Category: Transport

MIL-OSI USA: Using custom earthquakes to define the top of Yellowstone’s magma reservoir

Source: US Geological Survey

Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week’s contribution is from Brandon Schmandt, Professor of Earth, Environmental and Planetary Sciences and Chenglong Duan, Postdoctoral researcher, both at Rice University.

When standing in many places in Yellowstone National Park, the signs of a buried heat source are unmistakable, making one inclined to wonder “how far beneath my feet is there magma”? The answer is important to fundamental science questions about magma reservoirs as well as for understanding the potential hazards from Yellowstone. And it’s just a darn interesting question, too!

A 53,000-pound vibroseis truck, with a hydraulic vibration plate that creates signals like tiny earthquakes. Here, the truck is parked at a roadside pullout near the Continental Divide in Yellowstone National Park. Photo by Jamie Farrell, University of Utah, September 2020, taken under Yellowstone National Park research permit YELL-2020-SCI-8146. Support for the field research was provided by the National Science Foundation (EAR-1950328).

There is a long history of physical and chemical measurements that provide evidence for magma beneath Yellowstone caldera, with estimates for the depth to the top of the reservoir ranging from about 3 to 9 km (about 2 to 5.5 mi) beneath the surface. Most prior seismic imaging estimated smooth 3-D structure that is informative regarding the approximate size, shape, and location of magma storage. A limitation is that the resulting edges of the reservoir are blurry. Sharpening the view is important, as better knowledge of the depth and characteristics of the top of the magma reservoir would give additional insights into magma storage and release of magmatic gases.

To obtain that sharper view of the top of the magma reservoir, and to determine its depth and whether it is marked by a gradual or sharp transition, a group of seismologists used a controlled seismic source and hundreds of seismometers to image the subsurface. The “controlled source” was a 53,000-pound truck with a vibrating hydraulic plate that creates seismic signals, like tiny custom earthquakes. During the summer of 2020, the truck created these custom earthquakes on numerous paved roadside turnouts throughout the caldera. The work was done in the middle of night to avoid impacting park visitors, both from the minor ground vibrations and any traffic delays. The seismic signals created by the truck were measured at several dozen permanent Yellowstone Seismic Network stations, as well as about 600 temporarily installed seismometers that were deployed along roads and trails specifically for this seismic experiment. The seismic waves generated by the truck were tuned to bounce off the magma chamber, with the data from that reflection hopefully providing new insights into just where the top of the magma chamber is located and what it looks like.

And the results are in, recently published in the journal Nature by Duan et al. 2025 (https://www.nature.com/articles/s41586-025-08775-9). The answer? There is a very sharp transition marking the magma chamber top at about 3.8 km (2.4 mi) depth beneath the northeastern part of the caldera near the Yellowstone River.

Seismic reflection data showing the top of the magma reservoir beneath Yellowstone Caldera along a cross section that runs from Canyon Village in the northwest (X) to near Lake Butte in the southeast (X`). The top panel shows seismic P-wave (compressional wave) reflectivity, with evidence for the sharp reservoir top labeled. The middle panel shows seismic reflections where P-waves convert to S-waves (shear waves) as they reflect off the top of the reservoir. Combined information from the two reflection types helps constrain the total fluid fraction and relative amounts of bubbles and magma at the very top of the reservoir. The bottom panel shows a schematic cartoon interpretation in which a large reservoir that is several kilometers thick mostly contains a small amount of magma in the pore space between crystals, and a thin layer at the very top transiently accumulates bubbles that rise through the magma and temporarily reside in pore space between crystals and some melt.

Beyond locating the top of the magma reservoir and determining that the boundary is less than about 100 m thick, the seismologists estimated the concentration and type of fluids present at the very top of the reservoir. They found that a two-part mixture of only magma and solid mineral crystals would not fit the strength of the reflected seismic signals, but a three-part mixture with supercritical fluid bubbles, magma, and solid mineral crystals can explain the reflections much better. This result is consistent with geochemical models that indicate bubbles would be coming out of magma stored at depths as shallow as 3.8 km (2.4 mi). At greater depths, and correspondingly greater pressures, the elements that form the bubbles would stay dissolved within the magma. But at the depth measured from the new seismic data, bubbles would emerge from the magma and rise to form a cap layer atop the magma reservoir.

That might sound alarming—bubble accumulation in magma reservoir can be an important step toward creating the conditions suitable for eruption—but it depends on the concentrations of magma and bubbles. Fortunately, the Yellowstone magma system appears to be in a stable configuration. The seismic reflection results suggest about 14% fluid and about 86% solid crystals in the cap layer of the reservoir. Under these conditions, bubbles are expected to rise efficiently toward the surface, which prevents excessive build-up of pressure. And indeed, this fits with gas measurements that find magmatic gases emitted at the surface in many areas of Yellowstone National Park.

Finding evidence for bubbles atop the Yellowstone magma reservoir gives new perspectives that align with the long-term view of a magmatic system that is mostly solid and currently stable. The results also highlight that it may be within reach to measure bubble accumulation beneath volcanoes in general, demonstrating once again that using Yellowstone as a natural laboratory can help better understand volcanoes and their eruptions elsewhere on Earth.

MIL OSI USA News –

April 28, 2025

MIL-OSI: Provident Financial Holdings Reports Third Quarter of Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $1.86 million in the March 2025 Quarter, Up 113% from the Sequential Quarter and Up 24% from the Comparable Quarter Last Year

Net Interest Margin of 3.02% in the March 2025 Quarter, Up 11 Basis Points from the Sequential Quarter and 28 Basis Points from the Comparable Quarter Last Year

Loans Held for Investment of $1.06 Billion at March 31, 2025, Up 1% from June 30, 2024

Total Deposits of $901.3 Million at March 31, 2025, Up 2% from June 30, 2024

Non-Performing Assets to Total Assets Ratio of 0.11% at March 31, 2025, Down from 0.20% at June 30, 2024

RIVERSIDE, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced earnings for the third quarter of the fiscal year ending June 30, 2025.

The Company reported net income of $1.86 million, or $0.28 per diluted share (on 6.73 million average diluted shares outstanding), for the quarter ended March 31, 2025, up 24 percent from net income of $1.50 million, or $0.22 per diluted share (on 6.94 million average diluted shares outstanding), in the comparable period a year ago. The increase was due primarily to a $653,000 increase in net interest income and a $391,000 recovery of credit losses (in contrast to a $124,000 provision for credit losses in the comparable period a year ago), partly offset by a $688,000 increase in non-interest expense (primarily attributable to higher salaries and employee benefits and other operating expenses).

“The operating environment for Provident has improved over the course of this fiscal year. Our net interest margin has improved each quarter subsequent to June 30, 2024, loan and deposit balances have grown for two consecutive quarters, borrowings have declined for two consecutive quarters, and credit quality remains strong,” stated Donavon P. Ternes, President and Chief Executive Officer of the Company. “We remain active in our stock repurchase plan and continue to maintain our quarterly cash dividend at a consistent level,” concluded Ternes.

Return on average assets was 0.59 percent for the third quarter of fiscal 2025, compared to 0.28 percent in the second quarter of fiscal 2025 and 0.47 percent for the third quarter of fiscal 2024. Return on average stockholders’ equity for the third quarter of fiscal 2025 was 5.71 percent, compared to 2.66 percent for the second quarter of fiscal 2025 and 4.57 percent for the third quarter of fiscal 2024.

On a sequential quarter basis, the $1.86 million net income for the third quarter of fiscal 2025 reflects a 113 percent increase from $872,000 in the second quarter of fiscal 2025. The increase was primarily attributable to a $391,000 recovery of credit losses (in contrast to a $586,000 provision for credit losses in the prior sequential quarter), and a $453,000 increase in net interest income (primarily due to a higher net interest margin). Diluted earnings per share for the third quarter of fiscal 2025 were $0.28 per share, up 115 percent from $0.13 per share in the second quarter of fiscal 2025.

For the nine months ended March 31, 2025, net income decreased $769,000, or 14 percent, to $4.63 million from $5.40 million in the comparable period in fiscal 2024. Diluted earnings per share for the nine months ended March 31, 2025 decreased 12 percent to $0.68 per share (on 6.80 million average diluted shares outstanding) from $0.77 per share (on 6.98 million average diluted shares outstanding) for the comparable nine-month period last year. The decrease was primarily attributable to a $1.81 million increase in non-interest expense (primarily due to an increase in salaries and employee benefits, premises and occupancy, equipment and other operating expenses), partly offset by a $451,000 higher recovery of credit losses, a $177,000 increase in non-interest income and a $115,000 increase in net interest income.

In the third quarter of fiscal 2025, net interest income increased $653,000 or eight percent to $9.21 million from $8.56 million for the same quarter last year. The increase in net interest income was due to a higher net interest margin, partly offset by a lower average balance of interest-earning assets. The net interest margin for the third quarter of fiscal 2025 increased 28 basis points to 3.02 percent from 2.74 percent in the same quarter last year. The increase in net interest margin was due to increased yields on interest-earning assets outpacing increased funding costs. The average yield on interest-earning assets increased 32 basis points to 4.73 percent in the third quarter of fiscal 2025 from 4.41 percent in the same quarter last year. In contrast, our average funding costs increased by five basis points to 1.91 percent in the third quarter of fiscal 2025 from 1.86 percent in the same quarter last year. The average balance of interest-earning assets decreased two percent to $1.22 billion in the third quarter of fiscal 2025 from $1.25 billion in the same quarter last year, primarily due to decreases in the average balance of investment securities and loans receivable, partly offset by an increase in interest-earning deposits.

Interest income on loans receivable increased $685,000, or five percent, to $13.37 million in the third quarter of fiscal 2025 from $12.68 million in the same quarter of fiscal 2024. The increase was due to a higher average loan yield, partly offset by a lower average loan balance. The average yield on loans receivable increased 32 basis points to 5.06 percent in the third quarter of fiscal 2025 from 4.74 percent in the same quarter last year. Adjustable-rate loans of approximately $130.9 million repriced downward in the third quarter of fiscal 2025 by approximately four basis points, from a weighted average rate of 7.56 percent to 7.52 percent. However, the overall increase in average yield was driven by an upward repricing of adjustable mortgage loans during the last 12 months. The average balance of loans receivable decreased $14.6 million, or one percent, to $1.06 billion in the third quarter of fiscal 2025 from $1.07 billion in the same quarter last year. Total loans originated for investment in the third quarter of fiscal 2025 were $27.9 million, up 53 percent from $18.2 million in the same quarter last year, while loan principal payments received in the third quarter of fiscal 2025 were $23.0 million, down 19 percent from $28.5 million in the same quarter last year.

Interest income from investment securities decreased $58,000, or 11 percent, to $459,000 in the third quarter of fiscal 2025 from $517,000 for the same quarter of fiscal 2024. This decrease was attributable to a lower average balance, partly offset by a higher average yield. The average balance of investment securities decreased $23.0 million, or 16 percent, to $118.4 million in the third quarter of fiscal 2025 from $141.4 million in the same quarter last year. The decrease in the average balance was due to scheduled principal payments and prepayments of investment securities. The average yield on investment securities increased nine basis points to 1.55 percent in the third quarter of fiscal 2025 from 1.46 percent for the same quarter last year. The increase in the average yield was primarily attributable to a lower premium amortization during the current quarter in comparison to the same quarter last year ($86,000 vs. $124,000) due to lower total principal repayments ($5.3 million vs. $5.7 million) and, to a lesser extent, the upward repricing of adjustable-rate mortgage-backed securities.

In the third quarter of fiscal 2025, the Bank received $213,000 in cash dividends from the Federal Home Loan Bank (“FHLB”) – San Francisco stock and other equity investments, up one percent from $210,000 in the same quarter last year, resulting in an average yield of 8.30 percent in the third quarter of fiscal 2025 compared to 8.84 percent in the same quarter last year. The average balance of FHLB – San Francisco stock and other equity investments in the third quarter of fiscal 2025 was $10.3 million, up from $9.5 million in the same quarter of fiscal 2024.

Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank (“FRB”) of San Francisco, was $389,000 in the third quarter of fiscal 2025, down $8,000 or two percent from $397,000 in the same quarter of fiscal 2024. The decrease was due to a lower average yield, partly offset by a higher average balance. The average yield earned on interest-earning deposits in the third quarter of fiscal 2025 was 4.42 percent, down 98 basis points from 5.40 percent in the same quarter last year. The decrease in the average yield was due to a lower average interest rate on the FRB’s reserve balances resulting from decreases in the targeted federal funds rate during the comparable periods. The average balance of the Company’s interest-earning deposits increased $6.1 million, or 21 percent, to $35.2 million in the third quarter of fiscal 2025 from $29.1 million in the same quarter last year.

Interest expense on deposits for the third quarter of fiscal 2025 was $2.75 million, an increase of $71,000 or three percent from $2.68 million for the same period last year. The increase was attributable to higher rates paid on deposits, partly offset by a lower average balance. The average cost of deposits was 1.26 percent in the third quarter of fiscal 2025, up eight basis points from 1.18 percent in the same quarter last year, primarily due to a greater proportion of time deposits, including brokered certificates of deposit which carry higher interest rates. The average balance of deposits decreased $25.8 million, or three percent, to $885.0 million in the third quarter of fiscal 2025 from $910.8 million in the same quarter last year.

Transaction account balances, or “core deposits,” decreased $23.1 million, or four percent, to $591.4 million at March 31, 2025 from $614.5 million at June 30, 2024, while time deposits increased $36.0 million, or 13 percent, to $309.9 million at March 31, 2025 from $273.9 million at June 30, 2024. As of March 31, 2025, brokered certificates of deposit (which amounts are reflected in time deposits above) totaled $129.8 million, down $2.0 million or two percent from $131.8 million at June 30, 2024. The weighted average cost of brokered certificates of deposit was 4.34 percent and 5.18 percent (including broker fees) at March 31, 2025 and June 30, 2024, respectively.

Interest expense on borrowings, consisting of FHLB advances, for the third quarter of fiscal 2025 decreased $102,000, or four percent, to $2.47 million from $2.57 million for the same period last year. The decrease was primarily the result of a lower average cost and, to a lesser extent, a lower average balance. The average cost of borrowings decreased 11 basis points to 4.52 percent in the third quarter of fiscal 2025 from 4.63 percent in the same quarter last year. The average balance of borrowings decreased $1.8 million, or one percent, to $221.8 million in the third quarter of fiscal 2025 from $223.6 million in the same quarter last year.

At March 31, 2025, the Bank had approximately $269.8 million of remaining borrowing capacity at the FHLB. Additionally, the Bank has a remaining borrowing facility of approximately $151.0 million with the FRB of San Francisco and an unused unsecured federal funds borrowing facility of $50.0 million with its correspondent bank. The total available borrowing capacity across all sources totaled approximately $470.8 million at March 31, 2025.

During the third quarter of fiscal 2025, the Company recorded a recovery of credit losses totaling $391,000, which included a $12,000 recovery related to unfunded loan commitment reserves. This compares to a $124,000 provision for credit losses in the same quarter last year and a $586,000 provision in the second quarter of fiscal 2025 (sequential quarter). The recovery of credit losses recorded in the third quarter of fiscal 2025 was primarily attributable to improved qualitative factors related to single-family residential collateral, partly offset by a lengthening of the average loan life due to lower estimated loan prepayments as of March 31, 2025, compared to December 31, 2024.

Non-performing assets, comprised solely of non-accrual loans secured by properties located in California, decreased $1.2 million or 46 percent to $1.4 million, which represented 0.11 percent of total assets at March 31, 2025, compared to $2.6 million, which represented 0.20 percent of total assets at June 30, 2024. At March 31, 2025, non-performing loans were comprised of seven single-family loans and one multi-family loan, while at June 30, 2024, non-performing loans were comprised of 10 single-family loans. At both dates, the Bank had no real estate owned and no loans 90 days or more past due that were still accruing interest. Additionally, there were no loan charge-offs during the quarters ended March 31, 2025 and 2024.

The January 2025 wildfires in Los Angeles, California did not have a material impact on the Company’s operations or the Bank’s customers. The Bank’s branches and facilities remained operational throughout the wildfire events, and there were no significant disruptions to customer services or business activities. Additionally, the Bank did not have any significant credit exposure or financial impact attributable to the wildfires.

Classified assets were $6.8 million at March 31, 2025, consisting of $1.7 million of loans in the special mention category and $5.1 million of loans in the substandard category. Classified assets at June 30, 2024 were $5.8 million, consisting of $1.1 million of loans in the special mention category and $4.7 million of loans in the substandard category.

The allowance for credit losses on loans held for investment was $6.6 million, or 0.62 percent of gross loans held for investment, at March 31, 2025, down from $7.1 million, or 0.67 percent of gross loans held for investment, at June 30, 2024. The decrease in the allowance for credit losses was due primarily to improved qualitative factors related to single-family residential collateral, partially offset by an increase in the estimated average life of the loan portfolio, reflecting lower loan prepayment expectations as of March 31, 2025. Management believes, based on currently available information, the allowance for credit losses is sufficient to absorb expected losses inherent in loans held for investment at March 31, 2025.

Non-interest income increased by $59,000, or seven percent, to $907,000 in the third quarter of fiscal 2025 from $848,000 in the same period last year, due primarily to a $43,000 increase in loan servicing and other fees and a $55,000 increase in other fees (primarily attributable to an increase in the unrealized gain on other equity investments). These increases were partly offset by decreases of $26,000 and $13,000 in card and processing fees and deposit account fees, respectively, primarily due to lower transaction volumes and reduced customer activity. On a sequential quarter basis, non-interest income increased $63,000, or seven percent, primarily due to an increase in loan servicing and other fees.

Non-interest expense increased $688,000, or 10 percent, to $7.86 million in the third quarter of fiscal 2025 from $7.17 million for the same quarter last year, primarily due to a $236,000 increase in salaries and employee benefits expenses and a $235,000 increase in other operating expenses. The higher salaries and employee benefits expenses was primarily due to higher compensation expenses, a higher accrual adjustment for the supplemental executive retirement plan expense, higher group insurance expenses and higher equity incentive expenses, partly offset by a decrease in retirement plan benefit expenses. The increase in other operating expenses was primarily attributable to a $239,000 litigation settlement expense. On a sequential quarter basis, non-interest expense increased $62,000, or one percent as compared to $7.79 million in the second quarter of fiscal 2025, due primarily to the litigation settlement expense, partly offset by decreases in salaries and employee benefits expenses, premises and occupancy expenses and professional expenses.

The Company’s efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the third quarter of fiscal 2025 was 77.64 percent, a slight increase from 76.20 percent in the same quarter last year but an improvement from 81.15 percent in the second quarter of fiscal 2025 (sequential quarter). The increase in the efficiency ratio during the current quarter in comparison to the comparable quarter last year was due to higher non-interest expense relative to total net interest income plus non-interest income.

The Company’s provision for income taxes was $797,000 for the third quarter of fiscal 2025, up 29 percent from $620,000 in the same quarter last year and up 126 percent from $352,000 for the second quarter of fiscal 2025 (sequential quarter). The increase during the current quarter compared to both the sequential quarter and same quarter last year was due to an increase in pre-tax income. The effective tax rate in the third quarter of fiscal 2025 was 30.0 percent as compared to 29.3 percent in the same quarter last year and 28.8 percent for the second quarter of fiscal 2025 (sequential quarter).

The Company repurchased 51,869 shares of its common stock at an average cost of $15.30 per share during the quarter ended March 31, 2025. As of March 31, 2025, a total of 293,132 shares remained available for future purchase under the Company’s current repurchase program.

The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire).

The Company will host a conference call for institutional investors and bank analysts on Tuesday, April 29, 2025 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 7361828. An audio replay of the conference call will be available through Tuesday, May 6, 2025 by dialing 1-800-770-2030 and referencing Conference ID number 7361828.

For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.

