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  • MIL-OSI Europe: Financing the transition to greenhouse gas neutrality: how much and with which instruments? | Remarks at the Adam Smith Business School University of Glasgow

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Ladies and gentlemen, 
    I am delighted to be here with you today. What better place than Glasgow to discuss the economic impacts of climate change and the green transition! And not just because it played host to the 2021 United Nations Climate Change Conference.
    Glasgow is also where Adam Smith, the father of modern economics, studied and taught as a professor. Have you ever wondered what he would have thought of climate change? As a famed free-market economist, he might not be the first person you would think of. But even Adam Smith acknowledged that the invisible hand can sometimes lead to suboptimal outcomes.
    Climate change is a prime example of this: market prices do not reflect the negative side effects of greenhouse gas emissions. Fortunately, it is now widely acknowledged that governments need to intervene and encourage individuals and companies to reduce their emissions. 
    Switching to a net-zero emissions economy is a major task. It requires changes in behaviour, innovation and significant investment to rebuild our capital stock. And this transition requires significant financing. 
    In my speech, I will explore what financing the transition to a greenhouse gas-neutral economy could look like. More specifically, I will focus on two key issues. First, how much investment is needed to achieve greenhouse gas neutrality, and how much of this investment is “additional”? Second, what could the financing mix to fund this investment look like?
    I know that answering these questions seems like a tough challenge – a taughy fleece tae scoor. But I will do my best to illustrate my points with clear, practical examples. Along the way, I will discuss electric cars and heating systems to help us understand the issues. 
    My remarks will focus on the European Union (EU), borrowing some detailed insights from Germany. Unfortunately, these data do not cover the United Kingdom (UK). But I will do my best to infer some insights for the UK as well.
    2 How much needs to be invested?
    Let me start with the question of how much the EU needs to invest to achieve greenhouse gas neutrality. The EU’s Fit for 55 package aims to reduce greenhouse gas emissions by at least 55 per cent by 2030. These reductions are benchmarked against 1990 emission levels. This is an intermediate step towards full greenhouse gas neutrality, for which the EU still needs to pass legislation.
    From 2021 to 2030, the European Commission estimates that EU countries need to invest over €1.2 trillion annually.[1] This amounts to nearly 8 per cent of the EU’s GDP. The private sector must take on the bulk of these investments. The investment needs are significantly more than the actual annual investment of €760 billion in the previous decade. 
    The European Commission defines the difference between the investment required and the actual investment as the “additional” investment need. This additional investment need amounts to €480 billion, or around 3 per cent of GDP.
    This definition of “additional” investment is very useful from an accounting perspective. It gives a clear picture of how much more the EU needs to invest to meet its climate goals. However, from a financing perspective, it helps to define additional investment differently.
    There are two types of investment needed to achieve greenhouse gas neutrality. The first type is investment that would not happen without the goal of reducing greenhouse gas emissions. A prime example of this type of investment is technology to capture and store carbon dioxide. This technology will play a crucial role in sectors that are difficult to decarbonise. These investments need economic resources and financing beyond what an economy spends just to maintain its capital stock.
    The second type is investment where a greenhouse gas-neutral alternative replaces a fossil fuel-based technology. To illustrate this point, imagine two households buying a new car. The Jones family spend €45,000 on a new combustion engine car. From a technical perspective, the Jones family are making a replacement investment. No additional financing is needed. Meanwhile, the Smith family decide to switch from a combustion engine car to an electric vehicle. Let us say a comparable electric car costs €50,000. Of this amount, €45,000 is a replacement investment. Only the remaining €5,000 requires additional financing.
    Contrast this with how the European Commission defines additional investment: They subtract the annual average value of electric cars bought in the past from the value of electric vehicles needed to meet the EU’s intermediate greenhouse gas reduction goals. Past registrations of electric vehicles fell significantly short of what is needed. Accordingly, the additional investments, as defined by the European Commission’s accounting perspective, are presumably much higher than the additional financing needs. 
