo/Xinhua]

China’s passenger car industry maintained steady growth in both output and sales in January, industry data showed on Wednesday.

Last month, the passenger car output logged a year-on-year increase of 3.3 percent to stand at 2.15 million units, while its sales ticked up 0.8 percent to 2.13 million units, according to the China Association of Automobile Manufacturers.

In a breakdown, multi-purpose vehicles rose by double digits from the same period last year in both output and sales, while output of sports utility vehicles saw a marginal growth.

Exports of passenger cars soared by 7 percent year on year to reach 395,000 units during the same period, while its domestic sales dipped by 0.5 percent year on year, the association said.

MIL OSI China News –

February 20, 2025

MIL-OSI: Diversified Energy Announces Pricing of Offering of Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.

Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.

The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.

Post Transaction Report

In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.

Name of Issuer	Diversified Energy Company PLC
Transaction Details	The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025. Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024.
Use of Proceeds	The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes.
Quantum of Proceeds	Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses).
Discount	The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering).
Allocations	Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements.
Consultation	The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law.
U.K. Retail Investors	Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity.

CONTACTS

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Media Relations

About Diversified

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

Important Notice to UK and EU Investors

This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.

Citigroup and Mizuho are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering, Citigroup and Mizuho or any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the US prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Citigroup and Mizuho or any of their respective affiliates acting as investors for their own accounts. Citigroup and Mizuho or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Neither Citigroup nor Mizuho, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

The MIL Network –

February 20, 2025

MIL-OSI Australia: Building climate resilience into food systems in the Eastern Gangetic Plains

Source: Australian Centre for International Agricultural Research

The world’s highest concentration of rural poverty occurs in the Eastern Gangetic Plains of Bangladesh, India and Nepal – a region that is home to 450 million people.

Livelihoods in this part of the world rely greatly on agriculture. Opportunities to work with smallholder farmers can lay the foundations for a more productive, sustainable and diversified agricultural economy.

Among the research-for-development professionals on the ground is a team working on the Rupantar project, an ACIAR-supported initiative led by Dr Tamara Jackson of the University of Adelaide.

The Rupantar project operates at a whole-of-system level. It spans both social and farming practices and extends all the way through to policy settings, market opportunities and other agrifood system barriers holding smallholders back. It also builds on prior investments by ACIAR and the Australian Department of Foreign Affairs and Trade (DFAT).

Included in this integrated approach are considerations for climate impacts.

This concern saw 15 team members from the Rupantar project visit the University of Adelaide and regional South Australia and Victoria in October 2024. Funded as part of a DFAT Australia Awards Fellowship program, the study tour focused on climate resilience and adaptation.

The Rupantar project

‘Rupantar’ has a common meaning in Bangla, Hindi and Nepali. It means change on a level so profound that it is transformative. Launched in 2021, the Rupantar project is identifying opportunities for inclusive and diversified food production innovation.

Given the partnership model typical of ACIAR projects, these opportunities need to be priorities for local communities. They also need to be sustainable and to fit with longer-term climate, nutrition and available water resource projections.

Achieving this level of integration requires working on multiple levels at the same time. There is ground-up innovation – from personal to organisational. Then there are high-level policies that work down and can make important change on the ground.

Our hypothesis is that an integrated approach to livelihood change – coupled with inclusive and collaborative approaches – will result in more effective and sustainable development pathways.

Dr Tamara Jackson,
University of Adelaide

‘So, our goal is to understand the processes and practices needed to diversify food production in ways that improve farm livelihoods and reduce inequity, production risk and unsustainable resource use.’

The on-the-ground work with smallholders is implemented at sites in West Bengal (India), Rangpur (Bangladesh) and Koshi Province (Nepal). Implementation involves actioning ‘diversification pathways’ that were co-developed collaboratively with local partners.

Diversification pathways

The aim of these pathways is twofold. The first is to test diversification options and select the most appropriate crop and livestock options that are priorities for local communities. These are then implemented within existing networks and are aligned with institutional settings.

The second aim is to monitor the changes associated with the pathways, including long-term sustainability.

The project is also mindful that diversification can look very different to different members within households and can include off-farm income from seasonal male migration and greater reliance on women household members.

In all, three types of diversified systems are being explored:

• plant-based production, including crops and horticulture
• livestock-based, including chickens, goats and dairy that are especially important to women’s income
• irrigation-constrained systems.

‘The project is working on strengthening what already works about a farming system in the Eastern Gangetic Plain and building on innovations from prior projects, such as ACIAR’s introduction of conservation agriculture cropping practices,’ said Dr Jackson.

Long-running ACIAR initiatives in the Eastern Gangetic Plains worked with smallholder farmers across Bangladesh, India, and Nepal to introduce sustainable practices and innovations to intensify production.

The project team has spent the first 2 years on the ground running baseline surveys and mapping villages to better understand the system.

Implementation started in 2023 once it became clear what would work best in different settings. The visit to Australia in 2024 provided project partners with opportunities to observe what diversified and climate-resilient Australian farms look like.

Participants included Rupantar project partners from provincial government, cooperatives, farmer producer companies, NGOs, local university partners and the International Maize and Wheat Improvement Center.

Climate-smart innovation

Dr Jay Cummins from International Agriculture for Development hosted the study tour group and developed the course that focused on addressing the climate realities in collaboration with the Rupantar project.

The 20-day study tour was entitled ‘Supporting climate-smart, resilient food production networks in the Indo-Gangetic Plains’.

Key experts shared their experiences responding to climate change and on-farm visits examined how Australian agriculture builds climate resilience into its practices in different environmental and socioeconomic settings.

‘Included were visits to more rainfed, dryland cropping systems in the Mallee and, in addition, to irrigated production systems in the Murray–Darling Basin,’ said Dr Cummins.

The Australia Awards program provided a valuable mechanism to connect the participants with a whole range of Australian organisations and professionals, which in turn will help build international networks and collaboration.

Dr Jay Cummins
International Agriculture for Development

In the Eastern Gangetic Plain, food production can be heavily focused on wet season rice crops. In Australia, the visitors were able to explore dry season opportunities for diversified production of crops and livestock, including in mixed farming systems. They saw how Australian farmers manage risks around water scarcity and drought. At South Australian Riverland sites, discussions included irrigation and water management that present different diversification options.

Participant perspectives

Loxton farmer Brycen Rudiger (left)discusses the challenges of growing wheat in the Mallee region with Nepali participant Gautam Bhupal (right).

Among the participants were Dr Deepa Roy from India, Ms Bimala Pokhrel from Nepal and Dr Mamunur Rashid from Bangladesh.

Dr Roy is an agricultural extension expert based at Uttar Banga Krishi Viswavidyalaya, India. She told ACIAR that smallholder farmers in the Eastern Gangetic Plains face numerous challenges that can lock them into poverty.

These range from small and fragmented landholdings that make mechanisation difficult, to a lack of agronomic knowledge, limited agricultural support services, limited market access, financial constraints and climatic hazards.

‘Through the course several key insights and learnings emerged that may help our farmers in understanding and adopting climate resilient technologies,’ said Dr Roy.

Key insights for participants included:

• assessing the carbon footprint of farming and taking action to reduce it
• introducing efficient soil moisture management strategies such as mulching
• adopting agronomic practices such as crop rotations and climate-resilient crops
• building soil fertility
• advocating for improved climate forecasting
• adopting grower-led research and extension
• developing digital tools to monitor the adoption of innovation
• providing financial management training to smallholder farmers
• using podcasts and radio to provide farm advisory services.

Overall, Dr Roy said that the course equipped attendees with a holistic understanding of climate-smart practices. ‘It helped us not only to strengthen technical knowledge but also to develop critical soft skill and a deeper understanding of sustainable climate resilient farming.’

It’s a point of view shared by Ms Pokhrel, who works with the Ministry of Industry Agriculture and Cooperatives in Koshi Province, Nepal. She said the course enriched efforts to both help farmers and policymakers with future planning. And it worked by enhancing both her professional and personal capacity.

‘What stood out was the extent that Australian farmers have already adopted technology to mitigate against climate change,’ said Ms Pokhrel. ‘This was particularly stark when it came to soil health and sustainable soil management practices. One of the key learnings is that we can tailor these practices for our context in the Koshi Province and, in that way, improve crop productivity by improving soil health.’

Mr Rashid agreed. He is a research fellow at Hajee Mohammad Danesh Science and Technology University in Dinajpur, Bangladesh. He noted that while ACIAR is helping to introduce conservation agriculture to Bangladesh, South Australian farmers have already adopted these soil and soil-moisture conserving practices.

They are also growing more legume crops for soil health and fertiliser benefits, adopting risk-aversion strategies amid climate variability, and introducing carbon farming to adapt to climate change.

Improved water management

Both Ms Pokhrel and Mr Rashid were especially impressed by Australian water management systems in drought-prone landscapes. They think these kinds of Australian practices have a role to play at the project sites.

While the cost and expertise required to adopt and maintain technologies such as drip irrigation systems used in Australia may be beyond the capacity of many smallholder farmers, the study tour has already inspired a new water conservation pilot project.

The Bangladesh team will launch ‘Conserving soil moisture through mulching technique in chili farming’ in the Rupantar project areas, focusing on farmers in northern Bangladesh, who experience frequent floods and droughts.

The Rupantar project delegation on tour in the northern Mallee of South Australia.

‘This initiative aims to use soil moisture and reduce irrigation in chilli farming, aided by Chameleon soil water sensors that can support decision-making for the farmers of the Rupantar project,’ said Mr Rashid.

Ms Pokhrel was greatly impressed by the grower-centric research, development and extension infrastructure built around farmers’ needs in Australia. For her, this was typified by organisations such as the Grains Research and Development Corporation and the Almond Board.

She thinks there are opportunities to ‘sensitise’ the different boards in Nepal to this approach.

Surprises for the project partners included the large size of farms given the small number of people working in agriculture.

What also surprised us is the rate of technology adoption by farmers, along with their dedication and the satisfaction they receive from the agricultural profession.

Ms Bimala Pokhrel
Nepal

‘Mallee Sustainable Farming System was impressive and working with farmers groups and developing the communication material in local languages are the things that we can develop for our smallholder farmers too.’

Finally, they praised the networking opportunities provided by the course, including with farmers, and opportunities to understand the people, country and culture.

ACIAR Project WAC/2020/148: ‘Transforming smallholder food systems in the Eastern Gangetic Plain’

MIL OSI News –

February 20, 2025
MIL-OSI Australia: Helping charities and strengthening communities
Source: Australian Treasurer

The Albanese Government is helping Australia’s 62,000 charities by ensuring that states and territories collaborate effectively with the federal government – reducing unnecessary paperwork.

We’re taking the practical step of including representatives from all states and territories on the advisory board of the Australian Charities and Not‑for‑profits Commission (ACNC). This will include the greatest representation from state and territory governments since the Board’s inception in 2013.

This move builds on the substantial body of work that Labor has done to support charities, and aligns with recommendations in the Productivity Commission’s landmark Future Foundations for Giving report.

These strategic appointments aim to ensure the diverse interests of our communities are effectively represented, fostering a consistent national approach to regulatory and policy matters within the charity sector.

The ACNC Advisory Board supports the Commissioner by offering informed advice on matters affecting charities and strengthening the governance and effectiveness of the sector.

The new ex‑officio appointments will provide an additional layer of regulatory expertise, complementing the sector‑based members and enhancing the Board’s role as a forum supporting charity law, policy and regulatory reform.

The new appointments to the ACNC Advisory Board are:
- New South Wales – Ms Natasha Mann, Commissioner of Fair Trading and Deputy Secretary of Fair Trading and Regulatory Services, Department of Customer Service
- Northern Territory – Ms Amanda Nobbs‑Carcuro, Executive Director, Industry Capability, Licensing and Migration, Department of Trade, Business and Asian Relations
- Queensland – Ms Victoria Thompson, Deputy Director‑General, Harm Prevention and Regulation, Department of Justice
- South Australia – Mr Brett Humphrey, Commissioner for Consumer and Business Services
- Tasmania – Ms Robyn Pearce, Executive Director of Consumer, Building and Occupational Services, Department of Justice
- Victoria – Ms Nicole Rich, Director of Consumer Affairs Victoria, Executive Director of Regulatory Services, Department of Government Services
- Western Australia – Ms Patricia Blake, Commissioner for Consumer Protection, Department of Energy, Mines, Industry, Regulation and Safety
The ACT is already represented on the board, with David Crosbie, CEO of the Community Council for Australia, reappointed in July 2023.

This ensures that all states and territories will be represented in the national conversation about helping charities and reconnecting communities.

These appointments reinforce the Government’s commitment to fostering a robust, well‑regulated charity sector that serves communities across Australia. It builds on our achievements to date. Since coming into government, the Australian Government has:
- Improved the deductible gift recipient system by creating a new pathway for community foundations to access tax deductible status.
- Streamlined the deductible gift recipient application process for environmental organisations, harm prevention charities, cultural organisations, and overseas aid organisations.
- Introduced legislation to give the ACNC greater discretion to comment publicly on harmful breaches of compliance, to better support public trust and confidence in the regulatory framework.
- Appointed a widely respected charity sector expert, Sue Woodward, to head the ACNC.
- Refreshed the ACNC Advisory Board to be more representative of the charity sector, bringing First Nations, CALD and youth voices onto the Board.
- Sent a clear signal that charitable advocacy is supported and welcomed by this government.
- Worked with state and territory governments to streamline and harmonise fundraising rules across jurisdictions.
- Funded a new General Social Survey with new questions on participation in volunteering and involvement in cultural events and cultural activities, and providing insights reflecting the impact of giving, participation, and purpose driven activity.
Quotes attributable to Assistant Minister for Charities, Dr Andrew Leigh MP

“Labor wants to minimise the time that Australia’s great charities spend doing paperwork, so we can maximise the energy they devote to helping the vulnerable, cleaning up the environment, helping people stay active, and connecting neighbours.

“One of the best ways of achieving this is to ensure that all jurisdictions are working together on charitable regulation.

“Bringing sector experts and regulators from all states and territories onto the advisory board of the charities commission will help charities by reducing regulatory overlap, and ensuring jurisdictions are working together to help charities and non‑profits thrive.”