Safe-Harbor Statement

This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements as they are subject to various risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: adverse economic conditions in our local market areas or other markets where we have lending relationships; effects of employment levels, labor shortages, inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decreases in the Board of Governors of the Federal Reserve Board (the “Federal Reserve”) benchmark rate and the duration of such levels, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the Federal Reserve monetary policy; the effects of any Federal government shutdown; credit risks of lending activities, including loan delinquencies, write-offs, changes in our allowance for credit losses (“ACL”), and provision for credit losses; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; fluctuations in deposits; secondary market conditions for loans and our ability to sell loans in the secondary market; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; expectations regarding key growth initiatives and strategic priorities; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; results of examinations of us by regulatory authorities, which may the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; use of estimates in determining the fair value of assets, which may prove incorrect; disruptions or security breaches, or other adverse events, failures or interruptions in or attacks on our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; staffing fluctuations in response to product demand or corporate implementation strategies; our ability to pay dividends on our common stock; environmental, social and governance goals; effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with and furnished to the Securities and Exchange Commission (“SEC”), which are available on our website at www.myprovident.com and on the SEC’s website at www.sec.gov.

We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance.


Contacts:	Donavon P. Ternes	Haryanto L. Sunarto
	President and	Interim Chief Financial Officer
	Chief Executive Officer	(951) 686-6060

PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited –In Thousands, Except Share and Per Share Information)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and cash equivalents	$	50,915		$	45,539		$	48,193		$	51,376		$	51,731
Investment securities – held to maturity, at cost with no allowance for credit losses		113,617			118,888			124,268			130,051			135,971
Investment securities – available for sale, at fair value		1,681			1,750			1,809			1,849			1,935
Loans held for investment, net of allowance for credit losses of $6,577, $6,956, $6,329, $7,065 and $7,108, respectively; includes $1,032, $1,016, $1,082, $1,047 and $1,054 of loans held at fair value, respectively		1,058,980			1,053,603			1,048,633			1,052,979			1,065,761
Accrued interest receivable		4,263			4,167			4,287			4,287			4,249
FHLB – San Francisco stock and other equity investments, includes $721, $650, $565, $540 and $0 of other equity investments at fair value, respectively		10,289			10,218			10,133			10,108			9,505
Premises and equipment, net		9,388			9,474			9,615			9,313			9,637
Prepaid expenses and other assets		11,047			11,327			10,442			12,237			11,258
Total assets	$	1,260,180		$	1,254,966		$	1,257,380		$	1,272,200		$	1,290,047

Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing deposits	$	89,103		$	85,399		$	86,458		$	95,627		$	91,708
Interest-bearing deposits		812,216			782,116			777,406			792,721			816,414
Total deposits		901,319			867,515			863,864			888,348			908,122

Borrowings		215,580			245,500			249,500			238,500			235,000
Accounts payable, accrued interest and other liabilities		14,406			13,321			14,410			15,411			17,419
Total liabilities		1,131,305			1,126,336			1,127,774			1,142,259			1,160,541

Stockholders’ equity:
Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding)		—			—			—			—			—
Common stock, $.01 par value; (40,000,000 shares authorized; 18,229,615, 18,229,615, 18,229,615, 18,229,615 and 18,229,615 shares issued respectively; 6,653,822, 6,705,691, 6,769,247, 6,847,821 and 6,896,297 shares outstanding, respectively)		183			183			183			183			183
Additional paid-in capital		99,096			98,747			98,711			98,532			99,591
Retained earnings		211,701			210,779			210,853			209,914			208,923
Treasury stock at cost (11,573,793, 11,523,924, 11,460,368, 11,381,794, and 11,333,318 shares, respectively)		(182,121	)		(181,094	)		(180,155	)		(178,685	)		(179,183	)
Accumulated other comprehensive income (loss), net of tax		16			15			14			(3	)		(8	)
Total stockholders’ equity		128,875			128,630			129,606			129,941			129,506
Total liabilities and stockholders’ equity	$	1,260,180		$	1,254,966		$	1,257,380		$	1,272,200		$	1,290,047

PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited – In Thousands, Except Per Share Information)

	For the Quarter Ended					Nine Months Ended
	March 31,					March 31,
	2025			2024		2025			2024
Interest income:
Loans receivable, net	$	13,368		$	12,683	$	39,441		$	37,368
Investment securities		459			517		1,412			1,565
FHLB – San Francisco stock and other equity investments		213			210		636			586
Interest-earning deposits		389			397		1,036			1,295
Total interest income		14,429			13,807		42,525			40,814

Interest expense:
Checking and money market deposits		46			90		150			219
Savings deposits		127			97		356			208
Time deposits		2,573			2,488		7,738			6,406
Borrowings		2,471			2,573		7,694			7,509
Total interest expense		5,217			5,248		15,938			14,342

Net interest income		9,212			8,559		26,587			26,472
(Recovery of) provision for credit losses		(391	)		124		(502	)		(51	)
Net interest income, after (recovery of) provision for credit losses		9,603			8,435		27,089			26,523

Non-interest income:
Loan servicing and other fees		135			92		299			195
Deposit account fees		276			289		856			876
Card and processing fees		291			317		911			1,003
Other		205			150		585			400
Total non-interest income		907			848		2,651			2,474

Non-interest expense:
Salaries and employee benefits		4,776			4,540		14,235			13,223
Premises and occupancy		880			835		2,748			2,641
Equipment		417			329		1,139			962
Professional		386			321		1,224			1,203
Sales and marketing		181			167		541			516
Deposit insurance premiums and regulatory assessments		195			190		568			596
Other		1,021			786		2,718			2,227
Total non-interest expense		7,856			7,168		23,173			21,368
Income before income taxes		2,654			2,115		6,567			7,629
Provision for income taxes		797			620		1,938			2,231
Net income	$	1,857		$	1,495	$	4,629		$	5,398

Basic earnings per share	$	0.28		$	0.22	$	0.69		$	0.77
Diluted earnings per share	$	0.28		$	0.22	$	0.68		$	0.77
Cash dividends per share	$	0.14		$	0.14	$	0.42		$	0.42

PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations – Sequential Quarters (Unaudited – In Thousands, Except Per Share Information)

	For the Quarter Ended
	March 31,			December 31,		September 30,			June 30,			March 31,
	2025			2024		2024			2024			2024
Interest income:
Loans receivable, net	$	13,368		$	13,050	$	13,023		$	12,826		$	12,683
Investment securities		459			471		482			504			517
FHLB – San Francisco stock and other equity investments		213			213		210			207			210
Interest-earning deposits		389			287		360			379			397
Total interest income		14,429			14,021		14,075			13,916			13,807

Interest expense:
Checking and money market deposits		46			51		53			71			90
Savings deposits		127			117		112			105			97
Time deposits		2,573			2,506		2,659			2,657			2,488
Borrowings		2,471			2,588		2,635			2,632			2,573
Total interest expense		5,217			5,262		5,459			5,465			5,248

Net interest income		9,212			8,759		8,616			8,451			8,559
(Recovery of) provision for credit losses		(391	)		586		(697	)		(12	)		124
Net interest income, after (recovery of) provision for credit losses		9,603			8,173		9,313			8,463			8,435

Non-interest income:
Loan servicing and other fees		135			60		104			142			92
Deposit account fees		276			282		298			278			289
Card and processing fees		291			300		320			381			317
Other		205			203		177			666			150
Total non-interest income		907			845		899			1,467			848

Non-interest expense:
Salaries and employee benefits		4,776			4,826		4,633			4,419			4,540
Premises and occupancy		880			917		951			945			835
Equipment		417			379		343			347			329
Professional		386			412		426			327			321
Sales and marketing		181			187		173			193			167
Deposit insurance premiums and regulatory assessments		195			190		183			184			190
Other		1,021			883		814			757			786
Total non-interest expense		7,856			7,794		7,523			7,172			7,168
Income before income taxes		2,654			1,224		2,689			2,758			2,115
Provision for income taxes		797			352		789			805			620
Net income	$	1,857		$	872	$	1,900		$	1,953		$	1,495

Basic earnings per share	$	0.28		$	0.13	$	0.28		$	0.28		$	0.22
Diluted earnings per share	$	0.28		$	0.13	$	0.28		$	0.28		$	0.22
Cash dividends per share	$	0.14		$	0.14	$	0.14		$	0.14		$	0.14

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands, Except Share and Per Share Information)

	As of and For the
	Quarter Ended						Nine Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
SELECTED FINANCIAL RATIOS:
Return on average assets		0.59	%		0.47	%		0.50	%		0.56	%
Return on average stockholders’ equity		5.71	%		4.57	%		4.72	%		5.51	%
Stockholders’ equity to total assets		10.23	%		10.04	%		10.23	%		10.04	%
Net interest spread		2.82	%		2.55	%		2.74	%		2.64	%
Net interest margin		3.02	%		2.74	%		2.92	%		2.80	%
Efficiency ratio		77.64	%		76.20	%		79.26	%		73.82	%
Average interest-earning assets to average interest-bearing liabilities		110.25	%		110.28	%		110.38	%		110.24	%

SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.28		$	0.22		$	0.69		$	0.77
Diluted earnings per share	$	0.28		$	0.22		$	0.68		$	0.77
Book value per share	$	19.37		$	18.78		$	19.37		$	18.78
Shares used for basic EPS computation		6,679,808			6,919,397			6,753,060			6,968,353
Shares used for diluted EPS computation		6,732,794			6,935,053			6,796,743			6,981,223
Total shares issued and outstanding		6,653,822			6,896,297			6,653,822			6,896,297

LOANS ORIGINATED FOR INVESTMENT:
Mortgage loans:
Single-family	$	22,163		$	8,946		$	74,195		$	30,058
Multi-family		4,087			5,865			15,772			17,586
Commercial real estate		1,135			2,172			2,760			8,047
Commercial business loans		500			1,250			550			1,250
Total loans originated for investment	$	27,885		$	18,233		$	93,277		$	56,941

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands, Except Share and Per Share Information)

	As of and For the
	Quarter			Quarter			Quarter			Quarter			Quarter
	Ended			Ended			Ended			Ended			Ended
	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
SELECTED FINANCIAL RATIOS:
Return on average assets		0.59	%		0.28	%		0.61	%		0.62	%		0.47	%
Return on average stockholders’ equity		5.71	%		2.66	%		5.78	%		5.96	%		4.57	%
Stockholders’ equity to total assets		10.23	%		10.25	%		10.31	%		10.21	%		10.04	%
Net interest spread		2.82	%		2.74	%		2.66	%		2.54	%		2.55	%
Net interest margin		3.02	%		2.91	%		2.84	%		2.74	%		2.74	%
Efficiency ratio		77.64	%		81.15	%		79.06	%		72.31	%		76.20	%
Average interest-earning assets to average interest-bearing liabilities		110.25	%		110.52	%		110.34	%		110.40	%		110.28	%

SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.28		$	0.13		$	0.28		$	0.28		$	0.22
Diluted earnings per share	$	0.28		$	0.13		$	0.28		$	0.28		$	0.22
Book value per share	$	19.37		$	19.18		$	19.15		$	18.98		$	18.78
Average shares used for basic EPS		6,679,808			6,744,653			6,833,125			6,867,521			6,919,397
Average shares used for diluted EPS		6,732,794			6,792,759			6,863,083			6,893,813			6,935,053
Total shares issued and outstanding		6,653,822			6,705,691			6,769,247			6,847,821			6,896,297

LOANS ORIGINATED FOR INVESTMENT:
Mortgage loans:
Single-family	$	22,163		$	29,583		$	22,449		$	10,862		$	8,946
Multi-family		4,087			6,495			5,190			4,526			5,865
Commercial real estate		1,135			365			1,260			1,710			2,172
Construction		—			—			—			1,480			—
Commercial business loans		500			—			50			—			1,250
Total loans originated for investment	$	27,885		$	36,443		$	28,949		$	18,578		$	18,233

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	As of			As of			As of			As of			As of
	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
ASSET QUALITY RATIOS AND DELINQUENT LOANS:
Recourse reserve for loans sold	$	23		$	23		$	23		$	26		$	31
Allowance for credit losses on loans held for investment	$	6,577		$	6,956		$	6,329		$	7,065		$	7,108
Non-performing loans to loans held for investment, net		0.13	%		0.24	%		0.20	%		0.25	%		0.21	%
Non-performing assets to total assets		0.11	%		0.20	%		0.17	%		0.20	%		0.17	%
Allowance for credit losses on loans to gross loans held for investment		0.62	%		0.66	%		0.61	%		0.67	%		0.67	%
Net loan charge-offs (recoveries) to average loans receivable (annualized)		—	%		—	%		—	%		—	%		—	%
Non-performing loans	$	1,395		$	2,530		$	2,106		$	2,596		$	2,246
Loans 30 to 89 days delinquent	$	199		$	3		$	2		$	1		$	388


	Quarter			Quarter		Quarter			Quarter			Quarter
	Ended			Ended		Ended			Ended			Ended
	03/31/25			12/31/24		09/30/24			06/30/24			03/31/24
(Recovery) recourse provision for loans sold	$	—		$	—	$	(3	)	$	(5	)	$	—
(Recovery of) provision for credit losses	$	(391	)	$	586	$	(697	)	$	(12	)	$	124
Net loan charge-offs (recoveries)	$	—		$	—	$	—		$	—		$	—


	As of		As of		As of		As of		As of
	03/31/2025		12/31/2024		09/30/2024		06/30/2024		03/31/2024
REGULATORY CAPITAL RATIOS (BANK):
Tier 1 leverage ratio	9.85	%	9.81	%	9.63	%	10.02	%	9.70	%
Common equity tier 1 capital ratio	19.01	%	18.60	%	18.36	%	19.29	%	18.77	%
Tier 1 risk-based capital ratio	19.01	%	18.60	%	18.36	%	19.29	%	18.77	%
Total risk-based capital ratio	20.03	%	19.67	%	19.35	%	20.38	%	19.85	%


	As of March 31,
	2025				2024
	Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾
INVESTMENT SECURITIES:
Held to maturity (at cost):
U.S. SBA securities	$	328	4.85	%	$	458	5.85	%
U.S. government sponsored enterprise MBS		109,718	1.60			131,711	1.54
U.S. government sponsored enterprise CMO		3,571	2.13			3,802	2.16
Total investment securities held to maturity	$	113,617	1.62	%	$	135,971	1.57	%

Available for sale (at fair value):
U.S. government agency MBS	$	1,119	4.72	%	$	1,274	3.72	%
U.S. government sponsored enterprise MBS		482	6.91			570	6.05
Private issue CMO		80	6.10			91	4.96
Total investment securities available for sale	$	1,681	5.41	%	$	1,935	4.46	%
Total investment securities	$	115,298	1.68	%	$	137,906	1.61	%

⁽¹⁾Weighted-average yield earned on all instruments included in the balance of the respective line item.

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	As of March 31,
	2025					2024
	Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾
LOANS HELD FOR INVESTMENT:
Mortgage loans:
Single-family (1 to 4 units)	$	545,377		4.66	%	$	517,039		4.39	%
Multi-family (5 or more units)		429,547		5.47			457,401		5.14
Commercial real estate		75,349		6.63			83,136		6.36
Construction		837		11.00			2,745		8.81
Other		89		5.25			99		5.25
Commercial business loans		4,255		9.52			2,835		9.79
Consumer loans		52		17.50			60		18.50
Total loans held for investment		1,055,506		5.15	%		1,063,315		4.89	%

Advance payments of escrows		519					371
Deferred loan costs, net		9,532					9,183
Allowance for credit losses on loans		(6,577	)				(7,108	)
Total loans held for investment, net	$	1,058,980				$	1,065,761
Purchased loans serviced by others included above	$	1,721		5.72	%	$	1,999		5.80	%

⁽¹⁾Weighted-average yield earned on all instruments included in the balance of the respective line item.


	As of March 31,
	2025				2024
	Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾
DEPOSITS:
Checking accounts – noninterest-bearing	$	89,103	—	%	$	91,708	—	%
Checking accounts – interest-bearing		248,392	0.04			275,920	0.04
Savings accounts		232,308	0.24			247,847	0.17
Money market accounts		21,640	0.16			26,715	0.41
Time deposits		309,876	3.57			265,932	3.89
Total deposits⁽²⁾⁽³⁾	$	901,319	1.30	%	$	908,122	1.21	%

Brokered CDs included in time deposits above	$	129,770	4.34	%	$	130,900	5.19	%

BORROWINGS:
Overnight	$	20,000	4.65	%	$	—	—	%
Three months or less		22,500	4.17			59,500	5.28
Over three to six months		5,000	5.33			33,000	5.34
Over six months to one year		108,000	4.65			70,000	4.51
Over one year to two years		45,000	4.66			42,500	4.62
Over two years to three years		80	4.50			15,000	4.87
Over three years to four years		15,000	4.41			—	—
Over four years to five years		—	—			15,000	4.41
Over five years		—	—			—	—
Total borrowings⁽⁴⁾	$	215,580	4.60	%	$	235,000	4.86	%

⁽¹⁾Weighted-average rate paid on all instruments included in the balance of the respective line item.
⁽²⁾Includes uninsured deposits of approximately $162.2 million (of which, $57.1 million are collateralized) and $136.4 million (of which, $9.2 million are collateralized) at March 31, 2025 and 2024, respectively.
⁽³⁾The average balance of deposit accounts was approximately $37 thousand and $34 thousand at March 31, 2025 and 2024, respectively.
⁽⁴⁾The Bank had approximately $269.8 million and $269.2 million of remaining borrowing capacity at the FHLB – San Francisco, approximately $151.0 million and $172.7 million of borrowing capacity at the FRB of San Francisco and $50.0 million and $50.0 million of borrowing capacity with its correspondent bank at March 31, 2025 and 2024, respectively.

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	For the Quarter Ended					For the Quarter Ended
	March 31, 2025					March 31, 2024
	Balance		Rate⁽¹⁾			Balance		Rate⁽¹⁾
SELECTED AVERAGE BALANCE SHEETS:

Loans receivable, net	$	1,056,441		5.06	%	$	1,071,004	4.74	%
Investment securities		118,431		1.55			141,390	1.46
FHLB – San Francisco stock and other equity investments		10,268		8.30			9,505	8.84
Interest-earning deposits		35,182		4.42			29,099	5.40
Total interest-earning assets	$	1,220,322		4.73	%	$	1,250,998	4.41	%
Total assets	$	1,251,168				$	1,281,975

Deposits⁽²⁾	$	885,032		1.26	%	$	910,781	1.18	%
Borrowings		221,787		4.52			223,632	4.63
Total interest-bearing liabilities⁽²⁾	$	1,106,819		1.91	%	$	1,134,413	1.86	%
Total stockholders’ equity	$	130,081				$	130,906

⁽¹⁾Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
⁽²⁾Includes the average balance of noninterest-bearing checking accounts of $88.4 million and $91.0 million during the quarters ended March 31, 2025 and 2024, respectively. The average balance of uninsured deposits of $131.2 million and $139.0 million in the quarters ended March 31, 2025 and 2024, respectively.


	Nine Months Ended					Nine Months Ended
	March 31, 2025					March 31, 2024
	Balance		Rate⁽¹⁾			Balance		Rate⁽¹⁾
SELECTED AVERAGE BALANCE SHEETS:

Loans receivable, net	$	1,050,748		5.00	%	$	1,072,741	4.64	%
Investment securities		123,983		1.52			147,445	1.42
FHLB – San Francisco stock and other equity investments		10,186		8.33			9,505	8.22
Interest-earning deposits		28,404		4.79			31,538	5.38
Total interest-earning assets	$	1,213,321		4.67	%	$	1,261,229	4.31	%
Total assets	$	1,243,635				$	1,291,902

Deposits⁽²⁾	$	876,176		1.25	%	$	921,905	0.99	%
Borrowings		223,087		4.59			222,206	4.50
Total interest-bearing liabilities⁽²⁾	$	1,099,263		1.93	%	$	1,144,111	1.67	%
Total stockholders’ equity	$	130,911				$	130,686

⁽¹⁾Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
⁽²⁾Includes the average balance of noninterest-bearing checking accounts of $88.4 million and $98.9 million during the nine months ended March 31, 2025 and 2024, respectively. The average balance of uninsured deposits of $127.5 million and $139.1 million in the nine months ended March 31, 2025 and 2024, respectively.