    How great could the additional financing needs be? While we do not yet have specific figures for the EU, there are some numbers for Germany. A recent study estimates that Germany needs to invest around €390 billion annually from 2021 to 2030 to reduce emissions by 65 per cent compared to 1990.[2] They measure this absolute sum in 2020 prices. Relative to GDP, the investment amounts to 11 per cent. 
    This is fairly close to the 8 per cent investment needs calculated by the European Commission for the EU.[3] However, only around 30 per cent of this investment requires additional financing. In absolute terms, this amounts to about €120 billion. 
    Let me pause for a moment to summarise the two key takeaways from my remarks so far. First, the transition to greenhouse gas neutrality calls for significant investment. However, in many cases, we are replacing fossil-based technologies with greenhouse gas-neutral alternatives. Accordingly, the additional financing needs are much smaller and seem manageable.
    Second, we can minimise the additional financing needs by replacing already largely depreciated capital stock. By contrast, replacing relatively new capital stock that has barely depreciated would increase the economic and financial costs. Let me illustrate this point with a brief anecdote. 
    On 1 January 2024, the German government introduced a new law governing heating systems. In German, it is known by the beautiful name “Gebäudeenergiegesetz”. This law mandates that heating systems use around two-thirds renewable energy. In anticipation of this new law, many households replaced their old gas heating systems with new ones. These heating systems can run for around 25 years, so they depreciate over a long period. 
    Bad luck if you just installed a new gas heating system and live in the German city of Mannheim. Here, the local gas provider has said it intends to stop its services in 2035. This means that a long-term investment will become unviable when little more than half of it has depreciated: A waste of both financial and economic resources.
    This anecdote highlights one key point: to avoid wasting money, we need a clear and reliable path to greenhouse gas neutrality. With a clear path mapped out, people can confidently invest in the transition. 
    3 What could the financing mix look like?
    Now, let us explore what the potential financing mix could look like. To achieve a greenhouse gas-neutral economy, households, firms and the public sector all need to invest. They can fund these investments using both internal and external sources.
    As the name would suggest, internal financing comes from within. Like the Smith family putting aside some of their income to pay for their new car. Or think of a firm that sells its products and saves some of the profits. That is internal financing, too. External financing, on the other hand, comes from outside sources such as banks or investors. 
    Regarding their financing mix, households, non-financial firms and the public sector differ considerably. Households tend to save significantly and mainly use bank loans as a source of external finance. The public sector, on the other hand, raises most of its funds from external sources by issuing debt securities. Only firms have a more diversified financing mix. Equity and bank loans play prominent roles here. Note that these observations hold for the EU, the UK and Germany alike. 
    So, what might the financing mix for the transition to a greenhouse gas-neutral economy look like? To estimate these figures, we need two key components: First, the respective shares of households, firms and the public sector in total investment. According to rough estimates by Bundesbank staff for Germany, households might have to cover about one-third of the investment, the public sector around 20 per cent, and firms just under half.[4]
    Second, estimates for the future financing structure of the sectors. We assume that future financing structures will remain unchanged from today.[5] This implies that past financing structures are suitable for future climate investment. If this were not the case, perhaps due to the need for innovative financing instruments, the financing structure may differ. 
    What result do we get when we combine the two components? For Germany, we estimate that about 20 per cent of the financing mix could come from internal financing, primarily household savings. In terms of external financing, bank loans might play the largest role. They account for over one-quarter of the estimated financing mix. Households in particular obtain almost all their external financing from banks.
    The second-largest external financing source could be debt securities, accounting for around 20 per cent. The public sector plays a prominent role here, with funding coming almost exclusively from bonds. Finally, the third-largest external financing source could be equity financing, comprising around one-sixth. Firms are the only users of this financing source, as households and the public sector do not issue equity. Different instruments, like loans from non-bank financial intermediaries, might cover the final sixth of the overall investment needs. 