MIL OSI News –
February 20, 2025
MIL-OSI USA: National Energy Dominance Council Paves Way for Unleashing American Energy

US Senate News:

Source: The White House
Last week, President Donald J. Trump established the National Energy Dominance Council — a cornerstone in the Trump Administration’s pursuit of unleashing American energy. Led by Secretary of the Interior Doug Burgum and Secretary of Energy Chris Wright, the Council will play a key role in the Trump Administration’s work to lower energy prices, meet the rising demand for affordable energy, strengthen economic security, and ensure the American energy industry is best positioned as a global leader over the next century.
The move was hailed by lawmakers, workers, and industry:
House Committee on Energy and Commerce Chair Brett Guthrie (R-KY): “Energy security is national security. By utilizing our domestic energy resources to create baseload power, we can lower prices, secure our grid, and provide the energy needed to grow manufacturing, heat our homes, and fill our gas tanks. The creation of this council under the leadership of Secretary Wright and Secretary Burgum is a strong step toward securing our energy future, and ensuring we have the resources necessary to meet the demands that AI will place on our grid. President Trump is continuing to fulfill his promise to the American people to return our nation to energy dominance, and I look forward to working together to achieve that goal.”
American Exploration and Production Council: “Our nation is stronger, more secure, and more prosperous when America is the world leader in energy production, and AXPC applauds the Trump administration’s recognition that a whole of government approach is necessary to address the challenges related to American energy dominance. Sound energy policy across agencies will support our ability to meet rising national and global demand for affordable, reliable energy. We will continue to work with Congress and the Trump administration and the new National Energy Dominance Council on sensible, durable policies that allow American energy companies to continue to innovate and produce the energy America needs.”
North America’s Building Trades Unions: “North America’s Building Trades Unions look forward to engaging with the National Energy Dominance Council recently established by the White House. This effort, chaired by Secretary of the Interior Doug Burgum and vice-chaired by Secretary of Energy Chris Wright, comes at a critical moment for our nation. As our country’s energy demands continue to rise and we work to meet the needs of artificial intelligence, confront rising adversarial powers, and provide our citizenry with stable and affordable energy, we at NABTU are ready to meet the moment. The men and women of the Building Trades have built the existing energy infrastructure of this nation and are eager to partner with this Council to provide the highly skilled workforce necessary to advance America’s all-of-the-above energy strategy and bring about the next generation of expanded, domestic and affordable power supply.”
National Rural Electric Cooperative Association CEO Jim Matheson: “We are thrilled that President Trump has established the National Energy Dominance Council to tackle some of the biggest energy policy challenges facing our nation. Electricity demand is skyrocketing, yet due to bad policy decisions, always-available baseload power is being forced to retire before it can be reliably replaced. As a result, much of the country faces an increased risk of energy shortfalls over the next decade. Under the leadership of Chairman Doug Burgum and Vice Chairman Chris Wright, the Council is perfectly positioned to address the growing threats to reliable and affordable power. We believe the Executive Order’s focus on improving key processes, including those for permitting, producing and distributing American energy, is exactly the right place to start.”
United Association of Union Plumbers and Pipefitters General President Mark McManus: “The men and women of the United Association are the best trained and most highly skilled craftspeople in the energy industry, and for generations we have built the critical infrastructure that delivers affordable domestic energy to our homes and businesses across the nation. We are now poised to deliver the next generation of energy production at this critical point in our nation’s history, but all too often government red tape and environmental activist groups stand in the way of these good paying and family-sustaining jobs. We look forward to working with President Trump and the new National Energy Dominance Council to cut government red tape and modernize our permitting processes to boost domestic production of critical energy like oil, gas, hydrogen, carbon capture, and nuclear, and to reduce our dependence on foreign sources of energy.”
Power The Future Executive Director Daniel Turner: “The National Energy Dominance Council is a long-overdue course correction that prioritizes American energy workers, revitalizes domestic production, and ensures affordability for families. The NEDC has the opportunity to right the many wrongs of the Biden administration’s failures by working alongside the private sector to create policies that increase production, drive down costs, and protect the environment. By cutting through burdensome regulations and anti-energy mandates, the NEDC will unleash America’s full energy potential and pave the way for an era of prosperity, affordability, and innovation.”
National Association of Manufacturers President Jay Timmons: “President Trump is moving quickly to unleash America’s full energy potential by establishing the National Energy Dominance Council, setting America up to lead on energy and secure our energy independence. This action demonstrates President Trump and his administration’s commitment to ensuring manufacturers have the energy they need to drive economic growth. […] The National Energy Dominance Council, under the leadership of Interior Secretary Burgum and Energy Secretary Wright, will help power the future of manufacturing in America because when manufacturing wins, America wins.”
Competitive Enterprise Institute Senior Fellow Marlo Lewis: “This is welcome news. Unlike the previous administration, which increased US reliance on oil imports from OPEC and critical minerals from China by rigging domestic markets against reliable energy from fossil fuels, President Trump seeks to emancipate all sources of reliable American energy to compete in domestic and overseas markets. The president also seeks to accelerate the permitting of new energy infrastructure, including the power plants needed to support hundreds of new data centers and US leadership in artificial intelligence. President Trump is correct that clearing away impediments to America’s global leadership in energy production and exports will lower energy prices, enhance US economic security, create millions of new well-paying jobs, and strengthen US competitiveness in advanced technologies such as AI.”
Growth Energy: “#ICYMI last week @POTUS established the National Energy Dominance Council, noting that #biofuels ‘reduce our dependency on foreign imports, and grow our economy’ – #ethanol producers are ready to deliver for American consumers and the president’s priorities!”
Small Business and Entrepreneurship Council: “The National Energy Dominance Council is greatly needed to promptly reduce onerous barriers and rules that work against an abundant energy supply. Rather than federal government agencies finding ways to expand their regulatory turf and stymie the energy sector, the Council is tasked with reducing outdated red tape and moving with speed on recommendations and action, which will facilitate the significant investment needed for big projects. A modern regulatory system and commitment to U.S. energy supremacy will generate quality jobs, economic vibrancy and growth, and innovations that will yield efficiencies and cleaner energy. As both energy consumers and as significant players in the U.S. energy sector, small businesses will greatly benefit. SBE Council thanks President Trump for prioritizing this critical sector and for his commitment to more affordable, reliable and abundant energy for America.”
Americans for Prosperity: “Coupled with earlier Executive Orders signed by President Trump, with this Order, the current administration is well on its way in laying the groundwork for a future where energy abundance can become a reality. Americans for Prosperity applauds President Trump’s actions in this Executive Order and anticipates a bright future for energy production in this country.”

MIL OSI USA News –

February 20, 2025
MIL-OSI Australia: Interview – ABC Afternoon Briefing with Patricia Karvelas

Source: Australian Ministers for Education

PATRICIA KARVELAS: To discuss this, and there’s a whole lot more, let’s bring in our panel, Early Childhood Education Minister Anne Aly and Shadow Immigration Minister Dan Tehan. Welcome to both of you.

MINISTER ANNE ALY: Thank you.

DAN TEHAN: Thanks, Patricia.

KARVELAS: We’re going to start on that. Dan, was that just a thought bubble? Because it’s unconstitutional, it’s been tested in the High Court.

TEHAN: No, it wasn’t. I think there is a real frustration with how the system is currently working at the moment and how the courts are clogged up, how appeal after appeal is used. And I think what the Leader of the Opposition was expressing was that frustration that at some stage we are going to have a look at this.

Now, the High Court obviously made a decision last year. So, you know, there does need to be a discussion around these issues because it would be good if we had clear rules and clear guidelines and clear laws as to how we can make sure that those people who do come to Australia do and know and understand our values and especially our laws.

KARVELAS: But after you become a citizen shouldn’t you be dealt with by the law, and the law should deal with if you have a particular view, which, you know, is hate speech, isn’t that the law that should be dealing with it rather than just kicking people out?

TEHAN: Well, I think what – you know, what we do need to look at is that a lot of these people have dual citizenship. And so we need to look and see, okay, if you’ve got dual citizenship and you breach your trust that the Australian people have given in you with regards to your Australian citizenship, well, if you’re a dual citizen, do you have the right to keep your Australian citizenship?

KARVELAS: The High Court thinks yes.

TEHAN: Well, the High Court made a decision last year. Now, obviously we can have a look at the way that they made that and the laws around that and see whether we do need to have a conversation around whether we need to change some of the laws around this and see whether if people do come here – and especially if they are dual citizens – whether we can act.

KARVELAS: Anne Aly?

ALY: I’m a bit – I’m a bit angry that this conversation about antisemitism has been conveniently turned into a conversation about immigration as if somehow the two are connected. I think that’s a very deliberate political ploy by Peter Dutton, who, I might add, has said that he wants to re-introduce the “golden ticket” visa, which can be bought by people with money and that we know brought in people from organised crime gangs and people of, frankly, unworthy character into Australia.

So I would like to see us talking about the substantive issue here about hatred and the growth of hatred and the spread of hatred in our society. And when we have those conversations, not have those conversations hijacked by another conversation about immigration as if it’s only immigrants that are responsible for spreading hatred in this country. That’s what really disturbs me here, Patricia.

KARVELAS: Anne Aly makes a point about the fact antisemitism is a lot wider than anyone who may have come to this country more recently. It is clearly a big problem. Isn’t that what you really want to deal with?

TEHAN: Well, we have been dealing with that, and we have been appealing to the government now for a very long period of time to deal with that and deal with it right across this nation. So I don’t think you can say that all of a sudden we’ve just made this about immigration. This is an issue which the Leader of the Opposition has led the nation on in trying to rid this country of antisemitism. And it is about ridding it right across our nation, whether it be Australian citizens, whether it be dual citizens, whether it be those who are here as guests of our nation. And I don’t think that we can say all of a sudden that this has just had a narrow focus to it, because his leadership on this issue has been inspiring and outstanding. And so to just try and narrow cast it like that is completely and utterly wrong.

KARVELAS: But Peter Dutton even questioned why a male nurse – this male nurse got citizenship. I understand that actually happened when the Morrison government was in power.

TEHAN: Well, what Peter Dutton has said is that we do need to look as to how this has happened. And there will be –

KARVELAS: But it did happen under –

TEHAN: Yeah, yeah. There are incidences where this will have happened under Labor, under Liberal. But what we do need to do is look at it and say, okay, where is the system failing? How are we getting people coming into our country with these views when they’re required to take a citizenship pledge, we should be looking, okay, what do we do to try and fix this system. And that’s the point that he’s trying to make, because there is a frustration.

KARVELAS: Anne Aly?

ALY: I want – I just want to make this point. When you say, Dan, people coming into this country with these views, what if people are coming into this country as children – and I’m the Minister for Early Childhood, I see a lot of children, and let me tell you, they don’t – they’re not born with hate. They’re not born hating, right? People who are coming to this country may not be necessarily coming with those views. They may form those views because of this country, right?

So what are we doing more broadly in this country to ensure that we have a society that is cohesive and that is harmonious and that we don’t tolerate hatred? When we talk about that, we talk about the concrete steps that our government has done to ensure that – the doxing laws, the hate speech laws, standing up against racism in all its forms and expressing our contempt for hatred.

You know, I think it’s a very simplistic view to say that migrants come into Australia with a particular view and therefore that the whole situation that we’re talking about here around the increase of hatred is somehow linked to immigration.

TEHAN: But that’s not what we’re saying. We’re saying –

ALY: But it’s exactly what you just said.

TEHAN: We’re saying that is one component of it. We’ve also called for a proper National Cabinet meeting to address this issue, so it can be –

KARVELAS: Well, there was. There was one.

TEHAN: Yes, but it was one which wasn’t done with all the chief ministers, all the leaders there, you know, everyone coming to Canberra – a proper serious discussion as to how we address this.

KARVELAS: I have to bring our viewers on Afternoon Briefing here on the ABC News channel some breaking news: a Chinese fighter aircraft has released flares in front of an Australian military plane during what Defence describes as an unsafe and unprofessional interaction in the South China Sea this week. Officials have revealed the encounter occurred on Tuesday during daylight hours with the Peoples Liberation Army J-16 coming within 30 metres of the RAAF P-8 Poseidon. Defence says no personnel were injured and there was no damage to the P-8, but it has lodged formal objections with the PLA, both in Canberra and Beijing. So that’s just breaking news.

I am aware – and I always think, to be fair, you would just be hearing perhaps that news too. But just quick thoughts from you both. Obviously Defence has sent a pretty strong signal here that this is unacceptable.

TEHAN: And let’s see what sort of signal now the Prime Minister sends, because that’s what I think the Australian people will be waiting for and wanting to hear, what sort of strong signal and strong message now the Prime Minister sends. So, as we’ve seen, this is not the first time that this has occurred. So I think we will all watch with great interest to see how the Prime Minister responds to this, this act by the Chinese military.

KARVELAS: Anne Aly?

ALY: My first thought, of course, is relief that nobody was hurt and nobody was injured, Patricia. That’s my first – my first reaction to this news.

KARVELAS: Do you expect the Prime Minister will have strong words?

ALY: Absolutely. Absolutely. This is a pretty serious issue, and I absolutely expect that the Prime Minister will stand up for the Australian people, as he always has done.

KARVELAS: Now, there is another piece of breaking news, which is that your child care bill has just passed.

ALY: Yes.

KARVELAS: You know this?

ALY: Yes.

KARVELAS: Okay, what can you tell us?

ALY: So this is a great bill. It is good policy –

KARVELAS: This is the three day –

ALY: This is the Three Day Guarantee, 72 hours a fortnight for every child. What it basically does, Patricia, is it replaces the activity test, and parents out there who have tried to access subsidised care will know that they have to pass an activity test in order to be eligible to subsidise that care. It means that every child in Australia can now access those really transformative benefits of early childhood education and care. And it is good policy. It was recommended by the PC Review, a number of reviews, and has strong, strong support from across the sector. It’s a good day today for Australian children.

KARVELAS: It didn’t have to pass now, though, did it? I mean, it really could have happened after the election. Was it a political – is it a political play –

ALY: Well, no.

KARVELAS: – so you can talk about this at the election and say, “We got this through,” because it doesn’t start till next year, right?

ALY: That’s right. But, you know, it’s something that had strong support from the sector and it was a recommendation by the PC Review. You know, this is us taking action on things that we know are good policy, part of our reform package in early childhood education and care, getting to that place of a universal system that benefits every child.