ASSET QUALITY:


	As of		As of		As of		As of		As of
	03/31/25		12/31/24		09/30/24		06/30/24		03/31/24
Loans on non-accrual status
Mortgage loans:
Single-family	$	925	$	2,530	$	2,106	$	2,596	$	2,246
Multi-family		470		—		—		—		—
Total		1,395		2,530		2,106		2,596		2,246

Accruing loans past due 90 days or more:		—		—		—		—		—
Total		—		—		—		—		—

Total non-performing loans ⁽¹⁾		1,395		2,530		2,106		2,596		2,246

Real estate owned, net		—		—		—		—		—
Total non-performing assets	$	1,395	$	2,530	$	2,106	$	2,596	$	2,246

⁽¹⁾The non-performing loan balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans.

The MIL Network –

April 28, 2025

MIL-OSI: T1 Energy Welcomes Key Additions to Leadership Team

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications, effective May 1^st. The appointments add to T1’s already deep energy expertise as it builds a vertically integrated, solar and storage manufacturing and technology leader in the United States.

“We are excited to welcome Andy and Russell to the T1 senior leadership team,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Andy and Russell are respected leaders and prominent voices in the solar energy industry. Their additions underscore T1’s aspiration to build a leader in the U.S. solar-plus-storage market and highlight our ability to attract key talent.”

Andy Munro brings more than 30 years of legal and management experience to T1 Energy, having spent the last decade working in the solar energy, manufacturing, and technology industry. Mr. Munro joins T1 from SOLARCYCLE, a pioneer in solar panel recycling, technology, and manufacturing. Previously, he served as Chief Legal and Policy Officer at Calypso Energy, a U.S. solar cell and module manufacturing and technology company, and General Counsel at Qcells North America, a leader in U.S. solar manufacturing, technology, and development. Prior to that, Mr. Munro worked at the law firm of Latham & Watkins, where he focused on complex commercial, corporate and financing transactions for technology companies. Mr. Munro holds a J.D. from Harvard Law School and a B.A. in Economics/Business from UCLA.

“I believe the future of energy depends on a strong and innovative American solar manufacturing and technology industry and I am passionate about building a U.S.-based solar supply chain. I look forward to expanding T1’s operations and building a preeminent American solar energy manufacturing and technology company,” said Mr. Munro.

Russell Gold joins T1 Energy after a distinguished career as both an author and journalist, most recently for Texas Monthly, which followed a 21-year tenure as an investigative reporter focused on the energy industry for the Wall Street Journal. He is a two-time Pulitzer Prize finalist and a two-time winner of the Gerlad Loeb Award for Distinguished Business and Financial Journalism. Mr. Gold is the author of Superpower: One Man’s Quest to Transform American Energy, and The Boom, which was nominated for the FT Goldman Sachs Business Book of the Year prize. He graduated from Columbia University with a B.A. in History.

“I am enthusiastic about joining the T1 Energy team and getting a chance to help shape the future of American energy,” said Mr. Gold. “The challenge of our time is to build a domestic, affordable, and renewable energy system and T1 is at the forefront of that effort.”

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706

Media contact:

Amy Jaick
SVP, Communications
amy.jaick@T1energy.com
Tel: +1 973 713-5585

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to the Company’s aspiration to build a vertically integrated solar and storage manufacturing leader in the United States, ability to attract key talent, and plans to expand its operations; the growth of a U.S.-based solar energy industry; and the Company’s effort to build a domestic, affordable, and renewable energy system. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6c4e0233-5fcd-43e1-9607-ff0d94a58a75

The MIL Network –

April 28, 2025
MIL-OSI: Global Web3 Giants Bitget and Avalanche Join Forces to Boost Web3 Ecosystem in India

Source: GlobeNewswire (MIL-OSI)

NEW DELHI, April 28, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading crypto exchange and web3 company announced a strategic collaboration with Avalanche®, the fastest and most reliable smart contracts platform in the world. Bitget and Avalanche are leaders in the field of digital asset trading and blockchain technology respectively and the partnership is aimed at leveraging the combined strength of both global brands to enable grassroots adoption of web3 technology.

Avalanche is investing aggressively in the Indian region, working closely with more government agencies on welfare projects and rolling out a mini grants program to encourage builders of all stages to build on their platforms. Bitget’s Blockchain4youth program has pledged $10 million over 5 years offering scholarships, workshops and hackathons to the web3 community in India and across the globe. Bitget’s Blockchain4Her initiative is aimed at supporting women-led web3 projects in India and across the globe.

The first leg of the program kicked off with the ‘HODL ON’ tour which conducted their first 2 meetup events in Delhi & Bangalore with the mutual agenda to boost education & knowledge about blockchain & cryptocurrencies in the region.

Commenting on the development, Devika Mittal, Regional Head at Ava Labs, said India has a very robust web3 community. Our goal with events is to provide a space to any web3 enthusiast – whether in Delhi or Varanasi or anywhere else – to connect and build. She emphasized that in 2025 down the year lots of L1s are launching on avalanche & promising very strong activity from builders across the board is expected.

Commenting on the development Jyotsna Hridyani, South Asia Head at Bitget, said “Empowering users with the right knowledge is essential to unlocking the full potential of blockchain in India’s digital future. At Bitget, we’re committed to bridging this gap through community programs, partnerships with universities, and accessible learning tools.”

The goal of the partnership is to widen the reach for awareness across cities in India via more such events & workshops to educate the youth on the potential benefits & applications of blockchain technology. Bitget and Avalanche both have committed to partner for more such initiatives & investments for the rest of 2025.

Global companies like Bitget and Avalanche are betting big on India as it is the world’s top nation in terms of crypto adoption and the second-largest market for web3 developers. India’s tech talent is capable of delivering world class web3 applications if supported by timely grants, experienced mentorship and global exposure. India is home to more than 1000 web3 startups and Bitget’s mission is to double this number in 2025 through dedicated funding and mentorship channels. The ‘HODL ON’ tour offers a unique platform for web3 startups in India to showcase their work and secure funding to succeed in their respective field.

Commenting on the success of Delhi and Bangalore chapter Akshay Aggarwal, Co-founder & Leading Contributor, Blockchained India, added, “India, with its scale and digital depth, has a unique opportunity to shape how Web3 delivers real value — especially across consumer and enterprise applications. At Blockchained India, we’ve always believed that relevance is earned through consistent action — not noise. This is an inflection point. Let’s continue building with those who see long-term value and are committed to shaping what Web3 can truly become for the masses.”

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

About Avalanche
Avalanche® is the fastest, most reliable smart contracts platform in the world. Its revolutionary consensus protocol and novel L1s enable Web3 developers to easily launch highly-scalable solutions. Deploy on the EVM, or use your own custom VM. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Avalanche® is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche uses Proof-of-Stake, which allows tens of thousands of validators to have a first-hand say in the system while consuming minimal energy. For more information, visit https://www.avax.network/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/36d45783-de7b-416e-90f7-362c8ccc1c3f

The MIL Network –

April 28, 2025
MIL-OSI Asia-Pac: Facilities enhanced for Golden Week

Source: Hong Kong Information Services

The Government will introduce various measures to enhance facilities around the High Island Reservoir East Dam, adding to convenience for visitors during the Mainland’s Labour Day Golden Week.

The measures are in response to a significant increase in the number of visitors accessing the East Dam during recent weekends and the Ching Ming Festival holiday.

A large number of visitors on these days have taken taxis to the East Dam in the morning, causing severe traffic congestion on Sai Kung Man Yee Road and markedly increasing the travel time for Green Minibus (GMB) Route No. 9A, from Pak Tam Chung to the East Dam.

At present, GMB Route No. 9A on the Pak Tam Chung-East Dam route serves passengers on weekends and public holidays, with a frequency of 15-20 minutes. The service hours for departures from Pak Tam Chung are between 9.30am and 6.40pm, while those for departures from the East Dam are between 10am and 7pm.

As more visitors are expected in the East Dam area during the Golden Week holiday period, from May 1 to 5, various departments will enact enhancement measures.

Co-ordination between the Transport Department (TD) and the operator concerned will allow GMB Route No. 9A services to be boosted subject to passenger demand. Furthermore, the operator will, on a trial basis, extend the service to May 2, a weekday.

The TD and the Agriculture, Fisheries & Conservation Department (AFCD) will also take measures to enhance passenger queuing arrangements.

In the event of the road section concerned experiencing heavy traffic, the TD will make an announcement through various channels advising members of the public to plan ahead for their journeys.

It will also set up a messaging sign at a suitable location ahead of the AFCD’s Pak Tam Chung Barrier to inform visitors of traffic conditions on the roads leading to the East Dam area.

For its part, the Water Supplies Department has arranged for contractors to carry out temporary improvement works at some locations on Sai Kung Man Yee Road to facilitate the manoeuvring of traffic. The works have been substantially completed.

The AFCD will strengthen management of the country park area surrounding the East Dam. This includes deploying additional personnel to patrol the region, and the enhancement of cleaning services as necessary.

In collaboration with the Tourism Commission and the Tourism Board, the AFCD will also enhance promotion of other hiking trails within Hong Kong’s country parks and disseminate hiking guidelines to tourists.

Police will deploy uniformed officers to direct traffic in strategic areas at peak visitor arrival and departure times, and to help facilitate pedestrian flows. The force will also take action to combat any illegal acts by taxi drivers.

MIL OSI Asia Pacific News –

April 28, 2025
MIL-OSI Economics: Lufthansa Group uses artificial intelligence to reduce food waste

Source: Lufthansa Group

With the “Tray Tracker,” the Lufthansa Group has developed an innovative, AI-supported solution to measure and reduce onboard meal returns. The mobile technology scans meal returns from the onboard catering of flights at the dishwashing line. Artificial intelligence recognizes whether a meal has been partially eaten, completely eaten, or left untouched. The flight route, travel class, and meal concept are also included in the analysis. The insights gained will enable optimized portion sizes and meal selection in the future. In addition, the “Tray Tracker” will contribute to reducing CO₂ emissions in the future, as avoiding overload reduces the total weight. At the same time, less food is transported, used, and disposed of.

Lufthansa has been using the innovation at its Frankfurt site for almost a year. The AI has also recently started scanning trays in Munich. In the future, the Tray Tracker is also set to be used at other Lufthansa Group locations and airlines. The innovative mobile device was developed by the Lufthansa Group Digital Catering Analytics Team in cooperation with Lufthansa Group subsidiary zeroG.

Another machine learning-based project by the Lufthansa Group to prevent food waste is called “Pendle.” Launched by the Lufthansa Innovation Hub in 2024, the initiative uses algorithms that analyze data points such as flight duration, flight route, and previous demand to optimize loading. Long-term, the aim is to link the two projects.

More environmentally friendly onboard products
The Lufthansa Group is pursuing various measures and projects to reduce food waste on board as much as possible and optimize loading. Passengers on Lufthansa, Austrian Airlines, and SWISS short- and medium-haul flights can pre-order their preferred meal and, with the “to go” offer, purchase all fresh products at a reduced price on the last flight of the day. Premium class passengers on intercontinental flights with the airlines mentioned above can select their main course before departure from the hubs. This measure also helps to reduce food waste caused by overloading. In addition, the focus is on switching from single-use plastic and aluminum to more sustainable alternatives. Since 2022, a third of these items have been replaced on board.

MIL OSI Economics –

April 28, 2025
MIL-OSI United Kingdom: Magistrates fine Private Hire driver for unlawful activity

Source: City of York

Published Friday, 25 April 2025

A private hire driver who pleaded guilty yesterday (Thursday 24 April 2025) to picking up passengers on the street, has been ordered to pay a total £3,326 by York Magistrates

Zaid Saleem, of Girlington Road, Bradford, West Yorkshire, aged 58, holds a private hire driver licence with Wolverhampton and Leeds Council, and drives for an operator called ‘Drive Private Hire’. He, like all private hire drivers, can only pick up fares pre-booked through the operator.

In May 2024, Mr Saleem accepted a passenger who was not pre-booked which was outside the terms of his insurance and in breach of the terms of his private hire licence. This puts passengers and other road users at risk as when a private hire driver takes passengers on journeys that are not pre-booked they are not insured. Furthermore, drivers who flout the law have a competitive advantage over those who comply. This is something the council receives complaints about.

On 25 May 2024, City of York Council Licensing Officers took part in one of a number of enforcement operations which take place regularly. This one was to detect private hire drivers who unlawfully take un-booked passengers, and it took place at York Racecourse and in the city centre.

That day, officers approached Mr Saleem in his private hire vehicle on Clock Tower Way near York Racecourse. They agreed that he would drive them to York railway station for a fare of £10 which breached his licence.

On 24 April 2025 at York Magistrates Court, Mr Saleem pleaded guilty to the offence of unlawfully plying for hire. The magistrate sentenced him to pay a fine of £90, a surcharge of £36 and costs of £3,200.

Cllr Jenny Kent, Executive Member for Environment at City of York Council, said:

If an unlicensed driver picks up a customer without a prior and formal booking they are not insured for the journey and are acting illegally.

“It is also important that those drivers who pay for the entitlement and license to pick up fares are protected from being undercut by those who do not.

“We will continue to investigate legitimate complaints and take appropriate legal action. Please report any taxi offences via licensing @york.gov.uk.”

Leeds and Wolverhampton Councils have been informed of the outcome to the case, so that they can review Mr Saleem’s taxi driver license status as a ‘fit and proper’ person.

Following a public consultation, the Council’s taxi licensing policy was updated in November 2024.

MIL OSI United Kingdom –

April 28, 2025
MIL-Evening Report: Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The government has dug out last-minute savings of more than
A$7 billion, to ensure its election commitments are more than offset in every year of the forward estimates.

Its costings, released Monday, include savings of $6.4 billion from further reducing spending on consultants, contractors and labour hire, as well as non-wage expenses including travel, hospitality and property.

The second saving is $760 million from increasing the visa application fee for primary student visa applicants to $2000 from July 1.

Treasurer Jim Chalmers told a news conference Labor’s costings “show that we will more than offset our election campaign commitments in every year of the forward estimates”.

“We will finish this election campaign with the budget in a stronger position than at the start of the election campaign”.

“We have improved the budget position by more than $1 billion, comparing the pre-election outlook to the costings that we release today,” he said.

With its costings out, Labor is piling the pressure onto the opposition to produce its numbers.

“We call on the Coalition now to come clean on their cuts. We’ve made it very clear what our costs are and how we will pay for the commitments that we have made in this election campaign,” Chalmers said.

The opposition “need to come clean on what their secret cuts for nuclear reactors means for Medicare, for pensions and payments, for skills and housing and other essential investments.

“They have committed more than $60 billion in this election campaign and in their policy commitments, and that’s before we get to their $600 billion of nuclear reactors.”

Chalmers said if the opposition costings did not include the cost of the nuclear reactors they “will not be worth the paper they are written on”.

Shadow treasurer Angus Taylor said opposition costings, coming later this week, would project a stronger budget position than Labor’s. He also said if the Coalition was elected it would have an economic statement later this year.

As the costings war ramps up, ratings agency S&P warned Australia’s AAA credit rating could be threatened if election promises resulted in larger structural deficits, and debt and interest expenses increased more than expected.

Given deficits and international circumstances, “how the elected government funds its campaign pledges and rising spending will be crucial for maintaining the rating”, the agency said.

Asked about the comments, Chalmers said: “I say to that particular agency, indeed, all of the ratings agencies, that in our time in office, we’ve engineered the biggest positive turnaround in a budget of any parliamentary term ever”. He pointed to the improvement in the budget numbers during the campaign to underline Labor’s credentials.

The fresh impact of Labor’s promises on the bottom line has also been limited because most of them were already factored into the budget.

After the savings and spends are netted out the deficit for 2025-26 is estimated to be $41.9 billion compared to the $42.2 billion in the pre-election economic and fiscal outlook.

Chalmers says Dutton to build nuclear reactor in his own seat

Jim Chalmers must carry off the prize for the most brazen “scare” of a campaign full of attempted scares.

Chalmers picked up on Anthony Albanese’s question to Peter Dutton in Sunday’s debate, when the PM asked the opposition leader whether he’d be willing to have a nuclear power plant in his seat of Dickson. Dutton said he would.

Chalmers’ message to voters in “that wonderful part of southeast Queensland” is: “your local member wants to build a nuclear reactor in your suburbs.”

“[The Labor candidate,] Ali France, is not going to build a nuclear reactor in your local community but Peter Dutton wants to.

“I would encourage you to think about that […] as you choose your local member,” Chalmers told his news conference.

The treasurer kept a straight face while delivering this warning to Dickson voters.

Dutton questions Welcome to Country ceremonies at Anzac Dawn services

Peter Dutton has widened his criticism of the extent of Welcome to Country ceremonies by saying he does not believe they belong at Anzac Day dawn services.

He said that listening to veterans, “I think the majority view would be that they don’t want it on that day”. But he said it was an individual decision up to the RSLs.

Discussion of the Welcome to Country ceremonies has come to the fore after a group of neo-Nazis heckled the ceremony at the Shrine of Remembrance service on Friday. It also came up in Sunday’s debate between the leaders, when Dutton said the ceremonies should be reserved for significant occasions such as the opening of parliament.

Questioned by reporters on Monday, Dutton said the acknowledgment to country given by Qantas when planes landed was “over the top”.

“We are all equal Australians,” he said. “I believe we should stand behind one flag united to help Indigenous Australians deal with disparity around health outcomes, around education outcomes, around housing, around safety […] I want to provide support for practical reconciliation. The prime minister’s policy is to please inner city Greens, which is not something we signed up to.”

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments – https://theconversation.com/election-diary-labor-to-slash-more-consultant-costs-and-increase-visa-charges-to-pay-for-fresh-election-commitments-255386

MIL OSI Analysis – EveningReport.nz –

April 28, 2025
MIL-OSI Asia-Pac: HK Excellent Family Awards open

Source: Hong Kong Information Services

The inaugural Hong Kong Excellent Family Awards, co-organised by the Home & Youth Affairs Bureau and the Family Council, are open for entries from today until June 27. Families living in Hong Kong are welcome to join.

The awards aim to recognise families that cultivate a positive and supportive family relationship built on love and respect as well as care and support, and to pass on good family traditions and virtues.

There are 15 awards in this event, including 10 Excellent Families Awards and five Passage of Good Family Values & Virtues Awards. Winning families will receive trophies, theme park tickets, complimentary hotel accommodation, family photography services, and gift coupons.

Participating families are required to submit a written narrative in either Chinese or English, sharing their family’s real-life experience. They also need to include up to five family photos in an entry.

The narrative should demonstrate strong family bonds, the family’s ability to cope with challenges in life together, and the passing on of good family traditions and virtues.

Participants can submit entries online. Alternatively, they can download the entry form from the thematic webpage and pass the completed form along with the narrative and photos to the Home & Youth Affairs Bureau Family Council Secretariat, 13/F West Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong, by post or in person.

Shortlisted families will be invited to attend a meeting in early August.

MIL OSI Asia Pacific News –

April 28, 2025
MIL-OSI: Dubai’s Web 3.0 Momentum Accelerates as Global Stakeholders Gather for Unchained Summit
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, April 28, 2025 (GLOBE NEWSWIRE) — In the middle of the Gulf, something very deep is unfolding. Web 3.0 & Blockchain is no longer a buzzword; it’s a building block. And in Dubai, the future of Web 3.0 isn’t just coming; it’s being designed at pace. As crypto regulations come of age, institutional money pouring in, and industry giants establishing regional HQs, Dubai is quickly becoming the hub of the decentralized revolution.

As the city gears up to host the much-awaited Unchained Summit at the Kempinski Central Avenue on 28th and 29th April, a tide of excitement is rolling over the region’s Web 3.0, Blockchain, and Digital Assets industries.

The summit, hosted by Aeternum, promises more than an average Web 3.0 conference. It’s a high-conviction meeting of founders, investors, policy shapers, and enterprise leaders driving the frontiers of how decentralized infrastructure will transform identity, finance, and trust in the digital world.

Dubai’s Web 3.0 momentum is no longer a whisper, it’s a global signal. As the world tilts toward decentralized infrastructure, Dubai has emerged as the nexus where policy, capital, and innovation come together. With government-backed regulatory clarity, enterprise-grade adoption, and a thriving ecosystem of startups and investors, the emirate is fast becoming the capital of the decentralized ecosystem. Unchained Summit is more than a symptom of this energy; it’s the driving force. The Dubai edition brings global architects of Web 3.0 together in one place, making Dubai a living laboratory for what the internet of value, trust, and autonomy really is.