    So, what does this mean for the EU and the UK? Can the findings for Germany be generalised? Fortunately, the financing structures of households, firms and governments are largely comparable across these regions.[6] Therefore, one of the two components in the calculations is roughly equal.
    The second component – the sectoral investment needs – is less certain. I am not aware of any studies for the EU or the UK that divide the investment needs across households, firms and the public sector.[7] Without a better alternative, the findings for Germany may provide a reasonable initial estimate for both the EU and the UK.
    4 Concluding remarks
    Let me summarise and conclude. I have three main takeaways to share.
    First, “additional” investment needs to become greenhouse gas-neutral can also be defined from a financing perspective. In many cases, we are replacing fossil fuel-based technologies with greenhouse gas-neutral alternatives. And this requires additional financing only if greenhouse gas-neutral technologies are more expensive or if the capital stock being replaced is not yet fully depreciated. The additional financing needs are significantly smaller than the total investment required. Accordingly, I am confident that our financial system can mobilise the necessary financing. 
    Second, banks may play a larger role in financing the climate transition than is commonly anticipated. The main reason for this conclusion is that a substantial portion of climate investments falls on households. They need to make their homes more energy-efficient and replace fossil-fuelled heating systems with greenhouse gas-neutral alternatives. And households simply do not have many viable alternatives to bank loans.
    Accordingly, a robust banking system is essential for achieving greenhouse gas neutrality. That is why we at the Bundesbank are committed to completing the European banking union. However, we also need to improve access to alternative financing sources. Non-financial firms, in particular, would greatly benefit from better capital market financing. That is why we at the Bundesbank are dedicated to creating a European capital markets union. 
    Third, legislators can minimise the additional financing needs by ensuring that the path to greenhouse gas neutrality is planned stringently and for the long term. Why? Because it provides incentives to avoid investments in fossil fuel technologies that may not be fully depreciated before they become non-viable. 
    Footnotes: 
    See European Commission (2023), Investment needs assessment and funding availabilities to strengthen EU’s Net-Zero technology manufacturing capacity, SWD (2023) 68 final. 
    Kemmler et al. (2024), Klimaschutzinvestitionen für die Transformation des Energiesystems, Prognos. This study is only available in German.
    One reason why Germany’s investment needs relative to GDP are higher than the EU’s is that Germany intends to achieve greenhouse gas neutrality sooner (in 2045 rather than 2050).
    The estimates are based on the public sector shares provided in Brand and Römer (2022), Öffentliche Investitionsbedarfe zur Erreichung der Klimaneutralität in Deutschland, KfW Research – Fokus Volkswirtschaft, Nr. 395 and various plausibility assumptions. The analysis assumes that the public sector’s involvement in industry and the residential investment sector is minimal or non-existent. This is because the analysis looks at financing flows before any government support, such as subsidies.
    More precisely, the financing structure is derived from the average internal and external financing flows over the period 2018 to 2022. This averaging smooths out short-term fluctuations and centres on the reference year of 2020 used in the Kemmler et al (2024) study. Internal financing enters the calculation on a net basis, assuming that the depreciation inflows finance the replacement investments.
    In the EU and UK, households rely slightly less on bank loans than in Germany, but the share is still high. In the public sector, Germany has a significantly higher share of debt security financing, particularly compared to the EU. In the UK, non-financial firms have a significantly lower share of equity financing and a higher share of (bank) loans compared to Germany. In contrast, in the EU, non-financial firms have a slightly higher share of equity financing and a smaller share of (bank) loans compared to Germany. All figures are based on average financial flows from 2018 to 2022.
    European Commission, op. cit., estimates that, in the EU, the public sector could account for 17 to 20 per cent of total investment. However, it does not clarify how this investment will be split between households and firms. For the UK, HM Government (2023), Mobilising Green Investment – 2023 Green Finance Strategy, mentions that most investment must come from the private sector. However, it likewise does not provide any details on how this investment will be split between households and firms.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Dounreay to take on 23 new apprentices

