Category: Transport

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

Source: GlobeNewswire (MIL-OSI)

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

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

First Quarter 2025 Highlights

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

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

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

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

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

FINANCIAL REVIEW

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

2025 EXPENSE AND TAX GUIDANCE UPDATE⁷

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

STRATEGIC AND BUSINESS UPDATES

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

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

ABOUT NASDAQ

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

NON-GAAP INFORMATION

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

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

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

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

WEBSITE DISCLOSURE

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

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

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

NDAQF

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

		Three Months Ended
		March 31,			March 31,
			2025			2024

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

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

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

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

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

				Three Months Ended
				March 31,			March 31,
					2025			2024

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

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

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

OTHER REVENUES					9			9

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

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

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

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

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

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


		Three Months Ended
		March 31,			March 31,
			2025			2024

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

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

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


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

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

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

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

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

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

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

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

		Three Months Ended
		March 31,			March 31,
			2025			2024

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

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

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

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

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

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

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

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

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

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

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

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

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

		Three Months Ended
		March 31,			March 31,
			2025			2024

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


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

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

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

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

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

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

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

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

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

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

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


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

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


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

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

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

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

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

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

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

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

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


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

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

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

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

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

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

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

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

MIL-OSI: Nasdaq Announces 13% Increase in Quarterly Dividend to $0.27 Per Share

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock, a 13% increase from the previous quarter. The dividend is payable on June 27, 2025 to shareholders of record at the close of business on June 13, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

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

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact:

Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

GilatIR@allianceadvisors.com

MIL-OSI: Gilat to Report First Quarter 2025 Results on Monday, May 19th

Source: GlobeNewswire (MIL-OSI)

PETAH TIKVA, Israel, April 24, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it will release its first quarter 2025 financial results on Monday, May 19th, 2025.

Conference Call and Webcast

Following the release, Adi Sfadia, Chief Executive Officer, and Gil Benyamini, Chief Financial Officer, will discuss Gilat’s first quarter 2025 results and business achievements and participate in a question and answer session:

Date:	Monday, May 19, 2025
Start:	09:00 AM EST / 16:00 IST
Dial-in:	US: 1-888-407-2553
	International: +972-3-918-0609

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://veidan.activetrail.biz/gilatq1-2025

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks

Hagay Katz, Chief Product and Marketing Officer

hagayk@gilat.com

Alliance Advisors:

Phone: +1 212 838 3777

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

Source: Thales Group

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

24 Apr 2025

Share this article

Order intake: €3.8 billion, down -25% (-27% on an organic basis¹)
Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)
All 2025 financial objectives confirmed²

Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

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

Order intake

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

During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:

Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;
Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;
Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;
Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.

At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

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

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

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

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

Sales

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

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

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

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

Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:

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

Outlook

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

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

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

As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:

A book-to-bill ratio above 1;
Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion⁷;
An Adjusted EBIT margin between 12.2% and 12.4%.

****

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

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

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

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

⁴^{See table on page 6.}

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

⁶^{See table on page 6.}

^{7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.}

MIL OSI Economics –

MIL-OSI Economics: ECB publishes indicative operational calendars for 2026

Source: European Central Bank

24 April 2025

ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for 2026

The European Central Bank (ECB) today published the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2026.

The indicative calendar for the Eurosystem’s reserve maintenance periods takes into account the calendar for Governing Council meetings in 2026, as well as the calendar for regular tender operations.

The indicative calendar for the Eurosystem’s regular tender operations includes only main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs). It does not include any supplementary or ad hoc operations which may be carried out in 2026.

Indicative calendar for reserve maintenance periods in 2026 (including maintenance period 8 of 2025):

MP	Relevant Governing Council meeting	Start of maintenance period	End of maintenance period	Reserve base data for credit institutions reporting monthly	Reserve base data for credit institutions reporting quarterly	Length of the maintenance period (days)
8	18 December 2025	23 December 2025	10 February 2026	October 2025	September 2025	50
1	5 February 2026	11 February 2026	24 March 2026	December 2025	September 2025	42
2	19 March 2026	25 March 2026	5 May 2026	January 2026	December 2025	42
3	30 April 2026	6 May 2026	16 June 2026	March 2026	December 2025	42
4	11 June 2026	17 June 2026	28 July 2026	April 2026	March 2026	42
5	23 July 2026	29 July 2026	15 September 2026	May 2026	March 2026	49
6	10 September 2026	16 September 2026	3 November 2026	July 2026	June 2026	49
7	29 October 2026	4 November 2026	22 December 2026	September 2026	June 2026	49
8	17 December 2026	23 December 2026	tbd	October 2026	September 2026	tbd

For media queries, please contact Lise Handal, tel.: +49 69 1344 17441.

MIL OSI Economics –

MIL-OSI USA: NASA Astronaut to Answer Questions from Students in California

Source: NASA

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

MIL-OSI USA: Governor Newsom announces appointments 4.23.25

Source: US State of California 2

Apr 23, 2025

SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

Annabelle Hopkins, of Sacramento, has been appointed Deputy Director of Government Affairs at the California Public Advocates Office. Hopkins has been Government Relations Manager at RWE Offshore Wind since 2024. She was Legislative Director at the Office of Assemblymember Jim Wood in the California State Assembly from 2022 to 2023. Hopkins held multiple positions in the Office of Senator Dave Min in the California State Senate from 2021 to 2022, including Legislative Director and Legislative Aide. She was a Senate Fellow in the Office of Senator Mike McGuire in the California State Senate from 2019 to 2020. Hopkins was the Finance Director/Policy Advisor for Audrey Denney for Congress from 2018 to 2019. She is a Board Member of FemDems and Young Professionals in Energy, Sacramento. Hopkins earned a Bachelor of Arts degree in Political Science and History from College of Wooster. This position does not require Senate confirmation, and compensation is $153,000. Hopkins is a Democrat.

Mandi Posner, of Gold River, has been appointed Deputy Director of the Center for Health Care Quality at the California Department of Public Health. Posner has been Chief of Field Operations for the South Division of the Center for Health Care Quality at the California Department of Public Health since 2021, where she has held multiple positions since 2016, including Branch Chief of Field Operations for the South Division, Los Angeles County Contract Manager, Staff Services Manager for Fiscal Operations, and Associate Governmental Program Analyst. Posner is a Member and California Representative of the Association of Health Facility Survey Agencies. She earned a Bachelor of Science degree in Recreation Administration from California State University, Chico. This position does not require Senate confirmation, and the compensation is $183,840. Posner is a Democrat.

Yang Lee, of Sacramento, has been appointed Chief of Data Analytics and Strategy at the California Department of Developmental Services. Lee has been Deputy Director and Chief Financial Officer at the California Department of Social Services since 2022, where he was previously Assistant Director from 2020 to 2022. He held multiple positions at the California Department of Finance from 2008 to 2020, including Principal Program Budget and Finance Budget Analyst. Lee was a Legislative Assistant in the Office of Assemblymember Loni Hancock in the California State Assembly from 2006 to 2008. Lee earned a Master of Public Policy Analysis degree and a Bachelor of Arts degree in Ethnic Studies from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $198,660. Lee is a Democrat.

Heather Leslie, of Sacramento, has been appointed Chief Counsel at the California Office of Energy Infrastructure Safety. Leslie has been the Assistant General Counsel at the California Natural Resources Agency since 2021. She was a Deputy Attorney General at the California Department of Justice, Office of the Attorney General from 2015 to 2021. Leslie earned a Juris Doctor degree from University of California, Los Angeles School of Law and a Bachelor of Arts degree in Political Science from University of California, Berkeley. This position does not require Senate confirmation, and compensation is $198,000. Leslie is a Democrat.

Cindy Gustafson, of Tahoe City, has been appointed to the State Board of Fire Services. Gustafson has been the District Five County Supervisor for the County of Placer since 2019. She was the Chief Executive Officer of the North Lake Tahoe Resort Association from 2017 to 2018. Gustafson held multiple positions at the Tahoe City Public Utility District from 1991 to 2017, including Director of Resource Development and Community Relations, Assistant General Manager, and General Manager. She was a Commissioner at the California Fish and Game Commission from 2005 to 2009. Gustafson is a Member of Tahoe Fund. She earned a Bachelor of Arts degree in History from Gustavus Adolphus College. This position does not require Senate Confirmation and there is no compensation. Gustafson is registered without party preference.

Hampus Idsater, of Thousand Oaks, has been appointed to the Boating and Waterways Commission. Idsater has been an Investment Manager at Suntex Marina Investors since 2022. He was a Finance and Business Development Director at Hamner, Jewell & Associates from 2020 to 2022. Idsater was a Vice President at Eight Roads from 2015 to 2020. He was an Investment Manager at Fosun International from 2013 to 2015. Idsater was an Analyst at Morgan Stanley from 2011 to 2013. He is a Member of the Marine Recreation Association and Toastmasters International. Idsater earned a Master of Arts degree in Economics from University of Oxford. This position requires Senate confirmation, and the compensation is $100 per diem. Idsater is a Democrat.

Press Releases, Recent News

Recent news

Apr 23, 2025

News What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world. SACRAMENTO — Governor Gavin Newsom today announced…

Apr 23, 2025

News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

Apr 23, 2025

News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

MIL-OSI USA: California is now the 4th largest economy in the world

Source: US State of California 2

Apr 23, 2025

What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world.

SACRAMENTO — Governor Gavin Newsom today announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).

“California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”

Governor Gavin Newsom

According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.

Outperforming the nation

California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.

California is the backbone of the nation’s economy

With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.

The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians.

The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.

Protecting California’s economy

Governor Gavin Newsom is protecting California’s economy, and last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

Recent news

Apr 23, 2025

News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

Apr 23, 2025

News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

Apr 23, 2025

News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

MIL-OSI USA: 1,000 more clean school buses coming soon to California roads as state sees big demand for zero-emission buses and trucks

Source: US State of California 2

Apr 23, 2025

What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year.

SACRAMENTO – California’s transition to zero-emission transportation is accelerating faster than ever thanks to incentives and investments from the state.

Following an announcement last August on plans to expand California’s largest-in-the-nation zero-emission school bus fleet, Governor Gavin Newsom today announced that $500 million has been awarded for educational agencies to buy zero-emission school buses and chargers.

Governor Newsom also announced that California saw a 177% increase in the state’s Clean Truck and Bus Voucher Incentive Project (HVIP) from 2023 to 2024. This program is funded primarily with proceeds from the cap-and-trade program and provides point-of-sale discounts to make zero-emission trucks and buses more accessible for fleets and businesses. In February alone more than 200 HVIP-funded zero-emission trucks and buses were deployed with $31 million in incentives.

California is paving the way to a cleaner, healthier future by investing in zero-emission vehicles across the state. From clean buses for kids in some of our most polluted communities to electric semi-trucks that provide the backbone for California businesses – we’re proving that clean transportation is here to stay.

Governor Gavin Newsom

Why it matters

🚌 Clean school buses funded by the state are expected to reduce 18,000 metric tons of greenhouse gas emissions annually — equivalent to taking more than 4,000 cars off the road for a year. Over 70% of the zero-emission school buses in use are in California’s most pollution-burdened communities.

While trucks total just 6% of vehicles on California’s roads, they account for over 35% of the state’s transportation emissions. Clean vehicles purchased through HVIP are helping to significantly cut emissions statewide, with 340+ million miles logged since the start of the program. while.

Investing in clean school buses

The Zero-Emissions School Bus and Infrastructure (ZESBI) project has selected 133 educational agencies to receive 1,000 zero-emission school buses and related charging infrastructure in rural, low-income, and disadvantaged school districts and other local educational entities. The grants are expected to be finalized by the end of the year. A map of awardees can be viewed here.

“Cleaning up the state’s school bus fleet is central to California’s efforts to provide clean transportation in priority communities that are disproportionately hurt by air pollution,” said California Air Resources Board Chair Liane Randolph. “The vast majority of these grants will go to local educational agencies that serve these communities.”