KARVELAS: Dan Tehan, you are actually a former Education Minister so you are across these portfolios. I understand at the end the Liberals were not in favour of this change. But actually it is true that there has been a lot of research to say that this change should happen to get children to have the right to have these three days compulsory. Why didn’t you see it that way?

TEHAN: So just a question before, Patricia, I answer that question. So, are we talking about it just passing the House? Or –

KARVELAS: I think it just passed the House –

ALY: It passed the Senate – it’s in the Senate at the moment. So, I know – but it did pass the House earlier.

KARVELAS: It’s going back to – yeah.

TEHAN: Yeah, so it’s – just so your viewers are clear of where we’re at, it’s passed the House. It hasn’t passed the Senate, and it’s actually going to a Senate review which, as I understand it, will report in March. So this legislation –

ALY: I think they’re actually voting on it in the Senate.

KARVELAS: Yeah, my understanding is it’s passed the Parliament. But either way –

TEHAN: Right, okay.

KARVELAS: – I’ll let you continue with the broad political point.

ALY: Last I saw was they were voting on it.

TEHAN: So they are going to now go ahead? So this is sort of –

KARVELAS: So, you can still apparently do the inquiry even if the Bill’s passed.

TEHAN: Right, okay. All right. Well, there’s obviously been a change in the approach that the government’s taking as we’re speaking.

KARVELAS: Let me take you to first principles.

TEHAN: Yes, let’s go back to the Bill itself. We obviously wanted it to go to an inquiry. And the main concerns that we have with this Bill is that the actions that it’s taking, especially with regards to the activity test, without expanding the number of places, and especially the number of places in regional and rural areas, will basically mean for those people who are working or wanting to work, trying to get access to child care will become harder. And so that is one of the concerns that we have.

The second concern is that what we’ve seen with regards to costs under this government when it comes to child care is we’ve seen the costs go up by over 20 per cent. We’ve seen out-of-pocket expenses go up by over 10 per cent and nothing around this is addressing that issue, which obviously, with cost of living the number one issue, is of deep concern to us. So for those reasons and others is why we think that this Bill should have gone to a committee.

KARVELAS: Anne Aly?

ALY: Well, those figures are just wrong, Dan. The cost has come down. Out-of-pocket costs for families across Australia have come down. And in terms of access, yes, we know that access is one of those key areas of reform. That’s why we have a $1 billion Building Early Education Fund targeting those seats, those areas where there is no child – early childhood education or where there is little access to early childhood education and care.

So, you know, you’re talking to a government that’s able to chew gum and walk at the same time. We’re very well aware of all the key pieces of reform that are necessary in early childhood education and care, and only our government has that vision to ensure that every child has access and every child has access to quality, affordable early learning.

KARVELAS: I have to ask –

TEHAN: Anne, I was just going to say, your track record, sadly, doesn’t show that to be the case. So – and the problem here is that what we’re going to see is basically working people having to compete with new entrants now, and that’s going to cause even more trouble for you.

KARVELAS: Now, Dan Tehan, I just have to ask you, just to you before we say goodbye – we’ve had a great conversation; it might be the last day of the Parliament of this term. We don’t know. But it’s –

ALY: Don’t know.

KARVELAS: Well, you don’t know. We don’t know. So, it’s rather – we’re all on the edge of our seats. But I do have to ask you about – you’re a former Trade Minister as well. You’ve had a few hats, so you’re very helpful here. Was Australia so desperate to hang on to our tariff exemption with the US that we agreed to unofficial quotas?

TEHAN: No. No.

KARVELAS: Well, hang on a minute. That’s been reported that that’s what we agreed to. That’s what the US Government thinks.

TEHAN: So the arrangement was very clear. We were given an exemption, and obviously the US said to us that we wouldn’t want to see you exploit that exemption. And we had no intention of trying to exploit that exemption. The majority of our aluminium exports actually go into Asia, and that’s been a longstanding market for us.

KARVELAS: But did we agree to these, essentially, quotas that we didn’t publicise?

TEHAN: No, there was no – no, there was no quotas that weren’t publicised. So –

KARVELAS: But it was agreed to then?

TEHAN: Well, the idea – well, after the exemption, what the US wanted to make sure was all of a sudden our exports didn’t go from 10 per cent to 90 per cent. And obviously given that we were given an exemption we said that of course we’re going to make sure that that isn’t exploited, and it was never going to be exploited because the majority of our aluminium goes into our markets in the – in Asia.

KARVELAS: So that agreement, shouldn’t we know – shouldn’t we have known about it? Shouldn’t you have told the public? Because we didn’t know about it till now.

TEHAN: Well, it’s – there was no official agreement to tell the public about. I mean, the key thing here and the key thing that I would say to the Albanese Labor government is we worked very hard to be able to put an exemption in place which meant that our aluminium smelters here continued to be profitable and continued to be able to export aluminium into Asia, into the US.

KARVELAS: Okay.

TEHAN: My hope is that this government will be able to do exactly the same thing.

KARVELAS: Anne Aly?

ALY: Well, I think we’ve already proven as a government that we have the capacity, and we do the necessary actions to rebuild our international standing and rebuild our standing in terms of trade as well as diplomatic efforts, and I think the Australian people can be confident that this is a government that can, you know, deal with these issues. And in a transparent way.

TEHAN: And we hope so, yes.

KARVELAS: Well, the country hopes so. Thank you to both of you.

TEHAN: Pleasure.

KARVELAS: It’s been a good discussion.

ALY: Thanks, Patricia.

MIL OSI News –

February 20, 2025
MIL-OSI New Zealand: Action needed now, as child poverty grows

Source: Council of Trade Unions – CTU

Data released today by Statistics New Zealand showed the urgent problem facing Aotearoa New Zealand in tackling child poverty, said NZCTU Te Kauae Kaimahi Economist Craig Renney.

“Child poverty is estimated by Stats NZ on three measures – before housing costs, after housing costs, and material poverty. All three central estimates of poverty rose last year. This is the second year in a row in which the trend is heading in the wrong direction. We need action now to turn this trend around,” said Renney.

“1 in 7 children are estimated to be living in households where they experience material poverty – that means 156,000 kids are missing out on essentials and living in cold and damp housing. That is the highest number since 2015.

“Child poverty is a prison that holds too many children in Aotearoa back. Unless we tackle this problem now, we will be paying the social costs over generations.

“Child poverty is not distributed equally. 1 in 4 tamariki Māori live in material poverty. 1 in 3 Pacific children live in material poverty. Where a household has a disabled person, 1 in 4 children in those households are in material poverty. For all these groups the number of children in material poverty has grown over the past two years.

“The Government is now missing all three of its child poverty targets. The Government’s key response to child poverty has been to water down the targets, reduce the value of welfare support, and cut the real value of the minimum wage.

“There is no plan to help these families living in poverty, instead they are being threatened with further sanctions and penalties.

“The Government is urgently talking up the need for an economic plan, but it doesn’t seem as if it shares the same sense of urgency for child poverty. Children deserve better than this Government’s indifference,” said Renney.

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI Submissions: Renewable Energy – Ethiopia Signs Memorandum of Understanding with ATIDI to Support PPP Renewable Energy Projects

Source: Media Fast

Addis Ababa, Ethiopia, 19 February, 2025: The Federal Democratic Republic of Ethiopia, represented by the Ministry of Finance and Ethiopian Electric Power (EEP), has signed a Memorandum of Understanding (MoU) with the African Trade Insurance Agency (ATIDI), a leading pan-African multilateral trade and investment insurer. This milestone agreement is designed to accelerate Ethiopia’s transition to clean energy by attracting foreign investment into renewable energy projects through ATIDI’s Regional Liquidity Support Facility (RLSF).

The MoU establishes a framework for collaboration between Ethiopia and ATIDI, ensuring that Independent Power Producers (IPPs) or Public Private Partnerships can leverage RLSF, a liquidity support mechanism developed by ATIDI in partnership with KfW Development Bank and Norad. RLSF provides financial protection to IPPs/PPPs by availing and accelerating payments owed by state-owned utilities, addressing a key challenge in the energy sector by enhancing payment security and financial stability.

“We are honored to partner with the Government of Ethiopia and Ethiopian Electric Power to support the development of the country’s renewable energy sector. Through our liquidity support, this collaboration will not only reduce financial risks but also attract more investment into Ethiopia’s energy infrastructure. We believe that this partnership will help accelerate the growth of Ethiopia’s renewable energy capacity and contribute to the broader goal of sustainable development across the African continent,” said CEO, ATIDI Manuel Moses,

In his key message H.E. Ahmed Shide, Ethiopia’s Minister of Finance, said “through this partnership, Ethiopia aims to facilitate timely payments to developers, mitigate financial risks, strengthen the bankability of power purchase agreements (PPAs), and enhance the creditworthiness of EEP”. His Excellency further strengthened his message by stating that “these efforts will create a more attractive investment environment for renewable energy projects”.

Ethiopia becomes the 11th ATIDI member state to sign the RLSF MoU joining Benin, Burundi, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Togo, Uganda and Zambia. Since its inception, guarantees worth USD24.7 million have been approved under the RLSF portfolio; in turn facilitating investments totaling USD373.1 million and the development of 181.95 MW of installed renewable energy capacity across Africa.

“Ethiopia has embarked on a comprehensive economic reform agenda known as the Homegrown Economic Reform Agenda (1&2). This initiative aims to address structural challenges and promote sustainable economic growth. The key aspects of the reform are creating Macroeconomic Stability; Investment and Trade. Efforts are being made to enhance the investment climate and promote trade by simplifying regulations, improving infrastructure, and encouraging private sector participation. The Regional Liquidity Support Facility (RLSF) is expected to play great role by enhancing the bankability of PPP projects and the sustainable implementation of such projects,” H.E Shide said.

Ethiopia has made significant strides in expanding its energy sector, primarily relying on hydropower as the backbone of its electricity generation. The Ethiopian government aims to diversify this energy mix by leveraging its vast renewable resources including wind, solar, and geothermal energy to enhance reliability and sustainability.

“The reform also aims to boost productivity in key sectors such as agriculture, manufacturing, and services to drive economic growth and create jobs. Investment Attraction too focuses on creating improved investment climate that has already attracted foreign direct investment, particularly in sectors like energy, manufacturing, and agriculture. We look forward to expanding this positive collaboration with ATIDI to cover additional sectors other than energy,” the Minister added.

This collaboration marks a significant step towards a more resilient and investor-friendly renewable energy landscape in Ethiopia. With ATIDI’s support, the country is poised to achieve its energy transition goals while ensuring financial stability for its power sector stakeholders.

About ATIDI

ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s (S&P), and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive.

More about ATIDI: www.atidi.africa

About the Regional Liquidity Support Facility (RLSF)

RLSF is a guarantee instrument provided by ATIDI to renewable energy Independent Power Producers (IPPs) that sell the electricity generated by their projects to state-owned power utilities, located in ATIDI member states that have signed the RLSF Memorandum of Understanding. RLSF was launched in 2017 by ATIDI and the German Development Bank, KfW, with financing from the German Federal Ministry for Economic Cooperation and Development (BMZ); in 2022, the Norwegian Agency for Development Cooperation (Norad) committed additional funding towards its continued implementation. RLSF has a capacity of USD153.7 million and supports small and mid-scale renewable energy projects with an installed capacity of up to 100 MW (larger projects can be considered on a case-by-case basis) by protecting the projects against the risk of delayed payments by public offtakers; in turn improving project bankability and ensuring that more projects reach financial close.

More on RLSF: https://www.atidi.africa/our-solutions/energy-solutions/regional-liquidity-support-facility-rlsf/

MIL OSI – Submitted News –

February 20, 2025
MIL-OSI New Zealand: Health and Workplace – New guide launched to help navigate medicinal cannabis and workplace safety – Drug Foundation

Source: NZ Drug Foundation Te Puna Whakaiti Pāmamae Kai Whakapiri

A new guide launched today will help employers and their workers better understand and manage medicinal cannabis and workplace safety concerns.

Sarah Helm, Executive Director of NZ Drug Foundation Te Puna Whakaiti Pāmamae Kai Whakapiri, says the guide was developed in response to regular requests for advice from employers and employees.

“New Zealand’s prescription medicinal cannabis scheme is less than five years old, and it’s clear that many employers are still trying to work out how medicinal cannabis fits into their workplace policies, especially when it comes to safety-sensitive roles,” she says.

“At the same time, many employees are wary of disclosing a medicinal cannabis prescription for fear of additional scrutiny or even dismissal.”

“While medicinal cannabis is not unique in its ability to cause impairment, its change in status from an illicit drug to one that can be legally prescribed has challenged traditional workplace alcohol and substance use policies. Some products prescribed do not contain psychoactive ingredients like THC, so a nuanced approach is needed.”

In response, the Foundation has partnered with Construction Health and Safety New Zealand (CHASNZ), Dentons and Māori and Pasifika Trades Training to develop Medicinal cannabis: A guide for employers and employees.

CHASNZ Chief Executive Chris Alderson says that it is important to strike the right balance between managing impairment, recognising the role of treatments such as medicinal cannabis, and treating the workforce with respect and fairness.

“For higher risk work, there is a need to ensure that employers and employees have a consistent approach to recognising impairment, for any reason, and responding in a rational, practical way,” he says.

“To date there has not been much clarity around approach. The intention of this guide is to provide a basis for businesses to confidently address the legal presence of medicinal cannabis without stigmatisation or increasing the risk of harm occurring.”

The guide provides an overview of medicinal cannabis and why it’s prescribed, sets out employers’ and employees’ rights and responsibilities, and suggests practical changes to workplace policies and procedures to manage disclosure of medicinal cannabis use and workplace impairment.

It includes expert input from the Drug Foundation, CHASNZ, law firm Dentons, Māori and Pasifika Trades Training, Rothbury Insurance, and Dr Graham Gulbransen, Fellow of The Royal New Zealand College of General Practitioners.

Alderson says that the Drug Foundation and CHASNZ both advocate for approaches that focus on detection of impairment rather than simply relying on detection of specific drugs.

“Medicines, alcohol and other drugs, fatigue, injuries, and stress can all impact workplace safety,” he says.

“We think the best practice in New Zealand safety-sensitive workplaces will be in detecting impairment regardless of the cause. Emerging technologies, including mobile apps, are showing promise in this area, and can work in tandem with drug testing where needed.”