From builders to billionaires, Unchained Summit’s lineup of speakers include:
- Ronghui Gu, Co-Founder, Certik
- Ella Zhang, Head, YZi Labs
- Kostas Chalkias, Co-Founder and Chief Cryptographer, Mysten Labs
- Sreeram Kannan, Founder & CEO, EigenLayer
- May Zabaneh, VP of Product – Blockchain, Crypto & Digital Currencies, PayPal
- Greg Scanlon, VP Quantitative Blockchain, Franklin Templeton Digital Assets, Franklin Templeton
- Keone Hon, Co-Founder, Monad Foundation
- Lennix Lai, Global Chief Commercial Officer, OKX
- Nils Andersen-Röed, Global Head of FIU, Binance, and more.
“Web 3.0 is a collective movement, and Unchained Summit is where the next wave of builders and thinkers come together. We’re here to drive the conversation. Web 3.0’s growth hinges on infrastructure that can scale — it’s about throughput, cost-efficiency, and long-term sustainability. We’re proud to be at Unchained Summit, pushing the notion on sustainable blockchain designs,” said Abhijit Shukla, Founder of TAN Blockchain.

Richard Ma, CEO & Founder of Quantstamp said, “I’m honored to be speaking at Unchained Summit, a premier event bringing together visionary leaders and innovators in the Web 3.0 ecosystem. At Quantstamp, we’re dedicated to securing the future of blockchain, and I look forward to sharing insights on advancing security, trust, and resilience within this rapidly evolving industry.”

“Markets are moving on-chain—not just assets, but access, distribution, and users. We’re excited to be at Unchained Summit talking about what it takes to put real-world assets in the hands of real people,” said José F. Pereira, Executive Director, Own.

“Web 3.0 moves fast—and the ones who show up shape where it goes. Unchained Summit brings together the doers, not just the talkers. At TBV, we’re here to back the founders turning big ideas into real traction,” said Tobias Bauer, General Partner, TBV.

“Dubai is no longer just participating in Web 3.0, but it’s directing traffic,” says Sharath Kumar, Founder & CEO of Aeternum and organizer of Unchained Summit. “This is the one of the first real moments where we’re seeing decentralized technologies collide with institutional capital, national policy, and entrepreneurial energy—all in one city.”

Unchained Summit’s official sponsors include:

With increasing interest in industries ranging from AI-driven gaming to tokenized assets, Unchained Summit indicates a wider industry transition: Web 3.0 is increasingly finding its way into mainstream enterprise planning. And as a result of this, after its Dubai edition, Unchained Summit is set to make its India debut on 5th and 6th December 2025, reaffirming its commitment to bridge APAC, Middle Eastern, and European Web 3.0 & Crypto ecosystems.

As the Dubai chapter draws to a close, one thing is certain: the decentralized future is no longer a distant prospect; it is happening already.

Tickets for the Dubai edition are on sale on the official site: unchainedsummit.com

About Aeternum Consulting Ltd:

Aeternum organizes business-to-business events in the emerging tech space, provides strategic consulting, and tailored services to a diverse range of clients, from corporations to governments and startups to individuals. Aeternum specializes in crafting impactful B2B platforms that foster meaningful connections, drive business growth, and facilitate knowledge sharing through conferences, exhibitions, and bespoke networking opportunities.

For more information visit: aeternuminc.com

The MIL Network –
April 28, 2025
MIL-OSI Russia: AI technologies: artificial intelligence changes medicine and sports

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The Polytechnic University hosted the tenth seminar on artificial intelligence. Participants discussed the prospects and problems associated with the implementation of AI technologies.

The invited guest of the event was Denis Pegansky, the head of a company from Omsk that creates and promotes products using AI technologies in medicine, sports and physical rehabilitation. He spoke about the results achieved and the development prospects of this area.

Denis Pegansky also heads the Agency of Sports Technologies, where specialists develop methodologies and tools for using neural networks and deep learning to solve problems. Among them are the identification and monitoring of various patterns (biomechanics of movements, stereotypes of habitual poses, etc.), forecasting trends, as well as adaptive management in healthcare, physical rehabilitation and sports.

For example, in hockey, proprietary algorithms are used to identify players, game moments and exercise types, to calculate exercise performance indicators, analyze the training process and build a movement standard. In figure skating, a pressing task is to calculate the angles of an athlete’s turn when performing a jump, which will help the jury evaluate the correctness and quality of the elements, and the performers – to improve their skills. In Russia and abroad, there are already similar systems based on computer vision, but so far they are very expensive and have a high percentage of error. To improve the quality of such neural network technologies, large datasets and new technical developments are needed. Denis Pegansky’s company is working to ensure that only one video camera is used to assess a person’s physical condition and calculate his movements.

Another area of work is the creation of an original method for assessing the parameters of movements of patients with neurological diseases and diseases of the musculoskeletal system. Based on certain parameters, the neural network draws conclusions about the patient’s condition and assesses the effectiveness of his treatment and rehabilitation. Based on the data, the doctor develops personalized recommendations.

The seminar participants asked the expert questions related to the formation of databases, the use of verified sources, and the promotion of technologies. Vice-Rector for Research at SPbPU Yuri Fomin noted that the Polytechnic University has similar projects that have commercialization potential, and they need to be developed, including by joining forces with companies already operating in the market.

Professor of the Higher School of Service and Trade of SPbPU Sergey Barykin also spoke at the seminar. He spoke about his experience of studying AI technologies in China and about the prospects for the development of hypernetworks of financial and material flows in the platform hybrid metauniverse of logistics and service.

IT advisor of the continuous education foundation “University of Development” Elena Konik presented her vision of the development of artificial intelligence in the context of mathematical analysis and the possibilities of AI technologies, in particular, for the protection of personal data.

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

MIL OSI Russia News –

April 28, 2025
MIL-OSI United Nations: 28 April 2025 How rehabilitation provided a second chance to an earthquake survivor

Source: World Health Organisation

Over 33 days in intensive care, he received not only medical treatment to stabilize him, but also began his journey of recovery, including profound emotional support from doctors and nurses who helped him cope with trauma and grief.

For weeks, Hamza lay in a hospital bed, struggling to process everything. Then, in April, rehabilitation became his lifeline. He was the most severely injured among those who had limb damage at the hospital. Yet, within those walls , they formed friendships, and supported each other. At first, even sitting up felt impossible. But his therapists wouldn’t let him give up.

“I will never forget my first physiotherapist, Nadide,” he said. “She told me to put in the effort, so I did. If they trained me for one hour, I trained myself for four.”

His rehabilitation plan was intense—physiotherapy, occupational therapy, and strength training. Learning to use prosthetic limbs was gruelling. At first, he could barely stand for 30 seconds. Then a minute. Then three. Now, he can walk nearly a kilometre with the aid of a cane. He’s also seeing improvement in his hand function: “Grasping was impossible at first. Now, I can hold a cup of tea,” he shared. “It’s the little victories that matter.”

But the most significant battle wasn’t physical—it was mental. Losing his independence hit him the hardest. “For 14 months, someone else had to feed me,” he admitted. “That was the most difficult part.”

Still, he kept pushing forward. “Every morning, seeing my doctors and therapists gave me strength,” he said. “They never gave up on me, so I didn’t give up on myself.” But the biggest credit goes to my companion, Hayrettin Ayaz, who has been with me for the entire 19 months. He did what most of my relatives wouldn’t have done.

Hamza’s journey is a powerful reminder that rehabilitation isn’t just about medical treatment—it’s about rebuilding confidence, reclaiming life. “Prosthetics alone won’t help without effort,” he said. “But with training and determination, even the impossible starts to feel within reach.”

Now, 19 months into his recovery, he’s focused on one goal: full independence

He acknowledged, “I still have challenges ahead, but I’ve overcome so much already.” His advice to those going through comparable difficulties:” Never give up. Continue. Rehabilitation is about believing in yourself, not just about the physical body.

Hamza’s story demonstrates that life after tragedy is not only possible but can be extraordinary with perseverance, support, and unwavering will.

This story was developed based on an interview conducted and photographed by WHO Türkiye / Tunç Özceber

“,”datePublished”:”2025-04-28T07:20:33.0000000+00:00″,”image”:”https://cdn.who.int/media/images/default-source/headquarters/teams/uhc—communicable-noncommunicable-diseases-(ucn)/noncommunicable-diseases-rehabilitation-and-disability-(ncd)/sensory-functions-disability-and-rehabilitation-(sdr)/rehab-in-action-hamza.png?sfvrsn=c8fc1aeb_3″,”publisher”:{“@type”:”Organization”,”name”:”World Health Organization: WHO”,”logo”:{“@type”:”ImageObject”,”url”:”https://www.who.int/Images/SchemaOrg/schemaOrgLogo.jpg”,”width”:250,”height”:60}},”dateModified”:”2025-04-28T07:20:33.0000000+00:00″,”mainEntityOfPage”:”https://www.who.int/news-room/feature-stories/detail/how-rehabilitation-provided-a-second-chance-to-an-earthquake-survivor”,”@context”:”http://schema.org”,”@type”:”Article”};
]]>

MIL OSI United Nations News –

April 28, 2025

MIL-OSI: Man Group PLC : Form 8.3 – Amendment – American Axle & Manufacturing Holdings Inc

Source: GlobeNewswire (MIL-OSI)

This announcement replaces the previous announcement released at 10:46 25 April 2025. Amendment to section 2(a). All other information remains unchanged.

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Man Group PLC
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	American Axle & Manufacturing Holdings, Inc.
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	24/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	*YES* Offeree: Dowlais Group plc

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	USD 0.01 common
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	855,942.00	0.73
(2) Cash-settled derivatives:			99,521.00	0.08
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	855,942.00	0.73	99,521.00	0.08

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
USD 0.01 common	Sale	3,394	3.641 USD
USD 0.01 common	Sale	33,341	3.641 USD
USD 0.01 common	Sale	2,704	3.641 USD

(b) Cash-settled derivative transactions

Class of relevant security

Product description
e.g. CFD

Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type
e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing
e.g. subscription, conversion

Details

Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	28/04/2025
Contact name:	Mackenzie Terry
Telephone number:	+442071441555

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

April 28, 2025

MIL-OSI Economics: Building a robust ecosystem for Green and Sustainable Finance in India – Valedictory address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – April 17, 2025 – at Credit Summit 2025 organised by the Bharat Climate Forum at New Delhi

Source: Reserve Bank of India

Distinguished guests, participants, ladies and gentlemen, Good afternoon

At the outset, let me thank the organisers for inviting me and giving me an opportunity to deliver the valedictory address and share some of my thoughts on a subject which continues to engage national as well as global attention. I believe there would have been fruitful deliberations on the topics of green and sustainable finance and the role of financial institutions, opportunities and challenges, aligning of regulatory and policy worlds, facilitating global financing, and integration of climate change aspects in credit risks of the financial institutions. Each of these topics require detailed deliberations and collectively they form the building blocks for creation of a robust ecosystem for green and sustainable finance for the economy and financial system at large.

2. The critical enablers to attract green and sustainable investments that need to be put in place for financial ecosystem has been and continues to be a subject of deliberations at various fora be it G20 Sustainable Finance Working Group, the international standard setting bodies such as the Basel Committee on Banking Supervision, the International Sustainability Standards Board as well as the Financial Stability Board, and the Network for Greening the Financial System. These enablers range from adoption of a national green/ climate finance taxonomy, globally aligned disclosure standards for climate related financial risks, and robust assurance and verification process. Green and sustainable finance being a niche area, requires us to be mindful of greenwashing risks. Moreover, there are certain inherent risks and conditions that need to be met from the risk-reward perspective in green and sustainable lending/ investment decisions. Let me delve a bit into these aspects and try to build a narrative on how we can collectively build and develop a robust ecosystem for green and sustainable finance in India.

The Green and Sustainable Finance Taxonomy

3. When we talk of green and sustainable finance, the primary consideration is understanding as to what defines it. A national level taxonomy is crucial as it serves as the first building block that aligns the entire ecosystem, be it the government, regulators, other policy makers, financial institutions and borrowers/investors. This is under development in India. You are aware that an announcement to this effect was made by the Hon’ble Finance Minister in the Budget Speech for 2024-25. Meanwhile, we at Reserve Bank of India have till this juncture used the Sovereign Green Bonds (SGrB) framework for mapping of the green and sustainable sectors. This was also used when we issued a Framework on acceptance of Green Deposits in April 2023, which aligns with the SGrB framework towards identification of the green sectors. Thus, as a robust ecosystem enabler, the first building block would be a national level taxonomy for identification of the sectors and alignment of various regulatory dispensations along this taxonomy.

Consistent and harmonised Regulatory approach

4. The second building block would be a consistent and harmonised regulatory approach towards assessment of climate change risks and fostering of related financing. The climate change risks, and the related issues are sector agnostic, with significant inter-dependencies. To ensure that the net zero target announced by the Hon’ble PM at COP26 in 2021 is achieved by 2070, it would require players in the economy and financial system to fine-tune their respective actions/ measures, so that as a country, we can achieve this target. It would also require a consistent and harmonised approach among the concerned regulators and authorities.

Assurance and Verification Function

5. The next building block would be the development of robust assurance and verification functions. Assessment of climate related financial risks, green and sustainable finance are context specific, with need for a clear and objective demonstration of end use of funds. Transparency and related checks and balances that provide assurance on end use of the funds related to green and sustainable finance is extremely important. Given the technical expertise needed for assurance on climate related aspects, as well as adherence to benchmark assurance standards, there is a need to ensure credibility of this assurance and verification process. This would mean defining the requirement of consistent standards detailing expertise and skills that any assurer or verifier must possess to provide these services. A consistent approach across the financial system on the processes would provide confidence to the investors, which would then operate as a key enabler for increased flow of credit to the relevant sectors while addressing concerns around risks of greenwashing.

Transparency and Disclosures

6. The fourth aspect is the need for transparency in climate related disclosures. This is essential for financial institutions to assess and manage climate related financial risks, ensure transparency, and support long-term financial stability. It also underscores the need for coherence among various sectors on disclosure aspects. To give an example, if a financial institution is to make any lending or investment decision or assess its portfolio risks, or is mandated to make climate related financial disclosures, then it must depend on the borrowers to provide the requisite information. This means not just putting in place an enabling mechanism for both the lender and the borrower but also having consistency across the financial system for seamless flow of data and information. The Reserve Bank of India had published a draft “Disclosure framework on Climate-related Financial Risks”, in February 2024 for public consultation. The draft guidelines require Regulated Entities to make qualitative and quantitative disclosures with respect to climate related financial risks based on four broad areas, viz., (i) governance (ii) strategy (iii) risk management and (iv) metrics and targets. We have received comprehensive feedback on the framework basis which the guidelines are being finalised.

Complexities of climate change modelling and data considerations

7. Another area where consistency and harmonisation are required is compilation of data. For purpose of climate related financial risk, assessment and related facets of green and sustainable finance, be it transition or adaptation finance, data is very crucial. One of the limitations for climate risk assessment at this juncture is the need for technical expertise coupled with unique data requirements. Climate related data, understanding nuances of the climate patterns and the impact on account of climate change, is a highly technical and skilled job. Climate scientists across the world use super computers to study climate and weather patterns and its related aspects. It involves complex modelling and is resource intensive. If we depend on a financial sector expert, who uses financial modelling for assessing quantitative estimates and then arrive at the financial sector impact, this expertise alone may not suffice. The two skill sets needed for climate scenario analysis and climate finance risks are completely different in that as climate scientists are not experts in financial modelling and financial modellers have limited expertise in area of climate science. This makes the job of assessment of impact of climate change risks on financial sector more difficult and would therefore require collaboration amongst the two.

8. Given the impact of climate change risks, viz., physical and transition risks and the impact it has on the value of real assets and financial instruments, understanding these risks is crucial for lenders or investors from a risk-reward perspective. Thus, for uniform and consistent assessment of risks across the financial system, the aspect of disclosure and data becomes crucial. This will remove the misalignment of information between borrowers and lenders/ investors and not only allow a fair assessment of climate change risks but also foster green and sustainable finance.

9. As a part of this endeavour, Reserve Bank had in the monetary policy statement of October 2024, announced the formation of Reserve Bank – Climate Risk Information System (RB-CRIS). It is envisaged to bridge data gaps and provide standardised datasets to the Regulated Entities (REs) on three aspects – Physical Risk Data, Transition Risk Data, and Carbon Emission Factor Database. The physical risk data part would focus on providing pan-India hazard and vulnerability data. As regards the transition risk, the plan is to arrive at India specific transition scenarios and use them to provide sectoral benchmark transition pathways. Finally, recognising the need to standardise the emission calculation across the sectors, a consistent approach towards carbon emission methodology and the uniform database is also being proposed. Under RB-CRIS, the RBI intends to bring all the stakeholders together and bring coherence and bridge the existing data gaps.

Climate change and credit risks

10. Climate change risks impact the financial institutions, financial system and real economy through the traditional risk categories and one risk factor that prominently stands out is credit risk. Climate change would lead to additional operational costs for the borrowers with an increased possibility of loss of their assets, leading to increased probability of default by the borrowers. The real economy is also impacted through various means such as direct property losses, crop losses, loss of employment and livelihood losses. Another facet of credit risk in climate change emanates from the need to promote green and sustainable financing. The fact that the net-zero technologies driving the transition to decarbonisation, are at various developmental and evolving stages, itself signifies a significant increase in credit risks. Thus, there is a dichotomy wherein on one hand there is a need for incentivising green and sustainable finance and on the other there is an increase in inherent risks from encouraging such financing. So, the key issue is how to manage this dichotomy? While the prudential aspect, i.e., the risk management consideration, is the prime concern for any regulator, the flow of credit is generally market determined albeit mandated at times through specific directed lending policies. Therefore, a delicate balancing act needs to be performed by the regulators to avoid any imbalance from the broader financial stability perspective.

Challenges to Green and Sustainable Finance and Global Financing

11. Challenges to green and sustainable finance are many. However, they can be broadly categorised in two specific buckets – one is the structural issues while the other relates to the quantum of financing available. From the structural perspective, the main challenges would be, high-upfront capex requirements given the specific nature of required project loans/ investments; perceived high inherent risks given the evolving nature of climate related technologies; asset liability mismatches which is ubiquitous to any lending/ investing activity, more so in case of project loans given the longer maturity, commencement and gestation timelines; and knowledge and information gaps, given the technical nature of assessment of climate change risks and appraisal of climate related technologies.

12. As to the quantum of financing available, there are various pull and push factors at work, in the context of global capital mobilisation. The global capital stock of lending/ investments flows also follows a risk-reward perspective. The pull factors are the specific domestic enablers which may drive investor appetite. This would be a function of robustness of the financial ecosystem, liquidity, and depth of the financial markets, transparency and disclosure standards, rigour of verification and assurance mechanism, development and dissemination of risk assessment models for climate-related risks, data and capacity gaps, long-term strategy on transition plans, and availability of pool of bankable projects. The push factors would be the global commitment of funds for climate related funding. The recent geo-political developments could possibly lead to the weakening of these push factors. This is a developing story and there is a need to closely monitor the wider implications. Given the huge requirement for funding of the green transition, the availability of global funds remains critical.

13. The inherent risks in the green and sustainable finance, skews the risk-reward considerations leading to increased cost of credit. This leads to demand by private sector investors/ lenders for appropriate derisking mechanisms through grants/ guarantees/ philanthropic capital/ financial incentives, etc. Mobilising such capital on scale, would be a challenge. A related issue is the availability of bankable projects. Though, bankable projects invariably find credit, there are funding challenges with partially bankable and non-bankable projects. As you all may be aware, there are two aspects of climate change finance we need to consider, one is mitigation and other is adaptation. Mitigation is used for transition purpose and adaptation for resilience purpose. Financing in case of mitigation can be associated with cash flows, but it becomes difficult for adaptation and resilience, as the associated cash-flows are difficult to assess leading to sub optimal capital flows towards sustainable investments in resilient infrastructure and adaptation.