    Source: United Kingdom – Executive Government & Departments

    One of Britain’s most complex environmental restoration projects is taking on 23 new apprentices.

    Fallon Campbell (second from left), a fourth-year electrical apprentice at Dounreay, was among apprentices and graduates from across the nuclear industry who joined executives and political leaders at the annual Nuclear Week in Parliament in Westminster earlier this month,

    The decommissioning of the former centre of fast reactor research and development at Dounreay is continuing to create long-term opportunities for young people.

    Applications are open for the next intake of apprentices, with 23 places in total available.

    The apprenticeships are in engineering trades, engineering design, construction scaffolding, construction painting, business administration and project management, and vary in length from two years to four years.

    The closing date for applications is 14 to 21 February, with start dates in August.

    Dounreay’s operator, Nuclear Restoration Services, is also in the process of recruiting 9 health physics surveyor trainees.

    Their 2-year training programme equips them with an NVQ Level 2 Diploma in Radiological Protection.

    Dounreay also has 15 places this year for graduate recruitment. Applications for these posts closed on 6 January.

    More information about the opportunities at Dounreay can be found at the site’s careers website at www.dounreaycareers.com.

    Dounreay has a long and proud history of high-quality training for young people across a wide range of disciplines and I’m delighted we are able to continue this during the decommissioning phase of the site,

    said Dave Wilson, managing director of NRS Dounreay.

    The site is complex, its decommissioning is challenging and we can offer superb training and development opportunities at the cutting edge of science and engineering.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: West Virginia Boasts Perfect Terrain for Winter Adventures – Almost Heaven – West Virginia

    Source: US State of West Virginia

    Best Conditions in a Decade Await Skiers, Snowboarders, and Winter Enthusiasts

    CHARLESTON, W.VA – Feb. 12, 2025 – West Virginia’s ski season is still in full swing, delivering the best winter conditions in over a decade. While West Virginia was one of the first states in the region to welcome snow this winter, the state’s ski season is far from over. An additional eight to 10 inches of snowfall is expected over Presidents’ Day Weekend, making it the ideal time for a Mountain State winter getaway.

    This season, West Virginia’s mountainous terrain has been transformed with snowfall reaching 142 cumulative inches and counting. Ski resorts have further enhanced these prime conditions by producing billions of gallons of man-made snow to ensure nearly all terrain is open and ready for action. With feet of natural snowfall enhanced by man-made snow blanketing the slopes, the majority of trails are open and ready to welcome skiers and snowboarders of all skill levels. Now is the perfect time to experience West Virginia’s spectacular winter wonderland. 

    “The conditions are incredible right now, setting up for a perfect holiday weekend,” says Tom Wagner, President of the West Virginia Ski Areas Association. “I can’t remember the last time we’ve seen such pristine conditions.”

    From thrilling ski runs to serene Nordic trails, the Mountain State is home to world-class winter sports destinations, including Snowshoe Mountain Resort, Canaan Valley Resort State Park, Winterplace Ski Resort, Timberline Mountain, and Oglebay’s Nutting Winter Sports Complex. The state’s alpine resorts are delivering excellent conditions for skiing, snowboarding, and snow tubing against the backdrop of stunning mountain vistas. Nordic skiing enthusiasts can explore serene cross-country skiing and snowshoeing at destinations like White Grass Ski Touring Center, Blackwater Falls State Park, and the Monongahela National Forest.

    “This winter has brought with it an incredible amount of snow that has created the perfect conditions for winter outdoor adventures,” said West Virginia Tourism Secretary Chelsea Ruby. “We’re anticipating these conditions will continue for weeks to come. If you’ve been dreaming of a winter getaway, West Virginia awaits.” 

    Beyond traditional winter sports, the state offers a range of unique activities to make every visit memorable. Canaan Valley Resort features one of the longest multi-lane snow tubing parks in the Mid-Atlantic, while Snow Riders Tubing Hill in Harpers Ferry provides an unforgettable multicolor, LED-lit tubing experience. Adventure awaits on snow-covered trails at the Hatfield-McCoy Trail System and Snowshoe Mountain, perfect for snowmobiling and ATV riding.

    West Virginia’s commitment to inclusivity shines with adaptive skiing programs at Snowshoe Mountain, Canaan Valley, and Timberline Mountain. In collaboration with the Challenged Athletes of West Virginia, these programs offer personalized lessons and specialized equipment, ensuring everyone can share in the magic of the slopes. 