Medicinal cannabis: A guide for employers and employees is being launched at a free CHASNZ webinar at midday on 20 February and will be available afterwards on the NZ Drug Foundation website: https://drugfoundation.us3.list-manage.com/track/click?u=12b1eb03b683b7209e15a8fcb&id=5b9988b0d8&e=19a223383c

You can register for the webinar on the CHASNZ website: https://drugfoundation.us3.list-manage.com/track/click?u=12b1eb03b683b7209e15a8fcb&id=043563e37c&e=19a223383c

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI USA: Calling all Colorado Artists! Governor Polis Invites Artists to Submit Work For the Colorado 150th Pedestrian Walkway

Source: US State of Colorado

DENVER – Today, Governor Polis in partnership with the Office of Economic Development and International Trade’s Colorado Creative Industries opened up submissions for local artists to integrate their work in the Colorado 150th Pedestrian Walkway. Artists should submit their work by April 1st, 2025.

“What better way to highlight Colorado artists and our communities than with a walkable art experience that highlights our state’s history and future, while also increasing pedestrian safety and walkability. I look forward to seeing this amazing walkway come to life and create an exceptional experience for Coloradans and visitors alike,” said Governor Polis.

The Colorado 150 Pedestrian Walkway represents a public-private partnership led by the Governor’s Office and the P3 Office at the Colorado Department of Personnel & Administration alongside History Colorado. Serving as a new gateway into revitalized Downtown Denver, the initiative aims to tell the story of Colorado’s 150 years while further re-energizing and highlighting the Civic Center area, including renovations to Denver Central Library, Denver Art Museum upgrades, the new Populus hotel, the future 5280 Trail, Civic Center Next 100: Greek Theater + Central Promenade and the McNichols Building.

More information for prospective artists is provided below:

The Artist Call for the Colorado 150 Pedestrian Walkway is now open. Please take time to read through the FAQ’s and the information sheet before applying or reaching out with questions.

Creatives of all mediums are encouraged to apply, including but not limited to, visual artists (steel, bronze, carpentry, mural/painting, illustration, etc.), literary arts, musicians, lighting specialists, vocalists, digital artists, etc. If you know anyone who might be interested in participating in this call for entry, please feel free to share it with your communities. Our goal is to feature artists throughout the state, so as much as you can share this, the better.

More information on the call for artists.

###

MIL OSI USA News –

February 20, 2025
MIL-OSI: iBio to Begin Trading on the Nasdaq Stock Exchange

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 19, 2025 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO), an AI-driven innovator of precision antibody therapies, today announced that iBio’s common stock has been approved for listing on the Nasdaq Capital Market and iBio will transfer its stock exchange listing to Nasdaq Capital Market from the NYSE American. The Company expects to begin trading as a Nasdaq-listed company on Mar 4, 2025, and will continue to trade under the symbol “IBIO.” The Company’s common stock will continue to trade on the NYSE American until the market close on Mar 3, 2025.

Martin Brenner, Ph.D., DVM, iBio’s CEO and Chief Scientific Officer, commented, “We are pleased to announce our listing on the Nasdaq Capital Market and to join a community of leading biotech companies. We believe the move to Nasdaq will improve the visibility of our common stock, enhance trading liquidity in our shares, and provide us with greater exposure to institutional investors.”

About iBio, Inc.

iBio (NYSEA: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. Our mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. For more information, visit www.ibioinc.com or follow us on LinkedIn.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the transfer to Nasdaq, anticipated date of commencement of trading on the Nasdaq and continuation of trading on the NYSE American and the move to Nasdaq improving the visibility of the Company’s common stock, enhancing trading liquidity in the shares, and providing the Company with greater exposure to institutional investors. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to derive the anticipated benefits from the move to Nasdaq, the Company’s ability to execute its growth strategy and advance its pipeline of therapeutic antibody candidates for cardiometabolic diseases and oncology; the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, or to comply with ongoing regulatory requirements; regulatory limitations relating to the Company’s ability to promote or commercialize its product candidates for specific indications; acceptance of the Company’s product candidates in the marketplace and the successful development, marketing or sale of products; and whether the Company will incur unforeseen expenses or liabilities or other market factors; and the other factors discussed in the Company’s filings with the SEC including the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Corporate Contact:
iBio, Inc.
Investor Relations
ir@ibioinc.com

Media Contacts:
Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 or (646) 942-5604

The MIL Network –

February 20, 2025
MIL-OSI: Stronghold Urges Stockholders to Follow the “FOR” Recommendation of ISS and Glass Lewis and Support the Pending Merger With Bitfarms at the Upcoming Special Meeting

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today announced that the world’s leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), have each recommended that Stronghold stockholders vote “FOR” the pending merger (the “Merger”) between Stronghold and Bitfarms Ltd. (NASDAQ/TSX: BITF) at the upcoming special meeting of the Company’s stockholders on February 27, 2025.

In its report dated February 14, 2025, ISS stated, “[T]he company’s sale process was thorough, cost savings are expected as a result of the transaction, and the share form of consideration will allow SDIG shareholders to participate in the upside potential of a larger entity. On balance, support for the transaction is warranted.”¹ In its report dated February 12, 2025, Glass Lewis also recommended support for the Merger.

Gregory Beard, Chief Executive Officer, President and Chairman of Stronghold said, “We are pleased both leading proxy advisory firms support our Board’s unanimous recommendation that shareholders vote “FOR” the pending merger at the upcoming special meeting.”

With the special meeting fast approaching on February 27, 2025, Stronghold would like to remind stockholders that their vote is very important regardless of the number of shares they own and urge all stockholders to vote by one of the methods described in the proxy statement before 11:59 p.m. Eastern Time on February 26, 2025.

Additional information on the Merger, including links to the joint prospectus/proxy statement, can be found at sec.gov. Stockholders who have questions about the joint prospectus/proxy statement or about voting their shares should contact Stronghold’s proxy solicitor, MacKenzie Partners, Inc., toll-free at 1-800-322-2885 or via email at proxy@mackenziepartners.com.

About Stronghold Digital Mining, Inc.

Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass and Panther Creek plants, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address future business and financial events, conditions, expectations, plans or ambitions, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words, but not all forward-looking statements include such words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Bitfarms Ltd. (“Bitfarms”) and Stronghold, that could cause actual results to differ materially from those expressed in such forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the risk that the Merger may not be completed on the anticipated terms in a timely manner or at all, which may adversely affect Stronghold’s business and the price of its Class A common stock, par value $0.0001 per share; the failure to satisfy any of the conditions to the consummation of the acquisition of Stronghold by Bitfarms (the “Merger”), including obtaining required stockholder and regulatory approvals; pending or potential litigation relating to the Merger that has been or could be instituted against Stronghold, Bitfarms or their respective directors or officers, including the effects of any outcomes related thereto; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger agreement, including in circumstances requiring Stronghold to pay a termination fee; the effect of the announcement or pendency of the Merger on Stronghold’s business relationships, operating results and business generally; the risk that the Merger disrupts Stronghold’s current plans and operations; Stronghold’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business, in light of the Merger; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; risks related to diverting management’s attention from Stronghold’s ongoing business operations; certain restrictions during the pendency of the Merger that may impact Stronghold’s ability to pursue certain business opportunities or strategic transactions; the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; those risks described in Section 4.19 of Bitfarms’ Annual Information Form for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to Bitfarms’ Annual Report on Form 40-F, as amended in Amendment No. 1 to the Form 40-F, filed with the SEC on December 9, 2024 (the “Amended 40-F”) Section 19 of Bitfarms’ restated Management’s Discussion and Analysis for the year ended December 31, 2023, filed with the SEC as Exhibit 99.3 to the Amended 40-F, Section 19 of Bitfarms’ restated Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, filed with the SEC on December 9, 2024, as Exhibit 99.2 to Bitfarms’ Current Report on Form 6-K/A; those risks described in Item 1A of Stronghold’s Annual Report on Form 10-K, filed with the SEC on March 8, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed with the SEC on May 8, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the SEC on August 14, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, filed with the SEC on November 13, 2024, as amended pursuant to Form 10-Q/A, filed with the SEC on December 13, 2024, and subsequent reports on Forms 10-Q and 8-K; and those risks that are described in the registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”).

These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the proxy statement/prospectus included in the registration statement on Form F-4 filed with the SEC in connection with the proposed transaction. While the list of factors presented here and the list of factors to be presented in the registration statement on Form F-4 are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Neither Bitfarms nor Stronghold assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Neither future distribution of this communication nor the continued availability of this communication in archive form on Bitfarms’ or Stronghold’s website should be deemed to constitute an update or re-affirmation of these statements as of any future date.

Additional Information about the Merger and Where to Find It

This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. The registration statement was declared effective on January 28, 2025, and Stronghold mailed the proxy statement/prospectus to its stockholders on or about January 29, 2025. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they contain important information about the proposed merger and related matters.

Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www.sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Investor Contact:
Matt Glover
Gateway Group, Inc.
SDIG@gateway-grp.com
1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com

___________________________
¹ Permission to use quotes was neither sought nor obtained.

The MIL Network –

February 20, 2025

MIL-OSI: Tenaris Announces 2024 Fourth Quarter and Annual Results

Source: GlobeNewswire (MIL-OSI)

The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2024 in comparison with its results for the fourth quarter and year ended December 31, 2023.

Summary of 2024 Fourth Quarter Results

(Comparison with third quarter of 2024 and fourth quarter of 2023)

	4Q 2024	3Q 2024		4Q 2023
Net sales ($ million)	2,845	2,915	(2%)	3,415	(17%)
Operating income ($ million)	558	537	4%	819	(32%)
Net income ($ million)	519	459	13%	1,146	(55%)
Shareholders’ net income ($ million)	516	448	15%	1,129	(54%)
Earnings per ADS ($)	0.94	0.81	16%	1.92	(51%)
Earnings per share ($)	0.47	0.40	16%	0.96	(51%)
EBITDA* ($ million)	726	688	6%	975	(26%)
EBITDA margin (% of net sales)	25.5%	23.6%		28.6%

*EBITDA in fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales

Net sales in the fourth quarter were more resilient than expected as we were able to reduce inventories and advance some shipments in the Middle East and Turkey, despite lower demand in Mexico, Argentina and Saudi Arabia. Our EBITDA declined 4% on a comparable basis with the margin supported by a favorable product mix which offset the effect of residual price declines in North America. Net income increased due to the partial reversal of the provision made in the second quarter for the ongoing litigation related to the acquisition of a participation in Usiminas jointly with our associate company, Ternium.

During the quarter, our free cash flow amounted to $310 million and, after spending $299 million on dividends and $454 million on share buybacks, our net cash position declined to $3.6 billion at December 31, 2024.

Summary of 2024 Annual Results

	12M 2024	12M 2023	Increase/(Decrease)
Net sales ($ million)	12,524	14,869	(16%)
Operating income ($ million)	2,419	4,316	(44%)
Net income ($ million)	2,077	3,958	(48%)
Shareholders’ net income ($ million)	2,036	3,918	(48%)
Earnings per ADS ($)	3.61	6.65	(46%)
Earnings per share ($)	1.81	3.32	(45%)
EBITDA* ($ million)	3,052	4,865	(37%)
EBITDA margin (% of net sales)	24.4%	32.7%

*EBITDA in 12M 2024 includes a $107 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $3,159 million, or 25.2% of sales.

Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity. EBITDA and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales, and was affected by a reduction of $43 million from our participation in Ternium related to the same case.

Cash flow provided by operating activities amounted to $2.9 billion during 2024. This was used to fund capital expenditures of $694 million, with the remainder distributed to shareholders through dividend payments of $758 million and share buybacks for $1,440 million in the year. We maintained a net cash position of $3.6 billion at the end of December 2024.

Change of Chief Financial Officer

Effective as of May 2, 2025, Mr. Carlos Gomez Alzaga will assume the position of Chief Financial Officer, replacing Ms. Alicia Mondolo, who will retire from this role.

Mr. Gomez Alzaga, who has more than 20 years of experience in Administration and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director, among other positions, and currently holds the position of Regional CFO for Argentina and South America.

Ms. Mondolo will continue to serve as senior advisor to our Chairman and CEO.

Paolo Rocca and the Board of Tenaris would like to express their gratitude and appreciation for Alicia´s contribution as CFO of Tenaris and her 41 years of service within the Techint Group.

Market Background and Outlook

Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.

These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit with some regional nuances.

In North America, consolidation among major operators and drilling efficiencies led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.

OCTG reference prices in North America, which fell steadily for two years until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government’s announced reset of Section 232 tariffs on all imports of steel products without exception.

In this environment, we expect our sales and EBITDA (excluding extraordinary effects) in the first quarter to be in line with the previous one before rising moderately in the second quarter. Beyond that, likely changes in US tariffs and their possible ramifications on trade flows will introduce a new dynamic with a high level of uncertainty for costs and prices to our results.

Annual Dividend Proposal

Upon approval of the Company´s annual accounts in April 2025, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on May 6, 2025, the payment of a dividend per share of $0.83 (in an aggregate amount of approximately $0.9 billion), which would include the interim dividend per share of $0.27 (approximately $0.3 billion) paid in November 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per share ($1.12 per ADS), or approximately $0.6 billion, will be paid according to the following timetable:

Payment date: May 21, 2025
Record date: May 20, 2025
Ex-dividend for securities listed in Europe and Mexico: May 19, 2025
Ex-dividend for securities listed in the United States: May 20, 2025

Analysis of 2024 Fourth Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	4Q 2024	3Q 2024		4Q 2023
Seamless	748	746	0%	760	(2%)
Welded	164	191	(14%)	246	(33%)
Total	913	937	(3%)	1,006	(9%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	4Q 2024	3Q 2024		4Q 2023
(Net sales – $ million)
North America	1,131	1,273	(11%)	1,501	(25%)
South America	595	484	23%	590	1%
Europe	341	280	22%	302	13%
Asia Pacific, Middle East and Africa	629	754	(17%)	805	(22%)
Total net sales ($ million)	2,695	2,790	(3%)	3,198	(16%)
Services performed on third party tubes ($ million)	93	97	(4%)	34	176%
Operating income ($ million)	533	527	1%	780	(32%)
Operating margin (% of sales)	19.8%	18.9%		24.4%

Net sales of tubular products and services decreased 3% sequentially and 16% year on year. Sequentially volumes sold decreased 3% while average selling prices decreased less than 1% as a favorable product mix offset price declines in North America. Sequentially, in North America sales declined due to lower prices throughout the region and lower activity in Mexico. In South America sales increased as higher sales in Brazil with shipments to the Raia pipeline and a recovery of OCTG offset lower sales for pipelines and the industrial market in Argentina. In Europe sales increased due to shipments to the Sakarya offshore line pipe project and higher sales of OCTG in Turkey. In Asia Pacific, Middle East and Africa sales declined due to lower sales in Saudi Arabia upon completion of inventory replenishment program and lower activity, partially offset by an increase in sales to the UAE.

