Source: Switzerland – Department of Foreign Affairs in English
In 2024, 53% of students in higher education took online courses. Last year, students spent less time studying (‒2.1 hours per week on average) and more time in paid employment (+0.7 hours) than in 2020. In 2024, more students worked upwards of 40% of full-time equivalent hours. These are the initial results of the 2024 Survey on the Social and Economic Conditions of Student Life carried out by the Federal Statistical Office (FSO).
Source: European Investment Bank
The European Investment Bank (EIB Global) has announced a $75 million investment in Helios Investors V, L.P. (Helios Fund V). The announcement was made by EIB Vice-President Ambroise Fayolle at the ongoing Finance in Common Summit in Cape Town, South Africa.
The fund manager, Helios Investment Partners, is the world’s largest Africa-focused private investment firm. Helios Fund V will focus on companies in sectors like digital infrastructure, financial services and technology, and tech-enabled business services, in alignment with the EU-Africa Global Gateway Investment Package priorities.
The fund will support the growth of companies that help provide digital infrastructure like data centres, fibre-optic networks and telecom towers; tech-enabled business services like cloud services, health tech and logistics tech; and financial services and technology like bank tech payments or financial management software: It will also support companies that help provide healthcare or education and training.
The investment by EIB Global in Helios Fund V is part of the EIB’s contribution to the Team Europe approach. The Bank is working alongside other European development finance institutions (DFIs) that are expected to invest, enabling the fund to support the growth plans of emerging African businesses.
Helios has committed to the objective of devoting at least 30% of the fund’s portfolio to companies that meet the EIB’s gender equality criteria. It joined the 2X Global network in January 2024. Support for businesses under this theme can include gender-smart initiatives, coaching and mentoring, capacity building and encouraging women into senior positions.
EIB Vice-President Ambroise Fayolle said, “We are happy to be partnering with Helios – an important pan-African equity firm that has been operating in Africa for over two decades, with good access to investment opportunities, and a strong network and local footprint. We look forward to supporting them as they invest in market-leading, value-creating and socially responsible enterprises for the mutual benefit of Africa and the European Union. This is fully aligned with the Global Gateway priorities being implemented by Team Europe.”
David Masondo, Deputy Minister of Finance in South Africa and Chair of the Public Investment Commission, attended the signing. He remarked, “Private capital fuels growth, and EIB Global’s investment in Helios V showcases innovative financing to unlock Africa’s potential. South Africa welcomes this funding, which strengthens business collaboration and mobilises capital for high-impact sectors. It aligns with our commitment to enhancing capital markets, digital technologies and financial infrastructure for inclusive growth. Such partnerships drive investment, industrial growth, jobs and resilience. I hope the fund leverages this investment to accelerate development and ensure lasting prosperity.”
Private capital is a powerful driver of economic development in Africa. Through investment in local enterprises, private equity firms like Helios play a catalytic role, bringing external funding as well as knowledge and technical expertise to the companies they invest in.
Last year EIB Global invested €232 million in funds operating across Africa – representing 49% of total fund investments by the Bank, showing the increased focus on spurring private capital flows on the continent.
Background information
About the European Investment Bank
The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. It aims to support €100 billion of investment by the end of 2027, around one-third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through its offices around the world.
Source: European Investment Bank
What if carbon dioxide could itself be turned into a fuel? Such a neat solution for the waste gas that’s causing climate change may be just round the corner, because German start-up INERATEC has developed a chemical process to do just that.
“We’re reversing the combustion process,” explains Tim Boeltken, INERATEC’s chief executive. “The chemical process we’ve created takes the greenhouse gas CO2 that nobody wants and combines it with green hydrogen to create a synthetic hydrocarbon fuel.”
INERATEC’s method could reduce emissions in a number of sectors that have few clean alternatives, including aviation, which accounts for a growing share of global greenhouse gas emissions. The company already has clients in the aviation, shipping and chemicals industries, but to demonstrate its technology at a larger scale, it is building a facility near Frankfurt airport with the backing of a €40 million venture debt loan from the European Investment Bank. The deal is supported by the European Union’s InvestEU programme and includes a €30 million grant from Breakthrough Energy Catalyst, a financing platform for climate innovation founded by Bill Gates.
“The aviation industry is struggling to decarbonize,” says Stephan Mitrakas, a senior loan officer who worked on the deal at the European Investment Bank. “Alternatives to jet fuel, such as electricity and hydrogen, both have major drawbacks and would require the development of a completely new infrastructure set up for transport, storage and fueling.”
“The beauty of synthetic fuels is that you can keep the infrastructure we already have,” Mitrakas adds. “You can take the synthetic fuel from INERATEC, mix it in with the kerosene that planes currently use, and the aeroplane will work. INERATEC is the most promising start-up in the field right now, certainly in Europe and probably in the world.”
Source: European Investment Bank
The European Investment Bank (EIB Global), the Delegation of the European Union (EU) to Kenya and the German Development Bank (KfW) on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), together with President William Ruto, launched the works for upgrading of the road section from Kwa-Jomvu to Mariakani, in the Southeast of Kenya. The works involve converting the predominantly two-lane road to a four and six lane dual carriageway.
Within the Mombasa – Mariakani area, the road forms the main axis to Nairobi, and is part of the Northern Corridor, which links the port of Mombasa with the landlocked Eastern and Central African countries of Uganda, Rwanda, Burundi, South Sudan and Democratic Republic of Congo (DRC).
The road rehabilitation and upgrade are part of the Global Gateway EU – Africa Strategy. In a Team Europe approach, EIB Global and KFW are supporting the project with concessional loans of up to €100 million (Ksh 13.6 billion), while EU is providing a grant of €20 million (Ksh 2.7 billion). The Kenyan Government is contributing with approximately €20 million (Kshs 2.7 billion).
Upon completion, the upgraded road will benefit an average of 20,000 vehicles per day travelling through Mariakani. Moreover, the enhancement of the road will contribute to reducing emissions and the number of road accidents.
Speaking during the launch ceremony in Mariakani, President William Ruto said: “I would like to thank our Team Europe partners for their support in developing as well as expanding this road infrastructure which will ease movement of goods to and from the port, thus increasing efficiency.”
The EU Commissioner for International Partnerships, Jozef Sikela said:” This Global Gateway project is a great example of quality infrastructure made possible by the cooperation between the Kenyan government and the European union. Together, we are not just building infrastructure, we are accelerating Kenya’s economic development and supporting trade co-operation in the East African Community more broadly.”
European Investment Bank Vice President, Thomas Östros commented on the launch: “Sustainable transport is key to growth and inclusion as it connects people and enables trade. Projects such as this one brings together important aspects of sustainability and safety, as well as accessibility, resilience, and efficiency. Road transport plays an important role in the Kenyan economy, affecting all sectors – and society as a whole. At the EIB, we are glad to support the national government in realizing its development agenda, which is in line with the EU-Kenya partnership strategy and the Global Gateway initiative.”
The Director of the German Development Bank (KfW) in Nairobi, Kristina Laarmann highlighted: “We all know that the Mombasa port serves as a major gateway for East Africa by connecting Kenya to significant trade routes in East and Central Africa. This is why this project is so important. It will not only create jobs during the construction phase. It will also stimulate job opportunities and local businesses after completion. By widening the carriageways, traffic jams and the average time to pass the road section will be reduced. Ultimately, this shall also lead to a reduction in transport costs and savings in vehicle operating costs.”
The Kwa Jomvu – Mariakani project is part of the wider upgrading of the Northern Corridor, which is East Africa’s busiest trade and transport route. This is part of the EU Global Gateway transport investment that also includes the ongoing Mombasa – Kilifi Road and Kitale – Morpus road, while the upgrading of Isebania-Kisii-Ahero highway and associated feeder roads have been completed.
The road project feeds into the European Union’s wider support for the creation of twelve strategic transport corridors across Africa under the €150 billion Global Gateway EU-Africa Investment package to boost trade.
Background information
About EIB Global:
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.
About KfW:
KfW Bankengruppe, founded in 1948, is the German promotional bank and one of the world’s leading promotional banks. It is 80% owned by the Federal Government and 20% by the federal states. The business sector KfW Development Bank carries out Financial Cooperation (FC) projects with developing countries and emerging economies on behalf of the German Federal Government, especially of the Federal Ministry for Economic Cooperation and Development (BMZ). KfW Development Bank employs approximately 1,200 people at the head office in Frankfurt am Main as well as 400 specialists at more than 60 international locations, who cooperate with partners all over the world. Their goal is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalization. KfW Development Bank is a competent and strategic adviser for current development policy issues.
About EU:
The European Union has set out the Global Gateway, which is a new European Strategy that helps its partners build better connectivity infrastructure for any society. With this strategy the EU is creating sustainable and trusted connections for people and the planet to tackle the most pressing global challenges from climate change and protecting the environment, to improving health security and boosting competitiveness and global supply chains.
In Kenya, the European Union has cooperated in the transport sector for more than 30 years. This has delivered significant improvements for the Northern and Ethiopia/South Sudan corridors as well as improvements in Rural and Urban Roads. More than €550 million have been provided as EU grants, which have enabled and strengthened the trade flows between Kenya and its neighbours.
For More Information:
EU-Africa: Global Gateway Investment Package
EU-Africa: Global Gateway Investment Package – Strategic Corridors
Source: Switzerland – Department of Foreign Affairs in English
In a four-year EU project led by Empa, eleven collaborators from research and industry succeeded in significantly improving batteries for electric cars. One of the main objectives of the project was to scale up the new materials and technologies so that they can be brought to market as fast as possible.
Source: European Investment Bank
As Ukraine marks three years of Russia’s full-scale war, the European Union continues to support the reconstruction of the country’s vital infrastructure. Two public buildings in Lviv Oblast – St Luke’s Hospital in Lviv and preschool No.7 “Dzvinochok” in Truskavets – have officially opened after renovations. Supported by the European Union and its financial arm, the European Investment Bank (EIB), these projects are part of the broader Ukraine Early Recovery Programme that funds the restoration of essential social infrastructure, including schools, hospitals, water and heating systems and social housing. As war-affected communities continue to face immense challenges, these investments help ensure access to critical services and create more resilient spaces.
Lviv’s St Luke’s Hospital, a key emergency and specialised care centre, has undergone a €940 000 renovation to improve services for its 50 000 annual patients. Home to western Ukraine’s largest burn unit, it plays a crucial role in treating severe injuries. The upgrades, in particular facade insulation and energy efficiency improvements, enhance the hospital’s resilience while creating a more comfortable space for patients, including internally displaced persons.
A €330 000 renovation of preschool No.7 “Dzvinochok” in Truskavets, Lviv Oblast, has created a more energy-efficient and welcoming learning space for pupils including for children displaced by the war and for staff. The project significantly increased the appeal of the building, while increasing its energy efficiency and reducing energy costs. With improved insulation the preschool is now more resilient and sustainable.
In Lviv Oblast, two facilities have already been renovated and six are undergoing reconstruction under the EIB recovery programmes, with a total investment of over €15 million. This includes six educational institutions and two medical facilities, improving access to education and healthcare in the region.
EIB Vice-President Teresa Czerwińska, who is responsible for the Bank’s operations in Ukraine, said: “From day one of Russia’s full-scale war and throughout these three difficult years, the EIB has stood by Ukraine, providing vital support to help the country withstand, recover and rebuild. The reopening of renovated hospital and school in Lviv Oblast is a testament to this ongoing effort, bringing tangible improvements to people’s daily lives.”
EU Ambassador to Ukraine Katarína Mathernová said: “Every rebuilt hospital, school, and kindergarten sends a clear message: the EU stands firmly with Ukraine. Together with the EIB, we are not only helping to repair what has been damaged but also laying the foundations for a stronger, safer Ukraine that is ready to thrive as part of the EU.”
Deputy Prime Minister for Restoration of Ukraine – Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba said: “Together with the EIB, EU Delegation and UNDP, we are modernising outdated and war-damaged infrastructure across Ukraine. Millions of Ukrainians already benefit from renovated schools, hospitals and kindergartens. We have recently launched the first phase of the Ukraine Recovery III programme, paving the way for additional impactful initiatives that will enhance communities and improve the lives of Ukrainians thanks to the EU support.”
Minister of Finance of Ukraine Sergii Marchenko said: “Rebuilding Ukraine’s infrastructure is crucial for strengthening resilience and improving living conditions for our people. With the support of the EU, we are delivering critical projects that enhance healthcare, education and public services. The three EIB-backed recovery programmes, worth €640 million, play a key role in this effort, helping communities rebuild and move forward despite ongoing challenges.”
Head of the Lviv Oblast Military Administration Maksym Kozytskyi said: “The EU bank’s investment in Lviv Oblast is strengthening our region’s infrastructure at a critical time. With many communities hosting large numbers of displaced people, improving healthcare, education and essential services is more important than ever. These projects help ensure that our cities and towns remain functional, resilient and able to meet the needs of all who live here.”
Mayor of Lviv Andriy Sadovyi said: “Restoring and strengthening our city’s infrastructure is essential to supporting both our residents and those who have found refuge here due to the war. With the support of the EU, we are rebuilding vital facilities to ensure Lviv remains a city of resilience, opportunity and hope. Today, we inaugurated a renovated hospital, with many other projects underway to improve daily life and build a stronger future for our community.”
Mayor of Truskavets Andriy Kulchynsky said: “We are grateful to the EU for this investment in our community. The renovation of Preschool No.7 creates a warm, modern and energy-efficient space where our children can learn and grow.”
UNDP Resident Representative to Ukraine Jaco Cilliers said: “Behind every rebuilt hospital and renovated school, we see renewed hope for Ukrainian families and communities. UNDP’s partnership with local authorities isn’t just about infrastructure – it’s about restoring essential services that affect people’s daily lives. Working alongside the EU and EIB, we’re helping transform technical recovery projects into tangible improvements for children seeking education, patients needing care and citizens rebuilding their futures.”
Background information
EIB in Ukraine
The EIB Group has been supporting Ukraine’s resilience, economy and efforts to rebuild since the very first day of Russia’s full-scale invasion. In 2024, the Bank supported projects aimed at securing Ukraine’s energy supply, repairing critical infrastructure that has been damaged, and ensuring that essential services continue to be delivered across the country. This brings the total amount of aid the EIB has disbursed since the start of the war to over €2.2 billion.
EIB recovery programmes in Ukraine
Renovations of a hospital and kindergarten in Lviv Oblast were carried out under the Ukraine Early Recovery Programme (UERP), a €200 million multisectoral framework loan from the EIB. Overall, the Bank finances three recovery programmes, totalling €640 million, which are provided as framework loans to the government of Ukraine. Through these programmes, Ukrainian communities gain access to financial resources to restore essential social infrastructure, including schools, kindergartens, hospitals, housing, heating, and water systems. These EIB-backed programmes are further supported by €15 million in EU grants to facilitate implementation. The Ministry for Development of Communities and Territories of Ukraine, in cooperation with the Ministry of Finance, coordinates and oversees the programme implementation, while local authorities and self-governments are responsible for managing recovery sub-projects. The United Nations Development Programme (UNDP) in Ukraine provides technical assistance to local communities, supporting project implementation and ensuring independent monitoring for transparency and accountability. More information about the programmes is available here.
Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The government, in the context of implementing the President’s decree, will allocate more than 23.3 billion rubles for one-time payments dedicated to the 80th anniversary of Victory in the Great Patriotic War. The order to this effect has been signed.
Front-line soldiers, widows of front-line soldiers, those who built defensive structures, worked at air defense facilities, naval and air bases, residents of besieged Leningrad, as well as underage prisoners of concentration camps will receive a one-time payment of 80 thousand rubles. Home front workers and adult prisoners of concentration camps – 55 thousand rubles.
“There is no need to submit any additional applications – the ministries and departments will do everything themselves,” Mikhail Mishustin clarified, speaking atat the Government meeting on February 27.“These people have gone through difficult trials and endured the bloodiest war. Taking care of them is one of the main responsibilities of the state.”