    With a combination of stunning mountain scenery, top-tier resorts, and a wide range of winter activities, West Virginia stands out as the ultimate destination for snowy escapes. Don’t miss the chance to enjoy these exceptional conditions this season. Now is the time to plan your winter getaway!

    For more information about West Virginia, visit WVtourism.com and start planning your trip today.

    To access images of winter in West Virginia, click here. 

    ###

    This post was last updated on February 12, 2025

    MIL OSI USA News –

  • MIL-OSI USA: AFSCME’s Saunders: Front-line health care workers need a leader at HHS who shares their values – not RFK Jr.

    Source: American Federation of State, County and Municipal Employees Union

    WASHINGTON – AFSCME President Lee Saunders released the following statement in opposition to Robert F. Kennedy Jr.’s confirmation to lead the Department of Health and Human Services (HHS):

    “Front-line health care workers need a leader at HHS who shares their values – someone who believes, as they do, in safeguarding public health. But Robert F. Kennedy Jr.’s values could not be further from the front lines. Instead of increasing our communities’ access to vital care, he is only interested in increasing profits for his billionaire backers. RFK Jr. has made it clear that he will execute his boss’s orders to dismantle critical HHS programs like Head Start, Temporary Assistance for Needy Families, Medicaid and end negotiations to lower prescription drug prices for Medicare beneficiaries. He is an accomplice in their plan to rob our most vulnerable communities of critical health services to make the ultra-rich even richer.

    “AFSCME’s 1.4 million members – including hundreds of thousands who work in health care, social work, home care, early childhood education and beyond – make sacrifices daily to care for the health of our communities. We will keep organizing to make sure that Kennedy and his anti-worker friends don’t get in the way of their essential work.”

    MIL OSI USA News –

  • MIL-OSI USA: New Statewide 9-1-1 Software Testing Lab Announced

    Source: US State of Oregon

    strong>PHOTO CAPTION: Statewide 9-1-1 Manager Frank Kuchta stands next to 9-1-1 Dispatcher Loren Hall who was working at a 9-1-1 emergency call taking position at the State 9-1-1 Testing Lab. The stations are fully functioning dispatcher stations that, when not being used to take actual 9-1-1 calls, serve as a space to test new software functionality. Download a High-Resolution Version of the above Image.

    STAYTON, OR – Oregon’s State 9-1-1 Program announced today the establishment of their new State 9-1-1 testing lab capabilities located in Stayton, Oregon. This lab will allow for the testing of new 9-1-1 system capabilities in a simulated environment before deploying them in a live setting.

    This project was developed in partnership with both METCOM 911 (Marion Area Multi-Agency Emergency Telecommunications) and Willamette Valley Communications Center (WVCC) Public Safety Answering Points (PSAPs) that serve Marion County.

    Previously, operators tested new 9-1-1 technology solutions by deploying them live in Public Safety Answering Points (PSAPs). This approach introduced significant risk to Oregon PSAPs—potentially affecting service availability and compromising the evaluation process—and is generally not considered an industry best practice.

    “METCOM’s partnership with ODEM and WVCC has paved a path toward the future of 9-1-1 in Oregon,” MECOM Executive Director John Thompson, said. “Additionally, as new technologies in 9-1-1 continue to emerge, the space and newly installed equipment can be utilized in an environment and tested thoroughly without interrupting operations in other primary ECC’s.”

    The Stayton facility, where the test lab is located, serves Marion County as a backup center to ensure 9-1-1 call services will still be provided if the primary Willamette Valley Communications Center (WVCC) or METCOM PSAP goes down. Partnership with the State 9-1-1 Program enabled the use of the facility to be expanded to support enterprise technology pre-deployment 9-1-1 lab testing capabilities.

    “METCOM’s back-up ECC has evolved from a mostly vacant building with a few radios and limited access to fully capable dispatch center,” Thompson, said. “This center is not only a benefit to METCOM and WVCC but can provide the ability for ECC’s from across the state to relocate and access the technology to continue providing call-taking services to their citizens, in the event of a disaster, center evacuation or other needs.