To date, California has provided more than $1.3 billion in incentives to school districts, funding more than 2,300 zero-emission school buses, of which 1,100 are already in use. More than 300 California school districts and local education agencies have purchased at least one zero-emission school bus – and a few have made the switch to a 100% clean fleet.

“California has set important benchmarks for removing internal combustion vehicles from our roads and replacing them with clean transportation,” said California Energy Commission Chair David Hochschild. “CEC is helping school districts move in that direction by funding ZESBI.”

Zero-emission school buses play a key role in California’s efforts to achieve carbon neutrality by 2045 and help protect children who are particularly vulnerable to the health impacts from diesel exhaust. In California, all school bus purchases made by school districts will need to be zero-emission technology by 2035, with an extension until 2045 for frontier local educational agencies in rural communities.

Incentivizing clean trucks and buses

Over 15 years, the state’s Clean Truck and Bus Voucher Incentive Project (HVIP) invested $754 million, helping 2,000 fleets deploy 10,000 clean trucks and buses. These vehicles have logged 340+ million miles while significantly cutting emissions statewide. Over 5,000 HVIP-funded ZEVs are in production to meet surging demand.

HVIP is a CARB program administered by CALSTART, a nonprofit transportation organization. Sales of new zero-emission trucks, buses and vans doubled in 2023 over the previous year, representing one out of every six new vehicles sold for services including last-mile delivery, freight transportation, and school buses. 16,327 charging and hydrogen fueling points for zero-emission trucks and buses are installed across the state.

Press Releases, Recent News

Recent news

Apr 23, 2025

News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

Apr 23, 2025

News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

Apr 22, 2025

News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Claire Cullis, of Carmichael, has been appointed Deputy Secretary of Business and Consumer Relations at the California Business, Consumer Services, and Housing Agency. Cullis has been…

MIL-OSI Africa: Services continue following second fire incident at Tembisa Hospital

Source: South Africa News Agency

The Deputy Minister of Health, Dr Joe Phaahla, has reassured the public that services will continue despite a second fire incident at the main outpatient department at the Tembisa Provincial Tertiary Hospital in Gauteng.

According to the National Department of Health, firefighters from Ekurhuleni’s Fire Department responded quickly to Wednesday morning’s incident.

They extinguished the fire, and by 8am yesterday, smoke had been cleared from the main outpatient department area using positive pressure ventilation.

“It is important to indicate that the main outpatient department was already cordoned off and the power supply was isolated after the first fire incident reported on Saturday afternoon, therefore, it was not operating, and there were no patients in the area at the time of the incident,” the department explained.

However, the smoke spread to the Eye Clinic and the nearby pharmacy, impacting areas that had initially been cleared from Saturday’s fire.

This included the surgical outpatient department, medical outpatient department, family medicine, and the administration block, which were intended to serve as alternative accident and emergency service areas.

According to the department, these areas are currently undergoing a re-clearing process that includes air quality assessments and the issuance of new electrical certificates of compliance to ensure they are available for full use.

Currently, the cause of the fire incidents in both the outpatient department and the accident and emergency unit is still under investigation by various law enforcement teams and regulatory bodies.

“The department appeals for calmness and patience during this time. As things stand, all patients receiving care at the hospital are safe. There is a business continuity plan to enable the department to continue rendering health services.

“Arrangements have been made to ensure that all patients can continue to access the much-needed healthcare services with minimal interruptions,” Phaahla said on Wednesday, reassuring the community.

The department has announced that the hospital is currently diverting ambulances for emergencies.

While walk-in patients can still receive care, they are encouraged to visit their local clinics first for healthcare needs and only come to the hospital if they have been referred.

“In addition, the critical services are continuing in designated areas or departments within the hospital.”

A help desk has been established to provide information and assist patients and members of the public on-site.

Family members of patients admitted to the hospital can visit them during regular visiting hours from 2 pm and 4 pm, using Gate 4.
The Deputy Minister has urged various organisations interested in conducting oversight visits at the hospital to allow investigators and relevant governance structures to carry out their work according to their mandates.

Regular updates will be provided through public platforms and existing governance structures. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI Africa: Operation Vala Umgodi nets 369 suspects

Source: South Africa News Agency

Thursday, April 24, 2025

A total of 369 suspects have been arrested during the South African Police Service’s nationwide Operation Vala Umgodi, which targets illegal mining.

The suspects, of different nationalities, were arrested for illegal mining-related offences and other crimes such as murder, attempted murder, unlawful possession of explosives and possession of suspected stolen property.

During Operation Vala Umgodi in the Northern Cape, 21 unpolished diamonds were seized in Kleinsee on 15 April, leading to the arrest of four suspects. Within days, the team seized 39 more unpolished diamonds and arrested five suspects on the R355 enroute to Port Nolloth on 21 April.

Other items seized during Operation Vala Umgodi in the past week include five unlicensed firearms; 34 rounds of ammunition, and 15 vehicles including sedans, bakkies, trucks and trailers.

Highlights of Operation Vala Umgodi in the past week include:

Free State: The Operation Vala Umgodi team in the province arrested 14 undocumented persons around Allenridge Rock Dam, Meloding Calaria location and Rathaba Hostel. More than 400 kilograms of gold bearing material and illicit gold processing equipment were seized.
Gauteng: On 19 April, the team in the province carried out an intelligence driven operation at the N12 informal settlement, Crystal Park. The operation resulted in the arrest of 15 illegal miners, various illegal mining equipment were seized, including ‘phendukas’ (used to refine and extract gold from ore) and gas cylinders.
Limpopo: Ten suspects were apprehended on charges of illegal mining and contravention of the Immigration Act on 18 April. Two of these suspects were nabbed for illegal processing of precious minerals in the Giyani policing area.
Mpumalanga: A total of 27 suspects were apprehended in Barberton on 20 April 2025. One suspect was found in possession of explosives and another one was found in possession of ammunition.
North West: 104 undocumented foreign nationals were arrested and a variety of illegal mining equipment were also seized. The suspects were nabbed between 10 and 16 April in the Bojanala sub-district 1 and 2 (Brits and Rustenburg areas).

“While progress is being made, continued vigilance and action are necessary to completely disrupt illegal mining networks. Public cooperation is vital in this regard, and all South Africans are encouraged to report illegal mining activities,” the South African Police Service said in a statement. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI Africa: Launch of Desmond Tutu School of Medicine at NWU lauded

Source: South Africa News Agency

The unveiling of the Desmond Tutu School of Medicine at the North West University (NWU) has been welcomed by the Provincial Legislature Portfolio Committee on Health and Social Development, Chaired by Karabo Tebogo Magagane.

According to the committee, the event marks the culmination of over 20 years of visioning and planning.

The university announced this week that the new medical school will be named the NWU Desmond Tutu School of Medicine.

This decision was made in consultation with and approved by the Archbishop Desmond Tutu IP Trust.

The NWU Desmond Tutu School of Medicine will be the 11th medical school in South Africa.

This initiative is a collaborative effort involving the NWU, the North West Department of Health, and private sector stakeholders.

The school aims to address the significant shortage of healthcare practitioners in the province while also providing a foundation for the development of the country’s medical expertise.

Magagane stated that this significant development not only honours the legacy of Nobel Laureate Archbishop Desmond Tutu, who was born in Klerksdorp in 1931, but also positions the province at the forefront of academic medicine, health innovation, and inclusive service delivery.

“Naming the school after Archbishop Tutu is a fitting tribute to his enduring contributions to humanity and reflects the university’s commitment to social justice, human dignity, and nation-building,” the Chairperson said.

According to the committee, the NWU Desmond Tutu School of Medicine will be anchored in the core pillars of NWU – teaching, learning, research, and community engagement.

The committee believes the school will harness the strength of a growing network of hospitals and clinics across the province, with Klerksdorp/Tshepong Tertiary Hospital serving as a key clinical training site.

“The Klerksdorp/Tshepong Hospital, which previously partnered with Wits University, has already set national benchmarks in healthcare innovation, including becoming the first institution in South Africa to cure Extreme Drug-Resistant Tuberculosis (XDR-TB) and successfully performing the first-ever pump cardiac bypass surgeries in its new catheterisation laboratory last year.”

The establishment of the medical school not only aligns with the transformative goals of the National Health Insurance (NHI) Act, recently signed into law, but also strengthens the province’s health systems in preparation for universal health coverage.

“By equipping future health professionals through high-quality education and immersive clinical training, the School of Medicine will be instrumental in advancing accessible, equitable, and quality health care for all residents of the province,” Magagane added.

The development is a catalyst for economic diversification in the City of Matlosana, which has been negatively affected by the decline of the mining sector.

“The growth of the health and academic research sectors offers promising new pathways for local economic revitalisation, employment, and innovation.”

The committee said it remains committed to supporting initiatives that strengthen public health infrastructure, education, and service delivery, as part of its ongoing oversight work to uphold the values enshrined in the Constitution and the spirit of the NHI Act.

The first intake of students for the NWU Desmond Tutu School of Medicine is scheduled for 2028. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI: Bread Financial Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Bread Financial ^® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its first quarter 2025 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Contacts
Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

MIL-OSI: Crypto.com Selects Bread Financial to Launch New Crypto-based Rewards Credit Card Program in the U.S.

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Bread Financial ^® (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today announced a multi-year agreement with Crypto.com, one of the world’s largest cryptocurrency exchanges, to launch the first Crypto.com credit card program in the United States.

The Crypto.com Visa Signature^® Credit Card will offer Crypto.com customers a new way to make purchases, while earning CRO rewards¹. With five credit card tiers, from Midnight Blue to Obsidian, cardmembers can earn uncapped CRO rewards at varying rates. For the first twelve months from account open or tier upgrade, select tiers will enjoy elevated CRO reward rates². Higher tiers will have additional benefits through Crypto.com’s Level Up program, such as unlimited Spotify and Netflix rebates³.

Crypto.com customers will be able to pre-qualify or apply for a credit card directly through the Crypto.com app. Once approved, cardmembers can immediately add their card to their digital wallets. CRO rewards are deposited into the cardmember’s Crypto Wallet within the Crypto.com app, where they can view real-time earnings, and exchange CRO for hundreds of other cryptocurrencies, thousands of stocks, sports event trading, NFTs, staking and more.

“This credit card offers straightforward, compelling rewards that will help even the most novice trader maximize their investments with every purchase, while enabling experienced traders to incrementally stack gains over time as they use the card and move through the Level Up program,” said Val Greer, executive vice president and chief commercial officer at Bread Financial. “We are excited to team up with Crypto.com to unlock this new payment option that will quickly become a must have credit card for its customers.”

“We are continually looking for innovative ways to give our customers greater access to new payment options, expanding their ability to make purchases and grow their rewards,” said Joe Anzures, general manager of Americas and EVP of payments at Crypto.com. “Partnering with a tech-forward company like Bread Financial to create innovative payment solutions provides our customers with a rewarding user experience and further advances the adoption of crypto.”

Committed to accelerating the adoption of cryptocurrency through innovation, Crypto.com is trusted by more than 140 million customers worldwide. The credit card program will be available to U.S. customers this summer. More information on the launch may be found here.

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

About Crypto.com
Founded in 2016, Crypto.com is trusted by more than 140 million customers worldwide and is an industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.

Learn more at https:crypto.com/us.

¹Level Up tiers require CRO lockup or Staking. If you do not wish to lockup or Stake, select the Midnight Blue tier. Offer is exclusive to Crypto.com Visa Signature^® Credit Card holders enrolled in the Level Up program. This rewards program is provided by Crypto.com and its terms may change at any time. Full Rewards Terms and Conditions will be available at program launch. Crypto.com calculates and awards the amount of CRO tokens earned based on the current market rate at the time of your purchase.