Augmenting green and sustainable finance

14. Given these limitations, there is a need for concerted efforts to overcome these challenges and augment green and sustainable finance. This would require a multi-pronged approach. Blended finance, which combines concessional public funding with private sector investment can be one of the main conduits of the credit flow by de-risking climate related projects. India is a diverse country, with varying needs of climate mitigation and resilience, meaning, a coastal area would require a differentiated approach as compared to the regions near the Himalayas. We would need practical implementable solutions, curated to specific issues. Tools like guarantees, sustainability-linked loans, and climate-resilient bonds could be explored to further enhance private sector involvement.

15. The problem of climate change needs scalable solutions, and it cannot come by entirely relying on public funds. There is thus a need to develop a market wherein the risk-reward perspective itself takes care of the scale of requirements. Even within adaptation space, there are pockets which can be associated with cash flows. Climate change risks and financing needs to be viewed also as an opportunity. Innovative solutions which not only mitigate financial risks associated with climate change but also incentivise private investors to participate in climate projects need to be explored.

16. Developmental Financial Institutions (DFIs) would have to play a major role in channelising the flow of credit for green and sustainable finance. There is a need for more collaboration between DFIs, Multilateral Development Banks (MDBs), National Development Banks (NDBs) and Vertical Climate and Environmental Funds (VCEFs). Given the current geo-political developments, with the world moving to a multi-polar world, there is a need for certain reforms within the MDBs as well greater representation from/ credit to the global south.

17. Technology and innovation would play a major role in mitigation of climate change risks while creating a robust ecosystem for green and sustainable finance in the country. This requires developing a platform that would bring together the REs and technology solution providers, to facilitate an orderly development of required technological solutions to mitigate climate related risks and overcome the current limitations and foster sustainability linked credit flow. The Reserve Bank has on April 09, 2025, included sustainable finance and climate risk mitigation as a topic under the Theme Neutral “On Tap” application facility under the Regulatory Sandbox which could help develop and test innovative solutions.

The Way Forward

18. One term which often finds mention in global context has been “inter-operability”. While as a concept, inter-operability seems ideal in a just and equal world, in these times in a world with stark inequalities, mandating inter-operability with similar level of commitments, may not be the ideal way and there is a need for a differentiated approach. The Emerging Markets and Developing Economies (EMDEs) have started this journey to achieve seamless integration and inter-operability. However, there is yet some distance to be covered. Though, historical examples from high-income countries demonstrate the potential to decouple economic growth from emissions, for EMDEs this would require strong international co-operation, significant investments, and effective policies. Further, any transition from carbon intensive economy to a greener economy is not a smooth ride and there are going to be disruptions be it restructuring, reallocation of resources and financial flows as also displacement of workers and have a bearing on land use. Thus, as we traverse this journey there is a need for delicate balance to ensure that socio-economic implications are carefully considered and addressed.

19. Going forward, we would also need to arm our respective organizations with skilled manpower and technical expertise to spearhead the transformation in addressing the challenges of climate change. With this end in view, Reserve Bank has been conducting extensive capacity building programmes for the REs. The focus has been on bringing international experts to share their experience on green and sustainable financing, stress testing and scenario analysis, credit risk assessment, transition planning, physical risk assessment, and global best practices for governance, strategy and risk management.

Conclusion

20. India occupies a unique position in the global climate context. As one of the world’s fastest-growing economies, it faces the dual challenge of fostering and sustaining economic development while addressing climate change. On the one hand, it is highly vulnerable to climate risks while on the other hand, it has the potential to lead the global green transition. While we have made a fair start, there are several challenges that remain to be addressed. The risk management architecture in REs for climate related financial risks is still evolving and further concerted efforts are required. Further, a comprehensive assessment on the extent of losses that may be caused due to climate change risks in the future requires more granular approach. There is a need to build technical expertise and competencies for comprehensive assessment and mitigation of climate change risks. There is also a need for a more harmonised and coherent regulatory approaches across various sectors so that the sectoral dependencies may be addressed in an efficient manner. While the need for the world to transition to a greener tomorrow is given, there are several challenges on the way, and they need to be addressed in a holistic manner. We also need a collaborative and sensitive approach to address the various issues given the impact on the economies and the societies at large. I am confident seminars such as these give an opportunity to further the work to achieve these objectives.

Thank you.

MIL OSI Economics –

April 28, 2025
MIL-OSI Asia-Pac: Bun scrambling final set for May 5

Source: Hong Kong Information Services

The Bun Scrambling Final, the finale to the 2025 Bun Carnival, will be held on May 5 at the Pak Tai Temple Playground soccer pitch on Cheung Chau.

Following an opening ceremony at 11.30pm, the competition will start at midnight according to tradition.

Trophies will be awarded to the champion, first runner-up and second runner-up in the men’s division and the champion in the women’s division. The Full Pockets of Lucky Buns award will again be presented to the participant who gathers the most buns.

Four spectator zones will bet up at the soccer pitch to accommodate around 1,650 people. Admission is expected to start from 10.30pm.

From 10pm on May 5, free tickets will be available at Pak She First Lane, next to Cheung Chau Fire Station as well as along Ping Chong Road. Each person can obtain one ticket on a first come, first served basis while tickets last.

Special transport arrangements will be made to cater to spectators leaving Cheung Chau after the event.

MIL OSI Asia Pacific News –

April 28, 2025
MIL-OSI: Atos announces the appointment of Marie de Scorbiac as Head of Investor Relations and CSR
Source: GlobeNewswire (MIL-OSI)

Press Release

Atos announces the appointment of Marie de Scorbiac as Head of Investor Relations and CSR

Paris, France – April 28, 2025 – Atos Group today announces the appointment of Marie de Scorbiac as head of investor relations and CSR. Her mission will be to define and implement the Atos Group’s financial reporting strategy and develop its relations with shareholders, investors and financial analysts. She will also oversee Atos’s CSR strategy in favor of a secure and decarbonized digital world, creating sustainable value for all its stakeholders.

Before joining Atos, Marie de Scorbiac was vice president of investor relations, public affairs, sustainability, and group financial planning and analysis. She was notably responsible for investor relations and CSR at Adevinta, the global leader in online classifieds for consumer goods, mobility, real estate and employment.

From 2011 to 2019, Marie de Scorbiac was head of investor relations and financial communication of listed companies in Paris: Areva and then Elior Group.

With a master’s degree in economic and social information from the University of Paris Dauphine, Marie started her career as a financial analyst at Thomson and Deutsche Bank.

Philippe Salle, chairman and chief executive officer of Atos Group, said: “I am delighted to welcome Marie to the Atos Group management team. Her expertise and in-depth knowledge of financial markets will be key in developing and consolidating our relationships with the financial community. I wanted to bring investor relations and CSR under the same department, as I am convinced of the positive impact of Atos’s social and environmental commitment on its long-term performance.”

***

About Atos

Atos is a global leader in digital transformation with c. 74,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 68 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Press contact | globalprteam@atos.net

Attachment
- PR-Atos announces the appointment of Marie de Scorbiac as Head of Investor Relations and CSR
The MIL Network –
April 28, 2025

MIL-OSI: Danske Bank share buy-back programme: transactions in week 17

Source: GlobeNewswire (MIL-OSI)

Company announcement no. 20 2025

Danske Bank

Bernstorffsgade 40

DK-1577 København V

Tel. + 45 33 44 00 00

28 April 2025

Page 1 of 1

Danske Bank share buy-back programme: transactions in week 17

On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 17:

	Number of shares	VWAP DKK	Gross value DKK
Accumulated, last announcement	3,084,865	221.2445	682,509,325
21 April 2025
22 April 2025	119,447	213.7023	25,526,099
23 April 2025	464,122	220.3929	102,289,194
24 April 2025	140,508	218.7302	30,733,343
25 April 2025	179,937	220.6244	39,698,493
Total accumulated over week 17	904,014	219.2965	198,247,128
Total accumulated during the share buyback programme	3,988,879	220.8030	880,756,453

With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.478 % of Danske Bank A/S’ share capital.

Danske Bank

Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

Attachment

Danske Bank Template Company announcement UK SBB announcement

The MIL Network –

April 28, 2025

MIL-Evening Report: How much do election promises cost? And why have we had to wait so long to see the costings?

Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

With the May 3 federal election less than a week away, voters have only just received Labor’s costings and are yet to hear from the Coalition.

At the 2022 election, the costings were not released for nearly two months after polling day.

Deputy Opposition Leader Sussan Ley last week told Sky News the Coalition costings will be “released in the lead up to election day and will be able to be fully interrogated”.

This is now too late for the voters who have already cast their ballots. We have seen a record number of pre-poll votes this election, with more than 2.3 million as of Saturday. This means a sizeable percentage of the electorate has voted without knowing what their votes will cost.

Voting without all the facts

Whichever side wins, taxpayers eventually pay to implement policies. So knowing at least in broad terms the costs of the policies would be helpful.

The Coalition has probably had many of its policies costed by the independent Parliamentary Budget Office. This process is thorough and impartial.

Importantly, the Parliamentary Budget Office costs policies over ten years. This allows the full costs of policies to be understood better. Some policies such as large infrastructure take many years before the full impact on the budget is felt.

Labor has already published the costs of many of its policies in the March 25 federal budget. This only covered the forward estimates, three years into the future, but is reliable for most policies. But we still need the costings for policies announced post-budget.

The true picture?

Even when we see the costings from both of the main parties, we can have no confidence their lists are accurate and complete. Parties may omit costings that might attract criticism.

They may also present costings prepared by consultants rather than the Parliamentary Budget Office. You may recall controversy late last year over private modelling of the Coalition’s plans for nuclear power.

Unfortunately we have to wait until after the election for a comprehensive and independent set of costings.

The Parliamentary Budget Office does not publish its full list of costings (in the election commitments report) until well after the election. This is either 30 days from the end of the caretaker period or seven days before the new parliament first sits, whichever comes later.

The election commitments report has some accountability value in relation to the party that forms government but does not help inform voters. It is a mystery why anyone would be interested in the costs of policies of the losing side. But they still must be published, according to electoral law.

The report must include the major parties, although minor parties and independents can also be included in the report if they wish.

Are there other approaches?

By contrast, in New South Wales the state Parliamentary Budget Office publishes a complete set of costings five days before the election. Policies announced after this date miss out but these rarely affect the budget bottom line.

Although, as occurs federally, many voters cast their ballots in advance, at least NSW’s approach gives most voters a chance to see the costs. This encourages the major parties to compete to produce a fiscally responsible total.

The NSW approach is self-policing. Each major party studies the statements and if the other side omits something – large or small – they rapidly and loudly complain. Parties therefore try to make their policy lists as accurate as possible.

Both sides are obliged by law to provide the budget office with all the proposed policies of the leader’s party.

Toting up all the costs

Federally, the budget office takes on the time-consuming job of tracking down all the policy announcements to cost and include in its post-election report.

The differences arise from the different legislation that applies to each PBO.

NSW has arguably an easier job because it costs policies only for the premier and leader of the opposition. The federal budget office costs for all members of parliament.

The federal system requires policies submitted during the caretaker period, and their costings, must be published “as soon as practicable”. But major parties are highly unlikely to submit a policy only to have it and its costing released at a time not of its choosing.

The requirement is likely motivated by transparency, but clashes with political reality. In NSW costings remain confidential until the leader advises the budget office the policy has been announced. This gives parties a way to have policies costed with a low risk of their premature release.

DIY assessments

Federally, there are other ways to estimate the costs of policies. The budget office has a Build your Own Budget Tool, and a tool for modelling alternative
income tax proposals (SMART), both available online.

These provide a fair approximation and are often used by journalists trying to get behind political announcements.

The OECD lists 35 independent fiscal bodies in 29 OECD countries responsible for assessing election costings. Some are tiny, with just a few analysts. Some are
huge and influential, like the US Congressional Budget Office. Few have the same focus on costing election policies that applies in Australia.

Costs are a big deal here. Both parties have run advertisements attacking the other side on the question of whether their policies are affordable.

On major policies such as the Coalition plans for nuclear power there are massive differences between cost estimates put forward by each side. Such differences could be resolved by an independent and impartial costing. This is why Australian voters deserve to see such costings as soon as possible.

Stephen Bartos was NSW Parliamentary Budget Officer for the past three NSW general elections. He is now a professor at the University of Canberra.

– ref. How much do election promises cost? And why have we had to wait so long to see the costings? – https://theconversation.com/how-much-do-election-promises-cost-and-why-have-we-had-to-wait-so-long-to-see-the-costings-255104

MIL OSI Analysis – EveningReport.nz –

April 28, 2025
MIL-Evening Report: Big and small spending included in Labor costings, but off-budget items yet to be revealed

Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday.

Many of the policies included in the costings were already detailed in either the 2025 Budget or the Pre-Election Fiscal Outlook, so are shown as having a net zero cost.

But that does not mean they are costless. It means simply that their costs were included in previously published budget updates.

Monday’s media announcement is akin to the reconciliation table published in each update, prepared by the Treasury and Finance departments setting out how the numbers have changed.

It seems likely this media release drew on the same methodology.

It includes two savings measures. One is relatively small: $700 million from increasing the visa application charge for primary student visas. The big saving is $6.4 billion from further reducing spending on consultants, contractors, labour hire, and non-wage expenses such as travel, hospitality and property.

Travel, hospitality and property expenses are small bikkies. Undoubtedly departments could make savings on these, but they won’t get anywhere near the total. The bulk of the savings will come from reducing spending on consultants and contractors.

Labor has shown that such savings on consultants are possible; it did it in its first term. However, counterbalancing this, we saw increased spending on the public service.

It is the same problem as with the Coalition’s promise to make savings by cutting public servants. Without cuts to programs and activities, work remains to be done. People have to be employed to do that work, leading either to more spending on the public service (Labor) or bringing back consultants (Coalition).

There was no independent signoff suggesting Monday’s release included all of Labor’s policy announcements. We won’t get that until the Parliamentary Budget Office does its election commitments report.

But this full list of costings is not released by the PBO until well after the election. This is either 30 days from the end of the caretaker period or seven days before the new parliament first sits, whichever comes later.

However, Monday’s costings release does appear comprehensive, including not only the large headline announcements but several announcements of less than a million dollars a year.

What are missing, though, are costings of items that are off-budget because they are balance sheet adjustments – for example, the reduction in student HECS debt.

These do have a financial impact but due to their accounting treatment are not disclosed as hitting the budget balance. Ideally, these should be disclosed as well.

Stephen Bartos does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Big and small spending included in Labor costings, but off-budget items yet to be revealed – https://theconversation.com/big-and-small-spending-included-in-labor-costings-but-off-budget-items-yet-to-be-revealed-255425

MIL OSI Analysis – EveningReport.nz –

April 28, 2025
MIL-OSI United Nations: 28 April 2025 News release WHO issues new recommendations to end the rise in “medicalized” female genital mutilation and support survivors

Source: World Health Organisation

Urgent measures are needed to curtail the rising “medicalization” of female genital mutilation (FGM) and to engage health workers to prevent the practice, according to a new guideline published today by the World Health Organization (WHO).

While the health sector plays a key role in stopping FGM and supporting survivors, in several parts of the world, evidence suggests the practice is now increasingly performed by health workers. As of 2020, an estimated 52 million girls and women were subjected to FGM at the hands of health workers – around 1 in 4 cases.

The new WHO guideline, titled The prevention of female genital mutilation and clinical management of complications, provides recommendations to both prevent the practice and ensure evidence-based care for survivors, covering actions for the health sector, governments, and affected communities.

“Female genital mutilation is a severe violation of girls’ rights and critically endangers their health,” said Dr Pascale Allotey, WHO’s Director for Sexual and Reproductive Health and Research, and the United Nations’ Special Programme for Human Reproduction (HRP). “The health sector has an essential role in preventing FGM – health workers must be agents for change rather than perpetrators of this harmful practice, and must also provide high quality medical care for those suffering its effects.”

Typically carried out on young girls before they reach puberty, FGM includes all procedures that remove or injure parts of the female genitalia for non-medical reasons. Evidence shows that no matter who performs FGM, it causes harm. Some studies suggest it can even be more dangerous when performed by health workers, since it can result in deeper, more severe cuts. Its “medicalization” also risks unintentionally legitimizing the practice and may thereby jeopardize broader efforts to abandon the practice.

For these reasons, WHO’s new guideline recommends professional codes of conduct that expressly prohibit health workers from performing FGM. Secondly, recognizing their respected role within communities, it emphasises the need to positively engage and train health workers for prevention. Sensitive communication approaches can help health workers effectively decline requests to perform FGM, while informing people about its serious immediate and long-term risks.

“Research shows that health workers can be influential opinion leaders in changing attitudes on FGM, and play a crucial role in its prevention,” said Christina Pallitto, Scientist at WHO and HRP who led the development of the new guideline. “Engaging doctors, nurses and midwives should be a key element in FGM prevention and response, as countries seek to end the practice and protect the health of women and girls.”

Alongside effective laws and policies, the guideline highlights the need for community education and information. Community awareness-raising activities that involve men and boys can be effective in increasing knowledge about FGM, promoting girls’ rights, and supporting attitudinal changes.

In addition to prevention, the guideline includes several clinical recommendations to help ensure access to empathetic, high quality medical care for FGM survivors. Given the extent of both short and long-term health issues that result from the practice, survivors may need a range of health services at different life stages, from mental health care to management of obstetric risks and, where appropriate, surgical repairs.

Evidence shows that, with the right commitment and support, it is possible to end FGM. Countries like Burkina Faso, Sierra Leone and Ethiopia have seen reductions in prevalence among 15 – 19-year-olds over the past 30 years by as much as 50%, 35% and 30% respectively, through collective action and political commitment to enforce bans and accelerate prevention.

Since 1990, the likelihood of a girl undergoing genital mutilation has decreased by threefold. However, it remains common in some 30 countries around the world, and an estimated 4 million girls each year are still at risk.

MIL OSI United Nations News –

April 28, 2025
MIL-Evening Report: A ketamine nasal spray will be subsidised for treatment-resistant depression. Here’s what you need to know about Spravato
Source: The Conversation (Au and NZ) – By Nial Wheate, Professor, School of Natural Sciences, Macquarie University

WPixz/Shutterstock

An antidepressant containing a form of the drug ketamine has been added to the Pharmaceutical Benefits Scheme (PBS), making it much cheaper for the estimated 30,000 Australians with treatment-resistant depression. This is when a patient has tried multiple forms of treatment for major depression – usually at least two antidepressant medications – without any improvement.

From May 1, a dose of Spravato (also known as esketamine hydrochloride) will cost $A31.60 and $7.70 for concession card holders.

However, unlike oral antidepressants, Spravato can’t be taken at home. Here’s how it works, and who it’s expected to help.

What is Spravato?

The chemical ketamine is used as an anaesthetic. In this formulation it combines both the right-handed (designated “R”) and left-handed (called “S”) forms of the molecule.

This means they are mirror images of each other, similar to how your left hand is a mirror image of your right hand. The left- and right-hand forms can have different effects in the body.

Spravato contains only the left-handed version, giving the drug its generic name esketamine.

Spravato works by increasing the levels of glutamate in the brain. Glutamate is a key chemical messenger molecule that excites brain nerve cells, lifting and improving mood. It also plays a role in learning and forming memories.

How is it taken?

Spravato cannot be taken at home.

A patient can self-administer, but it must be done at a registered treatment facility, such as a hospital, under the supervision of medical staff so they can look out for blood pressure changes and monitor potential side effects.

The drug is provided as a single-use nasal spray. This application means it’s absorbed directly through the nasal lining into the brain, so it starts to work within minutes.

Spravato must also be taken alongside an oral antidepressant. This will be a new one the patient hasn’t tried before. In clinical trials, it was usually an SNRI or SSRI medication.

When a patient first starts on Spravato, they are given the spray twice a week in the first month. It is then administered once a week for the second month, and then weekly or fortnightly after that.

Once there are signs the medicine is working, treatment is continued for at least six months.

You can use the spray yourself but it must be under medical supervision in a registered facility.
Scarc/Shutterstock

How effective is it?

Spravato was approved for sale in Australia based on clinical trial data from more than 1,600 patients who were administered the drug for a period of four weeks. Each was given either Spravato, or a nasal placebo, and an oral antidepressant.