Operating results from tubular products and services amounted to a gain of $533 million in the fourth quarter of 2024 compared to a gain of $527 million in the previous quarter and a gain of $780 million in the fourth quarter of 2023. This quarter’s operating income includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter, a 12% sequential reduction following the decline in sales and margins. Margins declined due to the decline in prices and a more costly product mix.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	4Q 2024	3Q 2024		4Q 2023
Net sales ($ million)	150	125	20%	217	(31%)
Operating income ($ million)	25	10	156%	39	(36%)
Operating margin (% of sales)	16.8%	7.9%		18.1%

Net sales of other products and services increased 20% sequentially and decreased 31% year on year. Sequentially, sales increased mainly due to higher sales of oil services in Argentina and coiled tubing.

Selling, general and administrative expenses, or SG&A, amounted to $446 million, or 15.7% of net sales, in the fourth quarter of 2024, compared to $454 million, 15.6% in the previous quarter and $471 million, 13.8% in the fourth quarter of 2023. Sequentially, the decline in SG&A is mainly due to lower shipment costs due to a reduction in volumes shipped.

Other operating results amounted to a net gain of $81 million in the fourth quarter of 2024, compared to a gain of $11 million in the previous quarter and a $5 million loss in the fourth quarter of 2023. The fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $48 million in the fourth quarter of 2024, compared to a gain of $48 million in the previous quarter and a gain of $93 million in the fourth quarter of 2023. Financial result of the quarter is mainly attributable to a $42 million net finance income from the net return of our portfolio investments.

Equity in earnings of non-consolidated companies generated a gain of $35 million in the fourth quarter of 2024, compared to a gain of $8 million in the previous quarter and a gain of $57 million in the fourth quarter of 2023. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment includes a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

Income tax charge amounted to $123 million in the fourth quarter of 2024, compared to $134 million in the previous quarter and $177 million in the fourth quarter of 2023.

Cash Flow and Liquidity of 2024 Fourth Quarter

Net cash generated by operating activities during the fourth quarter of 2024 was $492 million, compared to $552 million in the previous quarter and $0.8 billion in the fourth quarter of 2023. During the fourth quarter of 2024 cash generated by operating activities includes a net working capital increase of $37 million.

With capital expenditures of $182 million, our free cash flow amounted to $310 million during the quarter. Following a dividend payment of $299 million and share buybacks of $454 million in the quarter, our net cash position amounted to $3.6 billion at December 31, 2024.

Analysis of 2024 Annual Results

The following table shows our net sales by business segment for the periods indicated below:

Net sales ($ million)	12M 2024		12M 2023		Increase/(Decrease)
Tubes	11,907	95%	14,185	95%	(16%)
Others	617	5%	684	5%	(10%)
Total	12,524		14,869		(16%)

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	12M 2024	12M 2023	Increase/(Decrease)
Seamless	3,077	3,189	(4%)
Welded	852	953	(11%)
Total	3,928	4,141	(5%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	12M 2024	12M 2023	Increase/(Decrease)
(Net sales – $ million)
North America	5,432	7,572	(28%)
South America	2,294	3,067	(25%)
Europe	1,143	1,055	8%
Asia Pacific, Middle East and Africa	3,038	2,491	22%
Total net sales ($ million)	11,907	14,185	(16%)
Services performed on third party tubes ($ million)	484	165	193%
Operating income ($ million)	2,305	4,183	(45%)
Operating margin (% of sales)	19.4%	29.5%

Net sales of tubular products and services decreased 16% to $11,907 million in 2024, compared to $14,185 million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity.

Operating results from tubular products and services amounted to a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included in other operating expenses.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	12M 2024	12M 2023	Increase/(Decrease)
Net sales ($ million)	617	684	(10%)
Operating income ($ million)	113	133	(15%)
Operating margin (% of sales)	18.4%	19.5%

Net sales of other products and services decreased 10% to $617 million in 2024, compared to $684 million in 2023.

Operating results from other products and services amounted to a gain of $113 million in 2024, compared to a gain of $133 million in 2023.

Selling, general and administrative expenses, or SG&A, amounted to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed costs.

Other operating results amounted to a loss of $65 million in 2024, compared to a gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding to the transfer of the awards related to the Company’s Venezuelan nationalized assets.

Financial results amounted to a gain of $129 million in 2024, compared to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results decreased significantly in respect to the previous year.

Equity in earnings of non-consolidated companies generated a gain of $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.

Cash Flow and Liquidity of 2024

Net cash provided by operating activities in 2024 amounted to $2.9 billion (including a reduction in working capital of $287 million), compared to cash provided by operations of $4.4 billion (including a reduction in working capital of $182 million) in 2023.

Capital expenditures amounted to $694 million in 2024, compared to $619 million in 2023. Free cash flow amounted to $2.2 billion in 2024, compared to $3.8 billion in 2023.

Following dividend payments of $758 million and share buybacks of $1.4 billion during 2024, our net cash position amounted to $3.6 billion at December 31, 2024.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on February 20, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/p836i5mj

If you wish to participate in the Q&A session please register at the following link:

https://register.vevent.com/register/BIb7ae4609ff564d95a338d90813a3c8cc

Please connect 10 minutes before the scheduled start time.

A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Income Statement

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023

Net sales	2,845,226	3,414,930	12,523,934	14,868,860
Cost of sales	(1,922,263)	(2,120,591)	(8,135,489)	(8,668,915)
Gross profit	922,963	1,294,339	4,388,445	6,199,945
Selling, general and administrative expenses	(445,988)	(470,542)	(1,904,828)	(1,919,307)
Other operating income	18,483	1,468	60,650	53,043
Other operating expenses	62,919	(6,302)	(125,418)	(17,273)
Operating income	558,377	818,963	2,418,849	4,316,408
Finance income	51,331	63,621	242,319	213,474
Finance cost	(8,928)	(19,759)	(61,212)	(106,862)
Other financial results	5,777	49,249	(52,051)	114,365
Income before equity in earnings of non-consolidated companies and income tax	606,557	912,074	2,547,905	4,537,385
Equity in earnings of non-consolidated companies	35,283	56,859	8,548	95,404
Income before income tax	641,840	968,933	2,556,453	4,632,789
Income tax	(122,709)	176,848	(479,680)	(674,956)
Income for the period	519,131	1,145,781	2,076,773	3,957,833

Attributable to:
Shareholders’ equity	516,213	1,129,098	2,036,445	3,918,065
Non-controlling interests	2,918	16,683	40,328	39,768
	519,131	1,145,781	2,076,773	3,957,833

Consolidated Statement of Financial Position

(all amounts in thousands of U.S. dollars)	At December 31, 2024		At December 31, 2023

ASSETS
Non-current assets
Property, plant and equipment, net	6,121,471		6,078,179
Intangible assets, net	1,357,749		1,377,110
Right-of-use assets, net	148,868		132,138
Investments in non-consolidated companies	1,543,657		1,608,804
Other investments	1,005,300		405,631
Deferred tax assets	831,298		789,615
Receivables, net	205,602	11,213,945	185,959	10,577,436
Current assets
Inventories, net	3,709,942		3,921,097
Receivables and prepayments, net	179,614		181,368
Current tax assets	332,621		256,401
Contract assets	50,757		47,451
Trade receivables, net	1,907,507		2,480,889
Derivative financial instruments	7,484		9,801
Other investments	2,372,999		1,969,631
Cash and cash equivalents	675,256	9,236,180	1,637,821	10,504,459
Total assets		20,450,125		21,081,895
EQUITY
Shareholders’ equity		16,593,257		16,842,972
Non-controlling interests		220,578		187,465
Total equity		16,813,835		17,030,437
LIABILITIES
Non-current liabilities
Borrowings	11,399		48,304
Lease liabilities	100,436		96,598
Derivative financial instruments	–		255
Deferred tax liabilities	503,941		631,605
Other liabilities	301,751		271,268
Provisions	82,106	999,633	101,453	1,149,483
Current liabilities
Borrowings	425,999		535,133
Lease liabilities	44,490		37,835
Derivative financial instruments	8,300		10,895
Current tax liabilities	366,292		488,277
Other liabilities	585,775		422,645
Provisions	119,344		35,959
Customer advances	206,196		263,664
Trade payables	880,261	2,636,657	1,107,567	2,901,975
Total liabilities		3,636,290		4,051,458
Total equity and liabilities		20,450,125		21,081,895

Consolidated Statement of Cash Flows

	Three-month period ended December 31,		Twelve-month period ended December 31,
(all amounts in thousands of U.S. dollars)	2024	2023	2024	2023

Cash flows from operating activities
Income for the period	519,131	1,145,781	2,076,773	3,957,833
Adjustments for:
Depreciation and amortization	167,781	156,347	632,854	548,510
Bargain purchase gain	–	–	(2,211)	(3,162)
Income tax accruals less payments	(160)	(277,559)	(222,510)	(143,391)
Equity in earnings of non-consolidated companies	(35,283)	(56,859)	(8,548)	(95,404)
Interest accruals less payments, net	7,246	(8,554)	(1,067)	(53,480)
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	(87,975)	–	89,371	–
Changes in provisions	(19,808)	(651)	(25,155)	21,284
Reclassification of currency translation adjustment reserve	–	(878)	–	(878)
Changes in working capital	(36,604)	(65,697)	286,917	182,428
Others, including net foreign exchange differences	(22,100)	(56,195)	39,794	(18,667)
Net cash provided by operating activities	492,228	835,735	2,866,218	4,395,073

Cash flows from investing activities
Capital expenditures	(181,870)	(166,820)	(693,956)	(619,445)
Changes in advance to suppliers of property, plant and equipment	5,092	834	(10,391)	1,736
Acquisition of subsidiaries, net of cash acquired	–	(161,238)	31,446	(265,657)
Other investments at fair value	–	(1,126)	–	(1,126)
Additions to associated companies	–	–	–	(22,661)
Loan to joint ventures	(1,414)	(1,092)	(5,551)	(3,754)
Proceeds from disposal of property, plant and equipment and intangible assets	9,646	3,858	28,963	12,881
Dividends received from non-consolidated companies	20,674	25,268	73,810	68,781
Changes in investments in securities	458,407	740,153	(821,478)	(1,857,272)
Net cash provided by (used in) investing activities	310,535	439,837	(1,397,157)	(2,686,517)

Cash flows from financing activities
Dividends paid	(299,230)	(235,128)	(757,786)	(636,511)
Dividends paid to non-controlling interest in subsidiaries	–	–	(5,862)	(18,967)
Changes in non-controlling interests	28	–	1,143	3,772
Acquisition of treasury shares	(454,462)	(213,739)	(1,439,589)	(213,739)
Payments of lease liabilities	(17,248)	(15,524)	(68,574)	(51,492)
Proceeds from borrowings	344,222	365,455	1,870,666	1,723,677
Repayments of borrowings	(382,656)	(406,774)	(1,999,427)	(1,931,747)
Net cash used in financing activities	(809,346)	(505,711)	(2,399,429)	(1,125,007)

(Decrease) increase in cash and cash equivalents	(6,583)	769,861	(930,368)	583,549

Movement in cash and cash equivalents
At the beginning of the year	681,306	864,012	1,616,597	1,091,433
Effect of exchange rate changes	(13,925)	(17,276)	(25,431)	(58,385)
(Decrease) increase in cash and cash equivalents	(6,583)	769,861	(930,368)	583,549
At December 31,	660,798	1,616,597	660,798	1,616,597

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023
Income for the period	519,131	1,145,781	2,076,773	3,957,833
Income tax charge / (credit)	122,709	(176,848)	479,680	674,956
Equity in earnings of non-consolidated companies	(35,283)	(56,859)	(8,548)	(95,404)
Financial results	(48,180)	(93,111)	(129,056)	(220,977)
Depreciation and amortization	167,781	156,347	632,854	548,510
EBITDA	726,158	975,310	3,051,703	4,864,918

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023
Net cash provided by operating activities	492,228	835,735	2,866,218	4,395,073
Capital expenditures	(181,870)	(166,820)	(693,956)	(619,445)
Free cash flow	310,358	668,915	2,172,262	3,775,628

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At December 31,
	2024	2023
Cash and cash equivalents	675,256	1,637,821
Other current investments	2,372,999	1,969,631
Non-current investments	998,251	398,220
Current borrowings	(425,999)	(535,133)
Non-current borrowings	(11,399)	(48,304)
Net cash / (debt)	3,609,108	3,422,235

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,
	2024	2023
Inventories	3,709,942	3,921,097
Trade receivables	1,907,507	2,480,889
Customer advances	(206,196)	(263,664)
Trade payables	(880,261)	(1,107,567)
Operating working capital	4,530,992	5,030,755
Annualized quarterly sales	11,380,904	13,659,720
Operating working capital	145	134

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

The MIL Network –

February 20, 2025

MIL-OSI: Crescent Capital BDC, Inc. Reports Fourth Quarter 2024 Earnings Results; Declares a First Quarter Base Dividend of $0.42 Per Share and Series of Special Dividends

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 19, 2025 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $2.40 per share and net income of $1.99 per share for the year ended December 31, 2024. For the quarter ended December 31, 2024, net investment income and net income per share were $0.55 and $0.27, respectively. Reported net asset value (NAV) per share was $19.98 at December 31, 2024. The Company announced that its Board of Directors (the “Board”) declared a first quarter 2025 regular cash dividend of $0.42 per share to stockholders of record as of March 31, 2025, payable on April 15, 2025, and a series of special cash dividends related to undistributed taxable income in the aggregate amount of $0.15 per share, to be paid in three equal quarterly installments of $0.05 per share.¹

Selected Financial Highlights
($ in millions, except per share amounts)