²Limit of one 12 month period of Boost Rate per tier upgrade. Level up tiers require CRO lockup or Staking for 12 months from Crypto.com Visa Credit Card account opening. If you do not wish to lockup or Stake, select the Midnight Blue tier which is not eligible for this offer. Offer is exclusive to Crypto.com Visa Signature^® Credit Card holders enrolled in the Level Up program. This rewards program is provided by Crypto.com and its terms may change at any time. Full Rewards Terms and Conditions will be available at program launch. Crypto.com calculates and awards the amount of CRO tokens earned based on the current market rate at the time of your purchase.

³Offer is available to Level Up members that are in the Ruby, Jade/Indigo, Icy/Rose, and Obsidian tiers.

Credit card offers are subject to credit approval.

Crypto.com Visa Signature^® Credit Card Accounts are issued by Comenity Capital Bank pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association and used under license.

Contacts
Rachel Stultz – Media
Rachel.Stultz@BreadFinancial.com

MIL-OSI: [ADVANCED MEDICAL SOLUTIONS GROUP PLC – 23 04 2025] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

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:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(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.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	ADVANCED MEDICAL SOLUTIONS GROUP PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	23 APRIL 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”	N/A

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:	5p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	11,862,193	5.4394
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	11,862,193	5.4394

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
5p ORDINARY	PURCHASE	1,400	186.7507p

(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
NONE

(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
NONE

(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)
NONE

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?

NO

Date of disclosure:	24 APRIL 2025
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

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.

MIL-OSI: Bread Financial Provides Performance Update for March 2025

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Bread Financial ^® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated:

	For the month ended March 31, 2025			For the three months ended March 31, 2025
	(dollars in millions)
End-of-period credit card and other loans	$	17,815		$	17,815
Average credit card and other loans	$	17,818		$	18,164
Year-over-year change in average credit card and other loans		(2	%)		(2	%)
Net principal losses	$	123		$	365
Net loss rate		8.1	%		8.2	%

	As of March 31, 2025			As of March 31, 2024
	(dollars in millions)
30 days + delinquencies – principal	$	973		$	1,048
Period ended credit card and other loans – principal	$	16,390		$	16,780
Delinquency rate		5.9	%		6.2	%

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts
Brian Vereb – Investor Relations
Brian.Vereb@BreadFinancial.com

Susan Haugen – Investor Relations
Susan.Haugen@BreadFinancial.com

Rachel Stultz – Media
Rachel.Stultz@BreadFinancial.com

MIL-OSI United Kingdom: Future of Energy Security summit: Energy Secretary opening remarks

Source: United Kingdom – Executive Government & Departments

Speech

Future of Energy Security summit: Energy Secretary opening remarks

The Energy Secretary delivered opening remarks at the International Energy Agency (IEA) Future of Energy Security summit.

Francine, thank you so much.

And distinguished delegates, on behalf of the UK government and the International Energy Agency, I want to welcome you all to this historic setting of Lancaster House and to London for this first global summit on the Future of Energy Security. 

As Francine has said, there are numerous countries represented here – almost 60 countries represented here today. 

And I want to thank each and every one of you who have made the trip here. We truly appreciate your presence and we really look forward to the discussions over the coming 2 days.

We also have leaders from more than 50 global businesses with us.

And I want to thank all of you for everything you do to help create energy security for our countries and our world. 

And we also have NGOs and civil society groups from around the world who are here with us, who play an important role in ensuring accountability of governments.

I also want to pay a specific thank you to the official partners of the summit: Iberdrola-Scottish Power, National Grid, SSE and Urenco. 

And if I may, I want to also thank the teams at the International Energy Agency and across the UK government who have worked incredibly hard to pull this event together. It is some feat of organisation.

And I want if I may also to pay particular tribute to Fatih Birol. Fatih, your leadership of the IEA for nearly a decade now has been marked by your commitment to rigour, to values and to multilateral cooperation. That is why the IEA is so central to the global discussion on energy, and I want to thank you. Perhaps the audience could show our appreciation for Fatih and the work he does.

You’ve got much more interesting people than me to hear from in these coming sessions, but let me make a few remarks to frame our discussions over the next 2 days. 

First, our starting point for this summit is that in an unstable and uncertain world, there can be no national or international security without energy security.  

And indeed it is now more than 50 years since the IEA was founded in response to the oil crisis of 1973.

Over that time, the challenges we face have changed. 

But I think the principle underpinning the IEA’s work – that countries need to collaborate to secure the uninterrupted supply of energy at an affordable price – remains the same. 

And in the years since Russia’s invasion of Ukraine we’ve been reminded in the UK, and indeed across Europe and the world of a simple truth: 

That as long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed. 

It is for this reason that energy security is also at the heart of economic security – because it is central to living standards, job creation and economic growth. 

And we hope this summit marks an important moment for countries to come together and discuss what the shifting global landscape means for how we deliver energy security in this era.

Second, the act of bringing together, which is an initiative that I’ve taken alongside Fatih and the IEA, I think stems from an underlying belief that can unite us all, which is there is huge benefit for us from cooperating on the basis of our shared interests. 

I think it’s really important to say every country faces its own energy security challenges and its own constraints. 

And each country will pursue its own pathway, following its national interest in securing its energy supplies. 

Different pathways – and I think this is a really important point for this conference – different pathways for different nations should be respected.  

And we will all get a chance to reflect on our different national circumstances in our discussions over the coming days. 

But here is the key thing: whatever our national pathways, I do believe that we share a fundamental belief that shared challenges invite shared solutions. 

Multilateral co-operation can make us stronger not weaker – in our own individual national interest. 

Third point – hopefully this is also a uniting idea – I believe that we gathered here are the optimists about what we can achieve for our society. Business, government, civil society – I believe we are, in this energy sector, the optimists.

Abundant energy can raise living standards, economic growth and deliver for today’s and future generations of citizens.

For the UK, just to talk about us for a moment, there is an exciting vision of energy security and abundance from cheap, homegrown, low carbon power. 

Following Russia’s invasion of Ukraine, we saw family finances, business finances and public finances wrecked as fossil fuel prices rocketed on the global markets, and therefore here in Britain. 

Now oil and gas, including from our North Sea, will continue to play an important role in our energy system, and we really value our industry and the jobs it supports. But as with many countries, we are a price taker not a price maker in international fossil fuel markets.  

So our vision of low carbon power goes well beyond the climate imperative — important as that is. Homegrown low carbon power is our nationally chosen route to energy security. 

Solar power, wind power, tidal, geothermal, nuclear power – also an essential part of the low carbon opportunity. 

These are often unlimited, low-cost power supplies which we can exploit for the benefit of our citizens. 

So to be clear about this, ours is a hard-headed approach to the role of low carbon power as the route to energy security. 

And I believe this isn’t just true for the UK – alongside a continuing important role for oil and gas, low carbon energy can play a critical role in delivering energy security for many countries around the world. 

And it presents a solution to the issue of energy security that simply wasn’t true in the same way as a decade and a half ago – and this again is important – and that’s because of what many countries in this room, working with business, public and private sector together, have achieved. 

The cost of solar globally has fallen by 90% since 2010.  

Offshore wind by more than 60%. 

That’s in part why last year, $2 trillion was invested in clean energy with 80% of new electricity generation met by renewables and nuclear. 

Indeed, according to BNEF, for more than two-thirds of the world’s population, new renewables are the cheapest source of bulk power generation. 

In the spirit of multilateralism, the UK is determined to work with others to accelerate this transition, including through our Global Clean Power Alliance, which the Prime Minister launched at the G20 last year. 

Final point, let me finish by saying that at a time when so much of what is happening in the world looks so intractable, I hope we can carry this spirit of optimism into our deliberations. 

And I hope genuinely that everyone here enjoys this event and your time in London.

I want to end with the following message from His Majesty The King that he has asked me to read out to you all because this summit is something that he was very much personally interested in.

And this is the message from King Charles:

As we all navigate the transition to cleaner energy for our planet and energy security for our citizens, summits such as these are of vital importance in facilitating shared learning between nations, particularly those in the global south and across the Commonwealth.

Events over recent years have shown that, when well-managed, the transition to more sustainable energy sources can itself lead to more resilient and secure energy systems.

While each country will follow its individual path, there are many shared challenges and opportunities on which we can work together, as partners.

And he ends by saying:

I wanted to take this opportunity to thank you all for participating in this summit on the future of energy security, and to send my warmest best wishes for productive discussions over the coming days.

Ladies and gentlemen, thank you so much for your attendance, and now it’s my huge privilege to introduce the Executive Director of the IEA, Dr Fatih Birol.

Published 24 April 2025

MIL OSI United Kingdom –

MIL-OSI United Kingdom: Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

Source: United Kingdom – Government Statements

Press release

Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

The Medicines and Healthcare products Regulatory Agency (MHRA) is reminding patients with asthma of the importance of using their preventer (anti-inflammatory) inhaler regularly as prescribed, and to avoid relying on their blue inhaler alone. This is because without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.

This reminder follows updates to product information and the National Institute for Health and Care Excellence (NICE) guidance for short-acting beta 2 agonists (SABAs), including salbutamol and terbutaline, which are used to relieve sudden asthma symptoms such as chest tightness, wheezing, coughing and breathlessness.

Patients are advised to continue using their daily preventer inhaler as prescribed, and to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week.

If asthma symptoms, such as chest tightness, wheezing, coughing or difficulty breathing, worsen or are not relieved by the blue inhaler, patients are advised to seek urgent medical help. Any suspected side effects should be reported to the MHRA via the Yellow Card scheme.

Dr Alison Cave, Chief Safety Officer at the MHRA, said:

“Patient safety is our top priority and we continue to monitor all medicines to ensure their benefits outweigh any risks.

“Patients should use their preventer inhaler as prescribed by their doctor, even if their asthma feels under control. Blue inhalers are important for treating symptoms during an asthma attack, but should not be used as the only treatment to manage asthma.

“We advise patients to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week. Preventer inhalers should be taken as prescribed, even when symptoms appear under control.

“If asthma symptoms worsen or are not relieved by their blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing, patients should seek urgent medical help. Any suspected side effects should be reported through our Yellow Card scheme.”

Advice for asthma patients:

Use your preventer inhaler as prescribed, even if your asthma feels under control and the blue inhaler is rarely or never needed. Without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.
If you have been prescribed a blue inhaler to use during asthma attacks, you should also be prescribed a separate preventer inhaler for daily use.
Follow your asthma action plan, or speak to your healthcare professional, if you need your blue inhaler more than twice a week – this may indicate your asthma is not well controlled.
If your blue inhaler does not have a dose counter, manually track the doses used and ensure you always have access to a spare blue inhaler before your current inhaler runs out or expires.
Seek urgent medical help if your symptoms are not relieved by your blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing.
Your healthcare professional can provide advice on recommended alternative or additional treatments (to the blue inhaler) for people over 12 years of age with poorly controlled asthma.

Notes to editors:

The MHRA has issued a Drug Safety Update for healthcare professionals to remind of the risk from overusing blue inhalers which includes a full summary of the evidence and asthma prescribing guideline changes.
NICE published updated national asthma guidance (NG245) in November 2024, which no longer recommends prescribing short-acting beta 2 agonists (SABA) alone for any age group. NICE now recommends that the majority of patients should be treated using combination inhalers containing both preventer (anti-inflammatory) and reliever medicines as Anti-inflammatory Reliever (AIR) or Maintenance and Reliever Therapy (MART).
The MHRA updated UK product information for SABAs in 2024 to strengthen warnings on the risk of asthma deterioration due to SABA overuse. These changes are reflected in the updated Summaries of Product Characteristics (SmPC) for salbutamol and terbutaline.
A December 2024 report from the UK National Child Mortality Database (NCMD) found that: 87% (47 out of 54) of children who died from asthma had 3 or more SABA inhalers dispensed in the previous year. There is a known association across all asthma severities between having 3 or more SABA prescriptions in 1 year and experiencing severe asthma exacerbations.
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
The Yellow Card scheme is the MHRA’s system of monitoring the safety of medicines in the UK and it acts as an early warning system to identify new, and strengthen existing, safety information about medicines. Yellow Cards are used alongside other scientific safety information to help the MHRA take action, if necessary, to make changes to the warnings given to people taking a medicine or review the way the medicine is used to maximise benefit and minimise the risk to the patient.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

Published 24 April 2025

MIL OSI United Kingdom –

MIL-OSI Russia: Polytechnic University has become a platform for the implementation of the “Vice-Rector” project of the Ministry of Education and Science of Russia

Translation. Region: Russian Federal

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

The Ministry of Science and Higher Education of the Russian Federation, together with Peter the Great St. Petersburg Polytechnic University, launched a new information and educational website video project “Vice-Rector”, which is being implemented in the SPbPU television studio. Its presentation took place on April 23 at the forum-exhibition “GOSZAKAZ” at the stand of the Ministry of Education and Science of Russia. The event was attended by vice-rectors of leading universities and representatives of student media. The broadcast took place on the information resources of the educational department.