Patients were given a starting dose of either 28 or 56mg, which could be then increased up to 84mg by their doctor.

By the end of the four weeks, a greater percentage of patients who were given Spravato were found to have had a meaningful response to the treatment when compared with patients who received the placebo. Patients who were taking Spravato were also found to relapse at a lower rate. For those who did relapse, it took the Spravato patients longer to relapse when compared with patients who took the placebo.

It is expected Spravato will benefit a wide range of patients. The clinical trials demonstrated effectiveness for men and women, people aged 18 to 64, and those from a range of different ethnic backgrounds.

Read more:
Depression too often gets deemed ‘hard to treat’ when medication falls short

Potential side effects

As with any medicine, Spravato may cause side effects, some of which can be serious. The most common include:
- dissociation (feeling disconnected from yourself or what is around you)
- dizziness
- nausea and vomiting
- drowsiness
- headache
- change in taste
- vertigo.
Because Spravato can potentially increase blood pressure, medical staff will monitor a patient before and after it is administered.

Usually, blood pressure spikes around 40 minutes after taking the drug, so a reading is taken around this time. After taking Spravato, if their blood pressure has stayed low, or it’s dropping, the patient is given the all-clear to go home.

Due to the potential for this and other serious side effects, Spravato carries a black triangle warning. This means medical staff are encouraged to report any problem or side effect to the Therapeutic Goods Administration. A black triangle warning is generally used for new medicines or medicines that are being used in a new way.

Who will be eligible?

To be eligible for a prescription, a patient will need to have been diagnosed with treatment-resistant depression. In practice, this means they will have unsuccessfully tried at least two other antidepressant drugs first.

Australia’s Therapeutic Goods Administration approved Spravato for use in Australia in 2021, meaning it was available but not subsidised. Since then, the sponsoring company, Janssen-Cilag (an Australian subsidiary of the multinational Johnson & Johnson), applied to have it added to the PBS four times.

In December 2024, the Pharmaceutical Benefits Advisory Committee recommended a PBS listing.

The new PBS listing, capping the price of a single treatment at $31.60, is a significant price drop. In 2023, single doses of branded Spravato were reported to cost anywhere between $500 and $900.

However, patients may still have to pay hundreds of dollars for appointments at private clinics where Spravato can be administered. Public places are available but limited.

Spravato may be suitable for you if you’ve tried different antidepressants without success. If it is suitable for you, then your doctor can discuss the next steps.

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

Nial Wheate in the past has received funding from the ACT Cancer Council, Tenovus Scotland, Medical Research Scotland, Scottish Crucible, and the Scottish Universities Life Sciences Alliance. He is a fellow of the Royal Australian Chemical Institute. Nial is the chief scientific officer of Vaihea Skincare LLC, a director of SetDose Pty Ltd (a medical device company) and was previously a Standards Australia panel member for sunscreen agents. He is a member of the Haleon Australia Pty Ltd Pain Advisory Board. Nial regularly consults to industry on issues to do with medicine risk assessments, manufacturing, design and testing.

Shoohb Alassadi does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. A ketamine nasal spray will be subsidised for treatment-resistant depression. Here’s what you need to know about Spravato – https://theconversation.com/a-ketamine-nasal-spray-will-be-subsidised-for-treatment-resistant-depression-heres-what-you-need-to-know-about-spravato-255403
MIL OSI Analysis – EveningReport.nz –
April 28, 2025
MIL-Evening Report: Peter Dutton calling the ABC and the Guardian ‘hate media’ rings alarm bells for democracy

Source: The Conversation (Au and NZ) – By Denis Muller, Senior Research Fellow, Centre for Advancing Journalism, The University of Melbourne

In front of a crowd of party faithful last weekend, Opposition Leader Peter Dutton referred to the ABC, Guardian Australia and other news platforms as “hate media”. The language was extreme, the inference being these outlets were not simply doing their jobs, but attacking him and his side of politics because of ideological bias.

Speaking at a Liberal Party campaign rally in the Melbourne western suburb of Melton, Dutton said:

Forget about what you have been told by the ABC, The Guardian and the other hate media. Listen to what you hear [at] doors. Listen to what people say on the pre-polling. Know in your hearts that we are a better future for our country.

Melton is in the Labor-held seat of Hawke, which the Liberals believe they can win.

Dutton provided no evidence to support his accusation, for the good reason that there has been nothing in the ABC’s or Guardian Australia’s coverage of Dutton that could remotely justify it.

By a process of elimination, the “other hate media” to which he referred can only be The Age and The Sydney Morning Herald, given the News Corporation mastheads have been unflagging in their support for him throughout the campaign.

What has been common to the campaign coverage by the ABC, Guardian Australia, The Age and the SMH has been close scrutiny of both sides and both leaders.

The three newspapers in particular have put renewed resources into independently fact-checking claims made by both Dutton and Prime Minister Anthony Albanese, and have caught out both men telling falsehoods.

The broadcast news media on the whole have played it straight, except of course for Sky News after dark, which has been as relentlessly pro-Coalition as their News Corp newspaper stablemates.

Beyond these professional mass media platforms, there have been clearly partisan social media influencers working on both sides, as well as a range of podcasters, but none of these has been guilty of hate speech towards Dutton or anyone else.

The inescapable conclusion is that Dutton equates scrutiny of him by journalists with hate speech.

This is where his attitude becomes dangerous to democracy. It comes straight from US President Donald Trump’s playbook, where the professional mass media are “fake news” and the “enemy of the people”.

It is designed to play not just on people’s longstanding distrust of the news media in general – though not of the ABC – but on some voters’ sense of grievance at the way governments have treated them.

This worked for Trump in the United States, but it became obvious early in the campaign that any association with Trumpism was a strong political negative in Australia, particularly in the atmosphere of alarm generated by his tariff war.

Dutton then took pains to distance himself from Trumpism, and at the Liberal launch in Western Australia his face was a picture of alarm when Jacinta Nampijinpa Price, whom he had appointed to the Trumpian-sounding post of shadow minister for government efficiency, used the slogan “Make Australia Great Again”.

But it is typical of his incoherent campaign that at the start of the last week he should be echoing the Trumpian view of the media in such extreme terms, creating even more instability. In an ABC interview, his shadow minister for finance, Jane Hume, refused to support him, saying “that wouldn’t be a phrase I would use”.

It also raises legitimate questions about how Dutton would treat the media should he become prime minister. For example, if a media platform refused to obey his wishes, or provide him with coverage of which he approved, would its representatives be excluded from prime ministerial access?

Not long ago, such a proposition would have been inconceivable, but Trump banned the Associated Press (AP) from presidential access because it would not obey his instruction to rename the Gulf of Mexico the Gulf of America. A federal judge later found the ban violated the First Amendment, and ordered AP’s access to be restored.

It is very improbable Dutton would even try to impose his will on the commercial media in Australia, especially the newspapers.

In fact, Guardian Australia has turned his remark into a fundraising opportunity. It emailed subscribers with the subject line “A note from the ‘hate media’,” comparing Dutton’s language to that of Trump, and asking for financial support to keep holding figures like Dutton to account.

But his potential to punish the publicly funded ABC is another matter.

From statements he has made during the campaign, it seems certain the ABC would be in for more funding cuts and an investigation into its operations of the kind Trump has launched into America’s National Public Radio.

Read more:
What would – and should – happen to the ABC under the next federal government?

Coalition prime ministers going back to John Howard have had a hostile relationship with the ABC. Howard stacked the ABC board, and the panel that nominates its members, with ideological mates.

In the eight years from 2014 to 2022, under the Coalition governments of Tony Abbott, Malcolm Turnbull and Scott Morrison, $526 million was cut from the ABC’s budget.

During that time, there was also a series of inquiries into the ABC, set up to satisfy politicians with a beef against the ABC, notably Pauline Hanson.

The day after Dutton’s “hate media” statement, the ABC’s 4 Corners program revealed he failed for two years to disclose he was the beneficiary of a family trust that operated lucrative childcare businesses when he was a cabinet minister.

This is unlikely to improve his view of the national broadcaster. He may even see it as more hate. In fact, it is just good journalism.

Denis Muller and Nicole Chvastek will discuss this further on their Truth, Lies and Media podcast on Wednesday April 30.

Denis Muller does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Peter Dutton calling the ABC and the Guardian ‘hate media’ rings alarm bells for democracy – https://theconversation.com/peter-dutton-calling-the-abc-and-the-guardian-hate-media-rings-alarm-bells-for-democracy-255412

MIL OSI Analysis – EveningReport.nz –

April 28, 2025
MIL-OSI: Best Online Casinos 2025: 7Bit Casino Rated As Top Real Money Casino
Source: GlobeNewswire (MIL-OSI)

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- Session Time Limits: Players can limit playtime per session. When the limit is reached, they’re logged out, encouraging breaks and balancing gaming with other activities.
- Cooling-Off Periods: Temporary account suspensions (24 hours to months) allow players to step back from gambling, ideal for those needing a break to reassess habits.
- Reality Checks: Pop-up notifications alert players to their session duration (e.g., every 30 minutes), fostering awareness and prompting breaks to avoid excessive play.
These measures make 7Bit the best online casino for player welfare.

VIP Program at 7Bit Casino

7Bit Casino’s 12-level VIP program rewards loyalty with Comp Points (CPs) earned at a rate of 1 CP per $12.5 wagered on real-money bets (Wisergamblers). Progression through levels unlocks escalating benefits, enhancing the best online casino experience.
- Earning CPs: Every real-money bet contributes to CPs, tracked in the player’s account. Slots typically earn CPs faster than table games due to higher house edges.
- Level Benefits:
  - Levels 1-3: 10-50 free spins on select slots (e.g., Starburst).
  - Levels 4-6: $10-$50 cash bonuses with 30x wagering.
  - Levels 7-9: 10-15% cashback and exclusive tournament access.
  - Levels 10-12: Personalized offers, priority withdrawals (under 10 minutes), and dedicated account managers.
- Additional Perks: Higher levels offer birthday bonuses, higher withdrawal limits, and invitations to VIP-only events.
The program’s transparency and tangible rewards make 7Bit the best casino site choice for loyal players seeking long-term value.

Tournaments and Competitions

7Bit Casino keeps excitement high with regular tournaments, offering players chances to win cash, free spins, and crypto prizes.
- Daily Drop Tournaments: Held daily with 0.5-1 BTC prize pools, these focus on specific slots or table games. Players earn points based on wins or bets, with top leaderboard finishers (e.g., top 10) sharing prizes. Example: A slot tournament on Book of Dead might award 100 free spins to the winner.
- Special Event Tournaments: Tied to holidays or milestones, these feature larger pools (up to 10 BTC). Themes like “Christmas Jackpot” or “Summer Spin Fest” include curated game lists, with prizes for top 50 players. Participation requires playing qualifying games during the event period.
- How to Join: Opt-in via the tournaments page, play eligible games, and track progress on real-time leaderboards. No entry fees apply, making it accessible.
These events add competitive thrill, positioning 7Bit as a top casinos online destination.

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Why 7Bit Stands Out Globally

7Bit Casino’s global appeal stems from its accessibility and player-centric features, making it the best online casino:
- Multilingual Interface: Supports English, German, French, Russian, Italian, Japanese, and more, ensuring players from diverse regions can navigate easily. The interface auto-adjusts to the user’s language, enhancing usability.
- Diverse Currencies: Offers fiat (EUR, USD, AUD, CAD, NOK, PLN, NZD) and crypto (BTC, ETH, LTC, DOGE, USDT, XRP) options, eliminating conversion hassles. Players can switch currencies seamlessly.
- VPN Accessibility: In restricted regions, 7Bit permits VPN use, allowing secure access without compromising account integrity. This is ideal for players in jurisdictions with gambling bans.
- Crypto Gaming Focus: Over 4,000 Bitcoin-based games, like BTC Blackjack and Bitcoin Roulette, cater to crypto enthusiasts. These games leverage blockchain for transparency, appealing to tech-savvy players.
These features make 7Bit the best casino online for a global audience, combining flexibility, security, and innovation.

Mobile Gaming at 7Bit Casino

7Bit Casino’s mobile platform is a standout feature, offering a seamless best online casino experience on iOS and Android devices. The responsive website, built with HTML5, ensures all 10,000+ games are accessible without a dedicated app. Players can enjoy slots, live dealer games, and instant win titles on the go, with intuitive navigation and fast load times. Mobile banking supports instant crypto transactions, and 24/7 support is available via live chat, making 7Bit a best casino sites leader for mobile gaming.

7Bit Casino Conclusion: The Best Online Casino

After evaluating global platforms, 7Bit Casino is the best online casino for 2025. Its 10,000+ games, from slots to live dealers, cater to all preferences, powered by top providers like NetEnt and Evolution Gaming.

The 325% welcome bonus up to 5.25 BTC + 250 free spins, plus ongoing promotions, delivers unmatched value. Instant crypto payouts, robust security via Curacao licensing and SSL encryption, and 24/7 support via live chat and email (support@7bitcasino.com) ensure a seamless experience. Responsible gambling tools and a 12-level VIP program further elevate 7Bit as the top online casino for real-money gaming worldwide.

Frequently Asked Questions
- What makes 7Bit Casino the best online casino?
7Bit Casino excels with over 10,000 games, a 325% bonus up to 5.25 BTC, 250 free spins, instant crypto payouts, and robust security, making it ideal for global players.
- Is 7Bit Casino licensed and secure?
Licensed by Curacao eGaming, 7Bit Casino uses 128-bit SSL encryption and provably fair algorithms, ensuring a safe and fair gaming environment for all players.
- What bonuses does 7Bit Casino offer?
7Bit Casino provides a 325% welcome bonus up to 5.25 BTC, 250 free spins, plus reload bonuses, cashbacks, and free spins for ongoing player rewards.
- Can I play 7Bit Casino games on mobile?
7Bit Casino’s mobile-optimized platform supports iOS and Android, offering seamless access to 10,000+ games for gaming on the go.
- What payment methods does 7Bit Casino accept?
7Bit Casino supports Bitcoin, Ethereum, Litecoin, Visa, Mastercard, Skrill, and more, with instant crypto withdrawals and flexible fiat options.
- Does 7Bit Casino require KYC verification?
KYC is required for withdrawals over $2,000 at 7Bit Casino, involving photo ID and address verification to ensure security.
- Are there country restrictions at 7Bit Casino?
7Bit Casino is restricted in some regions; players should review terms to confirm eligibility, as access varies by jurisdiction.
- How fast are withdrawals at 7Bit Casino?
Crypto withdrawals at 7Bit Casino are instant, while fiat withdrawals via Visa or bank transfer take 1-3 days for processing.
- What games are available at 7Bit Casino?
7Bit Casino offers slots, blackjack, roulette, poker, live dealer games, and instant win titles, with 10,000+ options for all players.
- Why is 7Bit Casino the best real money online casino?
7Bit Casino leads with its vast game selection, generous bonuses, instant payouts, and robust security, making it the top choice for real-money gaming.

Email: support@7bitcasino.com

Legal Disclaimer

This content is for informational and entertainment purposes only and is not legal, financial, or gambling advice. Information is presented “as is,” with no warranties on accuracy or completeness. Readers must verify information and ensure compliance with local gambling laws. The publisher and authors are not liable for losses or consequences from using this information.

Affiliate Disclosure

Some links may be affiliate links, earning a commission at no cost to you. Recommendations are based on objective criteria, and affiliate partnerships do not influence content or conclusions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2b1b32c-15fa-44db-8e7f-2136c3a99b3b

The MIL Network –
April 28, 2025
MIL-OSI: Best Online Casinos New Zealand: 7Bit Casino Picked as Top Casino for NZ Players
Source: GlobeNewswire (MIL-OSI)

WELLINGTON, New Zealand, April 28, 2025 (GLOBE NEWSWIRE) — After spending some time exploring various online casinos in New Zealand, it became clear that most just didn’t deliver when it came to bonuses or overall experience. That’s when a few local players in New Zealand pointed us toward something better- 7Bit Casino. It stood out from the moment we signed up, kicking things off with a massive welcome bonus. With thousands of games and easy crypto payments, it turned out to be one of the smoothest and most enjoyable platforms we’ve tried.

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Our Favourite Overall Casino New Zealand: 7Bit

7Bit Casino earns its place as the top pick for the best online casinos in New Zealand due to its all-around excellence. Its massive game selection, from classic pokies like Mega Moolah to immersive live dealer tables, ensures endless entertainment. The anonymous online casino approach, combined with robust security, appeals to players who value privacy. Regular promotions, such as weekly cashback and free spins, keep the experience fresh. For Kiwi players, 7Bit’s blend of variety, bonuses, and fast payouts makes it a standout.

The casino’s commitment to innovation, such as integrating cryptocurrencies and offering a seamless mobile experience, sets it apart. Its retro aesthetic adds a unique charm, making every session visually engaging. Whether you’re a casual player or a high roller, 7Bit delivers a gaming experience that’s hard to beat.

7Bit Casino Features

7Bit Casino has earned its spot as one of the best online casinos in New Zealand. Licensed by Curacao and trusted for over a decade, it offers a secure, reliable experience for real money players. With a massive library of 10,000+ games, including pokies, table games, and live dealers, it covers all bases.

The site supports Pay ID and crypto, making deposits and withdrawals fast and hassle-free. Its sleek, retro design works flawlessly on both desktop and mobile. Regular tournaments, a rewarding VIP program, and no KYC requirements give players flexibility, privacy, and extra perks.

Whether you’re spinning the reels or playing live blackjack, 7Bit delivers top-tier entertainment for Kiwi gamblers in 2025.

Why 7Bit Casino Stands Out From Other Casinos
- Vast Game Selection: 10,000+ games, including slots, table games, live dealers, and Bitcoin exclusives from top providers.
- Big Bonuses: Get 325% up to 10800 NZD + 250 FS
- Crypto Support: Accepts BTC, ETH, LTC, DOGE with fast deposits and withdrawals, plus fiat options.
- Fair Play: Provably fair games like Plinko and Aviator ensure transparency.
- Easy to Use: Mobile-friendly, intuitive design with demo modes.
- 24/7 Help: Live chat and email support in multiple languages.
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How to Join 7Bit Casino

Joining 7Bit Casino is straightforward, making it easy to dive into the Best Online Casinos New Zealand. Follow these steps:
1. Visit the Website: Go to the official 7Bit Casino site by clicking here.
2. Register: Click “Sign Up” and fill in your email, password, and preferred currency.
3. Verify Your Account: Check your email for a verification link.
4. Deposit Funds: Choose from fiat or crypto payment methods, including Pay ID Casino options.
5. Claim Your Bonus: Activate the 325% welcome bonus + 250 free spins on your first deposit.
6. Start Playing: Explore the 10,000+ games and enjoy.
The process takes minutes, and the best no KYC casino ensure minimal hassle for anonymous play. Always ensure you meet New Zealand’s legal gambling age (19) before signing up.

Pros and Cons of 7Bit Casino

Pros
- Extensive game library with over 10,000 titles, including high-RTP pokies.
- Generous welcome bonus: Get 325% up to 10800 NZD + 250 F
- Supports multiple cryptocurrencies for fast, secure transactions.
- Lightning-fast withdrawals via Pay ID Casino and crypto methods.
- Frequent promotions and a rewarding VIP program.
- Mobile-friendly platform with a robust app-like experience.
Cons
- High wagering requirements on bonuses can be challenging.
- Bank transfers are slower compared to crypto or e-wallet options.
- Limited customer support hours for live chat.
Despite these drawbacks, 7Bit’s strengths make it a top contender among New Online Casinos in New Zealand, offering a balanced mix of entertainment and reliability.

How We Selected the Best Online Casinos in New Zealand

Choosing the best online casinos in New Zealand involves a rigorous evaluation process. Our experts assess multiple factors to ensure only top-tier platforms like 7Bit Casino make the cut. Here’s how we evaluate:

1. License and Security

A valid license is non-negotiable. 7Bit Casino holds a Curacao eGaming license, ensuring compliance with industry standards. SSL encryption protects player data, and provably fair games guarantee transparency. For players seeking an anonymous online casino, 7Bit’s minimal KYC requirements add an extra layer of privacy.