The document will be published…
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.
Source: European Investment Bank
The European Investment Bank (EIB) has committed to join Africa Finance Corporation (AFC) in financing a $750 million Infrastructure Climate Resilient Fund (ICRF). This landmark initiative will accelerate climate adaptation and sustainable infrastructure across Africa.
As part of this commitment, the EIB today confirmed it will invest $52.48 million in the Fund, which is managed by AFC Capital Partners (ACP), the asset management arm of AFC. ACP has already secured a $253 million commitment from the Green Climate Fund (GCF), marking GCF’s largest-ever equity investment in Africa. In addition, the Nigeria Sovereign Investment Authority (NSIA) and two private African pension funds have also committed to the Fund, demonstrating robust institutional backing on the continent and internationally.
The Infrastructure Climate Resilient Fund aims to accelerate climate adaptation in Africa by embedding resilience measures at every stage of infrastructure development—from design and construction to operation. Using blended finance to de-risk private investment, the Fund also integrates innovative tools such as climate risk parametric insurance to enhance protection against climate-related risks and losses. In addition, the Fund will provide technical assistance to enhance the capacity of countries seeking climate risk assessment and adaptation, aligning with the European Union’s Global Gateway initiative and the UN Sustainable Development Goals.
The EIB formally signed the agreement at the Finance in Common Summit (FICS) in Cape Town today, demonstrating the close collaboration between the EIB, AFC, and other strategic partners.
“The EIB is committed to supporting private sector investment in climate-resilient infrastructure, especially in regions most vulnerable to climate change,” EIB Vice-President Ambroise Fayolle stated at the ceremony today. “This partnership with the Africa Finance Corporation and the launch of ACP’s Infrastructure Climate Resilient Fund are a significant step towards accelerating Africa’s green and digital transition and ensuring a sustainable future for all. The EIB’s investment is not just about the initial capital injection; it is also intended to have a multiplier effect by attracting more investors, reducing risk, showcasing successful projects, and promoting best practices in climate finance.”
ACP’s fund aims to demonstrate that Africa can pursue a climate-resilient and sustainable development path by addressing market failures, mitigating environmental risks, strengthening logistics, trade, and industrialization, and accelerating the continent’s digital and energy transition.
“This Fund is crucial for bridging the funding gap for climate adaptation in Africa,” Samaila Zubairu, AFC’s President & CEO, said at the launch event today. “By focusing on climate-resilient infrastructure, we are not only securing our economic future but also creating opportunities for sustainable growth, and supporting job creation across the continent. We are glad to partner with the EIB and other investors who are committed to increasing the impact of climate finance.”
Developing Climate-Resilient Infrastructure
The ICRF focuses on Africa, the world’s most climate-vulnerable continent, by investing in infrastructure that can withstand the impacts of climate change while reducing carbon emissions. The Fund prioritizes resilient, low-carbon solutions across transport and logistics, clean energy, digital infrastructure, and industrial development, ensuring sustainable growth.
ACP’s investment strategy evaluates climate risk across both physical and transition dimensions, including emissions and climate governance. The Fund is committed to ensuring that infrastructure assets are designed, built, and operated to withstand and adapt to evolving climate conditions. To achieve this, ACP will conduct rigorous climate risk screenings and assessments for every investment, establishing a new benchmark for selecting and implementing the most effective adaptation solutions.
The Fund leverages a powerful partnership between three major institutions—EIB, AFC, and GCF—uniting their expertise, capital, and commitment to climate resilience. Aligned with the EIB’s Climate Bank Roadmap, ACP will draw on the proven track records and deep technical expertise of both EIB and AFC in infrastructure investment, creating a compelling platform to attract additional investors. Through this strategic collaboration, the $750 million fund is poised to unlock up to $3.7 billion in financing, accelerating the deployment of climate-resilient infrastructure across Africa.
The GCF will play a critical role by providing technical assistance for due diligence and climate resilience monitoring while also covering the first-loss tranches on new investments, effectively de-risking projects and attracting private capital.
Once operational, the Fund aims to invest in a diversified portfolio of 10 to 12 projects across Africa. It will also assist countries and entities in capacity building and deployment of climate risk assessment and adaptation solutions.
Background information
Leveraging Partnerships
The Fund is built on a powerful partnership between three major institutions: the European Investment Bank (EIB), Africa Finance Corporation (AFC), and the Green Climate Fund (GCF). Through its asset management arm, AFC Capital Partners (ACP), AFC is collaborating with the EIB to deploy the Fund, leveraging both institutions’ proven track records and technical expertise in infrastructure investment to attract additional investors. The partnership is further strengthened by the GCF’s critical role in providing first-loss protection and technical assistance, ensuring a robust framework for scaling climate-resilient infrastructure across Africa.
Mobilizing Climate Finance
The EIB’s $52.48 million commitment is a strategic step toward the Fund’s $750 million target, aimed at catalysing additional investments from both private and public sector partners into climate-resilient infrastructure. This commitment is expected to help mobilize approximately $3.7 billion in total financing, driving tangible, on-the-ground impact across Africa.
Focusing on EIB’s core priorities agreed by ECOFIN
The EIB investment will support the climate bank ambition to accelerate international action on adaptation and resilience. With an expected climate action and environmental sustainability contribution of about 80%, the operation will contribute to EIB’s objectives to dedicate (i) 50% of its financing toward climate action and environmental sustainability and (ii) 15% of its financing toward to climate adaptation by 2025. The Fund supports three of the five EU Global Gateway thematic priorities: i) climate and energy, ii) transport and iii) digital.
Addressing Market Failures
The EIB investment in ACP’s Infrastructure Climate Resilient Fund is intended to address the scarcity of equity capital for greenfield infrastructure projects, and to help overcome other market failures such as the lack of incentives for green energy solutions or market failures related to transport accessibility and digital connectivity. The Fund also aims to improve the efficiency of logistics and trade corridors and contribute to the digital and energy transition.
Supporting the Green and Digital Transition
By investing in clean energy and digital infrastructure, the Fund aims to support the broader green and digital transition in Africa and contribute to diversification and security of energy supply, as well as improved access to digital connectivity.
Enhancing Capacity for Climate Risk Management
ACP’s Infrastructure Climate Resilient Fund will provide technical assistance to build capacity for climate risk assessment and adaptation, with a focus on integrating climate risk considerations into project design and construction.
Creating Jobs and Economic Opportunities
Projects backed by ACP’s Infrastructure Climate Resilient Fund will contribute to job creation, economic growth, and improved quality of life in the target regions. These projects are expected to generate significant temporary employment during construction as well as permanent jobs during operation.
Key projects in the ICRF pipeline, such as the Lobito Corridor, underscore AFC’s pivotal role in driving transformational and climate-resilient infrastructure investments across Africa. As the lead developer of the project, AFC is spearheading efforts to enhance regional connectivity and economic integration through the corridor, which is set to become a critical trade and logistics route linking Angola, the Democratic Republic of Congo (DRC), and Zambia.
The Lobito Corridor is expected to unlock vast economic opportunities by facilitating efficient transportation of critical minerals, agricultural goods, and other commodities, reducing dependency on other congested export routes and fostering industrial development along the wider corridor. Alongside partners including the European Union, the United States Government, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia, AFC is working to ensure the corridor is developed with climate resilience in mind, integrating sustainable infrastructure solutions that can withstand environmental challenges while promoting long-term economic growth.
Beyond Lobito, the ICRF pipeline includes other strategic projects across transport, clean energy, and digital infrastructure, all designed to attract institutional investment and address Africa’s pressing infrastructure gap. Through these initiatives, ACP continues to highlight its commitment to mobilizing capital for projects that deliver both financial returns and lasting developmental impact.
The investments backed by the Fund will actively promote the adoption of Environmental, Social, and Governance (ESG) best practices, including gender equality, protection, and anti-discrimination policies.
De-risking Investments
The Fund’s structure, with support from the EIB and other institutions like the Green Climate Fund (GCF), aims to de-risk climate investments.
The GCF is providing grant funding to help with due diligence and monitoring of climate resilience, which can make the investments more attractive to other investors. Additionally, the Fund will integrate innovative climate risk insurance to complement traditional indemnity programs.
Aligning with Global and Regional Objectives
The EIB investment aligns with EU strategies, the African Union’s Agenda 2063, and the UN Sustainable Development Goals, and aims to support the implementation of Nationally Determined Contributions.
Background information
About EIB Global
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
About AFC
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 44 member countries and has invested over US$15 billion in 36 African countries since its inception.
Source: European Parliament
As stated in the communication on Demographic change in Europe: a toolbox for action of 11 October 2023[1], the choice to have children is a personal one, although it can be influenced by external factors (i.e. quality of life, availability of care and housing, as well as work opportunities and adequate income).
The toolbox, inter alia, aims to promote a better reconciliation of family aspirations and paid work, to i ncrease the availability of childcare services to support parents with infants, to put in place working arrangements and work-life balance policies, and to explore the functioning of targeted tax and benefit reforms.
Nonetheless, due to the European population structure, the limited effectiveness of policies in this area and to the urgency of the needs the Honourable Member refers to in the introduction to the parliamentary question, enhanced legal migration pathways is a policy option included in the toolbox.
In this context, the Commission adopted an action plan to tackle labour and skills shortages in 2024, which highlights the benefits of linking together legal migration and employment policies, in order to attract talent from outside the EU to complement EU shortages[2].
Source: European Parliament
on the European Semester for economic policy coordination 2025
The European Parliament,
– having regard to the Treaty on the Functioning of the European Union (TFEU), in particular Articles 121, 126 and 136 thereof,
– having regard to Protocol No 1 to the Treaty on European Union (TEU) and the TFEU on the role of national parliaments in the European Union,
– having regard to Protocol No 2 to the TEU and the TFEU on the application of the principles of subsidiarity and proportionality,
– having regard to Protocol No 12 to the TEU and the TFEU on the excessive debt procedure,
– having regard to the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union,
– having regard to Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97[1],
– having regard to Council Regulation (EU) 2024/1264 of 29 April 2024 amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure[2],
– having regard to Council Directive (EU) 2024/1265 of 29 April 2024 amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States[3],
– having regard to Regulation (EU) No 1173/2011 of the European Parliament and of the Council of 16 November 2011 on the effective enforcement of budgetary surveillance in the euro area[4],
– having regard to Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area[5],
– having regard to Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances[6],
– having regard to Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability[7],
– having regard to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area[8],
– having regard to Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget[9] (the Rule of Law Conditionality Regulation),
– having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility[10] (the RRF Regulation),
– having regard to the Commission’s Spring 2024 Economic Forecast of 15 May 2024,
– having regard to the Commission’s Autumn 2024 Economic Forecast of 15 November 2024,
– having regard to the Commission’s Debt Sustainability Monitor 2023 of 22 March 2024,
– having regard to the Commission communication of 17 December 2024 entitled ‘Alert Mechanism Report 2025’ (COM(2024)0702) and to the Commission recommendation of 17 December 2024 for a Council recommendation on the economic policy of the euro area (COM(2024)0704),
– having regard to the Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701),
– having regard to the Commission communication of 8 March 2023 entitled ‘Fiscal policy guidance for 2024’ (COM(2023)0141),
– having regard to the Commission report of 19 June 2024 prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union (COM(2024)0598),
– having regard to the Council Recommendation of 12 April 2024 on the economic policy of the euro area[11],
– having regard to the European Fiscal Board assessment of 3 July 2024 on the fiscal stance appropriate for the euro area in 2025,
– having regard to the Eurogroup statement of 15 July 2024 on the fiscal stance for the euro area in 2025,
– having regard to the European Fiscal Board’s 2024 annual report, published on 2 October 2024,
– having regard to the Commission communication of 19 June 2024 entitled ‘2024 European Semester – Spring Package’ (COM(2024)0600),
– having regard to the Commission communication of 17 December 2024 entitled ‘2025 European Semester – Autumn package’ (COM(2024)0700),
– having regard to the Commission communication of 11 December 2019 entitled ‘The European Green Deal’ (COM(2019)0640), to the Paris Agreement adopted on 12 December 2025 in the context of the United Nations Framework Convention on Climate Change and to the UN Sustainable Development Goals,
– having regard to the Eighth Environment Action Programme to 2030,
– having regard to the Interinstitutional Proclamation of 17 November 2017 on the European Pillar of Social Rights[12] and to the Commission communication of 4 March 2021 entitled ‘The European Pillar of Social Rights Action Plan’ (COM(2021)0102),
– having regard to its resolution of 21 January 2021 on access to decent and affordable housing for all[13],
– having regard to the document by Ursula von der Leyen, candidate for President of the European Commission, of 18 July 2024 entitled ‘Europe’s choice – Political guidelines for the next European Commission 2024-2029’, and to the statement made by Valdis Dombrovskis, Commissioner for Economy and Productivity, Implementation and Simplification, at his confirmation hearing on 7 November 2024,
– having regard to International Monetary Fund working paper 24/181 of August 2024 entitled ‘Taming Public Debt in Europe: Outlook, Challenges, and Policy Response’,
– having regard to the International Monetary Fund’s Fiscal Monitor entitled ‘Putting a Lid on Public Debt’ of October 2024,
– having regard to Special Report 13/2024 of the European Court of Auditors entitled ‘Absorption of funds from the Recovery and Resilience Facility – Progressing with delays and risks remain regarding the completion of measures and therefore the achievement of RRF objectives’,
– having regard to the in-depth analysis entitled ‘The new economic governance framework: implications for monetary policy’, published by its Directorate-General for Internal Policies on 20 November 2024[14],
– having regard to the in-depth analysis entitled ‘Economic Dialogue with the European Commission on EU Fiscal Surveillance’, published by its Directorate-General for Internal Policies on 1 December 2024[15],
– having regard to Mario Draghi’s report of 9 September 2024 entitled ‘The future of European Competitiveness’ (the Draghi report),
– having regard to Rule 55 of its Rules of Procedure,
– having regard to the report of the Committee on Economic and Monetary Affairs (A10-0022/2025),
A. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, and thus preserves the macroeconomic stability of the economic and monetary union;
B. whereas the European Semester aims to promote sustainable, inclusive and competitive growth, employment, macroeconomic stability and sound public finances throughout the entire EU, with a view to ensuring the sustained upward convergence of the economic, social and environmental performance of the Member States;
C. whereas the 2024 European Semester marked the first implementation cycle of the new economic governance framework, which came into force on 30 April 2024, guiding the EU and its Member States through a transitional phase;
D. whereas the 2024 Council Recommendation on the economic policy of the euro area calls on the Member States to take action, both individually and collectively, to strengthen competitiveness, boost economic and social resilience, preserve macro-financial stability and sustain a high level of public investment to support the green and digital transitions; whereas fiscal stability is a basis for both sustainable high social standards in the EU and the competitiveness of the EU;
E. whereas the main objectives of the new economic governance framework are to strengthen debt sustainability and sustainable and inclusive growth in all Member States, as well as enabling all Member States to undertake the necessary reforms and investments in the EU’s common priorities, which include (i) a fair green and digital transition, (ii) social and economic resilience including the European pillar of social rights, (iii) energy security, and (iv) the build-up of defence capabilities; whereas disparities in fiscal capacity among Member States hinder equitable investment in strategic priorities and weaken cohesion within the single market;
F. whereas reference values of up to 3 % of government deficit to GDP and 60 % of public debt to GDP are defined by the TFEU; whereas the EU’s headline deficit and government debt-to-GDP ratio remain above the reference values; whereas both the headline deficit and government debt-to-GDP ratio vary across the EU, with significantly divergent situations in different Member States;
G. whereas excessive deficit procedures were opened, or kept open, for eight Member States in 2024; whereas some Member States were not subject to an excessive deficit procedure, despite having a deficit above 3 % of GDP in 2023, as decided by the Council and the Commission after a balanced assessment of all the relevant factors;
H. whereas no procedure concerning macroeconomic imbalances has been opened by the Council since the establishment of this procedure in 2011; whereas, in accordance with its Alert Mechanism Report, the Commission will conduct an in-depth review of 10 countries identified as experiencing macroeconomic imbalances or excessive imbalances in 2025;
I. whereas the success of a framework relies heavily on its proper, transparent and effective implementation from the outset, while taking into account the Member States’ starting points and the individual challenges they face;
J. whereas the timely submission of the national medium-term fiscal-structural and draft budgetary plans is a precondition for the effective implementation and credibility of the new rules; whereas the first national fiscal and budgetary plans have already been assessed by the Council; whereas the equal treatment of the Member States and compliance with the requirements outlined in Regulation (EU) 2024/1263 as regards the fiscal plans are necessary for the effective implementation of the framework;
K. whereas the economic outlook for the EU remains highly uncertain and there is a growing risk of future events or situations that will negatively affect the economy; whereas Russia’s aggression in Ukraine and the conflicts in the Middle East are aggravating geopolitical risks and highlighting Europe’s energy vulnerability; whereas a rise in protectionist measures by trading partners may affect world trade, with negative repercussions for the EU economy; whereas current geopolitical tensions have demonstrated the need for the EU to further strengthen its open strategic autonomy and remain competitive in the global market, while ensuring that no one is left behind;
L. whereas the implementation of the revised economic governance framework is expected to lead to a restrictive fiscal stance for the euro area, as a whole, of 0.5 % of GDP in 2024 and 0.25 % of GDP in 2025; whereas political discussion is needed to ensure appropriate public investment levels following the expiry of the Recovery and Resilience Facility (RRF) in 2026;
M. whereas the Draghi report points out that the gap between the EU and the United States in the level of GDP at 2015 prices has gradually widened, from slightly more than 15 % in 2002 to 30 % in 2023, and estimates the necessary additional annual investment by the EU at EUR 800 billion, including EUR 450 billion for the energy transition;
N. whereas the new Commission has set the goal of being an ‘investment Commission’; whereas discussions on addressing the significant investment gap and reducing borrowing costs are needed in the EU; whereas the framework, where appropriate, should be strengthened by EU-level investment instruments and tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods;
O. whereas the Member States need to have the necessary control and audit mechanisms to ensure respect for the rule of law and to protect the EU’s financial interests, in particular to prevent fraud, corruption and conflicts of interest and to ensure transparency;