The discussion was moderated by the Head of the SPbPU Public Relations Department Marianna Dyakova. The experts were Maxim Pasholikov, Vice-Rector for Youth Policy and Communication Technologies at SPbPU, Anna Gureeva, First Vice-Rector of the Pushkin State Institute of the Russian Language, Mikhail Filonov, Vice-Rector for Science and Innovation at the MISIS University of Science and Technology, and Ruslan Baryshev, Vice-Rector for Research at the Siberian Federal University. The participants discussed the relevance of the project, the most important topics, challenges for the higher education system, and other issues. The presentation sparked a lively discussion and received a wide response. Activists from the student media center invited representatives of youth media to join the project.

The “Vice-Rector” project will unite the vice-rector community to talk about the life of the country’s leading universities, exchange best practices and popularize them, and identify and reward the most effective managers in the field of higher education.

“Teams from leading universities play an important role in improving the national model of higher education and achieving technological leadership. The “Vice-Rector” project will tell about how their work is structured from the inside. It is designed to highlight the most outstanding representatives of the vice-rectors’ corps and popularize the best scientific and educational practices,” said Deputy Minister of Education and Science of Russia Konstantin Mogilevsky.

“I am confident that the information and educational project “Vice-Rector” will become an effective platform for discussing the most pressing issues, exchanging practices and successful examples of implementing state policy in the field of science and higher education. Such a dialogue is very important today, when we are moving along the path of forming technological leadership and updating the national education system. The project is all-Russian, its participants will be experts from among the vice-rectors of all universities in our country. I am glad that we are implementing such an initiative together with the Ministry of Science and Higher Education, which, of course, contributes to the actualization of the most necessary topics for focusing. I invite all colleagues to participate in the project,” commented SPbPU Rector Andrey Rudskoy.

As part of the new project, experts from among the vice-rectors of Russian universities will explain innovations and changes in the scientific and educational sphere to a wide audience consisting of employees, teachers, students and applicants. During filming, the speaker can be directly in the SPbPU television studio or connect remotely. Editing and post-production of the project are also carried out at the Polytechnic University.

Each episode will cover different topics such as:

changes in the higher education system; updating the national higher education system; implementation of the technology leadership strategy; implementation of federal programs and projects; youth policy and others.

The premiere of the first issue dedicated to technological leadership has already taken place. Its hero was the Vice-Rector for Digital Transformation of SPbPU Alexey Borovkov.

“The Polytechnic University has a modern television studio and media resources, which allows us to take the initiative and use the available opportunities to popularize and explain new guidelines of state policy in the formation of the domestic system of higher education,” said Marianna Dyakova, Head of the SPbPU Public Relations Department. “It is important that experts from different universities in our country share their understanding of these processes with the general public. At the moment, we have presented a pilot issue on technological leadership. Of course, we will continue to improve our work to bring the project to perfection. In addition, we expect feedback that will help make the necessary changes.”

The project will be released twice a month. They will be available on the official resources of the Russian Ministry of Education and Science and on the websites of participating universities.

To join the “Vice-Rector” project, discuss current issues and share successful cases, you must fill out registration form.

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 –

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

Source: Government of India

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[embedded content]

***

MJPS/SR

(Release ID: 2124042) Visitor Counter : 130

MIL-OSI Asia-Pac: DH supports World Immunisation Week by urging public to get vaccinated on time against serious threats posed by vaccine preventable diseases

Source: Hong Kong Government special administrative region

In support of World Immunisation Week organised by the World Health Organization (WHO) in the last week of April every year, the Centre for Health Protection (CHP) of the Department of Health (DH) today (April 24) reminded the public that timely vaccinations can safeguard individual and community health from serious threats posed by vaccine-preventable diseases.

“Immunisation is a safe and effective public health measure. Over the past 50 years, vaccines are effective against diseases that have saved more than 150 million lives worldwide. Hong Kong has long been providing vaccinations for children since the 1950s. Building on the WHO’s Expanded Programme on Immunisation and scientific evidence, the Hong Kong Childhood Immunisation Programme has been making continuous progress in terms of vaccine variety, vaccination schedules and service network coverage. With the support of parents, schools and the healthcare sector, Hong Kong maintains a very high vaccination coverage rate, which not only keeps most of the vaccine-preventable diseases under control, but also contributed to the eradication of smallpox and poliomyelitis in Hong Kong in 1980 and 2000 respectively, followed by successful elimination of measles and rubella (German measles) in Hong Kong in 2016 and 2021 respectively. In addition, the DH has been actively adopting a public-private partnership approach in providing vaccination services through private doctors to help parents and children receive the vaccines to increase the overall vaccination coverage. Taking the seasonal influenza vaccine as an example, the uptake rate of the vaccine for most age groups in the current season has increased as compared with the previous one,” the Controller of the CHP of the DH, Dr Edwin Tsui said.

The Scientific Committee on Vaccine Preventable Diseases (SCVPD) under the CHP makes recommendations on vaccines for different groups (e.g. children, pregnant women, the elderly etc) based on local epidemiology and the latest scientific evidence from a public health perspective. With reference to the recommendations of the SCVPD, the Government provides different types of vaccines and boosters for children from birth to Primary Six to protect them from 12 communicable diseases, as well as other vaccination services such as seasonal influenza vaccine, pneumococcal vaccine, and the COVID-19 vaccines for people in high-risk groups to boost their immunity and reduce the risk of infection or severe complications.

“Due to a drop in vaccination coverage during the COVID-19 pandemic, there has been a recent resurgence of outbreaks of vaccine-preventable diseases outside Hong Kong. For example, measles cases in Europe, the United States and neighboring countries, such as Japan, Vietnam and Cambodia, are on the rise, where children who have not yet completed their vaccinations or have unknown vaccination status were mainly affected. For pertussis, the number of cases reported in Japan, the United States and New Zealand this year are also higher than that of the same period in previous years, with most of the affected cases being infants and adolescents, underscoring the importance of timely vaccinations for maintaining a high vaccination rate and herd immunity,” Dr Tsui said.

He reminded the public to make sure that they have completed their required immunisation if they plan to visit places with outbreaks or high incidences of vaccine-preventable diseases. Anyone who has not completed immunisation or with an unknown vaccination history should consult his/her family doctor at least two weeks before travelling.

The incubation period of measles is seven to 21 days. Symptoms include fever, skin rash, cough, runny nose and red eyes. While for pertussis, the infected person may initially be sneezing and have a runny nose, a low-grade fever and a mild cough. The cough gradually becomes more severe and may even lead to seizures and coma in severe cases. If such symptoms appear after returning from places where measles and pertussis are endemic, people should wear surgical masks, stay home from work or school, avoid crowded places and seek medical advice as soon as possible.

For more information on the World Immunisation Week 2025, please visit the CHP website.

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

Source: Government of India

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

The rural economy has gained new momentum in the last decade: PM

The past decade has been the decade of India’s infrastructure: PM

Makhana is a superfood for the country and the world today, but in Mithila it is a part of the culture,source for prosperity here: PM

The willpower of 140 crore Indians will now break the back of the perpetrators of terror: PM

Terrorism will not go unpunished, Every effort will be made to ensure that justice is done, The entire nation is firm in this resolve: PM

Posted On: 24 APR 2025 2:11PM by PIB Delhi

The Prime Minister Shri Narendra Modi inaugurated, laid the foundation stone and dedicated to the nation multiple development projects worth over Rs 13,480 crore in Madhubani, Bihar today on the occasion of National Panchayati Raj Day. The Prime Minister appealed to everyone at the event to observe silence and pray for the departed souls in the Pahalgam attacks on 22 April 2025. Addressing the gathering on the occasion, he said that on the occasion of Panchayati Raj Day, the entire nation is connected with Mithila and Bihar. He remarked that projects worth thousands of crores of rupees, aimed at Bihar’s development, have been inaugurated and foundations laid for, emphasising that these initiatives in electricity, railways, and infrastructure will create new employment opportunities in Bihar. He paid tributes to the great poet and national icon, Ramdhari Singh Dinkar Ji, on his death anniversary.

Remarking that Bihar is the land where Mahatma Gandhi expanded the mantra of Satyagraha, Shri Modi highlighted Mahatma Gandhi’s firm belief that India’s rapid development is only possible when its villages are strong. He emphasized that the concept of Panchayati Raj was rooted in this sentiment. “Over the past decade, continuous steps have been taken to empower Panchayats. Technology has played a significant role in strengthening Panchayats, with over 2 lakh Gram Panchayats connected to the internet in the last decade”, he added. Shri Modi pointed out that more than 5.5 lakh Common Service Centers have been established in villages, underlining that the digitalization of Panchayats has brought additional benefits, such as easy access to documents like birth and death certificates, and landholding certificates. He remarked that while the nation received a new Parliament building after decades of independence, 30,000 new Panchayat Bhawans have also been constructed across the country. He also highlighted that ensuring adequate funds for Panchayats has been a priority for the government. “Over the past decade, Panchayats have received more than ₹2 lakh crore, all of which has been utilized for the development of villages”, he said.

Highlighting that one of the major issues faced by Gram Panchayats has been related to land disputes, the Prime Minister mentioned the frequent disagreements over which land is residential, agricultural, Panchayat-owned, or government-owned. He emphasized that to address this issue, the digitization of land records is being undertaken, which has helped resolve unnecessary disputes effectively.

Shri Modi underscored that Panchayats have strengthened social participation, remarking that Bihar was the first state in the country to provide 50% reservation for women in Panchayats. He emphasized that today, a significant number of women from economically weaker sections, Dalits, Mahadalits, backward, and extremely backward communities are serving as public representatives in Bihar, describing it as true social justice and genuine social participation. He underlined that democracy thrives and becomes stronger with greater participation. Reflecting this vision, Shri Modi noted that a law providing 33% reservation for women in the Lok Sabha and State Assemblies has also been enacted. He remarked that this will benefit women across all states, giving our sisters and daughters greater representation.

Emphasising that the government is working in mission mode to increase women’s income and create new opportunities for employment and self-employment, Shri Modi highlighted the transformative impact of the ‘Jeevika Didi’ program in Bihar, which has changed the lives of many women. He remarked that today, self-help groups of women in Bihar have been provided financial assistance of approximately ₹1,000 crore, noting that this will further strengthen the economic empowerment of women and contribute to the goal of creating 3 crore Lakhpati Didis across the country. He highlighted that the rural economy has gained new momentum over the past decade. He pointed out that villages have seen the construction of houses for the poor, roads, gas connections, water connections, and toilets, bringing lakhs of crores of rupees to rural areas. The Prime Minister remarked that new employment opportunities have been created, benefiting laborers, farmers, vehicle operators, and shopkeepers, providing them with new avenues for income. He emphasized that this has particularly benefited communities that have been deprived for generations. He cited the example of the PM Awas Yojana, which aims to ensure that no family in the country remains homeless and that everyone has a permanent roof over their heads. He noted that over the past decade, more than 4 crore permanent houses have been constructed under this scheme. He highlighted that in Bihar alone, 57 lakh poor families have received permanent houses. He remarked that these houses have been provided to families from economically weaker sections, Dalits, and backward and extremely backward communities like Pasmanda families. Shri Modi announced that in the coming years, 3 crore more permanent houses will be provided to the poor. He noted that today, approximately 1.5 lakh families in Bihar are moving into their new permanent homes. He said that across the country, 15 lakh poor families have been issued approval letters for the construction of new houses, including 3.5 lakh beneficiaries from Bihar. He highlighted that today, financial assistance has been sent to approximately 10 lakh poor families for their permanent houses, including 80,000 rural families and 1 lakh urban families from Bihar.