2. Bonuses and Promotions
Generous bonuses attract players, and 7Bit excels here. Its welcome package (Get 325% up to 10800 NZD + 250 FS) is unmatched. Ongoing promotions, like weekly cashback and daily free spins, keep players engaged. We also check wagering requirements to ensure fairness.
- 1st Deposit Offer: 100% + 100 FS
- 2nd Deposit Offer: 75% + 100 FS
- 3rd Deposit Offer: 50% Match
- 4th Deposit Offer: 100% + 50 FS
- New Game Offer: 50 free spins
- Easter Crypto Offer: 75 free spins
- Spring Elite Offer: 100 free spins
- Weekly Cashback: Up to 20%
- Monday Offer: 25% + 50 FS
- Wednesday Offer: Up to 100 free spins
- Reload Friday Offer: 111 free spins
- Reload Weekend Offer: 99 free spins
- Telegram Offer: 50 free spins
- Telegram Friday Offer: 111 free spins
- Telegram Sunday Offer: 66 free spins
3. Casino Games

A diverse game library is crucial. 7Bit offers over 10,000 games, including pokies, table games, and live dealer options. High-RTP titles like Johnny Cash and Mega Moolah are highlights, catering to all skill levels.

4. Casino Game Providers

Top providers ensure quality. 7Bit partners with industry leaders like NetEnt, Microgaming, Betsoft, and Evolution Gaming. These providers deliver cutting-edge graphics, smooth gameplay, and innovative features.

5. Banking Methods

Flexible payment options are vital. 7Bit supports fiat (Visa, Mastercard, Neosurf) and cryptocurrencies (Bitcoin, Ethereum, Litecoin), ensuring fast, secure transactions. The Pay ID Casino feature simplifies deposits for Kiwi players.

6. Customer Support

Reliable support enhances trust. 7Bit offers 24/7 live chat, email, and a comprehensive FAQ. While phone support is absent, the live chat team is responsive and knowledgeable.

Our methodology ensures that only the best online casinos in New Zealand, like 7Bit, meet the needs of Kiwi players, balancing fun, safety, and convenience.

How We Choosed 7Bit as Best Online Casino NZ

Selecting top-rated casino sites like 7Bit involves a detailed process. We prioritize player experience, focusing on usability, game variety, and payout speed. Security is paramount, with licensed platforms like 7Bit undergoing regular audits. Bonuses must be generous yet fair, and customer support should be accessible. For New Online Casinos, we also consider innovation, such as crypto integration or unique features like 7Bit’s best no KYC casino option. This ensures only the best platforms shine.

We also analyze user reviews and industry trends to gauge reputation. 7Bit’s decade-long presence and positive feedback from Kiwi players solidify its status. By combining objective metrics with real-world insights, we identify casinos that deliver exceptional value.

The Selection Process: Defining Excellence in Online Gaming

Our selection process for the best online casinos in New Zealand is thorough and transparent. We evaluate casinos based on:
- Game Quality and Variety: Platforms must offer diverse, high-quality games. 7Bit’s 10,000+ titles set a high standard.
- User Experience: Intuitive navigation and mobile compatibility are key. 7Bit’s retro design and responsive platform excel here.
- Bonuses and Fairness: Promotions should enhance play without excessive restrictions. 7Bit’s free spins and cashback offers are player-friendly.
- Payment Flexibility: Fast, secure methods are essential. 7Bit’s crypto and Pay ID Casino options cater to modern needs.
- Security and Trust: Licensing, encryption, and fair play are non-negotiable. 7Bit’s Curacao license and SSL protection ensure safety.
This process confirms 7Bit as a leader among New Online Casinos, delivering excellence in every aspect of online gaming.

Games Offered in 7Bit Casino

7Bit Casino is a gaming paradise, offering over 10,000 games to suit every taste. From classic pokies to immersive live dealer tables, the variety is staggering. Popular titles like Mega Moolah, Raging Lion, and Johnny Cash offer high RTPs and thrilling gameplay. The casino also features instant-win games, scratch cards, and progressive jackpots, ensuring something for everyone. For fans of best online casinos New Zealand, 7Bit’s library is a treasure trove.

The platform regularly updates its catalog with new releases, keeping the experience fresh. Tournaments add a competitive edge, with cash prizes and free spins up for grabs. Whether you’re a casual player or a seasoned gambler, 7Bit’s diverse offerings make it a top choice.

1.   Craps

Craps at 7Bit Casino is a thrilling dice game with multiple betting options. Available in both RNG and live dealer formats, it appeals to players seeking fast-paced action. The game’s intuitive interface and high-quality graphics enhance the experience. For fans of the Best Online Casinos New Zealand, craps at 7Bit offers a dynamic way to test luck and strategy. New players can use free spins or bonuses to explore the game risk-free.

2.   Live Dealer Games

7Bit’s live dealer games bring the casino floor to your screen. Powered by Evolution Gaming and Pragmatic Play, options include blackjack, roulette, baccarat, and game shows like Dream Catcher. High-definition streaming and professional dealers create an immersive experience. The anonymous online casino feature allows discreet play, making 7Bit a top pick for live gaming enthusiasts in the Best Online Casinos New Zealand.

Live tables cater to all budgets, with low-stake and VIP options. The social aspect, with real-time chat, adds excitement, replicating a land-based casino vibe.

3.   Poker

Poker at 7Bit includes video poker, RNG table games, and live dealer variants like Texas Hold’em and Caribbean Stud. Titles like Jacks or Better and Deuces Wild offer high RTPs, appealing to strategic players. Tournaments add a competitive edge, with cash prizes and leaderboards. For Kiwi players, 7Bit’s poker selection is a highlight among New Online Casinos, supported by generous bonuses like free spins for new players.

4.   Roulette

Roulette at 7Bit comes in multiple variants, including European, American, and French. RNG and live dealer options cater to different preferences, with Evolution Gaming’s live tables standing out for their quality. The game’s simplicity and high stakes make it a favorite in the Best Online Casinos New Zealand. Players can use bonuses to explore strategies like Martingale or D’Alembert without risking much.

5.   Blackjack

Blackjack at 7Bit is a staple, with classic, multi-hand, and live dealer versions. Titles like Blackjack Surrender and Infinite Blackjack offer unique twists. Low house edges and strategic depth make it ideal for skilled players. The Pay ID Casino feature ensures quick deposits, letting you jump into the action. 7Bit’s blackjack offerings solidify its status as a leader in Best Online Casinos New Zealand.

6.   Slots

Slots dominate 7Bit’s library, with over 8,000 titles from providers like NetEnt and Betsoft. Popular pokies include Mega Moolah, Starburst, and Raging Lion, known for high RTPs and massive jackpots. Themes range from classic fruit machines to modern video slots with immersive storylines. free spins promotions make slots accessible, enhancing 7Bit’s appeal as a best no KYC casino for slot enthusiasts.

Progressive jackpots offer life-changing payouts, while regular tournaments keep the excitement alive. 7Bit’s slot variety is unmatched, making it a go-to for Kiwi players.

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Payment Options Available in 7Bit Casino

7Bit Casino offers a wide range of payment methods, catering to both traditional and crypto-savvy players. Below is a comprehensive list based on the uploaded document and additional research:

Fiat Currency Methods
- Visa: Secure credit/debit card deposits, processed instantly.
- Mastercard: Widely accepted, with fast deposits but slower withdrawals.
- Neosurf: Prepaid voucher for anonymous deposits.
- Skrill: E-wallet with instant deposits and withdrawals.
- Neteller: Popular e-wallet for quick, secure transactions.
- PaysafeCard: Prepaid option for safe deposits.
- Interac: Canadian-focused method, also available for Kiwi players.
- Bank Transfer: Reliable but slower, with withdrawals taking 3-5 days.
- MuchBetter: Mobile-friendly e-wallet with low fees.
- EcoPayz: Versatile e-wallet for fast transactions.
Cryptocurrency Methods
- Bitcoin (BTC): Fast, anonymous deposits and withdrawals.
- Litecoin (LTC): Low-fee alternative to Bitcoin.
- Ethereum (ETH): Secure blockchain-based transactions.
- Dogecoin (DOGE): Fun, low-cost crypto option.
- Binance Coin (BNB): Growing in popularity for casino payments.
- Tether (USDT): Stablecoin for consistent value.
- Ripple (XRP): Fast and cost-effective crypto payments.
Additional Notes
- Pay ID Casino: 7Bit supports PayID for instant bank transfers, popular among Kiwi players for its speed and simplicity.
- Withdrawal Speed: Crypto and e-wallets process within hours; bank transfers take 3-5 days.
- No KYC for Crypto: The best no KYC casino feature allows anonymous withdrawals for crypto users, enhancing privacy.
This extensive range ensures 7Bit caters to all players, making it a leader among Best Online Casinos New Zealand. The anonymous online casino approach with crypto payments is a major draw for privacy-conscious gamers.

Customer Support

7Bit Casino’s customer support is reliable, though not flawless. Available 24/7 via live chat and email, the team is responsive and professional. Live chat typically connects within minutes, ideal for urgent queries. Email responses take 1-2 hours, suitable for detailed issues. A comprehensive FAQ section covers common topics like bonuses, payments, and account management. While phone support is absent, the existing channels are effective for most players.

For Kiwi players, 7Bit’s support shines in resolving payment and bonus issues quickly. The Best Online Casinos New Zealand prioritize accessibility, and 7Bit meets this standard with its user-focused approach. Regular feedback from players highlights the team’s friendliness and expertise.

Regulation of the Best Online Casinos

The best online casinos New Zealand adhere to strict regulations to ensure player safety and fairness. Key points include:
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- Data Protection: SSL encryption safeguards personal and financial information, as seen in 7Bit’s robust security measures.
- Fair Play: Random Number Generators (RNGs) and provably fair games guarantee unbiased outcomes. 7Bit’s games are regularly audited.
- Responsible Gambling: Tools like deposit limits, self-exclusion, and reality checks promote healthy gaming. 7Bit offers these features prominently.
- Age Verification: Compliance with legal gambling age (19 in New Zealand) is mandatory to prevent underage gambling.
These regulations ensure 7Bit and other New Online Casinos maintain high standards, fostering trust among Kiwi players.

The Most Popular Pay-out Methods at 7Bit Casino

The most popular payout methods at 7Bit Casino include:
- Bitcoin: Fastest withdrawals, often processed within hours, ideal for anonymous online casino users.
- Skrill/Neteller: E-wallets with instant payouts after approval.
- PayID: Popular for Kiwi players, offering near-instant bank transfers.
- Visa/Mastercard: Reliable but slower, taking 1-3 days.
- Ethereum/Litecoin: Low-fee crypto options for quick, secure payouts.
Crypto methods dominate due to their speed and privacy, aligning with 7Bit’s best no KYC casino ethos. The Pay ID Casino option is a close second for its convenience among fiat users.

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Conclusion – Why 7Bit Casino Top New Zealand Online Casino

7Bit Casino is the ultimate destination for Kiwi players seeking the best online casinos New Zealand. Its vast game library, generous bonuses, and flexible payment options create a top-tier gaming experience. From pokies to live dealer tables, 7Bit caters to all preferences while prioritizing security and privacy. The anonymous online casino features and Pay ID Casino support make it a standout. Whether you’re chasing free spins or big jackpots, 7Bit delivers unmatched value and excitement.

Frequently Asked Questions

1. Is 7Bit Casino safe for New Zealand players?
Yes, 7Bit is licensed by Curacao eGaming and uses SSL encryption, making it a secure choice among Best Online Casinos New Zealand.

2. What is the welcome bonus at 7Bit Casino?
New players get a 325% up to 10800 NZD + 250 FS across four deposits.

3. Does 7Bit support cryptocurrency payments?
Yes, 7Bit accepts Bitcoin, Ethereum, Litecoin, Dogecoin, and more, perfect for best no KYC casino fans.

4. How fast are withdrawals at 7Bit Casino?
Crypto and e-wallet withdrawals process within hours; bank transfers take 3-5 days.

5. Can I play on mobile at 7Bit Casino?
Absolutely, 7Bit’s mobile platform is seamless, offering the same features as the desktop version.

Email: Support@7bitCasino.com

Disclaimers and Affiliate Disclosure

General Disclaimer
This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

Casino and Gambling Disclaimer
Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

Affiliate Disclosure
This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products. Do your own research before signing up.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10718a9c-846b-4181-8c60-cf087632b3f1

The MIL Network –
April 28, 2025

MIL-OSI: NBPE Announces Audited 2024 Results and 31 March 2025 Est. NAV

Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

St Peter Port, Guernsey 28 April 2025

NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update.

Audited Annual Results Highlights (31 December 2024)

NAV per share of $27.53 (£21.98)
1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in private valuations, offset by quoted holdings and FX
Private portfolio value increased 6.9% in 2024 on a constant currency basis
Strong portfolio company operating performance: LTM revenue and EBITDA growth of 8.0% and 13.1%, respectively, during 2024¹
$179 million of proceeds from realisations received during 2024
Well positioned to take advantage of investment opportunities – $283 million of cash and undrawn credit line available
$0.94 per share of dividends paid during 2024

As of 31 December 2024	2024	3 years	5 years	10 years
NAV TR (USD)* Annualised	1.5%	(4.0%) (1.3%)	68.8% 11.0%	166.2% 10.3%
MSCI World TR (USD)* Annualised	19.2%	22.0% 6.9%	73.9% 11.7%	171.9% 10.5%

Share price TR (GBP)* Annualised	(1.1%)	(2.3%) (0.8%)	62.1% 10.1%	231.2% 12.7%
FTSE All-Share TR (GBP)* Annualised	9.5%	18.5% 5.8%	26.5% 4.8%	81.9% 6.2%

*Reflects cumulative returns over the time periods shown and are not annualised.

Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented:

“NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share of $27.53 and a total NAV return of 1.5% for the year. This performance was driven by the strong operating performance of our private investment portfolio, which grew in value by 6.9% on a constant currency basis. However, these gains were partially offset by the impact of foreign exchange fluctuations and public holdings. Despite a more challenging environment for private equity exits, NBPE delivered solid realisations in 2024, generating $179 million in proceeds – equivalent to 14% of the portfolio’s opening fair value.

NBPE ended the year in a strong financial position with $283 million of available liquidity and an investment level of 102%, which is at the lower end of the long-term target investment level range of 100-110%.”

Paul Daggett, Managing Director of Neuberger Berman, continued:

“Overall, the underlying portfolio of private companies continued to perform well, reporting a weighted average LTM revenue and EBITDA growth¹ of 8.0% and 13.1%, respectively. It is encouraging to see that the four new investments made in 2024 are off to a good start, being valued at a 1.1x gross multiple of capital and generating a 22% IRR on a combined basis as of 31 December 2024.

Despite recent market volatility and uncertainty, we remain confident that NBPE is well-positioned to perform across a range of economic scenarios. The portfolio remains well-diversified across our two key themes, and we believe it is well-positioned to continue to deliver growth over the long term.”

The Company’s 2024 Annual Report and a video from Neuberger Berman to accompany the results are available to view at: https://www.nbprivateequitypartners.com/

Portfolio Update to 31 March 2025

NAV TR increase of 0.4% YTD 2025

31 March 2025 NAV per share of $27.17 (£21.05)
YTD NAV driven by positive FX adjustments, offset by declines in quoted holdings
31 March 2025 monthly NAV estimate does not include any Q1 2025 private company valuations

Realisations from the portfolio in 2025

$47 million of proceeds received in the first three months of 2025
- Realisations to date driven by full exits of USI and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full and partial realisations of certain quoted holdings and income investments
A further ~$20 million of proceeds is expected in the coming months from pending transactions

Robust liquidity – well positioned to take advantage of opportunities

$283 million of available liquidity ($73 million cash/liquid investments and $210 million of credit line)

2025 Share Buybacks

Through 25 April 2025, NBPE has repurchased approximately 624k shares for $12.3 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.10 per share

Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 March 2025 was based on the following information:

6% of the portfolio was valued as of 31 March 2025
- 6% in public securities

94% of the portfolio was valued as of 31 December 2024
- 93% in private direct investments
- 1% in private fund investments

For further information, please contact:

NBPE Investor Relations +44 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com

Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as at 31 March 2025)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	76.8	6.1%
Osaic	2019	Reverence Capital	Financial Services	63.5	5.0%
Solenis	2021	Platinum Equity	Industrials	60.5	4.8%
BeyondTrust	2018	Francisco Partners	Technology / IT	50.1	4.0%
Monroe Engineering	2021	AEA Investors	Industrials	42.6	3.4%
Business Services Company*	2017	Not Disclosed	Business Services	40.1	3.2%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	38.9	3.1%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	38.5	3.0%
Mariner	2024	Leonard Green & Partners	Financial Services	33.7	2.7%
True Potential	2022	Cinven	Financial Services	33.5	2.6%
FDH Aero	2024	Audax Group	Industrials	32.9	2.6%
Marquee Brands	2014	Neuberger Berman	Consumer	31.8	2.5%
Staples	2017	Sycamore Partners	Business Services	29.7	2.3%
Auctane	2021	Thoma Bravo	Technology / IT	28.7	2.3%
Fortna	2017	THL	Industrials	28.7	2.3%
Viant	2018	JLL Partners	Healthcare	27.1	2.1%
Stubhub	2020	Neuberger Berman	Consumer	26.4	2.1%
Benecon	2024	TA Associates	Healthcare	25.5	2.0%
Agiliti	2019	THL	Healthcare	25.3	2.0%
Engineering	2020	NB Renaissance / Bain Capital	Technology / IT	25.0	2.0%
Solace Systems	2016	Bridge Growth Partners	Technology / IT	24.5	1.9%
Addison Group	2021	Trilantic Capital Partners	Business Services	23.8	1.9%
Kroll	2020	Further Global / Stone Point	Financial Services	23.7	1.9%
Exact	2019	KKR	Technology / IT	22.2	1.8%
CH Guenther	2021	Pritzker Private Capital	Consumer	22.0	1.7%
Excelitas	2022	AEA Investors	Industrials	21.9	1.7%
Bylight	2017	Sagewind Partners	Technology / IT	19.9	1.6%
Real Page	2021	Thoma Bravo	Technology / IT	18.5	1.5%
AutoStore (OB.AUTO)	2019	THL	Industrials	18.2	1.4%
Constellation Automotive	2019	TDR Capital	Business Services	18.2	1.4%
Total Top 30 Investments				$972.3	76.9%

*Undisclosed company due to confidentiality provisions.

Geography	% of Portfolio
North America	77%
Europe	22%
Asia / Rest of World	1%
Total Portfolio	100%

Industry	% of Portfolio
Tech, Media & Telecom	23%
Consumer / E-commerce	21%
Industrials / Industrial Technology	18%
Financial Services	13%
Business Services	12%
Healthcare	8%
Other	4%
Energy	1%
Total Portfolio	100%

Vintage Year	% of Portfolio
2016 & Earlier	10%
2017	16%
2018	14%
2019	14%
2020	13%
2021	18%
2022	5%
2023	2%
2024	8%
Total Portfolio	100%

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

Attachments

The MIL Network –

April 28, 2025

MIL-Evening Report: Plans to stockpile critical minerals will help Australia weather global uncertainty – and encourage smaller miners
Source: The Conversation (Au and NZ) – By Mohan Yellishetty, Professor, Co-Founder, Critical Minerals Consortium, and Australia-India Critical Minerals Research Hub, Monash University

RHJPhtotos/Shutterstock

The world needs huge quantities of critical minerals to make batteries, electric vehicles, wind turbines, mobile phones, computers and advanced weaponry.

Many of these minerals lie under Australian soil. Australia is able to produce 9 out of 10 mineral elements required to produce lithium-ion batteries, such as lithium, nickel and cobalt. It also has the highest total reserves of battery minerals.

But at a time of major geopolitical upheaval, critical minerals are also contested. China controls many critical mineral supply chains, allowing it to dominate clean energy technologies. The ongoing United States–China trade war has intensified competition for access to critical minerals.

It’s against this backdrop that Labor has proposed a A$1.2 billion strategic reserve of critical minerals. It’s a timely and welcome step in the right direction.

Why is this reserve needed?