P. whereas it is important to increase the share of ‘fully implemented’ country-specific recommendations (CSRs) and to link them more closely to the respective country reports in order to contribute to more effective economic governance;
1. Notes that in the last few years, the EU has demonstrated a high degree of resilience and unity in the face of major shocks, thanks, among other things, to a coordinated policy response involving all the EU institutions, including a flexible approach to the use of new and existing instruments; further recalls that promoting long-term sustainable growth means promoting a balance between responsible fiscal policies, structural reforms and investments that together increase efficiency, productivity, employment and prosperity, and also entails boosting competitiveness, fostering the single market, developing economic growth policies and revising the regulatory framework to attract investments; stresses the fundamental need for sustainable, inclusive and competitive economic growth;
2. Notes that economic policy coordination is fundamentally necessary for a successful economic and monetary union; recalls that the European Semester is the well-established framework for coordinating fiscal, economic, employment and social policies across the EU, in line with the Treaties, while respecting the defined national competences;
3. Notes the Commission’s commitment to ensure that the European Semester drives policy coordination for competitiveness, sustainability and social fairness, as well as the integration of the UN Sustainable Development Goals and the European pillar of social rights; notes that the European Green Deal remains a core deliverable for the Commission;
4. Highlights the fact that an integrated, coordinated, targeted and horizontal industrial policy is vital to increase investments in the EU’s innovation capacity, while bolstering competitiveness and the integrity of the single market;
5. Highlights that public and private investments are crucial for the EU’s ability to cope with existing challenges, including developing the EU’s innovation capacity and implementing the just green and digital transitions, and that they will increase the EU’s resilience, long-term competitiveness and open strategic autonomy; calls attention to the need for strategic investments in energy interconnections, low-carbon energies (such as renewables) and energy efficiency to, among other things, (i) make the EU independent from imported fossil fuels and prevent the possible inflationary effects of dependence on these, (ii) modernise production systems and (iii) promote social cohesion; recalls that the materialisation of climate-change-related physical risks can greatly affect public finances, as demonstrated by the floods in Valencia in October 2024 and the cyclone in Mayotte in December 2024; calls on the Member States to make the necessary investments to improve climate change mitigation and adaptation and enhance the resilience of the EU economy;
6. Calls on the Commission to come up with initiatives, on the basis of the Budapest Declaration; to make the EU more competitive, productive, innovative and sustainable, by building on economic, social and territorial cohesion and ensuring convergence and a level playing field both within the EU and globally; notes the development of a new competitiveness coordination tool; expects the Commission to clarify how this tool will interact with the European Semester; stresses the importance of supporting micro, small and medium-sized enterprises as key drivers of economic growth and employment within the EU;
7. Stresses the need to foster a dynamic entrepreneurial ecosystem that supports innovators, recognising their critical role in driving global competitiveness, economic resilience, job creation and open strategic autonomy;
8. Welcomes the Commission’s recommendations regarding the economic policy of the euro area, urging the Member States to enhance competitiveness and foster productivity through improved access to funding for businesses, reduced administrative burdens, and public and private investment in areas of EU common priorities, which include (i) a fair green and digital transition, (ii) social and economic resilience including the European pillar of social rights, (iii) energy security, and (iv) the build-up of defence capabilities;
9. Welcomes the Commission’s recommendation that, when defining fiscal strategies, euro area Member States should aim to improve the quality and efficiency of public expenditure and public revenue, which are essential for ensuring the sustainability of public finances, while minimising detrimental and distortive impacts on economic growth; stresses that this could be achieved by, among other things, increasing European coordination and reducing tax avoidance and tax evasion; welcomes the Draghi report’s conclusion that a coordinated reduction of labour income taxation for low- to middle-income workers is needed to promote EU competitiveness; recalls the Member States’ competence in tax policy; invites the Member States to redirect the tax burden from income to less distortive tax bases;
10. Highlights the need to create fiscal buffers to address fiscal sustainability challenges, ensuring sufficient resources for investment and for dealing with potential future shocks and crises; stresses the importance of promoting competitive, sustainable and inclusive growth in supporting long-term fiscal stability and resilience;
Economic prospects for the EU
11. Expresses concern that, according to the Commission’s autumn 2024 economic forecast, EU GDP is expected to grow by 0.9 % (0.8 % in the euro area) in 2024, by 1.5 % (1.3 % in the euro area) in 2025 and by 1.8% (1.6% in the euro area) in 2026; recalls that these figures reflect a gradual recovery, but also limited economic expansion compared to previous economic cycles; notes that the economic outlook for the EU remains highly uncertain, with risks more likely to negatively affect economic growth;
12. Notes that the public debt ratio is projected to increase to 83.0 % in the EU and 89.6 % in the euro area in 2025 and to 83.4 % in the EU and 90 % in the euro area in 2026, when the output gap will be virtually closed both in the EU and in the euro area, and that this is higher than the levels in 2024 (82.4 % for the EU and 89.1 % for the euro area);
13. Recalls that developments in public debt ratios vary from country to country; points out that policy uncertainty and geopolitical risks can contribute significantly to increasing the cost of borrowing on the financial markets for the Member States; notes that unsustainable debt levels could undermine economic stability and decrease the Member States’ economic resilience and capacity to respond to crises; highlights that in 2024 and 2025, 11 euro area Member States are expected to have debt ratios above the Treaty reference value of 60 %, with 5 remaining above 100 %;
14. Notes that according to the Commission’s 2024 autumn economic forecast, the general government deficit in the EU and the euro area is expected to decline to 3.1 % and 3 % of GDP, respectively, in 2024, and to decrease further to 3 % and 2.9 % of GDP in 2025 and 2.9 % and 2.8 % of GDP in 2026; stresses that 10 EU Member States are expected to post a deficit above the Treaty reference value of 3 % of GDP in 2024; points out that this number will remain stable in 2025, and that in 2026, most Member States are forecast to have weaker budgetary positions than before the pandemic (2019), with 9 of them still posting deficits of above 3 %;
15. Notes that eight Member States have excessive deficits; recalls that the Council has taken remedial action and calls on the Member States concerned to take steps to reduce excessive deficits while minimising the socio-economic impact; recalls the importance of consistency in applying the excessive deficit procedure to the Member States;
16. Notes that according to the Commission’s autumn 2024 economic forecast, inflation is projected to fall from 2.6 % in 2024 to 2.4 % in 2025 and 2 % in 2026 in the EU, and from 2.4 % in 2024 to 2.1 % in 2025 and 1.9 % in 2026 in the euro area; recalls that although this reduction is a positive development, core inflation remains relatively high, which points to persistent inflationary pressures; notes that fiscal policy, while safeguarding fiscal sustainability, can support monetary policy in reducing inflation, and should provide sufficient space for additional investments and support long-term growth;
17. Notes that the Commission has not been able to present the Annual Sustainable Growth Survey, the Alert Mechanism Report, the draft euro area recommendation and the draft joint employment report at the same time;
18. Observes that according to the Commission’s 2025 Alert Mechanism Report, in-depth reviews will be prepared in 2025 for the nine countries that were identified as experiencing imbalances or excessive imbalances in 2024, while another in-depth review should be undertaken for another Member State, as it presents particular risks of newly emerging imbalances;
19. Underlines that housing is directly interconnected with the macroeconomic imbalances in the euro area, with damaging implications for economic resilience, dynamism and social progress and for regional and intra-EU mobility; is concerned that in some Member States, house prices are likely to increase and may become hard to curb in the absence of a holistic strategy;
Revised EU economic governance framework and its effective implementation
20. Recalls that the reform aims to make the framework simpler, more transparent and more effective, with greater national ownership and better enforcement, while differentiating between Member States on the basis of their individual starting points, representing a step forward in ending the ‘one-size-fits-all’ approach in view of the country-specific fiscal sustainability considerations embodied in the net expenditure path; recalls, furthermore, that the reform aims to strengthen fiscal sustainability through gradual and tailor-made adjustments complemented by reforms and investments and to promote countercyclical fiscal policies;
21. Acknowledges that the new fiscal rules provide greater flexibility and incentives linked to the investments and national reforms required to address the economic, social and geopolitical challenges facing the EU; acknowledges that financial resources and contributions from national budgets differ from one Member State to another; welcomes the fact that the net expenditure indicator excludes all national co-financing in EU-funded programmes, providing increased fiscal space for Member States to invest in the EU’s common priorities, as laid down in Regulation (EU) 2024/1263, thus helping to strengthen synergies between the EU and national budgets, thereby reducing fragmentation and increasing the overall efficiency of public spending in some areas, such as defence;
22. Highlights that the debt sustainability analysis (DSA) plays a key role in the reformed EU fiscal rules; is of the opinion that the discretionary role of the Commission in the DSA requires the relevant assessments to be fully transparent, predictable, replicable and stable; calls on the Commission to address possible methodological improvements, such as assessing spillover effects between Member States, and to duly inform Parliament in this regard;
23. Notes the Commission’s inconsistent application of the fiscal rules framework in the past, and the Member States’ uneven compliance with the rules; stresses that it is essential for the new framework to ensure the equal treatment of the Member States; affirms that a successful framework relies heavily on proper, transparent and effective implementation from the outset, while taking into account the Member States’ starting points and the individual challenges they face; takes note of the changes introduced in the new framework to improve the credibility of the financial sanctions regime;
24. Encourages the Member States to align the technical definition of their national operational indicator to the European primary net expenditure indicator;
25. Emphasises the role of Parliament and of independent fiscal authorities in the EU’s economic governance framework; underlines the discretionary power of the Commission in developing the medium-term fiscal-structural plans; emphasises the need for increased scrutiny of the Commission by Parliament and by the European Fiscal Board, as envisioned in Regulation (EU) 2024/1263, and for an increase in the flow of information towards Parliament to enable its effective oversight;
National medium-term fiscal-structural and budgetary plans
26. Notes that not all Member States were able to submit their national medium-term fiscal-structural and draft budgetary plans on time; notes that, as a result of general elections and the formation of new governments, five Member States have not yet submitted their national medium-term fiscal-structural plans and two Member States have not yet submitted their draft budgetary plans, while one Member State has not submitted its draft budgetary plan for other unspecified reasons; calls on these Member States to submit the relevant plans as soon as possible; underlines that the timely submission of these plans is a precondition for the effective implementation and credibility of the new rules; reaffirms the importance of the timely submission of draft budgetary plans to translate commitments outlined in fiscal plans into concrete policies following approval of the national medium-term fiscal-structural plans;
27. Recalls that the reforms and investments outlined in the national medium-term fiscal-structural plans should align with the EU’s common priorities as laid down in Regulation (EU) 2024/1263; emphasises that, under the new framework, the Commission should pay particular attention to these priorities when assessing the national medium-term fiscal-structural plans;
28. Acknowledges that 21 of the 22 national medium-term fiscal-structural plans that have been reviewed so far received a positive evaluation; notes that the new framework allows Member States to use assumptions that differ from the Commission’s DSA if these differences are explained and duly justified in a transparent manner and are based on sound economic arguments in the technical dialogue with the Member States; observes, however, that in the plans submitted by five Member States, the Commission found insufficiently justified inconsistencies and deviations from the DSA framework in macroeconomic assumptions related to potential GDP and/or the GDP deflator; stresses that such deviations and risks of backloading could potentially threaten future fiscal sustainability; notes that in the plans submitted by three Member States, the Commission acknowledges a concentration of the fiscal adjustment towards the end of the period; calls on the Commission to ensure that any such concentration of the adjustment meets the requirements set out in the regulation and calls on it to prevent procyclical policies;
29. Takes note of the fact that only seven Member States have sought an opinion from their relevant independent fiscal institution, which provides an important additional scrutiny dimension; notes with caution that some independent fiscal institutions gave a negative opinion on their Member State’s national fiscal plan; stresses that nine Member States did not meet their obligation to conduct political consultations with civil society, social partners, regional authorities and other relevant stakeholders prior to submitting their national plans; further regrets the fact that several Member States have not involved their national parliaments in the approval process for the plans and have not reported whether the required consultations with national parliaments took place as laid down in the new framework;
30. Observes that five Member States have requested an extension of the adjustment period; emphasises that any such extension should be based on a set of investment and reform commitments that, taken all together, improve the potential growth and resilience of the economy, support fiscal sustainability, address the EU’s common priorities and the relevant CSRs and have been assessed as meeting the conditions outlined in the regulation for such an extension; notes that the reforms and investments used to justify this extension rely considerably on reforms already approved under the RRF; highlights the importance of and need for reforms and investments that contribute positively to the potential GDP growth of the Member States; calls on the Commission to effectively evaluate ex post the impact of agreed investments and reforms in terms of supporting fiscal sustainability, enhancing the growth potential of the economy, addressing the EU’s common priorities and the CSRs and ensuring the required level of nationally financed public investment;
31. Notes the Commission’s assessment that only 8 of the 17 draft budgetary plans presented are in line with fiscal recommendations stemming from the national medium-term fiscal-structural plan; regrets the fact that 7 plans were assessed as not being fully in line with the recommendations, 1 as non-compliant and 1 as at risk of not being in line with the recommendations; is concerned that six Member States have presented draft budgetary plans with annual or cumulative expenditure growth above their prescribed ceilings;
Fiscal stance and the role of fiscal policy in the provision of European public goods
32. Notes the Commission’s projection that the implementation of the revised governance framework is expected to lead to a reduction of the primary structural balance for the euro area as a whole of 0.5 % of GDP in 2024 and 0.25 % of GDP in 2025; notes the Commission’s assessment that this is in line with the process of enhancing fiscal sustainability and support the ongoing disinflationary process as economic uncertainty remains high; notes that GDP growth will continue to support fiscal consolidation throughout the EU; calls for fiscal policies that restore stability while promoting innovation, industrial competitiveness and long-term economic growth; stresses the need to create additional fiscal space to tackle future challenges and potential crises while preserving a sufficient level of investment to support and foster sustainable and inclusive growth, industrialisation and prosperity for all;
33. Considers that the effective implementation of the fiscal rules, although necessary, is not in itself sufficient to achieve the optimal fiscal stance at all times and ensure a high standard of living for all Europeans; notes that the fiscal stance is still projected to differ greatly from one Member State to another in 2025; calls on the Commission to explore ideas for a mechanism that helps ensure that the cyclical position of the EU as a whole is appropriate for the macroeconomic outlook at all times;
34. Recalls that, according to the Commission, the fiscal drag in 2025 will be partly offset by a slight expansion in investment, financed both by national budgets and by RRF grants and other EU funds; emphasises the RRF’s role in addressing EU investment needs, noting that it will expire by the end of 2026, which might lead to a decrease in public investment in common European priorities;
35. Calls on the Commission to initiate discussions on addressing the significant investment gap in the EU and to reduce borrowing costs, strengthen financial stability and enable strategic investments in line with the EU’s objectives and for the provision of European public goods, such as defence capabilities to match needs in a context of growing threats and security challenges; calls for full use to be made of the efficiency gains that may stem from the provision of European public goods at EU scale through the effective coordination of investment priorities among Member States; believes that this framework, where appropriate, should be strengthened by EU-level investment instruments and tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods;
36. Recalls that any EU funding must be accompanied by robust controls ensuring transparency, accountability and the efficient use of funds, so as to avoid unjustified increases in public spending;
37. Encourages the Member States to promote investment spending that produces a positive rate of return; acknowledges the Draghi report’s assessment that around four fifths of productive investments will be undertaken by the private sector in the EU, while public investment will also play a catalysing role; welcomes the Commission initiative to propose a competitiveness fund under the new multiannual financial framework and calls on it to make full use of financial guarantees to leverage private investment; stresses that the Member States must step up their efforts, in particular budgetary efforts, to accelerate innovation, digitalisation, education, training and decarbonisation, to strengthen European competitiveness and to reduce dependencies;
Country-specific recommendations
38. Notes that the share of ‘fully implemented’ CSRs has dropped from 18.1 % (in the period 2011-2018) to 13.9 % (in the period 2019-2023); recalls that implementing CSRs, including with regard to the efficiency of public spending, is a key part of ensuring fiscal sustainability and addressing macroeconomic imbalances; advocates a more efficient implementation of the CSRs and the relevant reforms; calls for ways of increasing the share of ‘fully implemented’ CSRs to be explored; calls on the Commission to link the CSRs more closely to the respective country reports; calls for the impact of reforms and the progress towards reducing identified investment gaps to be evaluated; calls for greater transparency in the preparation of CSRs;
39. Reiterates, in this regard, that CSRs should be enhanced by focusing on a limited set of challenges, in particular specific Member States’ structural challenges and the EU’s common priorities, with a view to promoting sound and inclusive economic growth, enhancing competitiveness and macroeconomic stability, promoting the green and digital transitions and ensuring social and intergenerational fairness;
40. Recalls the Member States’ commitment to address, in their national fiscal plans, the relevant CSRs in both their economic and social dimensions, as expressed under the European Semester; notes that the Commission has found unaddressed CSRs in the national fiscal plans;
41. Highlights the importance of the CSRs in tackling the longer-term drivers of fiscal sustainability, including the sustainability and proper provision of public pension systems, the healthcare and long-term care systems in the face of demographic challenges such as ageing populations, and preparedness for adverse developments, including climate-change-related physical risks; stresses the relevance of CSRs in addressing the stability of the housing market in order to contribute to the economic resilience of the EU;
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42. Instructs its President to forward this resolution to the Council and the Commission.