“The past decade has been a decade of infrastructure development for India”, said the Prime Minister, highlighting that this modern infrastructure is strengthening the foundation of a developed India. He noted that for the first time, over 12 crore rural families have received tap water connections in their homes, underlining that more than 2.5 crore households have been electrified, and those who never imagined cooking on gas stoves have now received gas cylinders. “Even in challenging regions like Ladakh and Siachen, where providing basic facilities is difficult, 4G and 5G mobile connections have now been established, reflecting the nation’s current priorities”, he pointed out. The Prime Minister highlighted advancements in healthcare, noting that institutions like AIIMS were once limited to major cities like Delhi. He announced that AIIMS is now being established in Darbhanga, and the number of medical colleges in the country has nearly doubled in the past decade and mentioned the construction of a new medical college in Jhanjharpur. He emphasized that to ensure quality healthcare in villages, over 1.5 lakh Ayushman Arogya Mandirs have been established across the country, including more than 10,000 in Bihar. He remarked that Jan Aushadhi Kendras have become a significant relief for the poor and middle class, offering medicines at an 80% discount. He noted that Bihar now has over 800 Jan Aushadhi Kendras, saving its people ₹2,000 crore in medical expenses. The Prime Minister highlighted that under the Ayushman Bharat scheme, lakhs of families in Bihar have received free treatment, resulting in savings of thousands of crores of rupees for these families.

“India is rapidly advancing its connectivity through infrastructure like railways, roads, and airports”, highlighted Shri Modi, noting that metro projects are underway in Patna, and over two dozen cities across the country are now connected with metro facilities. He announced the launch of the ‘Namo Bharat Rapid Rail’ service between Patna and Jaynagar, which will significantly reduce travel time between the two locations, and emphasized that this development will benefit lakhs of people from Samastipur, Darbhanga, Madhubani, and Begusarai.

The Prime Minister also mentioned the inauguration and launch of multiple new railway lines in Bihar, highlighting the commencement of the modern Amrit Bharat train service between Saharsa and Mumbai, which will greatly benefit the labor families. He remarked that the government is modernizing several railway stations in Bihar, including Madhubani and Jhanjharpur. He emphasized that air connectivity in Mithila and Bihar has improved significantly with Darbhanga Airport, and the expansion of Patna Airport is underway. “These development projects are creating new employment opportunities in Bihar”, he added.

“Farmers are the backbone of the rural economy, the stronger this backbone, the stronger the villages, and consequently, the nation”, said Shri Modi. He highlighted the persistent challenges of floods in the Mithila and Kosi regions, noting that the government is set to invest ₹11,000 crore to mitigate the impact of floods in Bihar. He said that this investment will facilitate the construction of dams on rivers such as Bagmati, Dhar, Budhi Gandak, and Kosi, adding that canals will be developed, ensuring irrigation arrangements through river water. “This initiative will not only reduce flood-related issues but will also ensure adequate water supply reaches every farmer’s field”, he added.

“Makhana, a cultural staple of Mithila, has now gained global recognition as a superfood”, highlighted Shri Modi, mentioning that makhana has been granted a GI tag, officially certifying it as a product of this region. He added that the Makhana Research Centre has been accorded national status. He also highlighted the Budget announcement of the Makhana Board, which is expected to transform the fortunes of makhana farmers, emphasising that Bihar’s makhana will now reach international markets as a superfood. He noted that the National Institute of Food Technology and Management is being established in Bihar, which will support the youth in setting up small enterprises related to food processing. He further emphasized that Bihar is making consistent progress in fisheries along with agriculture, highlighting that fishermen now have access to the benefits of the Kisan Credit Card, providing advantages to numerous families involved in fisheries. He remarked that under the PM Matsya Sampada Yojana, projects worth hundreds of crores have been executed in Bihar.

Expressing deep sorrow over the brutal killing of innocent civilians by terrorists in Pahalgam, Jammu and Kashmir, on April 22, Shri Modi remarked that the entire nation is distressed and stands in solidarity with the grieving families. He assured that every effort is being made by the government to ensure the speedy recovery of those undergoing treatment. He highlighted the profound loss suffered by families, where some lost their sons, brothers, or life partners, noting that the victims came from diverse linguistic and regional backgrounds—some spoke Bengali, Kannada, Marathi, Odia, Gujarati, and some were from Bihar. Underlining that from Kargil to Kanyakumari, the grief and outrage over this attack are shared equally across the nation, Shri Modi remarked that this attack was not just on unarmed tourists but was a brazen assault on the soul of India. “The terrorists responsible for this attack, along with those who conspired it, will face punishment beyond their imagination”, he declared in unequivocal terms, asserting that the time has come to eliminate the remaining strongholds of terrorism. “The willpower of 140 crore Indians will now break the backbone of the perpetrators of terror”, he stressed.

The Prime Minister declared from the soil of Bihar that India will identify, track, and punish every terrorist, their handlers, and their backers, emphasising that India will pursue them to the ends of the earth. “India’s spirit will never be broken by terrorism and terrorism will not go unpunished. Every effort will be made to ensure justice is served and the entire nation is firm in this resolve against terrorism”, he stressed. He further stated that everyone who believes in humanity stands with India during these times. He expressed his gratitude to the people and leaders of various countries who have supported India in these moments.

“Peace and security are the most critical prerequisites for rapid development”, said Shri Modi, remarking that a developed Bihar is essential for a developed India. He concluded by highlighting that efforts are being made to ensure development in Bihar and to extend the benefits of progress to every section and every region of the state. He expressed gratitude to everyone for joining the program on the occasion of Panchayati Raj Day.

The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Rajiv Ranjan Singh, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Chirag Paswan, Shri Nityanand Rai, Shri Ram Nath Thakur, Dr. Raj Bhushan Choudhary were present among other dignitaries at the event.

Background

Prime Minister participated in the National Panchayati Raj Day programme in Madhubani, Bihar. He also presented National Panchayat Awards, recognizing and incentivizing best-performing Panchayats on the occasion.

Prime Minister laid the foundation stone of an LPG bottling plant with rail unloading facility at Hathua in Gopalganj District of Bihar worth around Rs 340 crore. This will help in streamlining the supply chain and improving efficiency of bulk LPG transportation.

Boosting power infrastructure in the region, Prime Minister laid the foundation stone for projects worth over Rs 1,170 crore and also inaugurated multiple projects worth over Rs 5,030 crore in the power sector in Bihar under the Revamped Distribution Sector Scheme.

In line with his commitment to boost rail connectivity across the nation, Prime Minister flagged off Amrit Bharat express between Saharsa and Mumbai, Namo Bharat Rapid rail between Jaynagar and Patna and trains between Pipra and Saharsa and Saharsa and Samastipur. He also inaugurated the Supaul Pipra rail line, Hasanpur Bithan Rail line and two 2-lane Rail over bridges at Chapra and Bagaha. He dedicated to the nation the Khagaria-Alauli Rail line. These projects will improve connectivity and lead to overall socio-economic development of the region.

Prime Minister distributed benefits of around Rs 930 crore under Community Investment Fund to over 2 lakh SHGs from Bihar under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY- NRLM).

Prime Minister handed over sanction letters to 15 lakh new beneficiaries of PMAY-Gramin and released instalments to 10 lakh PMAY-G beneficiaries from across the country. He also handed over keys to some beneficiaries marking the Grih Pravesh of 1 lakh PMAY-G and 54,000 PMAY-U houses in Bihar.

बीते दशक में पंचायतों को सशक्त करने के लिए एक के बाद एक कदम उठाए गए हैं: PM @narendramodi pic.twitter.com/9QDhHcQCxw

— PMO India (@PMOIndia) April 24, 2025

मखाना, आज देश और दुनिया के लिए सुपरफूड है, लेकिन मिथिला की तो ये संस्कृति का हिस्सा है।

इसी संस्कृति को ही हम यहां की समृद्धि का भी सूत्र बना रहे हैं: PM @narendramodi pic.twitter.com/LeAiQKv5km

— PMO India (@PMOIndia) April 24, 2025

140 करोड़ भारतीयों की इच्छाशक्ति अब आतंक के आकाओं की कमर तोड़कर रहेगी: PM pic.twitter.com/kKlxlazkAU

— PMO India (@PMOIndia) April 24, 2025

Terrorism will not go unpunished.

Every effort will be made to ensure that justice is done.

The entire nation is firm in this resolve: PM pic.twitter.com/ojdN6fcEpD

— PMO India (@PMOIndia) April 24, 2025

[embedded content]

***

MJPS/SR

(Release ID: 2124029) Visitor Counter : 85

MIL-OSI Asia-Pac: Auction of vehicle registration marks to be held on May 10

Source: Hong Kong Government special administrative region

The Transport Department (TD) today (April 24) announced that the auction of vehicle registration marks will be held on May 10 (Saturday) at Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.

“A total of 200 traditional vehicle registration marks (TVRMs) will be put up for public auction in the morning session, and 120 personalised vehicle registration marks (PVRMs) will be put up for auction in the afternoon session. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html(i) the identity document of the successful bidder;
(ii) the identity document of the purchaser if it is different from the successful bidder;
(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
(iv) a crossed cheque payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. Any bidder who wishes to bid for both TVRMs and PVRMs on the same day, should bring along at least two crossed cheques for payment of auction prices (for an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed). Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card. Payment by post-dated cheque, cash, credit card or other methods will not be accepted.

MIL-OSI Asia-Pac: “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Source: Government of India

Ministry of Communications

“Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Posted On: 24 APR 2025 3:46PM by PIB Delhi

TRAI today has released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending 31^st December, 2024. This Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering 1^st October, 2024 to 31^st December, 2024 compiled mainly on the basis of information furnished by the Service Providers.

Executive Summary of the Report is enclosed. The complete Report is available on TRAI’s website (www.trai.gov.in and under the link http://www. trai.gov.in/release-publication/reports/performance-indicators-reports). Any suggestion or any clarification pertaining to this report, Shri Vijay Kumar, Advisor (F&EA), TRAI may be contacted on Tel. +91-20907773 and e-mail: advfea1@trai.gov.in.

The Indian Telecom Services Performance Indicators

October–December, 2024

Executive Summary

Total number of Internet subscribers decreased from 971.50 million at the end of Sep-24 to 970.16 million at the end of Dec-24, registering a quarterly rate of decline 0.14%. Out of 970.16 million internet subscribers, number of Wired Internet subscribers are 41.21 million and number of Wireless Internet subscribers are 928.96 million.

Composition of internet subscription

The Internet subscriber base is comprised of Broadband Internet subscriber base of 944.96 million and Narrowband Internet subscriber base of 25.20 million.
The broadband Internet subscriber base increased by 0.06% from 944.39 million at the end of Sep-24 to 944.96 million at the end of Dec-24. The narrowband Internet subscriber base decreased from 27.11 million at the end of Sep-24 to 25.20 million at the end of Dec-24.

Wireline subscribers increased from 36.93 million at the end of Sep-24 to 39.27 million at the end of Dec-24 with a quarterly rate of growth 6.32% and, on Y-O-Y basis, wireline subscriptions also increased by 23.32% at the end of QE Dec-24.
Wireline Tele-density increased from 2.63% at the end of Sep-24 to 2.79% at the end of Dec-24 with quarterly rate of growth 6.09%.
Monthly Average Revenue per User (ARPU) for wireless service increased by 5.34%, from Rs.172.57 in QE Sep-24 to Rs.181.80 in QE Dec-24. On Y-O-Y basis, monthly ARPU for wireless service increased by 19.17% in this quarter.