Critical minerals are vital to the industries of the future. But supply can be hard to secure and disruptions can be devastating.

After US President Donald Trump jacked up tariffs on China, Beijing responded by clamping down on critical mineral exports. Almost 80% of US weaponry depends on Chinese critical minerals.

China now dominates mining and refining of many critical minerals. Beijing controls 90% of the world’s rare earth refining, 80% of lithium refining and 68% of nickel refining. The US and other nations are belatedly trying to catch up.

Mining has long been a major Australian industry, particularly iron ore and coal. But Australia has huge reserves of many critical minerals, producing the largest volume of lithium ore in the world as well as stocks of cobalt, manganese, rutile and others. Australian miners Lynas and Australian Strategic Materials are two of the few rare-earth mining companies not owned by China.

That’s where this strategic reserve comes in. If it comes to fruition, the federal government would buy agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price. It would then keep stockpiles of these key minerals to prevent market manipulation by China and stabilise prices by releasing or holding stocks strategically.

The reserve would give Canberra more leverage in negotiating with trading partners and enable a rapid response to supply disruptions. Government backing for the industry would boost onshore processing, scale up domestic production and encourage more high-wage, high-skill jobs in regional areas.

Which minerals will be stockpiled? That’s yet to be determined. The list of ‘critical minerals’ can vary between countries, and a mineral critical to one nation may not be to another.

Australia lists 31 critical minerals while Japan lists 35, the US lists 50 and the European Union 34. Australia’s list is unique in that it reflects global demand, not domestic dependency.

The minerals most commonly included in these lists include cobalt, gallium, indium, niobium, tantalum, platinum group minerals and rare earth elements.

Why is the government intervening?

In 2023, major miners produced close to a billion tonnes of iron ore in Western Australia.

By contrast, critical mineral volumes are small. For instance, only 610 tonnes of gallium were mined in 2023. Major miners such as Rio Tinto, BHP and Vale don’t tend to bother.

Critical mineral markets are often opaque and highly concentrated. The barrier to entry is high. Globally, the market for the 31 critical minerals on Australia’s list is valued at around A$344 billion – about the size of the global aluminium market.

That leaves it to mid-tier and small miners to bridge the gap between rapidly growing demand and supply. The problem is, raising capital is often very difficult. The price of critical minerals can fluctuate wildly. The price of lithium and nickel have fallen sharply over the last two years due to market oversupply.

The strategic reserve would make it easier for these miners by providing access to capital through loans from Export Finance Australia and private investors, reducing financial uncertainty and cost overruns and acting as a buffer against market volatility.

For instance, mid-tier miner Illuka Resources is building Australia’s first rare earths refinery in Western Australia. The project already has significant government support, but it is likely to need more.

Despite Australia’s significant mineral resources, it faces an uphill battle to gain market share. China’s dominance has been driven by low production costs; low environmental, social and goverance standards; and a competitive labour market. But intensifying geopolitical competition between China and the US means Australian minerals would likely be sought by the US.

How can Australia best play its hand?

In volatile market conditions, cheaper operations have a significant advantage, while new mines face an uphill battle.

Australia’s critical minerals hub framework could help offset capital costs. Smaller miners could form cooperatives to share infrastructure and manage logistics, processing and access to international markets. Sharing infrastructure such as roads, rail, energy and ports would reduce the investment risk.

There are other challenges to overcome, such as the long lead times of 10 years or more to go from discovery to production, limited access to low-cost renewable energy and a shortage of technical and scientific capabilities.

Labor’s strategic reserve would help. But it won’t be enough to make Australia into a critical mineral giant. The government should consider:
- building more regional processing hubs with shared infrastructure and microgrids
- offering royalty exemptions, tax incentives and energy subsidies early on
- giving incentives to retrofit facilities to produce critical minerals found alongside main ores, such as cobalt found alongside copper and antimony with gold
- encouraging models where rare earths are concentrated in Australia and processed overseas in partner countries
- establishing Centres of Excellence on critical minerals and creating shared libraries of intellectual property to support research, avoid duplication and optimise resource allocation.
Overall, the proposed reserve is an excellent idea. Government intervention will be necessary to absorb and mitigate risks from price fluctuations and geopolitical shocks.

Mohan Yellishetty receives funding from the Australian Research Council, Geoscience Australia, Defense Science Institute, Boral Limited, AGL Loy Yang, Indian Ministry of Education. He is affiliated with AusIMM as its fellow, Honorary Academic Fellow, Australia India Institute, Foreign Fellow, Indian Geophysical Union, and affiliated with Indian Institute of Technology (Dharwad, Mumbai, Hyderabad). David Whittle contributed to the research base and data for this article.

– ref. Plans to stockpile critical minerals will help Australia weather global uncertainty – and encourage smaller miners – https://theconversation.com/plans-to-stockpile-critical-minerals-will-help-australia-weather-global-uncertainty-and-encourage-smaller-miners-255320
MIL OSI Analysis – EveningReport.nz –
April 28, 2025

MIL-OSI: 24/2025・Trifork Group: Weekly report on share buyback

Source: GlobeNewswire (MIL-OSI)

Company announcement no. 24 / 2025
Schindellegi, Switzerland – 28 April 2025

Trifork Group: Weekly report on share buyback

On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million). Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

Date	Number of shares	Average purchase price (DKK)	Transaction value (DKK)
Total beginning	59,909	85.13	5,099,831
21 April 2025			Market closed
22 April 2025	1,933	84.69	163,706
23 April 2025	2,000	85.16	170,320
24 April 2025	1,900	86.77	164,863
25 April 2025	1,155	88.64	102,379
Accumulated	66,897	85.22	5,701,099

A detailed overview of the daily transactions can be found here: https://investor.trifork.com/trifork-shares/

Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 66,897 at a total amount of DKK 5,701,099. On 25 March and on 25 April 2025, 2,929 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025). On 1 April 2025, 19,943 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

With the transactions stated above, Trifork holds a total of 300,354 treasury shares, corresponding to 1.5%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,444,545.

Investor and media contact
Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

About Trifork
Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

Attachment

CA_24_25_Buyback

The MIL Network –

April 28, 2025

MIL-OSI: Exosens delivers strong revenue growth in Q1 2025 in a dynamic defense market environment; Fully on track to 2025 guidance

Source: GlobeNewswire (MIL-OSI)

EXOSENS DELIVERS STRONG REVENUE GROWTH IN Q1 2025 IN A DYNAMIC DEFENSE MARKET ENVIRONMENT

FULLY ON TRACK TO 2025 GUIDANCE

HIGHLIGHTS

Sustained revenue growth of +21.1% to €104.9m in Q1 2025, reflecting strong like-for-like performance (+18.0%)
- Continued strong growth in Amplification revenue (+29.1% vs. Q1 2024), driven by a growing demand of image intensifier tubes for Defense night vision applications from NATO and Tier-1 allies forces
- Detection & Imaging revenue slightly down (-1.0% vs. Q1 2024), affected by temporary headwinds mostly related to Telops, the Group’s imaging systems business in Canada (+16% growth vs. Q1 2024 excluding Telops). Growth is expected to resume and accelerate throughout the remainder of the year supported by solid underlying end-market trends
Adjusted gross margin up +28.1% to €52.6m in Q1 2025 (margin rate of 50.1%, +270bps vs. Q1 2024), mainly driven by strong Amplification growth (+39.5%)
Closing of Noxant acquisition, reinforcing Exosens’ position in high-performance cooled infrared imaging, particularly in fast growing Defense and Surveillance markets

OUTLOOK

Fully on track to deliver on 2025 guidance: continued strong performance expected, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties

Mérignac (France), 28 April 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technologies, today publishes its revenue and adjusted gross margin for the first quarter of 2025.

“After a very successful 2024, which marked a turning point in our trajectory and saw us exceed our IPO guidance, we are proud to start 2025 with a strong Q1 performance, confirming the positive momentum across our core markets. Regarding our Defense-related activities, demand remains high amid increasing geopolitical tensions and sustained investment from NATO countries and Tier-1 allies. This solid start of the year demonstrates the strength of our positioning and our ability to execute. Amplification continues to be a key growth engine, supported by accelerating demand and increased capacity, while our Detection & Imaging segment is on track to deliver solid like-for-like growth, progressively improving over the course of the year.

Supported by strong fundamentals , and solid operational performance, we are fully confident in our ability to deliver our 2025 objectives and continue creating long-term value for all stakeholders.” commented Jérôme Cerisier, CEO of Exosens.

Strong revenue performance in Q1 2025 in a dynamic defense market environment

	Q1 2024	Q1 2025	Change		Like-for-like
	In €m	In €m	In €m	In %	In %
Amplification	63.3	81.7	+18.4	+29.1%	+29.3%
Detection & Imaging	24.2	24.0	(0.2)	(1.0)%	(13.0)%
Eliminations & Other	(0.8)	(0.7)	+0.1	n/a	n/a
Total revenue	86.7	104.9	+18.3	+21.1%	+18.0%

Exosens delivered strong revenue performance in Q1 2025, demonstrating its ability to continue its sustained growth trajectory. Consolidated revenue amounted to €104.9 million, which represented a growth of +21.1% (+€18.3 million) compared to Q1 2024. On a like-for-like basis, revenue grew by +18.0% year-over-year, driven by continued strong momentum in Defense end-markets.

Amplification revenue amounted to €81.7 million in Q1 2025, marking a significant growth of +29.1% (+€18.4 million) compared to Q1 2024, reflecting higher sales volumes due to increased production capacity and growing demand of image intensifier tubes for Defense night vision applications.

Reflecting this dynamic market environment, Exosens has continued benefiting from its position as the strategic supplier of NATO and Tier-1 allies, which have continued to ramp up their procurement of night vision systems on the back of the need for armies to enhance their night fighting capabilities. This positive trend was particularly noticeable in Europe with a number of major business wins, notably in Eastern and Northern Europe.

Detection and Imaging revenue amounted to €24.0 million in Q1 2025, representing a small decline of -1.0% compared to Q1 2024. The first semester revenue contribution for Detection & Imaging is typically lower due to seasonality. On a like-for-like basis, D&I revenue was down -13.0% (-€3.1 million), mainly due to Telops, the Group’s Canadian-based imaging system business. Telops was temporarily impacted by US tariff uncertainties and reductions in federal science funding, which resulted in softer demand from US customers, as well as by delays in securing certain export licenses. Excluding Telops, D&I revenue grew by around +16% year-over-year and was broadly stable on a like-for-like basis.

Exosens continued to see robust demand across its key high-growth markets, particularly in Nuclear and Defense & Surveillance.

The Group expects D&I like-for-like growth to resume and accelerate throughout the remainder of the 2025 fiscal year, supported by solid underlying end-market trends.

On the M&A front, Exosens closed on 13^thMarch 2025 the acquisition of Noxant, a specialist in high-performance cooled infrared cameras. Noxant’s range of high-performance MWIR cooled camera cores provides complementary capabilities that meet the increasing demand for advanced infrared solutions, particularly for drone-based Defense and Surveillance applications where camera integration is required. Meaningful synergies are expected with Exosens’ imaging business leveraging its technologies portfolio and worldwide commercial reach.

The Group has started Noxant’s integration process, which is expected to be finalized by end-June. Q1 2025 revenue and adjusted gross margin do not include any contribution from this acquisition.

Otherwise, the closing of the acquisition of NVLS, a specialist in man-portable night vision and thermal devices, is expected to occur during Q2 2025, pending customary clearances and approvals.

Adjusted gross margin up +28.1% in Q1 2025

	Q1 2024		Q1 2025		Change
	In €m	% of sales	In €m	% of sales	In €m	In %
Amplification	29.2	46.2%	40.8	49.9%	+11.6	+39.5%
Detection & Imaging	11.8	48.9%	11.8	49.3%	(0.0)	(0.1)%
Eliminations & Other	0.0	n/a	0.0	n/a	n/a	n/a
Adjusted gross margin	41.1	47.4%	52.6	50.1%	+11.5	+28.1%

Exosens recorded a strong increase in adjusted gross margin at Group level, mainly driven by higher sales volumes, improved yields and favorable product mix. The Group’s adjusted gross margin stood at €52.6 million in Q1 2025, reflecting a growth of +28.1% (+€11.5 million) compared to Q1 2024. As a percentage of consolidated revenue, adjusted gross margin was 50.1% in Q1 2025, representing an improvement of 270 basis points year-on-year.

Adjusted gross margin for the Amplification segment reached €40.8 million in Q1 2025, recording a growth of +39.5% (+€11.6 million) compared to Q1 2024. Margin rate increased by 370 basis points to 49.9% in Q1 2025, driven by the strong growth in sales volume with increased production capacity, improved yields and favorable product mix.

Adjusted gross margin for the Detection and Imaging segment amounted to €11.8 million in Q1 2025, stable compared to Q1 2024. Margin rate improved by 50 basis points to 49.3% in Q1 2025, despite lower revenue, driven by better yields, effective cost control, and supply chain synergies.

Evolution of corporate governance

The Board of Directors of Exosens, at its meeting on 25 April 25, proposed to the upcoming annual combined General Meeting on 23 May to appoint Bpifrance Investissement as a director.

This nomination of Bpifrance Investissement, represented by Ms. Dorianne Bonfils as permanent representative, for a seat on the Board of Directors is aligned with Bpifrance Participations’ increased investment in Exosens’ share capital.

Following the exercise of the call option on Exosens shares granted by HLD as part of Exosens’ IPO, Bpifrance Participations acquired an additional 2.7% stake in the share capital and voting rights on 25 April 2025 and now ranks as Exosens’ second-largest shareholder, holding 7.2% of the share capital and voting rights, behind the HLD Group.

At its meeting on 25 April 2025, the Board of Directors, following the recommendation of Exosens’ Nominations and Compensation Committee, and after evaluating its independence according to the AFEP-MEDEF code criteria, confirmed Bpifrance Investissement’s status as an independent director, should it be appointed by the Company’s General Meeting.

Outlook for 2025 and the 2024-2026 period confirmed

Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion¹ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio²of around 2x.

Financial calendar

29/04/2025: Publication of 2024 universal registration document;
23/05/2025: Annual general meeting;
31/07/2025: H1 2025 results (publication before market opening);
27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

About Exosens

Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 11 sites, in Europe and North America, and with over 1,800 employees. Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿. Exosens is a member of Euronext Tech Leaders segment and is also included in several indices, including the SBF 120, CAC All-Tradable, CAC Mid 60, FTSE Total Cap and MSCI France Small Cap. For more information: www.exosens.com.

Investor relations

Laurent Sfaxi, l.sfaxi@exosens.com

Media relations

Brunswick Group, exosens@brunswickgroup.com

APPENDIX

Definitions

Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to the revenue recorded during period “n” by all the companies included in the Group’s scope of consolidation at the end of period “n-1” (excluding any contribution from the companies acquired after the end of period “n-1”), compared with revenue achieved during period “n-1” by the same companies. Like-for-like growth for the first quarter of 2025 therefore excludes the contribution of Centronic and LR Tech, acquired by the Group in July 2024 and September 2024, respectively.

Adjusted gross margin is equal to the difference between the selling price and the cost price of products and services (including notably employee benefits).

Adjusted EBITDA is defined as operating profit, less (i) additions net of reversals to depreciation, amortization and impairment of non-current assets; (ii) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (iii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense).

Cash conversion is calculated as follows: (adjusted EBITDA – capitalized research and development costs – capital expenditure) / adjusted EBITDA – capitalized research and development costs).

Leverage ratio is calculated as net debt / adjusted EBITDA as defined in the Group’s Senior Credit Facilities Agreement entered into as part of the refinancing executed in the frame of the IPO.

Forward-looking statements

Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks and uncertainties include those set out and detailed in Chapter 3 “Risk Factors” of the registration document approved on 22 May 2024 by the French financial markets’ authority (“Autorité des marchés financiers”) under number I. 24-010. Forward-looking statements speak only as of the date of this press release and the Group expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. This press release is provided for information purposes only. It does not constitute and should not be deemed to constitute an offer to the public of securities.

1 Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
2 Leverage ratio is defined as net financial debt / adjusted EBITDA.

Attachment

Exosens_Press Release_Q1 2025_VA_FINAL

The MIL Network –

April 28, 2025

MIL-OSI Australia: Health promotion scholarships to inspire next generation of leaders

Source: South Australia Police

A $660,000 funding boost from Healthway will support the next generation of health promotion leaders through a scholarship program run by the Australian Health Promotion Association.

Healthway CEO Colin Smith said six exceptional graduates have recently been awarded a Health Promotion Scholarship, providing them with an incredible opportunity to launch their career.

“This program is among the few capacity building workforce programs available nationally in public health,” he said.

“Each scholarship, valued a $110,000 each, pays for 12 months full-time salary, working at an organisation of the graduate’s choice on a project they want to develop.

“Congratulations to all scholarship recipients, we look forward to your contributions to health promotion in the years to come.”

Australian Health Promotion Association National President Melinda Edmunds expressed gratitude for the long-standing partnership with Healthway.

“Over 30 years, we have provided opportunities for 85 graduates and 40 Aboriginal and Torres Strait Islander scholarship recipients,” she said.

“Not only does this scholarship program pave the way for the next generation of WA health promotion leaders, but it significantly boosts the health promotion capacity within the host organisation.”

“For many past recipients, their contributions have been so significant that the host organisations have chosen to retain them even after the scholarship has ended,” she said.

To find out more visit Health Promotion Scholarships.

Scholarship recipient	Host organisation	Project description
Jade Ashwell from Wanneroo	Foodcore	Project aims to empower Out of School Hours Care (OSHC) educators through capacity building activities and direct food and nutrition support and resources
Charlene Carlisle from Jane Brook Aboriginal recipient	Act Belong Commit at Curtin	Project aims to promote mindful movement for children and young people through the Deadly Minds Project, a culturally safe Indigenous yoga teacher training. Deadly Minds supports children’s social and emotional wellbeing by teaching mindfulness based movement practices with a trauma informed lens and integrating them with cultural knowledge.
Laura Thum from Inglewood	Collaboration for Evidence, Research, and Impact in Public Health, Curtin	Project aims to support Western Australian health promotion organisations to increase meaningful participation in peer-based health promotion by underserved populations, specifically young people, LGBTIQA+ people and people from culturally and linguistically diverse backgrounds, by establishing and piloting a capacity-building Community of Practice (CoP), PEER+.
Isabelle Falantin from Broome Regional recipient	Broome Regional Aboriginal Medical Service	Project aims to create a preventative health program targeted at primary schools that encourages children to engage with a range of healthy behaviours.
Samantha Elliott from Carine	National Nutrition Foundation	Project aims to create health promotion and nutrition education messages specifically tailored for adolescents aged 12-17.
Kirsty Mullane from Sorrento	North Metropolitan Health Service	Project aims to facilitate local solutions to food insecurity for Aboriginal and Torres Strait Islander people livingin the north metropolitan catchment of Perth.

MIL OSI News –

April 28, 2025

MIL-OSI Asia-Pac: Engineering train fault probed

Source: Hong Kong Information Services

The Electrical & Mechanical Services Department is looking into a fault on an engineering train that caused disruption to services on the MTR’s East Rail Line yesterday.

The train, used for inspecting overhead cables, malfunctioned near Fo Tan Station yesterday morning. Train services on the East Rail Line remained operational, but travel times were extended by 10 to 15 minutes.

Upon receiving notification from the MTR Corporation (MTRC), the department immediately sent staff to the site to assess the situation and launch an investigation.

Preliminary findings indicate that the incident was caused by a fault on the engineering train that prevented a lifting platform from descending. As the platform was close to the overhead cables, precautionary measures were taken before the train could be moved away.

The department said it is now conducting an investigation into the engineering train’s design, maintenance and operational procedures. It has also requested that the MTRC conduct a comprehensive review of the incident, submit a report to explain its cause, and make proposals for improvement measures to prevent recurrence.

A similar engineering train broke down near Tai Wo Station on the East Rail Line, also causing service disruptions, on February 5.

Expressing grave concern over the occurrence of two such incidents affecting services within three months, the department said it will initiate a special audit to holistically review the MTRC’s emergency preparedness in relation to engineering trains.

MIL OSI Asia Pacific News –

April 28, 2025

Category: Transport

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