Source: European Investment Bank
The European Investment Bank (EIB) – via EIB Global – and Sparkasse Bank AD Skopje have held a workshop in Skopje to launch their partnership under the Greening Financial Systems (GFS) technical assistance programme. This initiative is part of the EIB’s wider efforts to support the resilience of financial institutions, which play a crucial role in driving green transformation and stepping up financing for climate and sustainability projects.
“The GFS programme aims to support the transition to net-zero financial systems, which is an important step for climate action and promoting green investments among small businesses. Working with Sparkasse Bank, as well as with the National Bank of North Macedonia and other financial institutions in the country, is a significant step towards addressing climate challenges in North Macedonia and creating a resilient financial system. Along with this technical support and other initiatives we are supporting in the country, as the EU climate bank, we aim to promote green investments, help the local economy address climate risks and increase its competitiveness both regionally and globally,” said EIB representative to North Macedonia Björn Gabriel.
The programme is financed by the German government through the EIB’s International Climate Initiative Fund and is run in collaboration with the NDC Partnership, a global coalition of countries and institutions that work together to drive climate action.
“For Sparkasse Bank, working with the EIB is particularly significant given our leadership position, with more than 40% market share in financing green projects in North Macedonia and over €115 million in financial support provided for more than 140 green projects. This is a pivotal moment for us and the financial sector in North Macedonia. With this support, we will enhance our existing practices with regards to green lending, an area in which we have been active for over 14 years. Our goal is to promote the transformation towards an environmentally sustainable economy, and we strongly believe that working with the EIB will yield positive results, not only for our clients, but also for society as a whole, helping to mitigate climate change and creating a better future for all,” said Deputy President of the Management board of Sparkasse Bank Nina Nedanoska.
In the last two years, the EIB and Sparkasse Bank allocated €46 million to companies in North Macedonia, with €19 million disbursed so far under the EIB green credit line helping to decarbonise the local economy. In addition to Sparkasse Bank, the banks benefiting from the GFS programme in North Macedonia are NLB Bank Skopje, ProCredit Bank and Komercijalna banka.
Source: United Kingdom – Executive Government & Departments
Two Sellafield Ltd colleagues, Anouschka Van Mourik and Kiara Orchard, have been nominated as ‘Future List Game Changers’ in the Northern Power Women Awards.
Kiara Orchard (left), Anouschka Van Mourik (right).
The awards recognise and celebrate trailblazing individuals who are driving inclusion and innovation across the north of the UK.
With a record-breaking 1,600 nominations across 12 categories and 3 Game Changer lists, the awards celebrate those shaping a more equal and sustainable future.
Anouschka Van Mourik, a commissioning engineer at Sellafield Ltd, has worked within the company for just over 2 years, starting as a graduate.
Anouschka was shortlisted due to her work in championing gender equality and inclusion, co-chairing the Sellafield Gender Balance Network, and her role as a science, technology, engineering, and mathematics (STEM) ambassador where she encourages young people to pursue education and understand the vast range of STEM careers available.
Anouschka said:
It has been great to play a part in the rollout of diversity initiatives at Sellafield and I’ve found the experience really rewarding. Inspiring young people as a STEM ambassador and working with a fantastic team has also been an honour, and I look forward to continuing this important work this year.
Being recognised alongside so many inspiring women is truly humbling, and I’m really looking forward to attending the ceremony in March at Manchester Central Convention Complex.
Joining Anouschka on the shortlist is Kiara Orchard, an assistant project manager at Sellafield, who started in 2019 as an apprentice.
Kiara received recognition from the awards due to her support in delivering gender equality and inclusion initiatives in the workplace, which has included co-chairing the Sellafield Menohub.
Kiara said:
I’ve always been passionate about fostering a more inclusive and supportive environment in the workplace. Championing initiatives has been incredibly fulfilling and it’s been an honour to see how these changes make a tangible difference in people’s lives.
Being recognised for my efforts is a tremendous honour, and I’m proud to be recognised and stand alongside other remarkable women who are leading the way in creating positive change.
The awards ceremony will take place on 18th March 2025.
Published 27 February 2025
Source: Scotland – Highland Council
Highland Council is set to consider a proposed 7% increase to Council Tax for 2025-26 at its budget meeting on 6 March.
A 7% increase for 2025/26, represents a 5% core increase to balance the budget for the year, plus 2% earmarked for capital investment through the Highland Investment Plan. This is in line with an approach agreed by Council in its approval of a £2bn Highland Investment Plan strategy in May 2024.
The Plan will see wide ranging investment across communities in the Highlands, with over £1bn of capital investment in schools and roads over the next 10 years in phase one of the programme.
Initial seed-funding of £2.8m was approved in May 2024 to create £50m of capital to start the investment fund, with the first phase of investment approved in December 2024.
Ringfencing 2% on council tax each year will generate capital to maintain the funding plan over the long-term. The ongoing funding must be agreed each year by Council as part of the budget setting process and 2025-26 is the first year that Councillors will be asked to approve the funding through Council Tax.
The funding mechanism will enable the Council to borrow significant capital to invest in a long-term infrastructure investment programme for the Highland area.
Convener of the Council Bill Lobban said: “This funding mechanism is a radical solution to the significant challenges and costs we face in maintaining and renewing our buildings and roads. The Highland Investment Plan responds to the widespread public support for further investment in the school estate, as well as emerging critical issues that we face in dealing with schools with RAAC and HACC (High alumina cement concrete).
“An investment programme like this will create jobs and economic prosperity across the region and bring transformation to Highland communities over the next 10 years.”
Leader of the Council Raymond Bremner said: “The Highland Investment Plan is one of the biggest investment programmes in Scotland and the largest ever for Highland.
“The first 10 years of the Investment Programme will see investment in an initial phase of projects which will be place-based. The first of these include Dingwall, with £40m to £50m investment to redevelop education and community facilities across the town in addition to housing, infrastructure and depots, with a similar approach in Thurso, Alness, Brora, Dornoch, Golspie and Invergordon in the coming years.”
He added: “In addition to improving our school estate and depots, the planned investment will help to address the on-going challenges we face in maintaining over 4000 miles of Highland roads and sustaining rural communities.
“A long-term investment programme for roads and transportation will ensure a sustainable approach to investment, contractor procurement, and opportunities to attract match funding from developer contributions or other external funding sources. There will also be significant local contracting and business opportunities, and wider community economic benefit associated with the delivery of the Investment Plan.”
The financial report going to Council on 6 March, sets out recommendations to deliver a balanced budget, and includes information relating to budget assumptions, risks, budget pressures, growth and investment, as well as savings, reserves and council tax.
All previous planning assumptions have been revised and updated within this report and reflect the implications of the UK Government Budget and Scottish Government draft budget 2025/26.
The budget report and proposals can be found on the Council’s website.
Source: Northern Ireland City of Armagh
Banbridge has taken a significant step forward in community safety with the installation of a new public-access defibrillator, a vital resource that could help save lives in the event of sudden cardiac arrest.
The device, which has been placed in a central location on Downshire Plaza at the Scarva Street junction, was provided by Alderman Glenn Barr who purchased the lifesaving equipment during his time in office as Lord Mayor when the public realm scheme got underway.
Alderman Barr emphasised the importance of having accessible emergency medical equipment in the community he said, “This defibrillator is a vital addition to Banbridge, in the event of a cardiac emergency, every second counts. Having this life-saving device readily available will give people the best possible chance of survival and I want to commend all those involved in securing and installing this much-needed resource.”
The initiative has been warmly welcomed by local businesses and community leaders. Vice Chair of the Banbridge Chamber of Commerce, Joe Quail, praised the installation and its potential to safeguard lives in the town.
“We are delighted to see this defibrillator installed in Banbridge. As a community, we all have a role to play in promoting health and safety, and having this device available in a central location provides reassurance to residents, visitors, and local businesses alike. We encourage everyone to familiarise themselves with its location and the simple steps involved in using it in an emergency.”
The defibrillator is accessible 24/7, and its location has been registered with emergency services to ensure swift access when needed.
Source: Northern Ireland – City of Derry
26 February 2025
The team at Derry’s Tower Museum are excited to begin work on a new project archiving a significant collection of artefacts and documents capturing life within the city’s famous shirt factory industry.
The collection includes photographs, ledgers, correspondence and ephemera from the many factories that powered the local economy throughout the 19th and 20th centuries.
Funding of £39,620 for the project was confirmed this week through the National Archives ‘Archives Revealed’ Grant, and the Tower Museum is one of 12 recipients of the grant throughout the UK. The fund is a partnership programme between The National Archives, the Pilgrim Trust, the Wolfson Foundation and The National Lottery Heritage Fund, which helps unlock collections across the UK and build the skills needed to care for them into the future.
The Shirt Factories collection recognises the role of local people and businesses, who over 150 years contributed to a growing, prosperous industrial city, forging friendships and working together through some of the most challenging periods of conflict. The project will be a further step in capturing and celebrating some of the personal stories and memories of the factory men and women.
The Archive will play an integral role in the state-of-the-art new DNA Museum which is due to open at Ebrington Square in Autumn 2026, as Head of Culture with Derry City and Strabane District Council, Aeidin McCarter explained. “We are delighted to have the opportunity to bring together a comprehensive collection of items that will tell the story of the world-renowned shirt factories, which have become so synonymous with the city.
“As we prepare to unveil the new shirt factory sculpture in Harbour Square this will be another enduring memorial to keep the memories alive, and I know this collection will be a fitting tribute to the thousands who contributed to the industry, especially those who are still with us today.
“By cataloguing the collection in this way we can fully unlock those chapters in our history and share them with a wider audience. This will also be supported by a programme of engaging activities celebrating the contribution of the factory workers to the social, cultural and economic development of Derry over two centuries.”
The Archives Revealed programme aims to ensure that significant archive collections, representing the lives and perspective of all people across the UK, are made accessible to the public for research and enjoyment.
Eilish McGuinness, Chief Executive of The National Lottery Heritage Fund, said: “Our archives are home to our stories. Records, collections and histories all shine a light on who we are, how we live and what is important to us. I am delighted that funding from all four partners is enabling Archives Revealed projects to unlock and share many more of these stories right across the UK, safeguarding them for future generations. It is incredibly exciting to celebrate these grants, including the first consortium grant which represents a step-change for the archive sector and an opportunity to share skills and knowledge, foster partnerships and build organisational resilience in the sector. All of this is vital for protecting the future of our archives and delivering our vision for heritage to be valued, cared for and sustained for everyone, now and in the future.”
Sue Bowers, Director of the Pilgrim Trust, said: “I would like to congratulate all the fantastic projects that have been awarded funding. As a founder member of the scheme 20 years ago, we are delighted that the newly expanded partnership enables the unlocking of so many more UK archive collections representing the lives of people across the UK for research and for all to enjoy.”
Source: Northern Ireland – City of Derry
27 February 2025
Derry City and Strabane District Council’s Dog Control and Animal Welfare team are reminding dog owners of their responsibility to keep their dogs secure in their property and under control at all times, especially when they are near livestock. Livestock worrying is when a dog attacks or chases livestock on agricultural land or is at large in a field with livestock, which can result in significant injury or suffering and in worst cases, death of the animals involved. It is a particular concern for farmers during lambing season.
“Worrying livestock does not just mean attacking or killing sheep,” explained Principal Environmental Health Officer at Council Enda Cummins. “If your dog chases livestock in such a way as could reasonably be expected to cause any form of suffering to the animals or a financial loss to their owner, it will be considered to have worried the livestock”.
The financial cost can be substantial with the loss of valuable stock, veterinary care, abortions in attacked and frightened animals and damage to property.
Although it is recognised that most dogs are well looked after and are friendly family pets, all dogs have the potential to inflict injury and to worry livestock. Many pet dogs will run after animals just for the chase, any breed, no matter what size, can revert to its primitive, wolf-like instinct. “In most sheep worrying cases the dog involved will maim and injure the animal and move onto the next one for the thrill of the chase which can result in a large flock being destroyed. In certain circumstances, a Farmer or Landowner has the right to shoot a dog found attacking or worrying livestock,” he added.