    The 9-1-1 test lab fully replicates the infrastructure necessary to support emergency calls from the public. The testing environment uses the same network and equipment currently used by primary PSAPs throughout the majority of the state Oregon. It also provides security access controls, facility monitoring, power management, staff facilities, and the delivery of automatic location information (ALI).

    “We are very excited for this new partnership with METCOM 9-1-1 and WVCC and the launch of the new testing lab capabilities within Oregon,” Statewide 9-1-1 Manager Frank Kuchta, said. “Having access to a dedicated environment to confidently test and validate emerging public safety technologies while ensuring risk is reduced as we undertake significant modernization of the statewide 9-1-1 emergency communications system is invaluable.”

    ###

    It is the mission of Oregon Emergency Management to proactively develop emergency response, risk reduction and disaster recovery programs to better serve Oregonians during times of disaster. OEM prioritizes an equitable and inclusive culture of preparedness that empowers all Oregonians to thrive in times in crisis. The agency leads collaborative statewide efforts, inclusive of all partners and the communities we serve, to ensure capability to get help in an emergency and to protect, mitigate, prepare for, respond to, and recover from emergencies or disasters. For more information about the OEM, visit oregon.gov/oem. You can get this document in other languages, large print, braille, or a format you prefer. For assistance, email OEM_publicinfo@oem.oregon.gov or dial 711.

    MIL OSI USA News –

  • MIL-OSI: Gabelli Healthcare & WellnessRx Trust Declares First Quarter Distribution of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & WellnessRx Trust (NYSE:GRX) (the “Fund”) declared a $0.15 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 1% from net investment income, 4% from net capital gains and 95% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Bethany Uhlein
    (914) 921-5546

    About The Gabelli Healthcare & WellnessRxTrust
    The Gabelli Healthcare & WellnessRx Trust is a diversified, closed-end management investment company with $228 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GRX
    CUSIP – 36246K103

    Investor Relations Contact:
    Bethany Uhlein
    914.921.5546
    buhlein@gabelli.com

    The MIL Network –

  • MIL-OSI: Euronext publishes Q4 and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q4 and full year 2024 results

    Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

    • Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
      • Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
        • Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
        • Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
        • Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F2 depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
        • Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
    • Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
    • Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).
    • Underlying operating expenses excluding D&A1were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
    • Adjusted EBITDA1was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
    • Adjusted net income1was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
    • Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
    • Net debt to EBITDA2F3was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
    • Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.
    • Key figures for full year 2024:
    In €m, unless stated otherwise 2024 2023 % var % var l-f-l3F4
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Underlying operational expenses excluding D&A2 (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted net income, share of the parent company shareholders 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) (share count differs between the two periods4F5) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) (share count differs between the two periods) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) (share count differs between the two periods) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) (share count differs between the two periods) 5.63 4.83 +16.6%  
    • Dividend proposal to the 2025 Annual General Meeting

    A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F6.

    • Euronext continues its cost discipline and invests in strategic growth

    In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

    2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

    Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

    • Progress with the delivery of “Innovate for Growth 2027”
      • Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
      • Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
      • Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

    “In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

    In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

    In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F7. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