The ARPU per month for the pre-paid segment is Rs.180.91 and for the post-paid segment is Rs.191.51 in Q.E. Dec-2024.
On an all-India average, the overall MOU per month Increased by 3.62% from 974 in Q.E. Sep 2024 to 1009 in Q.E. Dec 2024.

Prepaid MOU per subscriber is 1053 and Postpaid MOU per subscriber per month is 526 in QE Dec-24.

Gross Revenue (GR), Applicable Gross Revenue (ApGR) and Adjusted Gross Revenue (AGR) of Telecom Service Sector for the Q.E. Dec-24 has been Rs.96,390 Crore, Rs.92,342 crore and Rs.77,934 Crore respectively. GR increased by 5.43%, ApGR increased by 4.65% and AGR increased by 3.48% in Q.E. Dec-24, as compared to previous quarter.

The Y-O-Y rate of growth in GR, ApGR and AGR in Q.E. Dec-24 over the same quarter in last year has been 14.07%, 13.86% and 14.89% respectively.

Pass Through Charges increased from Rs.12,926 Crore in QE Sep-24 to Rs.14,410 Crore in QE Dec-24 with quarterly rate of growth by 11.48%. The Y-O-Y rate of growth 7.12% has been recorded in pass-through charges for QE Dec-24.
The License Fee increased from Rs.6,023 Crore for the QE Sep-24 to Rs.6,234 Crore for the QE Dec-24. The quarterly and the Y-O-Y rates of growth in license fees are 3.50% and 14.75% respectively in this quarter.

Service-wise composition of Adjusted Gross Revenue

Access services contributed 84.35% of the total Adjusted Gross Revenue of telecom services. In Access services, Gross Revenue (GR), Applicable Gross Revenue (ApGR), Adjusted Gross Revenue (AGR), License Fee, Spectrum Usage Charges (SUC) and Pass Through Charges increased by 4.87%, 4.52%, 4.30%, 4.28%, 4.62% and 5.96% respectively in QE Dec-24.
The number of telephone subscribers in India decreased from 1,190.66 million at the end of Sep-24 to 1,189.92 million at the end of Dec-24, registering a rate of decline 0.06% over the previous quarter. This reflects Year-On-Year (Y-O-Y) rate of decline 0.03% over the same quarter of the last year. The overall Tele-density in India decreased from 84.69% as in QE Sep-24 to 84.45% as in QE Dec-24.

Trends in Telephone subscribers and Tele-density in India

Telephone subscribers in Urban areas increased from 662.15 million at the end of Sep-24 to 662.72 million at the end of Dec-24 however Urban Tele-density decreased from 131.86% to 131.37% during the same period.
Rural telephone subscribers decreased from 528.51 million at the end of Sep-24 to 527.20 million at the end of Dec-24 and Rural Tele-density also decreased from 58.48% to 58.29% during the same period.

Out of the total subscription, the share of Rural subscription decreased from 44.39% at the end of Sep-24 to 44.31% at the end of Dec-24.

Composition of Telephone Subscribers

With a net loss of 3.07 million subscribers during the quarter, the total wireless subscriber base decreased from 1153.72 million at the end of Sep-24 to 1150.66 million at the end of Dec-24, registering a rate of decline 0.27% over the previous quarter. On Y-O-Y basis, wireless subscriptions decreased at the rate of 0.68% during the year.
Wireless Tele-density decreased from 82.07% at the end of Sep-24 to 81.67% at the end of Dec-24 with quarterly rate of decline of 0.49%.

During this quarter, the following parameters in terms of QoS benchmarks have been fully complied by wireline service providers: –

1. Point of Interconnection (POI) Congestion (90th percentile value) ≤ 0.5%
During this quarter, list of QoS parameters which are fully complied by all the Access Service (Wireless) providers in all the LSAs: –

S.No.	Parameter	Benchmark
1	Percentage of significant network outage (services not available in a district for more than 4 hours) reported to the Authority within 24 hrs of start of the outage	100%
2	Point of Interconnection (POI) Congestion (90th percentile value)	≤ 0.5%
3	Latency (in 4G and 5G network)	≤ 75 msec
4	Packet Drop Rate (in 4G and 5G network)	≤ 3%
5	Billing and charging complaints	≤ 0.1%
6	Application of adjustment to customer’s account within one week from the date of resolution of billing and charging complaints or rectification of faults or rectification of significant network outage, as applicable	100%
7	Accessibility of call centre/ customer care	≥ 95%
8	Termination/ closure of service within seven working days of receipt of customer’s request	100%
9	Refund of deposits within 45 days of closure of service or non-provisioning of service	100%

A total of approximately 914 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking & downlinking.
As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3^rd March 2017, as amended, out of 904 permitted satellite TV channels which are available for downlinking in India, there are 362 satellite pay TV channels as on 31^st December, 2024. Out of 362 pay channels, 258 are SD satellite pay TV channels and 104 are HD satellite pay TV channels.
During the QE 31^st December 2024, there were 4 pay DTH service providers in the country.

Pay DTH has attained total active subscriber base of around 58.22 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has decreased from 59.91 million in September 2024 to 58.22 million in December 2024.
Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31^st December 2024, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators.

The advertisement revenue reported by FM Radio operators during the quarter ending 31^st December 2024 in respect of 388 private FM Radio channels is Rs.500.11 crore as against Rs.423.52 crore in respect of 388 private FM Radio channels for the previous quarter.

As on 31^st December, 2024, 529 Community Radio stations are operational.

SNAPSHOT

(Data as on Q.E. 31^st December, 2024)
Telecom Subscribers (Wireless+Wireline)
Total Subscribers	1189.92 Million
% change over the previous quarter	-0.06%
Urban Subscribers	662.72 Million
Rural Subscribers	527.20 Million
Market share of Private Operators	91.45%
Market share of PSU Operators	8.55%
Tele-density	84.45%
Urban Tele-density	131.37%
Rural Tele-density	58.29%
Wireless Subscribers
Total Wireless Subscribers	1,150.66 Million
% change over the previous quarter	-0.27%
Urban Subscribers	626.43 Million
Rural Subscribers	524.23 Million
Market share of Private Operators	91.92%
Market share of PSU Operators	8.08%
Tele-density	81.67%
Urban Tele-density	124.18%
Rural Tele-density	57.96%
Total Wireless Data Usage during the quarter	56,975 PB
Number of Public Mobile Radio Trunk Services (PMRTS)	65,996
Number of Very Small Aperture Terminals (VSAT)	2,52,612
Wireline Subscribers
Total Wireline Subscribers	39.27 Million
% change over the previous quarter	6.32%
Urban Subscribers	36.29 Million
Rural Subscribers	2.98 Million
Market share of PSU Operators	22.23%
Market share of Private Operators	77.77%
Tele-density	2.79%
Rural Tele-density	0.33%
Urban Tele-density	7.19%
No. of Village Public Telephones (VPT)	68,606
No. of Public Call Office (PCO)	13,442

Telecom Financial Data
Gross Revenue (GR) during the quarter	Rs. 96,390/- crore
% change in GR over the previous quarter	5.43%
Applicable Gross Revenue (ApGR) during quarter	Rs. 92,342/- crore
% change in ApGR over the previous quarter	4.65%
Adjusted Gross Revenue (AGR) during the quarter	Rs.77,934/- crore
% change in AGR over the previous quarter	3.48%
Share of Public sector undertakings in Access AGR	3.72%
Internet/Broadband Subscribers
Total Internet Subscribers	970.16 Million
% change over previous quarter	-0.14%
Narrowband subscribers	25.20 Million
Broadband subscribers	944.96 Million
Wired Internet Subscribers	41.21 Million
Wireless Internet Subscribers	928.96 Million
Urban Internet Subscribers	563.19 Million
Rural Internet Subscribers	406.97 Million M
Total Internet Subscribers per 100 population	68.86
Urban Internet Subscribers per 100 population	111.64
Rural Internet Subscribers per 100 population	44.99
Total Outgoing Minutes of Usage for Internet Telephony	87.53 Million
No. of Public Wi-Fi Hotspots	46,878
Aggregate Data Consumed (TB) for Wi-Fi Hotspots	15,714
Broadcasting & Cable Services
Number of private satellite TV channels permitted by the Ministry of I&B for uplinking only/downlinking only/both uplinking and downlinking	914
Number of Pay TV Channels as reported by broadcasters	362
Number of private FM Radio Stations (excluding All India Radio)	388
Number of total active subscribers with pay DTH operators	58.22 Million
Number of Operational Community Radio Stations	529
Number of pay DTH Operators	4
Revenue & Usage Parameters
Monthly ARPU of Wireless Service	Rs.181.80
Minutes of Usage (MOU) per subscriber per month – Wireless Service	1009
Wireless Data Usage
Average Wireless Data Usage per wireless data subscriber per month	21.52 GB
Average revenue realization per GB for wireless data usage during the quarter	Rs.9.34

****************

Samrat

(Release ID: 2124056)

MIL-OSI Asia-Pac: India’s Underground Coal Mining Gets a Major Boost with New Incentives by Ministry of Coal

Source: Government of India

Posted On: 24 APR 2025 11:05AM by PIB Delhi

In a decisive step towards revitalizing India’s coal sector, the Ministry of Coal has introduced a series of transformative policy measures aimed at promoting underground coal mining. These bold reforms address the traditional challenges of high capital investment and longer gestation periods, reaffirming the Government’s resolve to modernize the coal ecosystem while aligning with the broader vision of sustainable development.

To accelerate the growth/ Operationalization of underground coal mining, the Ministry of Coal has introduced a robust package of incentives:

1. Reduction in Floor Revenue Share: The floor percentage of revenue share for underground coal mines has been reduced from 4% to 2%. This targeted reduction offers substantial fiscal relief and enhances the financial viability of underground projects.

2. Waiver of Upfront Payment: The mandatory upfront payment requirement for underground mining ventures has been completely waived off. This measure removes a significant financial barrier, encouraging broader participation from the private sector and facilitating faster project implementation.

These incentives are further complemented by an existing 50% rebate on performance security for underground coal blocks, collectively lowering the entry threshold and facilitating smoother project implementation.

The Ministry’s reform-oriented approach underscores its commitment to fostering a future-ready, investment-friendly, and innovation-driven coal sector. By incentivizing underground mining, the Government is not only catalyzing economic growth but also driving the industry toward greater efficiency, safety, and employment generation.

Underground coal mining is inherently more environment-friendly, as it causes significantly less surface disruption compared to opencast operations. These policy measures are expected to encourage the adoption of advanced technologies—such as continuous miners, longwall systems, remote sensing tools, and AI-based safety mechanisms—which will boost productivity while ensuring ecological balance.

These forward-leaning reforms mark a strategic shift toward cleaner and more sustainable coal extraction practices. They are poised to unlock the vast untapped potential of underground mining in India, fostering innovation, reducing carbon emissions, and contributing meaningfully to the nation’s energy security and Atmanirbhar Bharat objectives.

With this visionary roadmap, the Ministry of Coal is not only reshaping the future of coal mining but also reaffirming its role as a catalyst in India’s journey toward self-reliant and environmentally responsible industrial growth.

****

Shuhaib T

(Release ID: 2123992) Visitor Counter : 134

MIL-OSI Asia-Pac: AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

Source: Government of India

AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

It is estimated that Swap Kidney Transplants can increase the number of transplants by up to 15%

AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation; it is also the first in the state to start Deceased donor Paediatric Kidney Transplantation

Till date, AIIMS Raipur has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care

Posted On: 24 APR 2025 9:39AM by PIB Delhi

Under the guidance of the Ministry of Health & Family Welfare, AIIMS Raipur successfully performed its first Swap Kidney Transplant, also known as a Kidney Paired Transplant (KPT). With this achievement, AIIMS Raipur becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure. This significant milestone underscores the institute’s commitment to advancing healthcare and providing innovative treatment solutions for patients suffering from end-stage kidney disease.