	As of and for the three months ended
	December 31, 2024			September 30, 2024			December 31, 2023
Investments, at fair value	$	1,598.9		$	1,591.4		$	1,582.1
Total assets	$	1,656.3		$	1,645.0		$	1,627.4
Total net assets	$	740.6		$	748.8		$	742.6
Net asset value per share	$	19.98		$	20.20		$	20.04

Investment income	$	46.4		$	51.6		$	50.0
Net investment income	$	20.5		$	23.5		$	22.8
Net realized gains (losses), net of taxes	$	(3.2	)	$	3.8		$	(6.6	)
Net change in unrealized gains (losses), net of taxes	$	(7.3	)	$	(12.0	)	$	14.7
Net increase (decrease) in net assets resulting from operations	$	10.0		$	15.3		$	30.9

Net investment income per share	$	0.55		$	0.64		$	0.61
Net realized gains (losses) per share, net of taxes	$	(0.09	)	$	0.10		$	(0.18	)
Net change in unrealized gains (losses) per share, net of taxes	$	(0.19	)	$	(0.32	)	$	0.40
Net increase (decrease) in net assets resulting from operations per share	$	0.27		$	0.41		$	0.83
Regular distributions paid per share	$	0.42		$	0.42		$	0.41
Supplemental distributions paid per share	$	0.07		$	0.09		$	0.09

Weighted average yield on income producing securities (at cost)²		10.9	%		11.6	%		12.3	%
Percentage of debt investments at floating rates		97.3	%		97.4	%		98.7	%

Portfolio & Investment Activity

As of December 31, 2024 and December 31, 2023, the Company had investments in 185 and 186 portfolio companies with an aggregate fair value of $1,598.9 and $1,582.1 million, respectively. The portfolio at fair value was comprised of the following asset types:

Portfolio Asset Types:
	As of
$ in millions	December 31, 2024					December 31, 2023
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior secured first lien	$	379.7		23.7	%	$	429.2		27.0	%
Unitranche first lien³		1,044.1		65.3			973.9		61.5
Unitranche first lien – last out³		14.8		0.9			13.5		0.9
Senior secured second lien		38.5		2.4			58.2		3.7
Unsecured debt		17.5		1.1			4.1		0.3
Equity & other		64.9		4.1			50.1		3.2
LLC/LP equity interests		39.4		2.5			53.1		3.4
Total investments	$	1,598.9		100.0	%	$	1,582.1		100.0	%

Full Year

For the year ended December 31, 2024, the Company invested $395.0 million across 33 new portfolio companies, 30 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $371.1 million in aggregate exits, sales and repayments. For the year ended December 31, 2023, the Company invested $200.7 million across 15 new portfolio companies, 18 existing portfolio companies and several follow-on revolver and delayed draw fundings. This excludes $335.0 million of assets at cost acquired in connection with the acquisition of First Eagle Alternative Capital BDC, Inc. (“FCRD”) in March 2023. The assets acquired through the FCRD transaction, at cost, were comprised of $185.1 million of senior secured first lien, $100.1 million of unitranche first lien, $2.8 million of equity investments and $47.0 million of LLC/LP equity interests. During this period, the Company had $231.2 million in aggregate exits, sales and repayments.

Fourth Quarter

For the quarter ended December 31, 2024, the Company invested $127.1 million across 14 new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $105.8 million in aggregate exits, sales and repayments. For the quarter ended September 30, 2024, the Company invested $72.7 million across six new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $92.3 million in aggregate exits, sales and repayments.

Results of Operations

Full Year

For the year ended December 31, 2024, investment income increased to $197.4 million from $184.1 million for the year ended December 31, 2023. Interest income, which includes amortization of upfront fees, increased to $183.0 million for the year ended December 31, 2024 from $169.8 million for the year ended December 31, 2023, due to the growth of our income producing portfolio and one-time non-recurring income. Included in interest from investments for the years ended December 31, 2024 and 2023 are $3.7 million and $1.8 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income decreased to $11.3 million for the year ended December 31, 2024 from $13.3 million for the year ended December 31, 2023. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $3.1 million and $1.0 million for the years ended December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024 and 2023, total expenses, including income and excise taxes, totaled $108.4 million and $101.6 million, respectively. Interest and other debt financing costs increased from $58.8 million for the year ended December 31, 2023 to $62.8 million for the year ended December 31, 2024, due to higher weighted average debt outstanding.

Fourth Quarter

For the quarter ended December 31, 2024, investment income decreased to $46.4 million from $51.6 million for the quarter ended September 30, 2024, respectively. Interest income, which includes amortization of upfront fees, decreased to $43.4 million for the quarter ended December 31, 2024 from $47.8 million for the quarter ended September 30, 2024, primarily due to a decrease in benchmark rates. Included in interest from investments for the quarters ended December 31, 2024 and September 30, 2024 are $0.5 million and $1.4 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income decreased to $2.4 million for the quarter ended December 31, 2024 from $3.0 million for the quarter ended September 30, 2024. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.6 million and $0.8 million for the quarter ended December 31, 2024 and September 30, 2024, respectively.

For the three months ended December 31, 2024 and September 30, 2024, total net expenses, including income and excise taxes, totaled $25.9 million and $28.1 million, respectively.

Liquidity and Capital Resources

As of December 31, 2024, the Company had $39.4 million in cash and cash equivalents and restricted cash and $337.5 million of undrawn capacity on its credit facilities and December 2024 note issuances, subject to borrowing base and other limitations. The weighted average cost of debt on the Company’s debt outstanding as of December 31, 2024 was 6.38%.

The Company’s debt to equity ratio was 1.19x as of December 31, 2024.

Conference Call

The Company will host a webcast/conference call on Thursday, February 20, 2025 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter and year ended December 31, 2024. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing the following number:

Toll Free: (800) 715-9871
Conference ID: 1217499

All callers will need to reference the Conference ID once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC’s website.

Endnotes

Note: Numbers may not sum due to rounding.

The first special dividend will be paid on March 14, 2025 to stockholders of record as of February 28, 2025. The second special dividend will be paid on June 13, 2025 to stockholders of record as of May 30, 2025. The third special dividend will be paid on September 15, 2025 to stockholders of record as of August 29, 2025.
Yield includes performing debt and other income producing investments (excluding investments on non-accrual).
Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

Crescent Capital BDC, Inc. Consolidated Statements of Assets and Liabilities (in thousands except share and per share data)
	As of December 31, 2024			As of December 31, 2023
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of$1,511,386 and $1,469,251, respectively)	$	1,504,013		$	1,465,537
Non-controlled affiliated investments (cost of $46,104 and $56,084, respectively)		46,793			52,619
Controlled investments (cost of $66,416 and $67,353, respectively)		48,051			63,919
Cash and cash equivalents		10,130			7,780
Restricted cash and cash equivalents		29,292			16,690
Interest and dividend receivable		11,008			14,000
Receivable from unsettled transactions		1,163			251
Unrealized appreciation on foreign currency forward contracts		4,815			5,128
Deferred tax assets		746			114
Other assets		263			1,341
Total assets	$	1,656,274		$	1,627,379

Liabilities
Debt (net of deferred financing costs of $8,214 and $7,138)	$	875,837		$	844,783
Distributions payable		15,566			15,195
Interest and other debt financing costs payable		10,408			10,900
Management fees payable		5,066			5,026
Incentive fees payable		4,305			4,770
Deferred tax liabilities		746			578
Unrealized depreciation on foreign currency forward contracts		–			84
Accrued expenses and other liabilities		3,709			3,449
Total liabilities	$	915,637		$	884,785

Net assets
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)	$	–		$	–
Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,061,547 shares issued and outstanding)		37			37
Paid-in capital in excess of par value		959,098			965,895
Accumulated earnings (loss)		(218,498	)		(223,338	)
Total net assets	$	740,637		$	742,594
Total liabilities and net assets	$	1,656,274		$	1,627,379
Net asset value per share	$	19.98		$	20.04

Crescent Capital BDC, Inc. Consolidated Statements of Operations (in thousands except share and per share data)
	For the years ended December 31,
		2024			2023			2022
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	166,912		$	162,089		$	101,751
Paid-in-kind interest		9,592			3,191			1,564
Dividend income		497			438			127
Other income		3,056			658			540
From non-controlled affiliated investments:
Interest income		3,834			2,974			1,625
Paid-in-kind interest		1,529			816			2,106
Dividend income		1,058			2,058			5,169
Other income		16			309			—
From controlled investments:
Interest income		1,077			609			745
Paid-in-kind interest		—			192			732
Dividend income		9,784			10,800			2,358
Other income		8			—			—
Total investment income		197,363			184,134			116,717

Expenses:
Interest and other debt financing costs		62,761			58,742			31,880
Management fees		20,223			19,613			16,344
Income based incentive fees		18,855			17,451			11,214
Capital gains based incentive fees		—			—			(6,324	)
Professional fees		2,027			1,593			1,302
Directors’ fees		618			600			524
Other general and administrative expenses		2,561			2,753			2,660
Total expenses		107,045			100,752			57,600
Management fees waiver		(125	)		(190	)		(229	)
Income based incentive fees waiver		(145	)		(276	)		(538	)
Net expenses		106,775			100,286			56,833
Net investment income before taxes		90,588			83,848			59,884
(Benefit) provision for income and excise taxes		1,555			1,307			155
Net investment income		89,033			82,541			59,729
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(6,969	)		(12,465	)		1,157
Non-controlled affiliated investments		(5,214	)		—			7,098
Controlled investments		6,443			—			(3,301	)
Foreign currency transactions		(1,171	)		(1,435	)		(33	)
Foreign currency forward contracts		3,223			1,021			24
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(1,154	)		21,772			(43,818	)
Non-controlled affiliated investments		4,154			(4,505	)		(9,419	)
Controlled investments		(14,931	)		(1,171	)		(1,600	)
Foreign currency forward contracts		(229	)		(2,954	)		6,513
Net realized and unrealized gains (losses) on investments		(15,848	)		263			(43,379	)
Benefit (provision) for taxes on realized gain on investments		—			132			(911	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		464			901			105
Net increase (decrease) in net assets resulting from operations	$	73,649		$	83,837		$	15,544

Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	1.99		$	2.33		$	0.50
Net investment income per share (basic and diluted):	$	2.40		$	2.30		$	1.93
Weighted average shares outstanding (basic and diluted):		37,061,547			35,928,203			30,887,360

About Crescent BDC

Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent. Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

About Crescent Capital Group

Crescent is a global credit investment manager with $45 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 230 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

Contact:

Dan McMahon
daniel.mcmahon@crescentcap.com
212-364-0149

Forward-Looking Statements

This press release, and other statements that Crescent BDC may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

Crescent BDC cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and Crescent BDC assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in Crescent BDC’s SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment adviser or its affiliates; (13) the ability of our investment adviser to attract and retain highly talented professionals; (14) changes in law and policy accompanying the new administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position.

Crescent BDC’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, identifies additional factors that can affect forward-looking statements.

Other Information

The information in this press release is summary information only and should be read in conjunction with Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 19, 2024, as well as Crescent BDC’s other reports filed with the SEC. A copy of Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, Crescent BDC’s quarterly reports on Form 10-Q and Crescent BDC’s other reports filed with the SEC can be found on Crescent BDC’s website at www.crescentbdc.com and the SEC’s website at www.sec.gov.

The MIL Network –

February 20, 2025

MIL-OSI: Vital Energy Reports Fourth-Quarter and Full-Year 2024 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

Reports record total and oil production for 4Q-24 and FY-24

Updates development inventory to >11 years of oil-weighted locations

TULSA, OK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today reported fourth-quarter and full-year 2024 financial and operating results and provided its 2025 outlook. Supplemental slides have been posted to the Company’s website and can be found at www.vitalenergy.com. A conference call to discuss results is planned for 7:30 a.m. CT, Thursday, February 20, 2025. A webcast will be available on the Company’s website.

Fourth-Quarter 2024 Highlights

Successfully integrated Point Energy assets; acquired production exceeding expectations and operating cost reductions in-line with expectations
Reported a net loss of $359.4 million, Adjusted Net Income¹ of $86.5 million and cash flows from operating activities of $257.2 million
Generated Consolidated EBITDAX¹ of $383.5 million and Adjusted Free Cash Flow¹ of $110.8 million
Produced Company-record 147.8 thousand barrels of oil equivalent per day (“MBOE/d”) and oil production of 69.8 thousand barrels of oil per day (“MBO/d”)
Reported lease operating expense (“LOE”) of $8.89 per BOE, below guidance of $9.35 per BOE
Reported capital investments of $226.1 million, excluding non-budgeted acquisitions and leasehold expenditures

Full-Year 2024 Highlights

Increased oil-weighted inventory to ~925 locations, ~400 of which breakeven below $50 per barrel WTI
Issued an aggregate $1 billion of senior unsecured notes due 2032 at 7.875% and utilized the proceeds to repurchase higher coupon notes, resulting in annualized interest expense savings of $11 million
Reported a net loss of $173.5 million, Adjusted Net Income¹ of $270.0 million and cash flows from operating activities of $1.0 billion
Generated Consolidated EBITDAX¹ of $1.3 billion and Adjusted Free Cash Flow¹ of $232.8 million
Reported year-end 2024 proved reserves of 455.3 million BOE, an increase of 12% versus prior year

_{¹Non-GAAP financial measure; please see supplemental reconciliations of GAAP to non-GAAP financial measures at the end of this release.}

“We strengthened our business in 2024 through enhanced scale, optimized assets and a lengthened runway of high-quality inventory,” said Jason Pigott, President and Chief Executive Officer. “We successfully integrated our largest ever asset purchase in the Delaware Basin and early results positively impacted our operating and financial performance. Vital Energy continues to show that our talented people can capture important synergies from acquisitions while expanding inventory.”

“In 2025, our primary goals are reducing costs, maximizing Adjusted Free Cash Flow generation, absolute debt reduction, and extending and enhancing our existing inventory,” continued Pigott. “Our inventory provides us with ample high-return development opportunities and a strong outlook for Adjusted Free Cash Flow generation. Recent operational achievements, like horseshoe wells, are creating new efficiencies and allowing us to develop highly productive, stranded leasehold. We will continue to focus on optimizing our asset base to achieve our cash flow and debt repayment targets.”

Fourth-Quarter 2024 Financial and Operations Summary
Financial Results. The Company reported a net loss of $359.4 million, or $(9.59) per diluted share, which included a non-cash pre-tax impairment loss on oil and gas properties of $481.3 million, and Adjusted Net Income of $86.5 million, or $2.30 per adjusted diluted share. Cash flows from operating activities were $257.2 million and Consolidated EBITDAX was $383.5 million.