As such, Dog Wardens in Derry City and Strabane District Council are reminding dog owners to ensure their dog is always under control and in particular kept secure at night.
The Council’s Dog Wardens have the authority to seize any dog (of any type and breed) suspected of being involved in worrying or attacking livestock, owners may be prosecuted for any offences and a court may order the dog to be destroyed. A civil case may also be brought by the farmer for any financial loss suffered.
Council Dog Wardens respond to all incidents of dog worrying or attacks and anyone who witnesses a dog worrying or attacking livestock is encouraged to report this to the Council’s Dog Warden by telephoning 028 71253 253 during the working day and the emergency out of hour service 07734 128096 for ongoing dog attacks on persons or animals.
Source: City of Leicester
THOUSANDS of Leicester residents could be left without heating or hot water this summer unless they have their aging electricity meters replaced.
The Radio Teleswitch Service (RTS) – which was introduced over 40 years ago – uses radio signals to tell some electricity meters to switch heating or hot water systems on or off. It is due to be phased out by the end of June 2025, as the system is no longer viable.
There are about 600,000 RTS electricity meters across Britain and a national RTS Taskforce has been set up to upgrade them all before the switch-off date.
Around 4,000 households in Leicester are affected, most of which have storage heaters linked to an old-style RTS electricity meter that will need to be replaced as soon as possible.
Customers can now make appointments with their energy suppliers to have their RTS meters replaced with new smart meters at no additional cost. Energy suppliers will also be contacting customers directly. E.ON Next is leading in work across the city to significantly raise the replacement rate by devoting engineering resources as part of a targeted campaign.
The campaign is being supported by Leicester City Council to help encourage anyone who has and old-style RTS electricity meter – or who thinks that they might have – to contact their energy supplier as soon as possible to arrange an appointment to have it replaced.
Deputy City Mayor Elly Cutkelvin said: “We know that Leicester has a relatively high number of households with electric storage heating systems that will likely be connected to an old-style RTS meter.
“These meters need to be replaced as soon as possible to ensure that people aren’t left without heating when the switch-off happens this summer.
“The process to replace your RTS meter is usually straightforward and is carried out at no cost to the household. But time is running out. Energy suppliers will be contacting affected households directly and we would urge anyone affected to make an appointment to have their meter upgraded as soon as possible.”
The national RTS Taskforce was launched in January 2025 and includes energy regulator Ofgem and trade association Energy UK and is supported by consumer group National Energy Action.
It urges owners of RTS electricity meters to act now and accept the offer of a meter upgrade from their energy supplier.
Charlotte Friel, Director for Retail Pricing & Systems at Ofgem, said: “One of the key functions of the RTS Taskforce is identifying hotspot areas that need more targeted resources to accelerate the upgrade programme. So it is pleasing to see E.ON Next and other energy suppliers pushing to drive up the replacement rate in Leicester.
“This is a positive declaration of intent to meet the RTS challenge head on, so our message to people in the city is that support is ready and waiting. If you are contacted by your energy supplier to arrange an appointment, please book it.”
Dhara Vyas, Chief Executive at Energy UK, added: “Energy suppliers continue to make contact with customers who have an RTS meter and are working hard to prioritise support for vulnerable customers ahead of the deadline this summer.
“It’s really important that anyone with an RTS meter has it replaced as soon as possible – delaying this could result in their heating and hot water not working properly. Contacting their supplier to arrange a replacement – at no extra cost to the customer – as soon as possible will minimise the disruption, help ensure a smooth upgrade to a smart meter and mean that customers continue to enjoy the benefits they currently get from their RTS meter.”
A supporting campaign will run across TV, video on demand, radio, digital audio, billboards and local press, highlighting the urgent need for RTS customers to book the installation of a new meter as soon as their energy supplier contacts them.
Information about the RTS switch off is also available on the city council’s website
Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
First Deputy Prime Minister Denis Manturov took part in the final meeting of the board of Rosrezerv, where the results of the agency’s work in 2024 were summed up and long-term tasks were outlined.
During his speech, Denis Manturov noted the proper performance by the department of its functions and the tasks set by the state leadership, which is of particular importance in the current situation in the country and in the world, when it is necessary to quickly respond to constantly changing challenges and threats.
“Such a wide range of tasks places special responsibility on Rosrezerv for the timely accumulation, high-quality storage and prompt release of material assets. I can say that in 2024, instructions in all areas of your activity were carried out on time and in full. Allow me, on behalf of the Government, to express gratitude to the entire Rosrezerv team for your work,” the First Deputy Prime Minister noted.
In addition, Denis Manturov gave instructions on the development of issues of maintaining and strengthening the human resources potential of Rosrezerv, including in terms of creating conditions for youth to work in the system and assisting in the employment of veterans of the special military operation.
Head of the Federal Agency for State Reserves Dmitry Gogin reported on the results of Rosrezerv’s activities in 2024 and plans for 2025, and thanked the First Deputy Prime Minister for Rosrezerv’s assistance and support.
At the end of the board meeting, Denis Manturov presented state awards to particularly distinguished employees of Rosrezerv.
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.
Statement from Minister Silver on the federal consumer carbon pricing program
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Minister of Finance Sandy Silver has issued the following statement:
“All candidates in the federal Liberal leadership race – one of whom will serve as Canada’s next Prime Minister – have stated their intention to end, freeze or significantly change the consumer carbon price in Canada.
“The leaders of the Conservative Party of Canada and the federal New Democratic Party have also stated their intent to end or significantly change the federal carbon pricing mechanism, indicating that it is highly unlikely that a carbon price will be in place following the next federal election.
“Given that the end of the federal carbon price means the Yukon will no longer receive revenues to sustain our made-in-Yukon carbon rebate program, I have written to the federal government and asked them to work closely with the territory to ensure a systematic wind down of the program in the Yukon and a cancellation of the planned April 1, 2025, carbon levy increase.
“Our carbon rebate programs were developed in good faith, in partnership with Canada and the territories, to address northern challenges.
“The Government of Yukon is calling for immediate discussions with federal officials to plan for these changes and ensure that Yukoners are not left behind as Canada shifts its approach to fighting climate change.”
Source: GlobeNewswire (MIL-OSI)
Highlights and subsequent events
FLNG Hilli: Maintained her market leading operational track record and exceeded her contracted 2024 production volume resulting in the recognition of $0.5 million of 2024 over production accrued revenue. Q4 2024 Distributable Adjusted EBITDA1 was $68 million excluding overproduction revenue. FLNG Hilli has offloaded 128 cargoes to date.
In December 2024, Golar acquired all remaining third party minority ownership interests in FLNG Hilli for $60 million in cash and a $30 million increase in Golar’s share of contractual debt. The acquisitions included a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction was equivalent to ~8% of the full FLNG capacity. Following this, Golar has a 100% economic interest in FLNG Hilli.
The acquisition is immediately accretive to Golar’s cash flow. Annual Adjusted EBITDA1 from the base tolling fee is expected to increase by approximately $7 million. The Brent oil linked commodity element of the current FLNG Hilli charter will increase from $2.7 million to $3.1 million in annual Adjusted EBITDA1 attributable to Golar per dollar for Brent oil prices between $60/bbl and the contractual ceiling. The TTF linked component of the current tariff will similarly increase annual Adjusted EBITDA1 generation attributable to Golar from $3.2 million to $3.7 million per $/MMBtu of European TTF gas prices above a floor price that delivers a base annual TTF fee of $5 million. The acquisition of the minority ownership interests is also accretive to Golar’s Adjusted EBITDA backlog1, with an ~8% shareholding of the 20-year charter in Argentina starting in 2027* increasing the backlog by approximately $0.5 billion, before commodity exposure.
Golar expects to release significant capital from a contemplated refinancing of FLNG Hilli following completion of the conditions precedent in the SESA 20-year charter.
FLNG Gimi: Following the commercial reset with bp announced in August 2024, accelerated commissioning commenced in October 2024 using gas from a LNG carrier. In January 2025, gas from the carrier was replaced by feedgas from the bp operated FPSO which allowed full commissioning to commence. This milestone triggered the final upward adjustment to the Commissioning Rate under the commercial reset. LNG is now being produced, and subject to receipt of sufficient feed gas, the first LNG export cargo is expected within Q1 2025. Assuming all conditions are met, the Commercial Operations Date (“COD”) is expected within Q2 2025. COD will trigger the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog1 (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.
A debt facility to refinance FLNG Gimi is in an advanced stage, with credit approvals now received. The transaction is subject to customary closing conditions and third party stakeholder approvals.
MKII FLNG 3.5MTPA conversion: Conversion work on the $2.2 billion MK II FLNG (“MK II”) is proceeding to schedule. After discharging her final cargo as an LNG carrier in January 2025, the conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025. Golar has spent $0.6 billion to date, all of which is equity funded. The MK II is expected to be delivered in Q4 2027 and be the first available FLNG capacity globally.
As part of the EPC agreement, Golar also has an option for a second MK II conversion slot at CIMC for delivery within 2028.
FLNG business development: In July 2024, Golar announced that it had entered into definitive agreements for the deployment of an FLNG in Argentina. In October 2024, Golar received a notice reserving FLNG Hilli for the 20-year charter. During November 2024, Pampa Energia joined the SESA project with a 20% equity stake, in December 2024 Harbour Energy joined with a 15% equity stake and in February 2025 YPF joined with a 15% equity stake. Pan American Energy (“PAE”) remains with a 40% equity stake and Golar with its 10% equity stake. SESA will be responsible for sourcing Argentine natural gas to the FLNG, chartering and operating FLNG Hilli and marketing and selling LNG globally. The addition of leading natural gas and oil producers in Argentina further strengthens both the project and Golar’s charter counterparty.
Following the end of FLNG Hilli’s current charter in July 2026 offshore Cameroon, FLNG Hilli will undergo vessel upgrades to maintain 20-years of continuous operations offshore. Operations in Argentina are expected to commence in 2027. FLNG Hilli is expected to generate an annual Adjusted EBITDA1 of approximately $300 million, plus a commodity linked element in the FLNG tariff and commodity exposure through Golar’s 10% equity stake in SESA.
The project remains subject to defined conditions precedent (“CP”), including an export license, environmental assessment and Final Investment Decision (“FID”) by SESA. Workstreams for each CP are advancing according to schedule and are expected to be concluded within Q2 2025.
Golar’s position as the only proven service provider of FLNG globally, our market leading capex/ton and operational uptime continues to drive interest in our FLNG solutions. The MKII under construction is now the focus of multiple commercial discussions. Advanced discussions are taking place in the Americas, West Africa, Southeast Asia and the Middle East. Once a charter is secured for the MKII under construction, we aim to FID our 4th FLNG unit. In addition to the option for a second MKII at CIMC Raffles shipyard, we are now in discussions with other capable shipyards for this potential 4th unit, focused on design, liquefaction capacity, capex/ton and delivery.
Other/shipping: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG. The non-core shipping segment was comprised of the LNGC Golar Arctic, and Fuji LNG. During February 2025, Fuji LNG entered CIMC’s yard for her FLNG conversion and Golar Arctic was sold for $24 million. This concludes Golar’s 50-year presence in the LNG shipping business.
In January 2025, Golar also agreed to sell its non-core 23.4% interest in Avenir. The transaction closed in February 2025 upon receipt of $39 million of net proceeds.
Shares and dividends: As of December 31, 2024, 104.5 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q4 2024 dividend of $0.25 per share to be paid on or around March 18, 2025. The record date will be March 11, 2025.
Financial Summary
| (in thousands of $) | Q4 2024 | Q4 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
| Net income/(loss) attributable to Golar LNG Ltd | 3,349 | (32,847) | (110)% | 49,694 | (46,793) | (206)% |
| Total operating revenues | 65,917 | 79,679 | (17)% | 260,372 | 298,429 | (13)% |
| Adjusted EBITDA 1 | 59,168 | 114,249 | (48)% | 240,500 | 355,771 | (32)% |
| Golar’s share of contractual debt 1 | 1,515,357 | 1,221,190 | 24% | 1,515,357 | 1,221,190 | 24% |
Financial Review
Business Performance:
| 2024 | 2023 | ||
| Oct-Dec | Jul-Sep | Oct-Dec | |
| (in thousands of $) | Total | Total | Total |
| Net income/(loss) | 15,037 | (35,969) | (31,071) |
| Income taxes | (504) | 208 | 332 |
| Income/(loss) before income taxes | 14,533 | (35,761) | (30,739) |
| Depreciation and amortization | 13,642 | 13,628 | 12,794 |
| Impairment of long-term assets | 22,933 | — | — |
| Unrealized loss on oil and gas derivative instruments | 14,269 | 73,691 | 126,909 |
| Other non-operating loss | 7,000 | — | — |
| Interest income | (9,866) | (8,902) | (11,234) |
| Interest expense, net | — | — | (1,107) |
| (Gains)/losses on derivative instruments | (8,711) | 14,955 | 16,542 |
| Other financial items, net | 1,153 | 470 | (157) |
| Net income from equity method investments | 4,215 | 948 | 1,241 |
| Adjusted EBITDA (1) | 59,168 | 59,029 | 114,249 |
| 2024 | ||||||||
| Oct-Dec | Jul-Sep | |||||||
| (in thousands of $) | FLNG | Corporate and other | Shipping | Total | FLNG | Corporate and other | Shipping | Total |
| Total operating revenues | 56,396 | 6,025 | 3,496 | 65,917 | 56,075 | 6,212 | 2,520 | 64,807 |
| Vessel operating expenses | (19,788) | (5,048) | (3,073) | (27,909) | (20,947) | (7,403) | (3,373) | (31,723) |
| Voyage, charterhire & commission expenses | — | — | (446) | (446) | — | — | (888) | (888) |
| Administrative expenses | (264) | (7,240) | (1) | (7,505) | (568) | (6,498) | (7) | (7,073) |
| Project expenses | (3,624) | (1,236) | — | (4,860) | (1,249) | (1,894) | — | (3,143) |
| Realized gains on oil derivative instrument (2) | 33,502 | — | — | 33,502 | 37,049 | — | — | 37,049 |
| Other operating income | 469 | — | — | 469 | — | — | — | — |
| Adjusted EBITDA (1) | 66,691 | (7,499) | (24) | 59,168 | 70,360 | (9,583) | (1,748) | 59,029 |
(2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gains on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.
| 2023 | ||||
| Oct-Dec | ||||
| (in thousands of $) | FLNG | Corporate and other | Shipping | Total |
| Total operating revenues | 72,433 | 5,510 | 1,736 | 79,679 |
| Vessel operating expenses | (16,510) | (4,765) | (2,005) | (23,280) |
| Voyage, charterhire & commission (expenses)/income | (133) | — | (900) | (1,033) |
| Administrative income/(expenses) | 29 | (7,031) | (1) | (7,003) |
| Project development expenses | (958) | 380 | (99) | (677) |
| Realized gains on oil derivative instrument | 53,520 | — | — | 53,520 |
| Other operating income | 13,043 | — | — | 13,043 |
| Adjusted EBITDA (1) | 121,424 | (5,906) | (1,269) | 114,249 |
Golar reports today Q4 2024 net income of $3 million, before non-controlling interests, inclusive of $29 million of non-cash items1, comprised of:
The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q4, we recognized a total of $34 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a:
Further, we recognized a total of $14 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:
Balance Sheet and Liquidity:
As of December 31, 2024, Total Golar Cash1 was $699 million, comprised of $566 million of cash and cash equivalents and $133 million of restricted cash.
Golar’s share of Contractual Debt1 as of December 31, 2024 is $1,515 million. Deducting Total Golar Cash1 of $699 million from Golar’s share of Contractual Debt1 leaves a debt position net of Total Golar Cash of $816 million.
Assets under development amounts to $2.2 billion, comprised of $1.7 billion in respect of FLNG Gimi and $0.5 billion in respect of the MKII. The carrying value of LNG carrier Fuji LNG, currently included under Vessels and equipment, net will be transferred to Assets under development in Q1, 2025.