It is estimated that Swap Kidney Transplant lead to a 15% increase in the number of transplants. Recognizing its potential, the National Organisation and Tissue Transplant Organisation (NOTTO) has recommended for the implementation of Swap donor transplantation to all the states and Union Territories as this option could increase the number of donors. NOTTO has also decided to have a ‘uniform one nation one swap transplant programme’ to facilitate these transplants more effectively across the country.

In a Swap Transplant, a patient with renal failure who has a willing living donor—but is unable to receive the kidney due to an incompatible blood group or the presence of HLA antibodies—can still undergo a transplant by exchanging donors with another incompatible pair. Through this arrangement, both recipients receive compatible kidneys, resulting in successful transplants for both pairs.

In the landmark case at AIIMS Raipur, two male ESRD patients, aged 39 and 41 from Bilaspur, had been on dialysis for three years. Both were advised to undergo kidney transplantation. Their respective wives came forward as living donors. However, due to blood group incompatibility – one pair having B+ and O+, and the other O+ and B+ – direct donation was not possible. To overcome this challenge, the transplant team at AIIMS Raipur coordinated a successful swap transplant. Each donor gave her kidney to the other recipient, ensuring blood group compatibility and enabling both patients to receive life-saving organs. The surgery was conducted on 15th March 2025, and all four individuals – both donors and recipients – are currently recovering well under close observation in the Transplant ICU. This milestone reflects AIIMS Raipur’s growing capabilities in advanced medical care and its commitment to providing innovative solutions for patients battling chronic kidney disease.

The Swap Transplant team consisted of Dr Vinay Rathore (Transplant Physician); Dr Amit R Sharma, Dr Deepak Biswal and Dr Satyadeo Sharma (Transplant Surgeons); Dr Subrat Singha, Dr Mayank, Dr Jitendra and Dr Sarita Ramchandani (Anaethesiologists) and other Transplant Co-ordinator team members and OT and Transplant Nursing staff.

AIIMS Raipur has played a pivotal role in the development of Organ Transplant in Chhattisgarh. The institute has successfully developed a renal transplant program, encompassing both living and deceased donor transplants. Six deceased donors have donated their organs in last two years.

AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation. It is also the first in the state to start Deceased donor Paediatric Kidney Transplantation. To date, the institute has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care.

*****

MV

HFW/AIIMS Raipur – Swap Kidney Transplant/24 April 2025/1

(Release ID: 2123988) Visitor Counter : 71

MIL-OSI: Donegal Group Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MARIETTA, Pa., April 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the first quarter of 2025.

Significant Items for First Quarter of 2025 (all comparisons to first quarter of 2024):

Net premiums earned increased 2.2% to $232.7 million
Combined ratio of 91.6%, compared to 102.4%
Net income of $25.2 million, or $0.71 per diluted Class A share, compared to $6.0 million, or $0.18 per diluted Class A share
Net investment losses (after tax) of $0.4 million, or 1 cent per diluted Class A share, compared to net investment gains (after tax) of $1.7 million, or 5 cents per diluted Class A share, are included in net income
Annualized return on average equity of 17.8%, compared to 4.9%
Book value per share of $16.24 at March 31, 2025, compared to $14.53 at March 31, 2024

Financial Summary

	Three Months Ended March 31,
		2025			2024		% Change
	(dollars in thousands, except per share amounts)

Income Statement Data
Net premiums earned	$	232,702		$	227,749			2.2	%
Investment income, net		11,984			10,972			9.2
Net investment (losses) gains		(471	)		2,113			NM²
Total revenues		245,174			241,141			1.7
Net income		25,205			5,956			323.2
Non-GAAP operating income¹		25,577			4,286			496.8
Annualized return on average equity		17.8	%		4.9	%		12.9 pts

Per Share Data
Net income – Class A (diluted)	$	0.71		$	0.18			294.4	%
Net income – Class B		0.65			0.16			306.3
Non-GAAP operating income – Class A (diluted)		0.72			0.13			453.8
Non-GAAP operating income – Class B		0.66			0.12			450.0
Book value		16.24			14.53			11.8

¹The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
²Not meaningful.

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased that positive momentum, which began to emerge in the second half of 2024, continued into the first quarter of 2025 with our achievement of record earnings for the second straight quarter. We believe this accomplishment reflects the deliberate actions and strong operational discipline of our team in prioritizing sustained profitability while pursuing targeted premium growth.

“Net premiums earned rose by 2.2% to $232.7 million, while net premiums written¹ declined modestly by 1.7% compared to the prior-year quarter, with that decline primarily due to lower new business volume and planned attrition, offset partially by solid premium rate increases and strong retention of desired risks. We achieved a combined ratio of 91.6% for the first quarter of 2025, marking significant improvement over the 102.4% combined ratio for the prior-year quarter. We attribute the improvement to core loss ratio decreases that resulted from the strategic initiatives and profit improvement plans we implemented over the past several years, coupled with lower-than-average weather-related and large fire losses and a higher level of favorable development of reserves related to prior accident years.

“In our commercial lines business, we are actively promoting our small commercial products and capabilities while actively seeking to grow our middle market business segment. In our personal lines business, our strategic focus remains on maintaining profitability through rate adequacy. Our personal lines growth in the first quarter of 2025 was constrained by two intentional strategies. We limited new business volume and continued the non-renewal of a legacy Maryland book of business. We are taking proactive steps to stabilize personal lines premium level as the year progresses, and we will continue to emphasize higher levels of profitable growth in commercial lines that we believe will lead to long-term success.”

Mr. Burke concluded, “We believe we are well positioned to navigate the evolving insurance landscape, as we continue to enhance and refine our systems and operational capabilities. We are confident in our ability to achieve sustainable excellent financial performance and capitalize on future growth opportunities that will further enhance shareholder value over time.”

Insurance Operations

Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

	Three Months Ended March 31,
		2025		2024	% Change
	(dollars in thousands)

Net Premiums Earned
Commercial lines	$	136,216	$	132,092		3.1	%
Personal lines		96,486		95,657		0.9
Total net premiums earned	$	232,702	$	227,749		2.2	%

Net Premiums Written
Commercial lines:
Automobile	$	56,525	$	53,514		5.6	%
Workers’ compensation		28,754		31,074		-7.5
Commercial multi-peril		60,790		57,503		5.7
Other		14,549		13,403		8.6
Total commercial lines		160,618		155,494		3.3
Personal lines:
Automobile		55,192		61,381		-10.1
Homeowners		28,788		31,759		-9.4
Other		2,494		2,808		-11.2
Total personal lines		86,474		95,948		-9.9
Total net premiums written	$	247,092	$	251,442		-1.7	%

Net Premiums Written

The 1.7% decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024, as shown in the table above, represents the net combination of a 3.3% increase in commercial lines net premiums written and a 9.9% decrease in personal lines net premiums written. The $4.4 million decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024 included:

Commercial Lines: $5.1 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
Personal Lines: $9.5 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
		2025		2024

GAAP Combined Ratios (Total Lines)
Loss ratio – core losses		54.4	%	58.7	%
Loss ratio – weather-related losses		3.7		4.7
Loss ratio – large fire losses		3.1		6.6
Loss ratio – net prior-year reserve development		-4.5		-3.7
Loss ratio		56.7		66.3
Expense ratio		34.6		35.7
Dividend ratio		0.3		0.4
Combined ratio		91.6	%	102.4	%

Statutory Combined Ratios
Commercial lines:
Automobile		91.4	%	99.6	%
Workers’ compensation		117.6		111.2
Commercial multi-peril		90.3		102.7
Other		80.8		82.2
Total commercial lines		94.7		101.6
Personal lines:
Automobile		85.0		99.8
Homeowners		83.8		102.9
Other		56.6		85.2
Total personal lines		83.6		100.3
Total lines		90.3	%	101.2	%

Loss Ratio

For the first quarter of 2025, the loss ratio decreased to 56.7%, compared to 66.3% for the first quarter of 2024. The core loss ratio, which excludes weather-related losses, large fire losses and net favorable development of reserves for losses incurred in prior accident years, was 54.2% for the first quarter of 2025, compared to 58.7% for the first quarter of 2024. For the commercial lines segment, the core loss ratio of 58.3% for the first quarter of 2025 decreased modestly from 59.0% for the first quarter of 2024, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.7% for the first quarter of 2025 decreased significantly from 58.1% for the first quarter of 2024, due largely to the favorable impact of ongoing premium rate increases on net premiums earned for that segment. While we did not see a material impact in the first quarter of 2025, we are monitoring the impact of tariffs and other inflationary factors, which may result in increases in loss costs in future quarters.

Weather-related losses were $8.6 million, or 3.7 percentage points of the loss ratio, for the first quarter of 2025, compared to $10.8 million, or 4.7 percentage points of the loss ratio, for the first quarter of 2024. The weather-related loss ratio for the first quarter of 2025 was modestly lower than our previous five-year first-quarter average of 4.6 percentage points of the loss ratio.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the first quarter of 2025 were $7.7 million, or 3.3 percentage points of the loss ratio. That amount was substantially lower than the large fire losses of $15.0 million, or 6.6 percentage points of the loss ratio, for the first quarter of 2024. We primarily attribute the decrease to lower loss frequency and severity compared to the prior-year quarter. We experienced a $5.3 million decrease in commercial property fire losses and a $2.0 million decrease in homeowner fire losses.

Net favorable development of reserves for losses incurred in prior accident years of $10.5 million decreased the loss ratio for the first quarter of 2025 by 4.5 percentage points, compared to $8.4 million that decreased the loss ratio for the first quarter of 2024 by 3.7 percentage points. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, commercial automobile and commercial multi-peril lines of business, offset partially by modest unfavorable development in workers’ compensation for the first quarter of 2025.

Expense Ratio

The expense ratio was 34.6% for the first quarter of 2025, compared to 35.7% for the first quarter of 2024. The decrease in the expense ratio primarily reflected the favorable impact of ongoing expense management initiatives, offset partially by higher underwriting-based incentive costs for agents and employees. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.2 percentage points of the expense ratio for the first quarter of 2025, and we expect the full year 2025 expense ratio impact will be approximately 1.0 percentage point.

Investment Operations

Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.7% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at March 31, 2025.

	March 31, 2025						December 31, 2024
	Amount			%			Amount			%
	(dollars in thousands)
Fixed maturities, at carrying value:
U.S. Treasury securities and obligations of U.S.
government corporations and agencies	$	176,090			12.5	%	$	170,423			12.3	%
Obligations of states and political subdivisions		412,304			29.3			409,560			29.6
Corporate securities		442,275			31.4			440,552			31.8
Mortgage-backed securities		317,236			22.5			304,459			22.0
Allowance for expected credit losses		(1,351	)		-0.1			(1,388	)		-0.1
Total fixed maturities		1,346,554			95.6			1,323,606			95.6
Equity securities, at fair value		40,206			2.9			36,808			2.6
Short-term investments, at cost		20,622			1.5			24,558			1.8
Total investments	$	1,407,382			100.0	%	$	1,384,972			100.0	%

Average investment yield		3.4	%					3.3	%
Average tax-equivalent investment yield		3.5	%					3.4	%
Average fixed-maturity duration (years)		5.2						5.2

Net investment income of $12.0 million for the first quarter of 2025 increased 9.2% compared to $11.0 million for the first quarter of 2024. The increase in net investment income reflected an increase in average investment yield and higher average invested assets relative to the prior-year first quarter.

Net investment losses were $0.5 million for the first quarter of 2025, compared to net investment gains of $2.1 million for the first quarter of 2024. We attribute the losses to the decrease in the market value of the equity securities we held at March 31, 2025.