Production. Vital Energy’s total and oil production exceeded the high end of guidance, averaging 147,819 BOE/d and 69,827 BO/d, respectively. Volumes were driven by better-than-expected production from the Point Energy assets.

Capital Investments. Total capital investments, excluding non-budgeted acquisitions and leasehold expenditures, were $226 million, including approximately $17 million of additional drilling and completions investments related to increased working interest and carried interest and $5 million from acceleration of activity into the fourth quarter.

Investments included $190 million for drilling and completions, $22 million in infrastructure investments, $8 million in other capitalized costs and $6 million in land, exploration and data-related costs.

Operating Expenses. LOE during the period was $8.89 per BOE, below guidance of $9.35 per BOE, as the Company integrated its Point Energy assets. Lower expenses were primarily related to reduced workover activity on the Point Energy assets during integration.

General and Administrative Expenses. General and administrative expenses totaled $1.95 per BOE for fourth-quarter 2024, in line with guidance. General and administrative expenses, excluding long-term incentive plan (“LTIP”) and transaction expenses were $1.71 per BOE. Cash LTIP expenses were $0.02 per BOE and reflected the decrease in Vital Energy’s common stock price during the third quarter. Non-cash LTIP expenses were $0.22 per BOE.

Liquidity. At December 31, 2024, the Company had $880 million drawn on its $1.5 billion senior secured credit facility and cash and cash equivalents of $40 million.

2025 Outlook

Vital Energy’s 2025 development plan is designed to maximize cash flow to facilitate debt repayment, supported by its robust hedge position. In comparison to the Company’s earlier projections, the finalized 2025 outlook has lower capital investment levels and slightly lower oil production. In 2025, the Company expects to generate approximately $330 million of Adjusted Free Cash Flow at $70 per barrel WTI.

Capital Investments. Vital Energy plans to invest $825 – $925 million in 2025, excluding non-budgeted acquisitions and leasehold expenditures. Efficiencies and lower costs are driving capital investments approximately 3% lower than earlier projections while expecting to complete approximately the same net lateral feet as in 2024.

Production. The Company expects total production of 134.0 – 140.0 MBOE/d and oil production of 62.5 – 66.5 MBO/d. Production is approximately 3% lower than earlier projections. The shortfall is related to operational delays and the underperformance of a seven-well development package in Upton County.

Operating Expenses. The Company has made significant progress reducing operating expenses through integration of its Point Energy assets. Some workover expense was deferred from fourth-quarter 2024 into the first quarter of 2025. Average LOE for the two quarters is expected to be around $9.20 per BOE, putting the Company on pace to achieve LOE below $9.00 per BOE by the end of 2025.

Oil-Weighted Inventory

The Company has continued to extend and enhance its inventory of high-return development locations. At year-end 2024, Vital Energy had approximately 925 locations with an average breakeven WTI oil price of around $50 WTI. Approximately 400 of these locations breakeven below $50 per barrel WTI. Additionally, there are an additional approximately 250 locations that can be added to inventory pending successful delineation.

2024 Proved Reserves

Vital Energy’s total proved reserves at year-end 2024 were 455.3 MMBOE (40% oil, 70% developed). The standardized measure of discounted net cash flows was $4.22 billion and the PV-10 value was $4.51 billion utilizing SEC benchmark pricing of $75.48 per barrel WTI for oil ($76.76 per barrel average realized price) and $2.13 per MMBtu Henry Hub for natural gas ($0.85 per Mcf average realized price).

First-Quarter 2025 Guidance

The table below reflects the Company’s guidance for production and capital investments.

		1Q-25E
Total production (MBOE/d)		135.0 – 141.0
Oil production (MBO/d)		62.0 – 66.0
Capital investments, excluding non-budgeted acquisitions ($ MM)		$230 – $260

The table below reflects the Company’s guidance for select revenue and expense items.

		1Q-25E
Average sales price realizations (excluding derivatives):
Oil (% of WTI)		101%
NGL (% of WTI)		26%
Natural gas (% of Henry Hub)		50%

Net settlements received (paid) for matured commodity derivatives ($ MM):
Oil		$14
NGL		($2)
Natural gas		$0

Selected average costs & expenses:
Lease operating expenses ($ MM)		$115 – $120
Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues)		6.30%
Oil transportation and marketing expenses ($ MM)		$11.5 – $12.5
Gas gathering, processing and transportation expenses ($ MM)		$7.0 – $8.0
General and administrative expenses (excluding LTIP and transaction expenses, $ MM)		$21.5 – $23.0
General and administrative expenses (LTIP cash, $ MM)		$0.5 – $0.6
General and administrative expenses (LTIP non-cash, $ MM)		$3.0 – $3.5
Depletion, depreciation and amortization ($ MM)		$180 – $190

Conference Call Details

Vital Energy plans to host a conference call at 7:30 a.m. CT on Thursday, February 20, 2025, to discuss its fourth-quarter and full-year 2024 financial and operating results and its 2025 outlook. Supplemental slides will be posted to the Company’s website. Interested parties are invited to listen to the call via the Company’s website at www.vitalenergy.com, under the tab for “Investor Relations | News & Presentations | Upcoming Events.”

About Vital Energy

Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.

Additional information about Vital Energy may be found on its website at www.vitalenergy.com.

Forward-Looking Statements
This press release and any oral statements made regarding the contents of this release, including in the conference call referenced herein, contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties. General risks relating to Vital Energy include, but are not limited to, continuing and worsening inflationary pressures and associated changes in monetary policy that may cause costs to rise; changes in domestic and global production, supply and demand for commodities, including as a result of actions by the Organization of Petroleum Exporting Countries and other producing countries (“OPEC+”) and the Russian-Ukrainian or Israeli-Hamas military conflicts, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, reduced demand due to shifting market perception towards the oil and gas industry; competition in the oil and gas industry; the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties and its ability to successfully execute on its strategy to enhance well productivity, including by drilling long-lateral horseshoe wells, pipeline transportation and storage constraints in the Permian Basin, the effects and duration of the outbreak of disease, and any related government policies and actions, long-term performance of wells, drilling and operating risks, the possibility of production curtailment, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, and under the Inflation Reduction Act (the “IRA”), including those related to climate change, the impact of legislation or regulatory initiatives intended to address induced seismicity on our ability to conduct our operations; uncertainties in estimating reserves and production results; hedging activities, tariffs on steel, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, technological innovations and scientific developments, physical and transition risks associated with climate change, to ESG and sustainability-related matters, risks related to our public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential sustainability-related benefits, risks regarding potentially conflicting anti-ESG initiatives from certain U.S. state or other governments, possible impacts of litigation and regulations, the impact of the Company’s transactions, if any, with its securities from time to time, the impact of new environmental, health and safety requirements applicable to the Company’s business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and imposition of any additional taxes under the IRA or otherwise, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), subsequent Quarterly Reports on Form 10-Q and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). These documents are available through Vital Energy’s website at www.vitalenergy.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Vital Energy’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Vital Energy can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Vital Energy does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release and any accompanying disclosures include financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as Adjusted Free Cash Flow, Adjusted Net Income, Net Debt and Consolidated EBITDAX. While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For a reconciliation of such non-GAAP financial measures to the nearest comparable measure in accordance with GAAP, please see the supplemental financial information at the end of this press release.

Unless otherwise specified, references to “average sales price” refer to average sales price excluding the effects of the Company’s derivative transactions.

All amounts, dollars and percentages presented in this press release are rounded and therefore approximate.

Vital Energy, Inc.
Selected operating data

	Three months ended December 31,					Year ended December 31,
		2024		2023			2024		2023
	(unaudited)					(unaudited)
Sales volumes:
Oil (MBbl)		6,424		4,881			22,585		16,894
NGL (MBbl)		3,703		2,808			13,270		9,128
Natural gas (MMcf)		20,836		16,644			78,794		55,404
Oil equivalent (MBOE)⁽¹⁾		13,599		10,465			48,987		35,256
Average daily oil equivalent sales volumes (BOE/d)⁽¹⁾		147,819		113,747			133,845		96,591
Average daily oil sales volumes (Bbl/d)⁽¹⁾		69,827		53,070			61,708		46,284
Average sales prices⁽¹⁾:
Oil ($/Bbl)⁽²⁾	$	70.80	$	79.37		$	76.55	$	78.64
NGL ($/Bbl)⁽²⁾	$	16.75	$	14.14		$	14.38	$	15.00
Natural gas ($/Mcf)⁽²⁾	$	0.59	$	0.90		$	0.20	$	1.14
Average sales price ($/BOE)⁽²⁾	$	38.92	$	42.26		$	39.51	$	43.36
Oil, with commodity derivatives ($/Bbl)⁽³⁾	$	76.08	$	77.73		$	76.56	$	76.99
NGL, with commodity derivatives ($/Bbl)⁽³⁾	$	16.75	$	14.14		$	14.29	$	15.00
Natural gas, with commodity derivatives ($/Mcf)⁽³⁾	$	1.25	$	1.18		$	0.95	$	1.34
Average sales price, with commodity derivatives ($/BOE)⁽³⁾	$	42.42	$	41.94		$	40.70	$	42.87
Selected average costs and expenses per BOE sold⁽¹⁾:
Lease operating expenses	$	8.89	$	8.33		$	9.15	$	7.41
Production and ad valorem taxes		2.43		2.27			2.41		2.64
Oil transportation and marketing expenses		0.76		0.85			0.92		1.17
Gas gathering, processing and transportation expenses		0.42		0.16			0.36		0.06
General and administrative (excluding LTIP and transaction expenses)		1.71		2.12			1.75		2.26
Total selected operating expenses	$	14.21	$	13.73		$	14.59	$	13.54
General and administrative (LTIP):
LTIP cash	$	0.02	$	(0.09	)	$	0.05	$	0.11
LTIP non-cash	$	0.22	$	0.22		$	0.27	$	0.28
General and administrative (transaction expenses)	$	—	$	0.79		$	0.01	$	0.32
Depletion, depreciation and amortization	$	15.77	$	14.58		$	15.15	$	13.14

_______________________________________________________________________________

(1)	The numbers presented are calculated based on actual amounts and may not recalculate using the rounded numbers presented in the table above.
(2)	Price reflects the average of actual sales prices received when control passes to the purchaser/customer adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point.
(3)	Price reflects the after-effects of the Company’s commodity derivative transactions on its average sales prices. The Company’s calculation of such after-effects includes settlements of matured commodity derivatives during the respective periods.

Vital Energy, Inc.
Consolidated balance sheets

(in thousands, except share data)	December 31, 2024			December 31, 2023
	(unaudited)
*Assets*
Current assets:
Cash and cash equivalents	$	40,179		$	14,061
Accounts receivable, net		299,698			238,773
Derivatives		101,474			99,336
Other current assets		25,205			18,749
Total current assets		466,556			370,919
Property and equipment:
Oil and natural gas properties, full cost method:
Evaluated properties		13,587,040			11,799,155
Unevaluated properties not being depleted		242,792			195,457
Less: accumulated depletion and impairment		(8,966,200	)		(7,764,697	)
Oil and natural gas properties, net		4,863,632			4,229,915
Midstream and other fixed assets, net		134,265			130,293
Property and equipment, net		4,997,897			4,360,208
Derivatives		34,564			51,071
Operating lease right-of-use assets		104,329			144,900
Deferred income taxes		239,685			188,836
Other noncurrent assets, net		35,915			33,647
Total assets	$	5,878,946		$	5,149,581
*Liabilities and stockholders’ equity*
Current liabilities:
Accounts payable and accrued liabilities	$	185,115		$	159,892
Accrued capital expenditures		95,593			91,937
Undistributed revenue and royalties		187,563			194,307
Operating lease liabilities		73,143			70,651
Other current liabilities		59,725			78,802
Total current liabilities		601,139			595,589
Long-term debt, net		2,454,242			1,609,424
Derivatives		5,814			—
Asset retirement obligations		82,941			81,680
Operating lease liabilities		26,733			71,343
Other noncurrent liabilities		7,506			6,288
Total liabilities		3,178,375			2,364,324
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, and zero and 595,104 issued and outstanding as of December 31, 2024 and 2023, respectively		—			6
Common stock, $0.01 par value, 80,000,000 shares authorized, and 38,144,248 and 35,413,551 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		381			354
Additional paid-in capital		3,823,241			3,733,775
Accumulated deficit		(1,123,051	)		(948,878	)
Total stockholders’ equity		2,700,571			2,785,257
Total liabilities and stockholders’ equity	$	5,878,946		$	5,149,581

Vital Energy, Inc.
Consolidated statements of operations

	Three months ended December 31,						Year ended December 31,
(in thousands, except per share data)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Revenues:
Oil sales	$	454,852		$	387,536		$	1,728,971		$	1,328,518
NGL sales		62,023			39,705			190,775			136,901
Natural gas sales		12,394			14,954			15,544			63,214
Sales of purchased oil		3,759			121			12,745			14,313
Other operating revenues		1,342			2,205			4,279			4,658
Total revenues		534,370			444,521			1,952,314			1,547,604
Costs and expenses:
Lease operating expenses		120,922			87,190			448,078			261,129
Production and ad valorem taxes		33,010			23,726			117,947			93,224
Oil transportation and marketing expenses		10,366			8,893			44,843			41,284
Gas gathering, processing and transportation expenses		5,759			1,642			17,825			2,013
Costs of purchased oil		3,912			209			13,243			15,065
General and administrative		26,644			31,766			101,578			104,819
Organizational restructuring expenses		795			1,654			795			1,654
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Other operating expenses, net		3,434			1,685			8,799			6,223
Total costs and expenses		900,645			309,391			1,976,379			988,655
Gain on disposal of assets, net		508			132			1,513			672
Operating income (loss)		(365,767	)		135,262			(22,552	)		559,621
Non-operating income (expense):
Gain (loss) on derivatives, net		(43,924	)		229,105			38,140			96,230
Interest expense		(53,564	)		(50,431	)		(177,794	)		(149,819	)
Loss on extinguishment of debt, net		—			(4,039	)		(66,115	)		(4,039	)
Other income, net		1,139			6,051			7,060			9,748
Total non-operating income (expense), net		(96,349	)		180,686			(198,709	)		(47,880	)
Income (loss) before income taxes		(462,116	)		315,948			(221,261	)		511,741
Income tax benefit (expense)		102,724			(34,514	)		47,740			183,337
Net income (loss)		(359,392	)		281,434			(173,521	)		695,078
Preferred stock dividends		—			(449	)		(652	)		(449	)
Net income (loss) available to common stockholders	$	(359,392	)	$	280,985		$	(174,173	)	$	694,629
Net income (loss) per common share:
Basic	$	(9.59	)	$	10.04		$	(4.74	)	$	34.30
Diluted	$	(9.59	)	$	9.44		$	(4.74	)	$	33.44
Weighted-average common shares outstanding:
Basic		37,477			27,991			36,725			20,254
Diluted		37,477			29,813			36,725			20,783