Following agreement by the consortium of lenders who provide the current $700 million FLNG Gimi facility, Golar drew down the final $70 million tranche of this facility in November 2024. Of the $1.7 billion FLNG Gimi investment as of December 31, 2024, inclusive of $297 million of capitalized financing costs, $700 million was funded by the current debt facility. Both the FLNG Gimi investment and outstanding Gimi debt are reported on a 100% basis. All capital expenditure in connection with the 100% owned MK II is equity funded.
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at December 31, 2024 and for the year ended December 31, 2024, from these results should be carefully evaluated.
| Non-GAAP measure | Closest equivalent US GAAP measure | Adjustments to reconcile to primary financial statements prepared under US GAAP | Rationale for adjustments |
| Performance measures | |||
| Adjusted EBITDA | Net income/(loss) | +/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations |
Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations. |
| Distributable Adjusted EBITDA | Net income/(loss) | +/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations – Amortization of deferred commissioning period revenue – Amortization of Day 1 gains – Accrued overproduction revenue + Overproduction revenue received – Accrued underutilization adjustment |
Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi. |
| Liquidity measures | |||
| Contractual debt 1 | Total debt (current and non-current), net of deferred finance charges | +/-Variable Interest Entity (“VIE”) consolidation adjustments +/-Deferred finance charges |
During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt.
Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE. The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors. |
| Adjusted net debt | Adjusted net debt based on GAAP measures: -Total debt (current and non-current), net of deferred finance charges – Cash and cash equivalents – Restricted cash and short-term deposits (current and non-current) – Other current assets (Receivable from TTF linked commodity swap derivatives) |
Total debt (current and non-current), net of: +Deferred finance charges +Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current) +/-VIE consolidation adjustments +Receivable from TTF linked commodity swap derivatives |
The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors. |
| Total Golar Cash | Golar cash based on GAAP measures:
+ Cash and cash equivalents + Restricted cash and short-term deposits (current and non-current) |
-VIE restricted cash and short-term deposits | We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE.
Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE. Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors. |
(1) Please refer to reconciliation below for Golar’s share of Contractual Debt
Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.
Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market (“MTM”) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unit
MMBtu: Million British Thermal Units
mtpa: Million Tons Per Annum
Reconciliations – Liquidity Measures
Total Golar Cash
| (in thousands of $) | December 31, 2024 | September 30, 2024 | December 31, 2023 |
| Cash and cash equivalents | 566,384 | 732,062 | 679,225 |
| Restricted cash and short-term deposits (current and non-current) | 150,198 | 92,025 | 92,245 |
| Less: VIE restricted cash and short-term deposits | (17,472) | (17,463) | (18,085) |
| Total Golar Cash | 699,110 | 806,624 | 753,385 |
Contractual Debt and Adjusted Net Debt
| (in thousands of $) | December 31, 2024 | September 30, 2024 | December 31, 2023 |
| Total debt (current and non-current) net of deferred finance charges | 1,451,110 | 1,422,399 | 1,216,730 |
| VIE consolidation adjustments | 242,811 | 233,964 | 202,219 |
| Deferred finance charges | 22,686 | 24,480 | 23,851 |
| Total Contractual Debt | 1,716,607 | 1,680,843 | 1,442,800 |
| Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt | — | (30,884) | (32,610) |
| Less: Keppel’s share of the Gimi debt | (201,250) | (184,625) | (189,000) |
| Golar’s share of Contractual Debt | 1,515,357 | 1,465,334 | 1,221,190 |
| Less: Total Golar Cash | (699,110) | (806,625) | (753,385) |
| Less: Receivables from the remaining unwinding of TTF hedges | — | (12,360) | (57,020) |
| Golar’s Adjusted Net Debt | 816,247 | 646,349 | 410,785 |
Please see Appendix A for a capital repayment profile for Golar’s contractual debt.
Forward Looking Statements
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the year ended December 31, 2024, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.
Our actual results for the quarter and year ended December 31, 2024 will not be available until after this press release is furnished and may differ from these estimates. The preliminary financial information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Annual Report on Form 20-F for the year ended December 31, 2024 once it becomes available. Accordingly, you should not place undue reliance upon these preliminary financial results.
February 27, 2025
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO
Stuart Buchanan – Head of Investor Relations
Tor Olav Trøim (Chairman of the Board)
Dan Rabun (Director)
Thorleif Egeli (Director)
Carl Steen (Director)
Niels Stolt-Nielsen (Director)
Lori Wheeler Naess (Director)
Georgina Sousa (Director)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Source: GlobeNewswire (MIL-OSI)
SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced record sales for the first two months of 2025, in Europe. Beam Global has achieved a 79% increase in new contracted orders in its European division, compared to the same period in 2024, demonstrating that the European market represents a significant growth and diversification opportunity for the Company.
Since the beginning of the year, contracted product sales have increased to a new record, driven by strong demand for street lighting and other infrastructure products.
“Our expansion into Europe has created opportunities for sales growth, both in our renewably energized EV charging and energy security products, as well as in our smart cities and street lighting portfolios,” said Desmond Wheatley, CEO of Beam Global. “While the new administration has created uncertainty around U.S. government EV adoption, EV sales were actually up 30% in the U.S. in January compared to 2024, according to Cox Automotive, and 34% in Europe, according to EuroNews. We intend to focus heavily on growing sales through our European operations while continuing to support the growth of EV charging requirements in the U.S. Congratulations to our European team for setting this new January and February sales record.”
To foster growth and diversify revenue streams beyond the U.S, Beam Global is expanding its European presence through aggressive sales strategies. Most recently, Beam Global CEO, Desmond Wheatley, along with members of the European sales team, met with prospective customers, government officials, airport representatives, EV charging and e-bike sharing companies, and others in the UK, France, Croatia, Serbia, Montenegro, North Macedonia, and Greece.
Greater Europe represents the largest automobile market in the world, with over 405 million cars. A 2035 EU mandate bans the sale of internal combustion vehicles in less than ten years, while the EU also mandated a reduction in net greenhouse gas emissions of at least 55% by 2030. As a result, interest in Beam Global’s innovative and sustainable EV ARC™, BeamSpot™ BeamBike™ and BeamPatrol™ products are growing significantly in the region.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Chicago, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
Media Contact
Andy Lovsted
+1-858-335-8465
Press@BeamForAll.com
Investor Relations
Luke Higgins
+1-858-799-4583
IR@BeamForAll.com
Source: GlobeNewswire (MIL-OSI)
Debt Restructuring with Maturity Extension and Covenant Waiver
Concurrent $3.5 Million Capital Raise With Second Contingent Tranche of $4.5 Million
Transactions Significantly Increase Financial Flexibility and Liquidity
RENO, Nev., Feb. 27, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today announced the completion of an amendment of its existing debt facility and a concurrent $3.5 million registered direct offering and private placement of the Company’s Series A Convertible Preferred Stock (the “Preferred Stock”) with a single institutional investor, with a second contingent tranche of $4.5 million, subject to satisfaction of certain events as described below, which the Company believes significantly enhance the company’s financial flexibility and liquidity.
The Company successfully completed an amendment to its existing debt facility with its senior lenders providing enhanced operational and financial flexibility. Key terms of the amendment include:
In addition to the debt restructuring, the Company has entered into a definitive agreement for the sale of the Preferred Stock in a registered direct offering and private placement, raising at the initial closing, $3.5 million in gross proceeds and the automatic right to receive an additional $4.5 million upon receipt of stockholder approval for the transaction in compliance with the rules of the Nasdaq Stock Market (“Nasdaq”) and the effectiveness of a resale registration statement to be filed with the Securities Exchange Commission (the ”SEC”) covering the resale of the shares of the Company’s common stock issuable upon conversion of the Preferred Stock. Additionally, the agreement with the investor includes warrants to purchase additional shares of Preferred Stock in an amount of up to an additional $40 million, providing the Company with the opportunity to secure additional capital under similar terms. The transaction is expected to close on February 27, 2025, subject to customary closing conditions.
“We believe this successful debt restructuring and capital raise significantly strengthen our financial position and will allow us to execute our strategic initiatives with greater flexibility,” said Dr. Denis Phares, Dragonfly Energy’s chief executive officer. “By securing additional liquidity and extending our debt maturity and receiving relief under our operating covenants, we believe we are reinforcing our ability to innovate, expand into new markets, and drive sustainable value for our shareholders.”
The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes.
In the registered direct offering, the Company agreed to sell 180 shares of Preferred Stock at a price of $10,000 per share, initially convertible into shares of common stock at a conversion price of $2.332. Concurrently, in a private placement, the Company agreed to sell an additional 170 shares of Preferred Stock at the same offering price as the registered direct offering, initially convertible into shares of common stock at a conversion price of $2.332. As part of the private placement, the Company also agreed to sell warrants to purchase up to an aggregate of 4,000 additional shares of Preferred Stock with an exercise price of $10,000 a share. The Preferred Stock is also convertible at the option of the holder at a discount to the trading price of the Company’s common stock, subject to a floor, as set forth in the transaction documents. The Company has filed a Current Report on Form 8-K with the SEC detailing the material terms of the registered direct and private placement offerings, the applicable transaction agreements, the Preferred Stock, the warrants and the debt facility amendment.
Chardan Capital Markets, LLC acted as exclusive placement agent for the offerings.
The securities described above offered in the concurrent private placement are being offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying such securities, have not been registered under the Act, or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.
To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2024, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.
These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: the closing of the offerings, the use of proceeds from the offerings, the ability to successfully achieve the thresholds for the additional funding from the offerings, the impact of the offering and the conversion and sale of the shares of common stock underlying the preferred stock on the Company’s stock price, improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.
If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com
Source: GlobeNewswire (MIL-OSI)
CHICAGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Amplify ETFs announces February income distributions for its income ETFs.
| ETF Name | Ticker | Amount per Share | Ex-Date | Record Date | Payable Date |
| Amplify Samsung SOFR ETF | SOFR | $0.34323 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify Bloomberg U.S. Treasury 12% Premium Income ETF | TLTP | $0.24310 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify COWS Covered Call ETF | HCOW | $0.20675 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify CWP Growth & Income ETF | QDVO | $0.19837 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify CWP Enhanced Dividend Income ETF | DIVO | $0.16700 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify CWP International Enhanced Dividend Income ETF | IDVO | $0.16105 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify Natural Resources Dividend Income ETF | NDIV | $0.13337 | 2/27/25 | 2/27/25 | 2/28/25 |
| Amplify High Income ETF | YYY | $0.12000 | 2/27/25 | 2/27/25 | 2/28/25 |
About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, has over $10.6 billion in assets across its suite of ETFs (as of 1/31/2025). Amplify ETFs deliver expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. Learn more visit AmplifyETFs.com.
| Sales Contact: | Media Contacts: |
| Amplify ETFs | Gregory FCA for Amplify ETFs |
| 855-267-3837 | Kerry Davis |
| info@amplifyetfs.com | 610-228-2098 |
| amplifyetfs@gregoryfca.com | |
This information is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations. To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that distributions will be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in Amplify Funds’ statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectuses carefully before investing.
Investing involves risk, including the possible loss of principal.
Amplify ETFs are distributed by Foreside Services, LLC.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced that Li-Cycle Holdings Corp. (OTCQX: LICYF), a leading global lithium-ion battery resource recovery company, has qualified to trade on the OTCQX® Best Market. Li-Cycle Holdings Corp. previously traded on the New York Stock Exchange.
Li-Cycle Holdings Corp. begins trading today on OTCQX under the symbol “LICYF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
“We are pleased to start trading on OTCQX, which is expected to reduce our costs while continuing to provide us efficient access to U.S. capital markets,” said Ajay Kochhar, Li-Cycle President and CEO. “We remain focused on providing value for all stakeholders and advancing our key priorities, which include securing a complete funding package for our Rochester Hub project and satisfying funding conditions for first advance under our U.S. Department of Energy (DOE) loan facility. With our finalized DOE loan facility, top-tier partnerships across the global critical minerals and lithium-ion battery supply chains, and patented Spoke & Hub Technologies™, Li-Cycle plays an important role in strengthening the U.S. energy industry due to our ability to domestically produce critical minerals.”
About Li-Cycle Holdings Corp.
Li-Cycle is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle’s mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company leverages its innovative, sustainable and patent-protected Spoke & Hub Technologies™ to recycle all different types of lithium-ion batteries. At our Spokes, or pre-processing facilities, we recycle battery manufacturing scrap and end-of-life batteries to produce black mass, a powder-like substance which contains a number of valuable metals, including lithium, nickel and cobalt. At our future Hubs, or post-processing facilities, we plan to process black mass to produce critical battery-grade materials, including lithium carbonate, for the lithium-ion battery supply chain.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
Source: GlobeNewswire (MIL-OSI)
TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly integrated optical engines and light sources for Artificial Intelligence networks, today announced that it was the recipient of another prestigious award. Lightwave+BTR Innovation Reviews, a recognized authority in the optoelectronics industry, named POET as an Elite Score recipient for its 2025 awards.
The publication, which recognizes excellence in a product or technology applicable to optical networks, singled out the POET Optical Interposer™ for the honor. A panel of judges, comprised of experts from the optical communications and broadband communities, awarded POET in the Optical Transceiver and Transponder category.
“On behalf of the Lightwave+BTR Innovation Reviews, I would like to congratulate POET on achieving a well-deserved level honoree status. This competitive program enables Lightwave+BTR to showcase and applaud the most innovative products, projects, technologies, and programs that significantly impact the industry,” commented Lightwave+BTR Editor-in-Chief Sean Buckley.
Lightwave+BTR will present POET with the award statue during the 2025 OFC Conference in San Francisco (March 31-April 3).
“The Lightwave+BTR honor is another in a growing list of indicators that our platform technology and the innovation it brings is gaining more attention from within our industry,” stated POET Chairman and Chief Executive Officer Dr. Suresh Venkatesan. “We are seeing strong interest from new and existing customers precisely because of the reasons that the Lightwave+BTR panelists identify. The POET Optical Interposer provides costs savings, power efficiency, and superior performance as the industry rapidly moves toward speeds of 1.6Tbps and higher.”
The accolade is the fourth award that POET has received in the past eight months. The others include the AI Breakthrough Award for “Best Optical AI Solution”, Global Tech’s “Best in Artificial Intelligence” award and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.
Lightwave+BTR judges reviewed entries based on the following criteria:
The POET Optical Interposer is the foundation for the Company’s highly integrated silicon-based optical engines and light sources that are designed to power AI hardware applications and data center hyperscalers to the next level of speed and performance.
Along with the Lightwave+BTR recognition, POET has also been featured in a number of other industry outlets since the beginning of 2025, including:
About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.
About Lightwave+BTR
Bringing over 36 years of trusted technical insights to today’s optical communications professionals. Through our integrated media portfolio, Lightwave delivers content focused on fiber optics and optoelectronics, the technologies that enable the growth, integration and improved performance of voice, data and video communications networks and services. Our experienced editorial team provides trusted technology, application and market insights to corporate executives, department heads, project managers, network engineers and technical managers at equipment suppliers, service providers and major end-user organizations. Our unique ability to inform our audience’s business-critical decisions is based in our 35+ year relationship with the entire optical community—technology vendors, communications carriers and major enterprises—and our recognition of the interplay among its members. Lightwave’s media portfolio includes the Lightwave Direct email newsletter and LightwaveOnline magazine.
Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075
Source: World Health Organisation
Faafu Atoll, Maldives: At the age of 46, Saira Ibrahim was diagnosed with diabetes in one of her NCD health checkups. Her father, in contrast, rarely had a checkup. Only his upcoming pilgrimage which mandated a complete health checkup revealed his diabetes at 76 years old. Her granddaughter on the other hand, at just 23 years, already has had multiple NCD focused checkups, with no symptoms and no diagnosis.