Our book value per share was $16.24 at March 31, 2025, compared to $15.36 at December 31, 2024, with the increase partially related to net income, as well as $6.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.19 per share. Consistent with our historical practice, we did not declare any cash dividends in the first quarter of 2025 or 2024.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

	Three Months Ended March 31,
		2025		2024	% Change
	(dollars in thousands)

Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	232,702	$	227,749		2.2	%
Change in net unearned premiums		14,390		23,693		-39.3
Net premiums written	$	247,092	$	251,442		-1.7	%

The following table provides a reconciliation of net income to operating income for the periods indicated:

	Three Months Ended March 31,
		2025		2024		% Change
	(dollars in thousands, except per share amounts)

Reconciliation of Net Income
to Non-GAAP Operating Income
Net income	$	25,205	$	5,956			323.2	%
Investment losses (gains) (after tax)		372		(1,670	)		NM
Non-GAAP operating income	$	25,577	$	4,286			496.8	%

Per Share Reconciliation of Net Income
to Non-GAAP Operating Income
Net income – Class A (diluted)	$	0.71	$	0.18			294.4	%
Investment losses (gains) (after tax)		0.01		(0.05	)		NM
Non-GAAP operating income – Class A	$	0.72	$	0.13			453.8	%

Net income – Class B	$	0.65	$	0.16			306.3	%
Investment losses (gains) (after tax)		0.01		(0.04	)		NM
Non-GAAP operating income – Class B	$	0.66	$	0.12			450.0	%

The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

Dividend Information

On April 17, 2025, we declared regular quarterly cash dividends of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on May 15, 2025 to stockholders of record as of the close of business on May 1, 2025.

Pre-Recorded Webcast

At approximately 8:30 am EST on Thursday, April 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

About the Company

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Investor Relations Contacts

Karin Daly, Vice President, The Equity Group Inc.

Phone: (212) 836-9623
E-mail: kdaly@equityny.com

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com

Financial Supplement

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)

	Quarter Ended March 31,
		2025			2024

Net premiums earned	$	232,702		$	227,749
Investment income, net of expenses		11,984			10,972
Net investment (losses) gains		(471	)		2,113
Lease income		77			82
Installment payment fees		882			225
Total revenues		245,174			241,141

Net losses and loss expenses		132,033			150,896
Amortization of deferred acquisition costs		39,231			39,602
Other underwriting expenses		41,195			41,740
Policyholder dividends		760			1,055
Interest		333			155
Other expenses, net		461			445
Total expenses		214,013			233,893

Income before income tax expense		31,161			7,248
Income tax expense		5,956			1,292

Net income	$	25,205		$	5,956

Net income per common share:
Class A – basic	$	0.72		$	0.18
Class A – diluted	$	0.71		$	0.18
Class B – basic and diluted	$	0.65		$	0.16

Supplementary Financial Analysts’ Data

Weighted-average number of shares
outstanding:
Class A – basic		30,120,649			27,811,312
Class A – diluted		30,430,042			27,846,313
Class B – basic and diluted		5,576,775			5,576,775

Net premiums written	$	247,092		$	251,442

Book value per common share
at end of period	$	16.24		$	14.53

Annualized operating return on average equity		17.8	%		4.9	%

Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)

	March 31,			December 31,
		2025			2024
	(unaudited)

ASSETS
Investments:
Fixed maturities:
Held to maturity, at amortized cost	$	706,098		$	705,714
Available for sale, at fair value		640,456			617,892
Equity securities, at fair value		40,206			36,808
Short-term investments, at cost		20,622			24,558
Total investments		1,407,382			1,384,972
		64,315			52,926
Premiums receivable		193,975			181,107
Reinsurance receivable		403,382			420,742
Deferred policy acquisition costs		76,194			73,347
Prepaid reinsurance premiums		182,860			176,162
Other assets		40,169			46,776
Total assets	$	2,368,277		$	2,336,032

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Losses and loss expenses	$	1,092,624		$	1,120,985
Unearned premiums		633,564			612,476
Borrowings under lines of credit		35,000			35,000
Other liabilities		22,366			21,795
Total liabilities		1,783,554			1,790,256
Stockholders’ equity:
Class A common stock		334			329
Class B common stock		56			56
Additional paid-in capital		376,864			369,680
Accumulated other comprehensive loss		(21,472	)		(28,200	)
Retained earnings		270,167			245,137
Treasury stock		(41,226	)		(41,226	)
Total stockholders’ equity		584,723			545,776
Total liabilities and stockholders’ equity	$	2,368,277		$	2,336,032

MIL-OSI United Nations: 22 April 2025 Departmental update WHO’s rapid response to sustain HIV, hepatitis and STI services

Source: World Health Organisation

In response to unprecedented suspensions and reductions in official development assistance (ODA) for health and HIV programmes, WHO’s Department of Global HIV, Hepatitis and STIs Programmes (HHS) has stepped up with a strategic response plan to protect essential health services for HIV, viral hepatitis and sexually transmitted infections (STIs). This critical initiative aims to ensure that vital services continue uninterrupted despite the growing challenges.

Recognizing the urgency, HHS swiftly mobilized a dedicated operational team to provide immediate technical support and coordinate efforts across 5 key pillars: strategic information and analytics; service delivery; country support; community engagement; and communication. This structured response enables WHO, in coordination with its country offices and ministries of health, not only to tackle immediate disruptions but also to streamline long-term solutions, enhance data-driven decision-making and ensure integrated, community-supported service continuity.

“Now more than ever, we have an opportunity to support ministries of health by offering timely guidance, tools and global collaboration tailored to country needs,” said Dr Meg Doherty, Director of HHS. “Our focus remains clear: ensuring essential services reach those most in need, even in times of financial uncertainty.”

Strategic information and analytics

A rapid survey conducted by HHS in February 2025 assessed the continuity of essential HIV, hepatitis and STIs services across 55 countries that rely heavily on funding from the Government of the United States of America. Preliminary results from 36 countries, revealed evidence of service disruptions in key populations, pre-exposure and post-exposure services, testing and treatment services, and health information systems. These findings are used to estimate the impact on HIV-related mortality and new infections in both short and long term.

Additionally, a rapid WHO country office stock take on impact of suspensions, conducted with 108 of its country and field offices between March and April 2025 shows that 71% of countries experienced interruptions in at least one health service area. Moderate to severe levels of disruptions are being reported in HIV services in 48 % (43 of 90) countries, STIs services in 43% (37 of 86) countries, and viral hepatitis services in 38% (33 of 87) countries.

Moderate to severe disruptions have also been reported on the availability of medicines and health products, impacting HIV in 36% (32 of 88 countries, STIs in 34% (30 of 87), and viral hepatitis in 29% (25 of 86).

Furthermore, job losses among health-care workers and increased out-of-pocket costs for patients were among the key consequences observed.

Read more about the stock take outcomes here.

Tailored support on sustaining service delivery

To mitigate disruptions and adapt essential services package, WHO has issued multilingual internal guidance to support WHO country offices, ministries of health and civil society partners, aiming to reduce disruptions and sustain essential HIV, hepatitis and STIs treatment and care services for people at major risk. WHO country staff shared how the guidance helped them for developing mitigation plans to sustain provision of life-saving treatment and care interventions for people in need. A technical extended version of this guidance will be released soon.

Community-led response and engagement

An informal community reference group has been established to ensure the voices of affected populations guide WHO’s response. Key support priorities from these communities have been identified and integrated into WHO’s approach, fostering a more inclusive and effective response. The priorities include enhancing communication; supporting innovative approaches to secure new access points for HIV services; developing strategies for affordability; leveraging innovations like long-acting PrEP; and ensuring stronger global coordination.

Communities of people living with HIV have been instrumental in monitoring the extent of service disruptions and continue to provide guidance and peer support to those affected. In response to their feedback and lived experiences, WHO developed and published a Questions and Answers on managing interruptions in antiretroviral treatment due to service disruptions, drug shortages, or stockouts.

Country support

A real-time coordination hub, powered by the HIV Country Intelligence dashboard, tracks evolving needs and facilitates rapid response across WHO’s global structure. Regular capacity-building webinars are conducted to equip WHO country staff with the necessary skills to address ongoing and emerging challenges.

Communication and partnership

WHO is actively engaging countries and communities to develop mitigation plans, mobilize resources and strengthen service delivery. Internal coordination across WHO programmes and regular meetings organized with partners ensure a unified approach to both short-term resilience and long-term sustainability. WHO staff focal points in-country maintain ongoing communication with ministries of health and local stakeholders to ensure alignment and collaborative action.

As the situation evolves rapidly, WHO remains steadfast in its commitment to working with countries, communities and partners to achieve global health equity, ensuring that no one is left behind due to financial constraints. Amid funding uncertainties, WHO stands as a reliable partner, safeguarding the rights and well-being of those most affected by HIV, hepatitis and STIs.

MIL OSI United Nations News –

MIL-OSI Asia-Pac: MOEA Showcases 18 Cutting-Edge Innovations to Accelerate Taiwan’s AI Smart Vehicle Industry at E-Mobility Taiwan

Source: Republic of China Taiwan

The Ministry of Economic Affairs (MOEA) unveiled 18 breakthrough R&D achievements today at the “TARC Pavilion” during 2025 E-Mobility Taiwan Exhibition. In collaboration with 28 industry partners, the showcased technologies spotlight Taiwan’s advancements in AI integration and electrification for smart mobility. The initiative emphasizes not only research excellence but also real-world industrial applications-demonstrating Taiwan’s growing influence in the global smart vehicle ecosystem.

With AI technology rapidly reshaping mobility, this year’s TARC Pavilion focuses on autonomous driving innovations. A highlight of the showcase is the “Level 3 AI self-driving and cybersecurity Integration” developed by the Automotive Research & Testing Center (ARTC), which brings together the expertise of local leaders including Elan, oToBrite, ASUS, DFI, Arcadyan, Chimei Automotive, and Rotatech. This system combines AI-enabled smart driving, intelligent cockpit monitoring, and cybersecurity, and has powered the world’s first Level 3 autonomous electric bus certified under UN R157 regulation-marking a significant step toward safer, smarter mobility.

The integrated system enables advanced features such as self-navigation, lane changing, and obstacle avoidance. It also includes real-time driver monitoring using facial and posture recognition. If a driver becomes unresponsive, the vehicle safely pulls over and alerts backend operators. With OTA (over-the-air) update capabilities and robust cybersecurity, the system is positioned to lead Taiwan’s smart vehicle supply chain onto the international stage.

Another highlight is the Industrial Technology Research Institute’s (ITRI) “Smart Charging Management and Dispatch System,”which has revolutionized electric bus charging methods. Representing a global first in applying fleet charging and dispatch to smart city energy management, this AI-powered solution optimizes power usage and spatial efficiency at depots, as successfully demonstrated in collaboration with Chung Hsing Bus Company and applied at Taipei’s Beitou Shilin Technology Park Depot, Taiwan’s largest electric bus operation center. It enables flexible charging schedules based on each vehicle’s battery level, route, and timetable-significantly reducing electricity contract demand, saving approximately 30% in manpower and operating costs, and extending battery lifespan. The system also features AI-based remote monitoring to prevent risks like overheating or short circuits, thereby boosting overall fleet efficiency.

Both technologies received 2025 Edison Awards, a testament to Taiwan’s innovation prowess in the global smart mobility arena.

In addition, CMC (China Motor Corporation) presented the ET35, Taiwan’s first mass-produced 3.5-ton intelligent electric commercial vehicle. Designed and manufactured entirely with components sourced from local suppliers-with a localization rate of over 90%-the ET35 features domestically developed ADAS Level 2, vehicle-to-everything (V2X) communication, and cloud-based data integration. This all-in-one solution supports enterprise-level decarbonization and smart logistics, and is slated for mass production in Q3 2025.

The TARC Pavilion will run through April 26 on the 4th floor of Hall 1, Taipei Nangang Exhibition Center. Visitors from industry, government, and academia are welcome to explore the forefront of Taiwan’s smart mobility innovation at E-Mobility Taiwan.