Vital Energy, Inc.
Consolidated statements of cash flows

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Cash flows from operating activities:
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-settled equity-based compensation, net		3,398			2,592			14,646			10,994
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,648	)
Loss on extinguishment of debt, net		—			4,039			66,115			4,039
Deferred income tax (benefit) expense		(102,474	)		31,089			(50,196	)		(189,060	)
Other, net		8,055			5,672			27,663			13,983
Changes in operating assets and liabilities:
Accounts receivable, net		(74,978	)		(38,935	)		(61,163	)		(77,742	)
Other current assets		1,211			6,835			(6,456	)		(2,754	)
Other noncurrent assets, net		(315	)		(782	)		(1,151	)		484
Accounts payable and accrued liabilities		34,084			48,520			12,803			52,763
Undistributed revenue and royalties		(10,169	)		(32,106	)		(29,762	)		(31,907	)
Other current liabilities		(23,572	)		7,190			(25,004	)		(5,656	)
Other noncurrent liabilities		(5,972	)		(2,007	)		(17,097	)		(6,632	)
Net cash provided by operating activities		257,174			233,734			1,000,330			812,956
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net		(19,686	)		(309,379	)		(850,911	)		(849,508	)
Capital expenditures:
Oil and natural gas properties		(231,158	)		(162,351	)		(864,437	)		(617,397	)
Midstream and other fixed assets		(6,711	)		(3,329	)		(23,341	)		(14,021	)
Proceeds from dispositions of capital assets, net of selling costs		133			60			2,874			2,403
Other investing activities		—			311			(1,776	)		2,393
Net cash used in investing activities		(257,422	)		(474,688	)		(1,737,591	)		(1,476,130	)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility		310,000			135,000			1,750,000			765,000
Payments on Senior Secured Credit Facility		(290,000	)		—			(1,005,000	)		(700,000	)
Issuance of senior unsecured notes		—			—			1,001,500			897,710
Extinguishment of debt		—			(457,792	)		(952,214	)		(457,792	)
Proceeds from issuance of common stock, net of offering costs		—			220			—			161,223
Stock exchanged for tax withholding		(36	)		(21	)		(3,569	)		(3,077	)
Payments for debt issuance costs		(340	)		(10,680	)		(22,078	)		(27,011	)
Other, net		(1,389	)		(1,407	)		(5,260	)		(3,253	)
Net cash provided by (used in) financing activities		18,235			(334,680	)		763,379			632,800
Net increase (decrease) in cash and cash equivalents		17,987			(575,634	)		26,118			(30,374	)
Cash and cash equivalents, beginning of period		22,192			589,695			14,061			44,435
Cash and cash equivalents, end of period	$	40,179		$	14,061		$	40,179		$	14,061

Vital Energy, Inc.
Supplemental reconciliations of GAAP to non-GAAP financial measures

Non-GAAP financial measures

The non-GAAP financial measures of Adjusted Free Cash Flow, Adjusted Net Income, Consolidated EBITDAX, Net Debt and Net Debt to Consolidated EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Furthermore, these non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures of liquidity or financial performance, but rather should be considered in conjunction with GAAP measures, such as net income or loss, operating income or loss or cash flows from operating activities.

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions, less capital investments, excluding non-budgeted acquisition costs. Management believes Adjusted Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Adjusted Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Adjusted Free Cash Flow reported by different companies.

The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Adjusted Free Cash Flow (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net cash provided by operating activities	$	257,174		$	233,734		$	1,000,330		$	812,956
Less:
Net changes in operating assets and liabilities		(79,711	)		(11,285	)		(127,830	)		(71,444	)
General and administrative (transaction expenses)		19			(8,221	)		(548	)		(11,341	)
Cash flows from operating activities before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions		336,866			253,240			1,128,708			895,741
Less capital investments, excluding non-budgeted acquisition costs:
Oil and natural gas properties⁽¹⁾⁽²⁾		221,033			179,696			873,637			663,025
Midstream and other fixed assets⁽¹⁾		5,043			4,511			22,276			15,601
Total capital investments, excluding non-budgeted acquisition costs		226,076			184,207			895,913			678,626
Adjusted Free Cash Flow (non-GAAP)	$	110,790		$	69,033		$	232,795		$	217,115

_______________________________________________________________________________

(1)	Includes capitalized share-settled equity-based compensation and asset retirement costs.
(2)	For the three months and year ended December 31, 2024, capital investments for oil and natural gas properties, excluding non-budgeted acquisition costs, includes $16.8 million of additional drilling and completions investments related to increased working interest and carried interest.

Adjusted Net Income

Adjusted Net Income is a non-GAAP financial measure that the Company defines as net income or loss (GAAP) plus adjustments for mark-to-market on derivatives, premiums paid or received for commodity derivatives that matured during the period, organizational restructuring expenses, impairment expense, gains or losses on disposal of assets, income taxes, other non-recurring income and expenses and adjusted income tax expense. Management believes Adjusted Net Income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

The following table presents a reconciliation of net income (loss) (GAAP) to Adjusted Net Income (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands, except per share data)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Plus:
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,068	)
Settlements received for contingent consideration		—			311			—			1,813
Organizational restructuring expenses		795			1,654			795			1,654
Impairment expense		481,305			—			481,305			—
Gain on disposal of assets, net		(508	)		(132	)		(1,513	)		(672	)
Loss on extinguishment of debt, net		—			4,039			66,115			4,039
Income tax (benefit) expense		(102,724	)		34,514			(47,740	)		(183,337	)
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Adjusted income before adjusted income tax expense		110,952			97,608			346,171			416,618
Adjusted income tax expense⁽¹⁾		(24,410	)		(21,474	)		(76,158	)		(91,656	)
Adjusted Net Income (non-GAAP)	$	86,542		$	76,134		$	270,013		$	324,962
Net income (loss) per common share:
Basic	$	(9.59	)	$	10.04		$	(4.74	)	$	34.30
Diluted	$	(9.59	)	$	9.44		$	(4.74	)	$	33.44
Adjusted Net Income per common share:
Basic	$	2.31		$	2.72		$	7.35		$	16.04
Diluted	$	2.31		$	2.55		$	7.35		$	15.64
Adjusted diluted	$	2.30		$	2.55		$	7.21		$	15.64
Weighted-average common shares outstanding:
Basic		37,477			27,991			36,725			20,254
Diluted		37,477			29,813			36,725			20,783
Adjusted diluted		37,670			29,813			37,445			20,783

_______________________________________________________________________________

(1)	Adjusted income tax expense is calculated by applying a statutory tax rate of 22% for each of the periods ended December 31, 2024 and 2023.

Consolidated EBITDAX

Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled equity-based compensation, depletion, depreciation and amortization, impairment expense, organizational restructuring expenses, gains or losses on disposal of assets, mark-to-market on derivatives, accretion expense, interest expense, income taxes and other non-recurring income and expenses. Consolidated EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, working capital movement or tax position. Consolidated EBITDAX does not represent funds available for future discretionary use because it excludes funds required for debt service, capital expenditures, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Consolidated EBITDAX is useful to an investor because this measure:

is used by investors in the oil and natural gas industry to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;
helps investors to more meaningfully evaluate and compare the results of the Company’s operations from period to period by removing the effect of the Company’s capital structure from the Company’s operating structure; and
is used by management for various purposes, including (i) as a measure of operating performance, (ii) as a measure of compliance under the Senior Secured Credit Facility, (iii) in presentations to the board of directors and (iv) as a basis for strategic planning and forecasting.

There are significant limitations to the use of Consolidated EBITDAX as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income or loss and the lack of comparability of results of operations to different companies due to the different methods of calculating Consolidated EBITDAX, or similarly titled measures, reported by different companies. The Company is subject to financial covenants under the Senior Secured Credit Facility, one of which establishes a maximum permitted ratio of Net Debt, as defined in the Senior Secured Credit Facility, to Consolidated EBITDAX. See Note 7 in the 2024 Annual Report, to be filed with the SEC, for additional discussion of the financial covenants under the Senior Secured Credit Facility. Additional information on Consolidated EBITDAX can be found in the Company’s Eleventh Amendment to the Senior Secured Credit Facility, as filed with the SEC on September 13, 2023.

The following table presents a reconciliation of net income (loss) (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Plus:
Share-settled equity-based compensation, net		3,398			2,592			14,646			10,994
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Organizational restructuring expenses		795			1,654			795			1,654
Gain on disposal of assets, net		(508	)		(132	)		(1,513	)		(672	)
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,068	)
Settlements received for contingent consideration		—			311			—			1,813
Accretion expense		1,107			988			4,209			3,703
Interest expense		53,564			50,431			177,794			149,819
Loss extinguishment of debt, net		—			4,039			66,115			4,039
Income tax (benefit) expense		(102,724	)		34,514			(47,740	)		(183,337	)
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Consolidated EBITDAX (non-GAAP)	$	383,519		$	304,245		$	1,284,786		$	1,044,378

The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net cash provided by operating activities	$	257,174		$	233,734		$	1,000,330		$	812,956
Plus:
Interest expense		53,564			50,431			177,794			149,819
Organizational restructuring expenses		795			1,654			795			1,654
Current income tax (benefit) expense		(250	)		3,425			2,456			5,723
Net changes in operating assets and liabilities		79,711			11,285			127,830			71,444
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Settlements received for contingent consideration		—			311			—			1,813
Other, net		(7,456	)		(4,816	)		(24,967	)		(10,372	)
Consolidated EBITDAX (non-GAAP)	$	383,519		$	304,245		$	1,284,786		$	1,044,378

Net Debt

Net Debt is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and cash equivalents, where cash and cash equivalents are capped at $100 million when there are borrowings on the Senior Secured Credit Facility. Management believes Net Debt is useful to management and investors in determining the Company’s leverage position since the Company has the ability, and may decide, to use a portion of its cash and cash equivalents to reduce debt.

Net Debt to Consolidated EBITDAX

Net Debt to Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as Net Debt divided by Consolidated EBITDAX for the previous four quarters, which requires various treatment of asset transaction impacts. Net Debt to Consolidated EBITDAX is used by the Company’s management for various purposes, including as a measure of operating performance, in presentations to its board of directors and as a basis for strategic planning and forecasting.

PV-10

PV-10 is a non-GAAP financial measure that is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before deducting future income taxes, discounted at 10 percent. Management believes that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to the Company’s estimated proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of the Company’s proved oil, NGL and natural gas assets. Further, investors may utilize the measure as a basis for comparison of the relative size and value of proved reserves to other companies. The Company uses this measure when assessing the potential return on investment related to proved oil, NGL and natural gas assets. However, PV-10 is not a substitute for the standardized measure of discounted future net cash flows. The PV-10 measure and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil, NGL and natural gas reserves of the property.

(in millions)	December 31, 2024
	(unaudited)
Standardized measure of discounted future net cash flows	$	4,215
Less: present value of future income taxes discounted at 10%		(295	)
PV-10 (non-GAAP)	$	4,510

Investor Contact:
Ron Hagood
918.858.5504
ir@vitalenergy.com

The MIL Network –

February 20, 2025

MIL-OSI USA: Sens. Moran, Grassley, Cantwell Introduce Legislation to Create PBM Accountability

US Senate News:

Source: United States Senator for Kansas – Jerry Moran
WASHINGTON. – U.S. Senators Jerry Moran (R-Kan.), Chuck Grassley (R-Iowa) and Maria Cantwell (D-Wash.) introduced legislation to combat the high cost of prescription drugs and provide greater transparency of pharmacy benefit managers (PBMs).
The Pharmacy Benefit Manager (PBM) Transparency Act would ban deceptive and unfair pricing schemes, prohibit arbitrary claw backs of payments made to pharmacies and require PBMs to report to the Federal Trade Commission (FTC) on how much money they make through spread pricing and pharmacy fees.
“PBMs have engaged in deceptive and unfair drug pricing practices for years without proper oversight, driving up the cost of prescription drugs and hurting Kansas pharmacies,” said Sen. Moran. “PBMs should be prohibited from unfairly manipulating costs, and this legislation would provide more transparency through reporting requirements to the FTC to help level the playing field for our pharmacies.”
“Iowans are fed up with the skyrocketing cost of prescription drugs and eager for Congress to act to put a stop to pharmacy benefit managers’ shady practices,” said Sen. Grassley. “These bipartisan legislative solutions will bring much-needed transparency to prescription drug pricing and ensure the federal government can effectively target the abusive practices that unfairly drive up drug costs.”
“For too long, Americans have been left in the dark while PBMs – the mysterious middlemen – manipulate prescription drug prices,” said Sen. Cantwell. “We need to hold PBMs accountable for skyrocketing drug costs. With these bipartisan bills, I’m continuing to fight for accountability and transparency in the drug market so we can shine a light on unfair practices and make sure patients get a fair deal on the medications they need.”
The senators were joined by Sens. Joni Ernst (R-Iowa), Peter Welch (D-Vt.), Shelley Moore Capito (R-W.V.), Jeanne Shaheen (D-N.H.), Roger Marshall (R-Kan.), Martin Heinrich (D-N.M.), Cindy Hyde-Smith (R-Miss.), Thom Tillis (R-N.C.) and Mike Rounds (R-S.D.) in introducing this legislation.

MIL OSI USA News –

February 20, 2025

Media relations	Investor relations
Richard Mackillican	Yves Cormier
+31(0) 6 27411546	+31(0) 70 344 8028
richard.mackillican@aegon.com	yves.cormier@aegon.com

Category: Trade

The Rupantar project

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Participant perspectives

Improved water management

Quotes attributable to Assistant Minister for Charities, Dr Andrew Leigh MP