The difference in awareness and accessibility of health checks across all three generations is a result of their home, Faafu Atoll in the Maldives, being chosen as a demonstration site for the integration of noncommunicable diseases (NCDs) into primary health care (PHC), which means accessing health care services became easier for residents. It encouraged and enabled people like Saira and her daughter to be checked regularly for multiple NCDs and use the primary health care facilities as needed.
The project is a collaboration between World Health Organization and the Ministry of Health Maldives, emphasizing a people centred care throughout their lifetime.
The reorientation of the primary health care system in Maldives includes a comprehensive set of services, including testing for selected NCDs such as cardiovascular diseases, cancers, chronic respiratory diseases and diabetes, lifestyle counselling services, identification and referral for common cancers, and selected mental health conditions.
In the beginning, the scheme revealed over 90% of the eligible population had been tested for diabetes, hypertension, high cholesterol and NCD risk factors such as raised blood pressure, increased blood glucose, elevated blood lipids and obesity. The result shows that 9% of the people are living with diabetes and 88% of whom were put on treatment.
Over 14% of those people examined have hypertension and 95% of them are on treatment. Over 22% are living with high cholesterol and 73% of these are on treatment.
Saira Ibrahim says: “Under the changes through PHC, if there are any identified changes to the patients’ health, the health centre brings the patients in for advice and gives them information on doing further investigations… They bring us into the health centre to give information too”.
Launch of the Faafu Atoll PHC demonstration site on 18 December 2022 by the Ministry of Health and WHO. Credit: WHO
In recent decades, health outcomes have improved substantially in the Maldives. However, the country’s health sector faced challenges due to changing demographics, and lifestyles, including the emergence of NCDs. NCDs are estimated to account for 84% of all deaths in Maldives; diabetes is one of the leading four causes of death, alongside cardiovascular disease, chronic kidney diseases, and respiratory conditions.
In common with other Small Island Developing States (SIDS), Maldives face pressure from commercial determinants such as tobacco marketing and a reliance on food imports, making it vulnerable to global price changes and the increasing use of ultra processed foods.
In response, World Health Organization is supporting the Ministry of Health Maldives in reorientating health systems to ensure access to high quality, affordable, comprehensive primary health care, a step towards achieving universal health coverage.
The impact can be seen in the Saira’s life. Since her diagnosis she needs insulin twice a day. Insulin is free of charge and usually available in the island pharmacy, each inhabited island in Faafu Atoll has both a pharmacy and a health facility. When out of stock, the insulin can be ordered from the capital, covered by health insurance.
Areal view of Maldives islands. Credit: WHO/Vismita Gupta-Smith
A major component of the project depends on information. After any NCD diagnosis, advice is given on how to manage one’s lifestyle and take medications for that disease if needed. Health workers also do house visits, call, and encourage people to go to the health centres.
Saira works as an attendant in a health centre. She cannot remember how she first heard about diabetes, but now, a Facebook group is one of her main sources of information. The group she is on has dozens of members, but the administrator is the island council. This gives an extra layer of reassurance that the information is up to date. There is a similar Viber group aimed at her daughter’s generation.
Technology is also being used to support the development of an online, real time, primary health care register, which was used for early testing and monitoring of patients at the demonstration site and to build an island health profile database. The system has already been developed and implemented at the Faafu Atoll PHC demonstration site and uses the District Health Information System. Basic information such as patient history, demographic data, risk factors for NCDs, treatment given, follow up, and referral can be used to determine the health status of each island. This information along with risk of NCDs is calculated based on the WHO Package of Essential Noncommunicable Disease Interventions (PEN) package. The system has monitoring dashboards for island, atoll, and national levels.
Plans are underway to expand the pilot scheme to other atolls. This expansion aims to significantly reduce the need for patients to travel to the capital city for treatment and specialized care. This system can be easily adopted by other small island developing states.
“Strengthening the integration of diagnosis and treatment of noncommunicable diseases into primary health care systems in the Faafu Atoll can provide a working model, not only for other islands in Maldives but for other small island developing states around the world.” Dr Bente Mikkelsen, Director. Department of Noncommunicable. Diseases, Rehabilitation and Disability.
Source: World Health Organisation
The Director-General of the World Health Organization (WHO), following the third meeting of the International Health Regulations (2005) (IHR) Emergency Committee regarding the upsurge of mpox 2024, held on 25 February 2025, from 12:00 to 17:00 CET, concurs with its advice that the event continues to meet the criteria of a public health emergency of international concern and, considering the advice of the Committee, he is hereby issuing a revised set of temporary recommendations.
The WHO Director-General expresses his most sincere gratitude to the Chair, Members, and Advisors of the Committee. The proceeding of the third meeting of the Committee will be shared with States Parties to the IHR and published in the coming days.
———
These temporary recommendations are issued to States Parties experiencing the transmission of monkeypox virus (MPXV), including, but not limited to, those where there is sustained community transmission, and where there are clusters of cases or sporadic travel-related cases of MPXV clade Ib.
They are intended to be implemented by those States Parties in addition to the current standing recommendations for mpox, which will be extended until 20 August 2025.
In the context of the global efforts to prevent and control the spread of mpox disease outlined in the WHO Strategic framework for enhancing prevention and control of mpox- 2024-2027, the aforementioned standing recommendations apply to all States Parties.
All current WHO interim technical guidance can be accessed on this page of the WHO website. WHO evidence-based guidance has been and will continue to be updated in line with the evolving situation, updated scientific evidence, and WHO risk assessment to support States Parties in the implementation of the WHO Strategic Framework for enhancing mpox prevention and control.
Pursuant to Article 3 Principle of the International Health Regulations (2005) (IHR), the implementation of these temporary recommendations, as well as of the standing recommendations for mpox, by States Parties shall be with full respect for the dignity, human rights and fundamental freedoms of persons, in line with the principles set out in Article 3 of the IHR.
———
Note: The text in backets next to each temporary recommendation indicates the status with respect to the set of temporary recommendations issued on 27 November 2024.
Emergency coordination
Collaborative surveillance
Safe and scalable clinical care
International traffic
Vaccination
Community protection
Governance and financing
Addressing research gaps
Reporting on the implementation of temporary recommendations
Source: GlobeNewswire (MIL-OSI)
Reports another quarter of accelerated growth and profitability, achieved Q4 guidance on Ex TAC gross profit and Adjusted EBITDA, and generated strong cash flow
Closed acquisition of Teads in February 2025; Combined company operating under the name Teads
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand, announced today financial results for the quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Key Financial Metrics:
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||||
| (in millions USD) | 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||
| Revenue | $ | 234.6 | $ | 248.2 | (5 | )% | $ | 889.9 | $ | 935.8 | (5 | )% | |||||||||||
| Gross profit | 56.1 | 53.2 | 5 | % | 192.1 | 184.8 | 4 | % | |||||||||||||||
| Net (loss) income | (0.2 | ) | 4.1 | (104 | )% | (0.7 | ) | 10.2 | (107 | )% | |||||||||||||
| Net cash provided by operating activities | 42.7 | 25.5 | 67 | % | 68.6 | 13.7 | 399 | % | |||||||||||||||
| Non-GAAP Financial Data* | |||||||||||||||||||||||
| Ex-TAC gross profit | 68.3 | 63.8 | 7 | % | 236.1 | 227.4 | 4 | % | |||||||||||||||
| Adjusted EBITDA | 17.0 | 14.0 | 21 | % | 37.3 | 28.5 | 31 | % | |||||||||||||||
| Adjusted net income (loss) | 3.5 | 4.3 | (20 | )% | 4.1 | (3.9 | ) | 205 | % | ||||||||||||||
| Free cash flow | 37.6 | 21.0 | 79 | % | 51.3 | (6.5 | ) | NM | |||||||||||||||
_____________________________
NM Not meaningful
* See non-GAAP reconciliations below
“Continued momentum in our growth areas helped drive accelerated growth and profitability, with a record level of cash flow” said David Kostman, CEO of Outbrain.
“A few weeks post closing of our merger with Teads, I am even more excited about combining the category-leading branding and performance capabilities of Outbrain and Teads into one of the largest Open Internet platforms. We believe the new Teads will better serve enterprise brands and agencies, as well as mid-market and direct response advertisers, by delivering elevated outcomes from branding to performance across curated, quality media environments from digital to CTV,” added Kostman.
Recent Developments
On February 3, 2025, we completed the acquisition of Teads, for total value of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company will operate under the name Teads.
In connection with the acquisition:
Fourth Quarter 2024 Business Highlights:
Fourth Quarter 2024 Financial Highlights:
Full Year 2024 Financial Results:
Share Repurchases:
There were no share repurchases during the three months ended December 31, 2024. During the twelve months ended December 31, 2024, we repurchased 1,410,001 shares for $5.8 million, including related costs, under our $30 million stock repurchase program authorized in December 2022. The remaining availability under the repurchase program was $6.6 million as of December 31, 2024.
2025 Full Year and First Quarter Guidance
The following forward-looking statements reflect our expectations for 2025, including the contribution from Teads.
For the first quarter ending March 31, 2025, which includes the results for the legacy Outbrain business plus the addition of operating results for legacy Teads beginning on February 3, 2025, we expect:
For the full year ending December 31, 2025, we expect:
The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.
Conference Call and Webcast Information
Outbrain will host an investor conference call this morning, Thursday, February 27 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.
Non-GAAP Financial Measures
In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with U.S. GAAP.
Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.
The Company is also providing fourth quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.
Ex-TAC Gross Profit
Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.
We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with U.S. GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.
We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.
Adjusted Net Income (Loss) and Adjusted Diluted EPS
Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with U.S. GAAP.
Free Cash Flow
Free cash flow is defined as cash flow provided by (used in) operating activities less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition of Teads S.A., a public limited liability company(société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, tariffs and trade wars, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023, in our definitive proxy statement filed with the SEC on October 31, 2024 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.
About The Combined Company
Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.
Media Contact
Investor Relations Contact
(332) 205-8999
| OUTBRAIN INC. Condensed Consolidated Statements of Operations (In thousands, except for share and per share data) |
|||||||||||||||
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | |||||||||||||||
| Revenue | $ | 234,586 | $ | 248,229 | $ | 889,875 | $ | 935,818 | |||||||
| Cost of revenue: | |||||||||||||||
| Traffic acquisition costs | 166,247 | 184,425 | 653,731 | 708,449 | |||||||||||
| Other cost of revenue | 12,277 | 10,572 | 44,042 | 42,571 | |||||||||||
| Total cost of revenue | 178,524 | 194,997 | 697,773 | 751,020 | |||||||||||
| Gross profit | 56,062 | 53,232 | 192,102 | 184,798 | |||||||||||
| Operating expenses: | | ||||||||||||||
| Research and development | 9,434 | 8,369 | 37,080 | 36,402 | |||||||||||
| Sales and marketing | 25,736 | 25,254 | 97,498 | 98,370 | |||||||||||
| General and administrative | 18,357 | 13,899 | 70,162 | 58,665 | |||||||||||
| Total operating expenses | 53,527 | 47,522 | 204,740 | 193,437 | |||||||||||
| Income (loss) from operations | 2,535 | 5,710 | (12,638 | ) | (8,639 | ) | |||||||||
| Other income (expense), net: | |||||||||||||||
| Gain on convertible debt | — | — | 8,782 | 22,594 | |||||||||||
| Interest expense | (699 | ) | (965 | ) | (3,649 | ) | (5,393 | ) | |||||||
| Interest income and other income, net | 1,522 | 2,060 | 9,209 | 7,793 | |||||||||||
| Total other income, net | 823 | 1,095 | 14,342 | 24,994 | |||||||||||
| Income before income taxes | 3,358 | 6,805 | 1,704 | 16,355 | |||||||||||
| Provision for income taxes | 3,525 | 2,748 | 2,415 | 6,113 | |||||||||||
| Net (loss) income | $ | (167 | ) | $ | 4,057 | $ | (711 | ) | $ | 10,242 | |||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 49,767,704 | 50,076,364 | 49,321,301 | 50,900,422 | |||||||||||
| Diluted | 49,767,704 | 50,108,460 | 52,709,356 | 56,965,299 | |||||||||||
| Net income (loss) per common share: | |||||||||||||||
| Basic | $ | 0.00 | $ | 0.08 | $ | (0.01 | ) | $ | 0.20 | ||||||
| Diluted | $ | 0.00 | $ | 0.08 | $ | (0.11 | ) | $ | (0.06 | ) | |||||
| OUTBRAIN INC. Condensed Consolidated Balance Sheets (In thousands, except for number of shares and par value) |
|||||||
| December 31, 2024 |
December 31, 2023 |
||||||
| (Unaudited) | |||||||
| ASSETS: | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 89,094 | $ | 70,889 | |||
| Short-term investments in marketable securities | 77,035 | 94,313 | |||||
| Accounts receivable, net of allowances | 149,167 | 189,334 | |||||
| Prepaid expenses and other current assets | 27,835 | 47,240 | |||||
| Total current assets | 343,131 | 401,776 | |||||
| Non-current assets: | |||||||
| Long-term investments in marketable securities | — | 65,767 | |||||
| Property, equipment and capitalized software, net | 45,250 | 42,461 | |||||
| Operating lease right-of-use assets, net | 15,047 | 12,145 | |||||
| Intangible assets, net | 16,928 | 20,396 | |||||
| Goodwill | 63,063 | 63,063 | |||||
| Deferred tax assets | 40,825 | 38,360 | |||||
| Other assets | 24,969 | 20,669 | |||||
| TOTAL ASSETS | $ | 549,213 | $ | 664,637 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 149,479 | $ | 150,812 | |||
| Accrued compensation and benefits | 19,430 | 18,620 | |||||
| Accrued and other current liabilities | 113,630 | 119,703 | |||||
| Deferred revenue | 6,932 | 8,486 | |||||
| Total current liabilities | 289,471 | 297,621 | |||||
| Non-current liabilities: | |||||||
| Long-term debt | — | 118,000 | |||||
| Operating lease liabilities, non-current | 11,783 | 9,217 | |||||
| Other liabilities | 16,616 | 16,735 | |||||
| TOTAL LIABILITIES | $ | 317,870 | $ | 441,573 | |||
| STOCKHOLDERS’ EQUITY: | |||||||
| Common stock, par value of $0.001 per share − one billion shares authorized; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023 | 64 | 62 | |||||
| Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and December 31, 2023 | — | — | |||||
| Additional paid-in capital | 484,541 | 468,525 | |||||
| Treasury stock, at cost − 13,413,160 shares as of December 31, 2024 and 11,841,002 shares as of December 31, 2023 | (74,289 | ) | (67,689 | ) | |||
| Accumulated other comprehensive loss | (9,480 | ) | (9,052 | ) | |||
| Accumulated deficit | (169,493 | ) | (168,782 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 231,343 | 223,064 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 549,213 | $ | 664,637 | |||
| OUTBRAIN INC. Condensed Consolidated Statements of Cash Flows (In thousands) |
|||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | |||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
| Net (loss) income | $ | (167 | ) | $ | 4,057 | $ | (711 | ) | $ | 10,242 | |||||
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||
| Gain on convertible debt | — | — | (8,782 | ) | (22,594 | ) | |||||||||
| Stock-based compensation | 3,974 | 2,988 | 15,461 | 12,141 | |||||||||||
| Depreciation and amortization of property and equipment | 1,658 | 1,720 | 6,312 | 6,915 | |||||||||||
| Amortization of capitalized software development costs | 2,477 | 2,372 | 9,758 | 9,633 | |||||||||||
| Amortization of intangible assets | 850 | 853 | 3,409 | 4,154 | |||||||||||
| Provision for credit losses | 55 | 1,931 | 3,006 | 8,008 | |||||||||||
| Non-cash operating lease expense | 1,305 | 1,092 | 5,130 | 4,453 | |||||||||||
| Deferred income taxes | (664 | ) | (1,478 | ) | (5,095 | ) | (4,312 | ) | |||||||
| Amortization of discount on marketable securities | (396 | ) | (729 | ) | (2,235 | ) | (3,604 | ) | |||||||
| Other | 665 | (483 | ) | 47 | (717 | ) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | 4,471 | (16,939 | ) | 35,905 | (12,946 | ) | |||||||||
| Prepaid expenses and other current assets | 9,291 | 2,409 | 18,412 | 843 | |||||||||||
| Accounts payable and other current liabilities | 18,867 | 27,127 | (11,696 | ) | (1,228 | ) | |||||||||
| Operating lease liabilities | (1,223 | ) | (1,018 | ) | (5,092 | ) | (4,297 | ) | |||||||
| Deferred revenue | 555 | 1,524 | (1,496 | ) | 1,621 | ||||||||||
| Other non-current assets and liabilities | 945 | 51 | 6,228 | 5,434 | |||||||||||
| Net cash provided by operating activities | 42,663 | 25,477 | 68,561 | 13,746 | |||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
| Acquisition of a business, net of cash acquired | — | (77 | ) | (181 | ) | (389 | ) | ||||||||
| Purchases of property and equipment | (2,712 | ) | (2,257 | ) | (7,380 | ) | (10,127 | ) | |||||||
| Capitalized software development costs | (2,321 | ) | (2,243 | ) | (9,913 | ) | (10,107 | ) | |||||||
| Purchases of marketable securities | (34,436 | ) | (44,658 | ) | (90,602 | ) | (131,543 | ) | |||||||
| Proceeds from sales and maturities of marketable securities | 31,068 | 35,228 | 175,325 | 221,878 | |||||||||||
| Other | (15 | ) | (63 | ) | (96 | ) | (72 | ) | |||||||
| Net cash (used in) provided by investing activities | (8,416 | ) | (14,070 | ) | 67,153 | 69,640 | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
| Repayment of long-term debt obligations | — | — | (109,740 | ) | (96,170 | ) | |||||||||
| Payment of deferred financing costs | (598 | ) | — | (1,099 | ) | — | |||||||||
| Treasury stock repurchases and share withholdings on vested awards | (210 | ) | (5,270 | ) | (6,600 | ) | (18,521 | ) | |||||||
| Principal payments on finance lease obligations | — | (353 | ) | (263 | ) | (1,830 | ) | ||||||||
| Payment of contingent consideration liability up to acquisition-date fair value | — | — | — | (547 | ) | ||||||||||
| Net cash used in financing activities | (808 | ) | (5,623 | ) | (117,702 | ) | (117,068 | ) | |||||||
| Effect of exchange rate changes | (1,400 | ) | 564 | 634 | (1,004 | ) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 32,039 | $ | 6,348 | $ | 18,646 | $ | (34,686 | ) | ||||||
| Cash, cash equivalents and restricted cash — Beginning | 57,686 | 64,731 | 71,079 | 105,765 | |||||||||||
| Cash, cash equivalents and restricted cash — Ending | $ | 89,725 | $ | 71,079 | $ | 89,725 | $ | 71,079 | |||||||
| OUTBRAIN INC. Non-GAAP Reconciliations (In thousands) (Unaudited) |
The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:
| | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 234,586 | $ | 248,229 | $ | 889,875 | $ | 935,818 | |||||||
| Traffic acquisition costs | (166,247 | ) | (184,425 | ) | (653,731 | ) | (708,449 | ) | |||||||
| Other cost of revenue | (12,277 | ) | (10,572 | ) | (44,042 | ) | (42,571 | ) | |||||||
| Gross profit | 56,062 | 53,232 | 192,102 | 184,798 | |||||||||||
| Other cost of revenue | 12,277 | 10,572 | 44,042 | 42,571 | |||||||||||
| Ex-TAC gross profit | $ | 68,339 | $ | 63,804 | $ | 236,144 | $ | 227,369 | |||||||
| Gross margin (gross profit as % of revenue) | 23.9 | % | 21.4 | % | 21.6 | % | 19.7 | % | |||||||
| Ex-TAC gross margin (Ex-TAC gross profit as % of revenue) | 29.1 | % | 25.7 | % | 26.5 | % | 24.3 | % | |||||||
The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:
| | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net (loss) income | $ | (167 | ) | $ | 4,057 | $ | (711 | ) | $ | 10,242 | |||||
| Interest expense | 699 | 965 | 3,649 | 5,393 | |||||||||||
| Interest income and other income, net | (1,522 | ) | (2,060 | ) | (9,209 | ) | (7,793 | ) | |||||||
| Gain on convertible debt | — | — | (8,782 | ) | (22,594 | ) | |||||||||
| Provision for income taxes | 3,525 | 2,748 | 2,415 | 6,113 | |||||||||||
| Depreciation and amortization | 4,985 | 4,945 | 19,479 | 20,702 | |||||||||||
| Stock-based compensation | 3,974 | 2,988 | 15,461 | 12,141 | |||||||||||
| Regulatory matter costs | — | — | — | 742 | |||||||||||
| Acquisition-related costs | 5,469 | — | 14,256 | — | |||||||||||
| Severance and related costs | — | 361 | 742 | 3,509 | |||||||||||
| Adjusted EBITDA | $ | 16,963 | $ | 14,004 | $ | 37,300 | $ | 28,455 | |||||||
| Net (loss) income as % of gross profit | (0.3 | )% | 7.6 | % | (0.4 | )% | 5.5 | % | |||||||
| Adjusted EBITDA as % of Ex-TAC Gross Profit | 24.8 | % | 21.9 | % | 15.8 | % | 12.5 | % | |||||||
The following table presents the reconciliation of net income (loss) and diluted EPS to adjusted net income (loss) and adjusted diluted EPS, respectively, for the periods presented:
| | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss (income) | $ | (167 | ) | $ | 4,057 | $ | (711 | ) | $ | 10,242 | |||||
| Adjustments: | |||||||||||||||
| Gain on convertible debt | — | — | (8,782 | ) | (22,594 | ) | |||||||||
| Regulatory matter costs | — | — | — | 742 | |||||||||||
| Acquisition-related costs | 5,469 | — | 14,256 | — | |||||||||||
| Severance and related costs | — | 361 | 742 | 3,509 | |||||||||||
| Total adjustments, before tax | 5,469 | 361 | 6,216 | (18,343 | ) | ||||||||||
| Income tax effect | (1,844 | ) | (97 | ) | (1,438 | ) | 4,234 | ||||||||
| Total adjustments, after tax | 3,625 | 264 | 4,778 | (14,109 | ) | ||||||||||
| Adjusted net income (loss) | $ | 3,458 | $ | 4,321 | $ | 4,067 | $ | (3,867 | ) | ||||||
| Basic weighted-average shares, as reported | 49,767,704 | 50,076,364 | 49,321,301 | 50,900,422 | |||||||||||
| Restricted stock units | 793,713 | 32,096 | 519,729 | — | |||||||||||
| Adjusted diluted weighted average shares | 50,561,417 | 50,108,460 | 49,841,030 | 50,900,422 | |||||||||||
| Diluted net income (loss) per share – reported | $ | — | $ | 0.08 | $ | (0.11 | ) | $ | (0.06 | ) | |||||
| Adjustments, after tax | 0.07 | 0.01 | 0.19 | (0.02 | ) | ||||||||||
| Diluted net income (loss) per share – adjusted | $ | 0.07 | $ | 0.09 | $ | 0.08 | $ | (0.08 | ) | ||||||
The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 42,663 | $ | 25,477 | $ | 68,561 | $ | 13,746 | |||||||
| Purchases of property and equipment | (2,712 | ) | (2,257 | ) | (7,380 | ) | (10,127 | ) | |||||||
| Capitalized software development costs | (2,321 | ) | (2,243 | ) | (9,913 | ) | (10,107 | ) | |||||||
| Free cash flow | $ | 37,630 | $ | 20,977 | $ | 51,268 | $ | (6,488 | ) | ||||||
Teads
Non-IFRS Reconciliations
(In thousands)
(Unaudited)
The below information is presented for informational purposes only. The acquisition of Teads closed in February 2025. Therefore, its results are not included in Outbrain Inc.’s consolidated results of operations for any periods in 2024. The following is a summary of Teads’ non-IFRS financial measures, as calculated based on Teads’ historical financial statements, which we may publicly present from time to time, and which differ from US GAAP. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, Teads’ historical financial results prepared in accordance with IFRS. The financial information set forth below for the three months and twelve months ended December 31, 2024 is preliminary and is subject to change. Actual financial results may differ from these preliminary estimates due to the completion of Teads’ annual audit and are subject to adjustments and other developments that may arise before such results are finalized.
Ex-TAC Gross Profit is defined as gross profit plus other cost of revenue. The following table presents the reconciliation of Ex-TAC Gross Profit to gross profit for the periods presented:
| | Three Months Ended March 31, 2024 |
Three Months Ended June 30, 2024 |
Three Months Ended September 30, 2024 |
Three Months Ended December 31, 2024 |
Twelve Months Ended December 31, 2024 |
||||||||||||||
| | (in thousands) | ||||||||||||||||||
| Revenue | $ | 125,372 | $ | 153,734 | $ | 149,376 | $ | 188,953 | $ | 617,435 | |||||||||
| Traffic acquisition costs | (46,939 | ) | (55,716 | ) | (59,085 | ) | (69,091 | ) | (230,831 | ) | |||||||||
| Other cost of revenue(a) | (26,387 | ) | (26,721 | ) | (26,865 | ) | (26,441 | ) | (106,414 | ) | |||||||||
| Gross profit | 52,046 | 71,297 | 63,426 | 93,421 | 280,190 | ||||||||||||||
| Other cost of revenue(a) | 26,387 | 26,721 | 26,865 | 26,441 | 106,414 | ||||||||||||||
| Ex-TAC Gross Profit | $ | 78,433 | $ | 98,018 | $ | 90,291 | $ | 119,862 | $ | 386,604 | |||||||||
__________________________________
(a) Other cost of revenue for Teads is subject to accounting policy alignment with Outbrain, with no impact to Ex-TAC Gross Profit included in the above table.
Teads defines Adjusted EBITDA as profit (loss) for the year/period before income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (capital gains, non-recurring litigation, restructuring costs) and share-based compensation. This may not be comparable to similarly titled measures used by other companies. Further, this measure should not be considered as an alternative for net income as the effects of income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (such as severance costs, and merger and acquisition costs) and share-based compensation excluded from Adjusted EBITDA do affect the operating results. Teads believes that Adjusted EBITDA is a useful supplementary measure for evaluating the operating performance of Teads’ business. The following table provides a reconciliation of profit (loss) for the period to Adjusted EBITDA, the most directly comparable IFRS measure, for the periods presented:
| | Three Months Ended March 31, 2024 |
Three Months Ended June 30, 2024 |
Three Months Ended September 30, 2024 |
Three Months Ended December 31, 2024 |
Twelve Months Ended December 31, 2024 |
||||||||||||||
| | (in thousands) | ||||||||||||||||||
| (Loss) profit for the period | (36,551 | ) | 23,323 | 32,933 | $ | 46,158 | $ | 65,863 | |||||||||||
| Finance Costs | 250 | 277 | 532 | 117 | 1,176 | ||||||||||||||
| Other financial (income) and expenses | 20,531 | (12,432 | ) | (20,529 | ) | (19,967 | ) | (32,397 | ) | ||||||||||
| Provision for income taxes | 716 | 10,800 | 10,597 | 17,637 | 39,750 | ||||||||||||||
| Depreciation and amortization | 3,180 | 3,350 | 3,277 | 3,027 | 12,834 | ||||||||||||||
| Share-based compensation | 25,612 | 5,760 | (3,284 | ) | (134 | ) | 27,954 | ||||||||||||
| Severance costs | 281 | 520 | 398 | 394 | 1,593 | ||||||||||||||
| Merger and acquisition costs | 323 | 763 | (125 | ) | 4,929 | 5,890 | |||||||||||||
| Adjusted EBITDA | $ | 14,342 | $ | 32,361 | $ | 23,799 | $ | 52,161 | $ | 122,663 | |||||||||
Source: United Kingdom – Executive Government & Departments
Ambassador Holland comments on the eleventh anniversary of Russia’s illegal annexation of Ukraine, a violation of international law, and the campaign of systematic human rights violations and abuse against its people that followed.
Thank you, Mr Chair. This month marks 11 years since Russia illegally annexed Crimea —a violation of international law.
Yesterday marked the Day of Resistance, commemorating the courage and resilience of Ukrainians who continue to stand against Russian occupation of Crimea. On that day in 2014, thousands of Ukrainians gathered peacefully in Simferopol, defending Ukraine’s territorial integrity and their democratic rights.
Since 2014, the situation in Crimea has deteriorated significantly. Russia’s occupation has been characterised by systematic human rights abuses and a campaign to suppress dissent, erase Ukrainian cultural identity, and silence those who speak out.
The UN reports that the Crimean Tatar community continues to face serious persecution, including arbitrary detentions, forced disappearances, and the closure of media outlets. It concludes that their cultural and political rights have been violated.
OHCHR reports that at least 219 Ukrainians from Crimea, including 133 Crimean Tatars, have been arbitrarily detained in Russia since Russia’s annexation of Crimea. At least 40 of these are being denied the urgent medical care they need — among them, human rights defenders Tofik Abdulhaziiev and Enver Ametov.
Religious freedoms are also under attack. Communities that refuse to conform to the Russian Orthodox Church, including Ukrainian Orthodox believers, Muslims, and Jehovah’s Witnesses face harassment, surveillance, and unjustified legal action. These actions violate fundamental human rights, including the freedom of religion and belief, which are enshrined in international law.
And since the full-scale invasion of Ukraine, Russia’s repressive measures in Crimea have become the blueprint for the restrictions on human rights and fundamental freedoms in the newly occupied territories.
Russia’s attempts to legitimise its occupation of sovereign Ukrainian territory through sham referenda and forced passportisation are equally concerning. These actions attempt to manipulate the demographic and political landscape of Ukraine, further isolating the occupied regions from Ukraine and the international community. The UK rejects these measures as unlawful.
We call for the immediate release of all those arbitrarily detained by Russia in Ukraine, including the three members of the OSCE Special Monitoring Mission—Vadym Golda, Maxim Petrov, and Dmytro Shabanov—who have been unjustly held since 2022 for performing their official duties. International human rights monitoring bodies be granted full and unrestricted access to Crimea. Justice must be served for victims of human rights abuses, including those forcibly disappeared or tortured.
The UK reaffirms its unwavering support for Ukraine’s sovereignty and territorial integrity within its internationally recognised borders, including Crimea. We will stand with Ukraine for as long as it takes, and we will continue to work with our international partners to hold the Russian authorities accountable.
Published 27 February 2025
Source: United Kingdom – Executive Government & Departments
UK Statement at the 58 Human Rights Council during the Enhanced Interactive Dialogue on Eritrea. Delivered by a UK spokesperson.
Thank you Mr President,
We thank the Special Rapporteur for his update and share his deep concern about the human rights situation in Eritrea.
And we express our disappointment. Despite Eritrea’s membership on this Council, it has not improved its own Human Rights record, nor made any progress in engaging with the Special Rapporteur.
We reiterate the urgent need for Eritrea to reform its national service. Eritrea should take steps to regularise the duration of national service and increase the exemptions to it. This would enable young people to determine their own career path, as well as restoring their trust in the government.
We also call upon Eritrea to address concerns surrounding transnational oppression. Reports of refugees being harassed and facing intimidation, including in the UK, are completely unacceptable. We will not hesitate to prosecute any perpetrators.
Finally, we call for all those arbitrarily detained in Eritrea to be released, and for concrete steps to protect freedom of expression to be urgently taken. A free and open society is the bedrock of stability and prosperity.
Special Rapporteur, what is your assessment of the state of civic space in Eritrea and what are your recommendations to address this?
Published 27 February 2025