    2024 financial performance

    In €m, unless stated otherwise FY 2024 FY 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Listing 231.9 220.6 +5.1% +5.4%
    Trading revenue, of which 559.4 490.0 +14.2% +14.3%
    Cash trading 284.0 265.4 +7.0% +7.0%
    Derivatives trading 53.1 54.2 -2.0% -2.0%
    Fixed income trading 145.5 107.4 +35.5% +35.5%
    FX trading 31.7 25.6 +24.2% +24.2%
    Power trading 45.1 37.4 +20.4% +22.6%
    Investor Services 14.1 11.4 +24.2% +14.8%
    Advanced Data Services 241.7 224.8 +7.5% +5.3%
    Post-Trade, of which 414.7 370.2 +12.0% +11.9%
    Clearing 144.3 121.3 +19.0% +19.0%
    Custody and Settlement 270.5 248.9 +8.7% +8.8%
    Euronext Technology Solutions & Other 106.2 109.9 -3.4% -3.3%
    NTI through CCP business 56.8 46.7 +21.8% +21.8%
    Other income 2.0 1.4 +45.5% +44.5%
    Transitional revenues – (0.2) N/A N/A
    Underlying operational expenses excl. D&A (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Operating expenses excl. D&A (651.3) (688.3) -5.4% +1.0%
    EBITDA 975.6 786.4 +24.1% +9.9%
    Depreciation & Amortisation (188.7) (170.1) +10.9% +11.2%
    Total Expenses (incl. D&A) (840.1) (858.5) -2.1% -2.6%
    Adjusted operating profit 922.9 790.4 +16.8% +16.7%
    Operating Profit 786.8 616.2 +27.7%  
    Net financing income / (expense) 17.5 (0.2)    
    Results from equity investments 34.7 83.1 -58.3%  
    Profit before income tax 839.1 699.1 +20.0%  
    Income tax expense (218.4) (162.7) +34.2%  
    Share of non-controlling interests (35.1) (22.8) +53.7%  
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted Net income, share of the parent company shareholders7F8 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) 5.63 4.83 +16.6%  

    Share count differs between the two periods.

    • 2024 revenue and income

    In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

    On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

    Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

    • 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

    On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

    • 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

    2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

    €136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

    Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

    Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

    Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

    Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

    2024 business highlights

    In €m, unless stated otherwise FY 2024 FY 2023 % change
    Revenue 231.9 220.6 +5.1%
    Equity 106.6 105.1 +1.4%
    o/w Annual fees 72.4 69.0 +5.0%
    o/w Follow-ons 18.7 20.8 -10.1%
    o/w IPOs 15.5 15.4 +0.9%
    Debts 40.4 36.0 +12.2%
    ETFs, Funds & Warrants 24.0 23.3 +3.0%
    Corporate Solutions 50.3 45.4 +10.7%
    ELITE and Other 10.2 10.8 -5.8%
             
    Money raised (€m) FY 2024 FY 2023 % change  
    Equity listings 3,840 2,481 +54.8%  
    Follow-ons 15,782 20,177 -21.8%  
    Bonds 1,190,154 1,156,035 +3.0%  
           
    Listed securities FY 2024 FY 2023 % change  
    New equity listings over the period 53 64 -17.2%  

    Money raised from follow-ons has been restated for previous periods.

    Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

    Euronext recorded 33% of equity listings in Europe8F9 with 53 new equity listings.

    Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

    Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

    • Trading
      • Cash trading
      FY 2024 FY 2023 % change
    Cash trading revenue (€m) 284.0 265.4 +7.0%
    ADV Cash market (€m) 10,405 10,053 +3.5%

    Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

    Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

    • Derivatives trading
      FY 2024 FY 2023 % change
    Derivatives trading revenue (€m) 53.1 54.2 -2.0%
    ADV Derivatives market (in lots) 619,833 619,244 +0.1%
    ADV Equity & Index derivatives (in lots) 503,506 528,368 -4.7%
    ADV Commodity derivatives (in lots) 116,328 90,876 +28.0%

    Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

    • Fixed income trading
      FY 2024 FY 2023 % change
    Fixed income trading revenue (€m) 145.5 107.4 +35.5%
    o/w MTS Cash 103.1 67.1 +53.7%
    o/w MTS Repo 26.5 25.2 +4.9%
    ADV MTS Cash (€m) 37,021 23,026 +60.8%
    TAADV MTS Repo (€m) 483,247 436,039 +10.8%
    ADV other fixed income (€m) 1,612 1,266 +27.4%

    Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

    • FX trading
      FY 2024 FY 2023 % change
    Spot FX trading revenue (€m) 31.7 25.6 +24.2%
    ADV spot FX Market (in $m) 26,493 22,450 +18.0%

    FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

    • Power trading
      FY 2024 FY 2023 % change
    Power trading revenue (€m) 45.1 37.4 +20.4%
    ADV Day-ahead power market (in TWH) 2.74 2.74 +0.3%
    ADV Intraday power market (in TWH) 0.31 0.20 +55.0%

    Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

    • Investor Services

    Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

    • Advanced Data Services

    Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

    • Post Trade
    in €m, unless stated otherwise FY 2024 FY 2023 % change
    Post-trade revenue (excl. NTI) 414.7 370.2 +12.0%
    Clearing 144.3 121.3 +19.0%
    o/w Revenue from LCH SA 62.8 71.8 -12.5%
    o/w Revenue from Euronext Clearing 81.5 49.5 +64.5%
    o/w Derivatives 18.1 5.6 +221.2%
    o/w Equities 24.4 16.6 +47.1%
    o/w Bonds 14.9 13.6 +10.0%
    o/w Other 24.1 13.7 +75.8%
    Custody, Settlement and other Post-Trade activities 270.5 248.9 +8.7%
    Number of transactions and lots cleared FY 2024 FY 2023 % change
    Shares (number of contracts – single counted) 234,777,332 83,486,969 +181.2%
    Bonds – Wholesale (nominal value in €bn – double counted) 29,717 27,177 +9.3%
    Bonds – Retail (number of contracts – double counted) 15,133,264 13,732,528 +10.2%
    Derivatives9F10 65,536,847 25,244,669 +159.6%

    Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

    • Net treasury income

    Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity FY 2024 FY 2023 % change
    Number of settlement instructions over the period 134,287,470 123,587,470 +7.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

    Q4 2024 financial performance

    In €m, unless stated otherwise Q4 2024 Q4 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 415.8 374.1 +11.1% +9.9%
    Listing 59.4 56.2 +5.8% +5.9%
    Trading revenue, of which 141.4 124.5 +13.5% +13.5%
    Cash trading 70.9 64.1 +10.6% +10.6%
    Derivatives trading 12.9 12.8 +0.3% +0.3%
    Fixed income trading 37.8 30.6 +23.7% +23.7%
    FX trading 8.5 6.7 +27.7% +26.4%
    Power trading 11.3 10.4 +8.8% +10.1%
    Investor Services 4.2 3.0 +39.8% +13.0%
    Advanced Data Services 61.1 56.1 +8.9% +4.8%
    Post Trade, of which 102.8 94.6 +8.6% +7.0%
    Clearing 32.9 32.3 +1.8% +1.8%
    Custody and Settlement 69.9 62.3 +12.2% +10.1%
    Euronext Technology Solutions & Other 28.4 27.6 +3.1% +3.2%
    NTI through CCP business 17.9 11.7 +53.3% +53.3%
    Other income 0.6 0.5 +37.5% +0.0%
    Underlying operational expenses excl. D&A (163.2) (157.8) +3.4% +1.1%
    Adjusted EBITDA 252.6 216.3 +16.7% +16.4%
    Adjusted EBITDA margin 60.7% 57.8% +2.9pts +3.4pts
    Operating expenses excl. D&A (174.4) (173.3) +0.6% -1.5%
    EBITDA 241.4 200.8 +20.2% +19.8%
    Depreciation & Amortisation (49.6) (45.6) +8.7% +8.6%
    Total Expenses (incl. D&A) (224.0) (218.9) +2.3% +0.6%
    Adjusted operating profit 231.1 196.3 +17.7% +17.3%
    Operating Profit 191.8 155.2 +23.6%  
    Net financing income / (expense) 6.5 4.7 +38.2%  
    Results from equity investments 10.1 17.0 -40.8%  
    Profit before income tax 208.4 176.9 +17.8%  
    Income tax expense (55.5) (40.0) +38.8%  
    Share of non-controlling interests (8.2) (6.4) +29.2%  
    Net income, share of the parent company shareholders 144.6 130.6 +10.8%  
    Adjusted Net income, share of the parent company shareholders10F11 172.3 148.2 +16.3%  
    Adjusted EPS (basic, in €) 1.66 1.42 +16.9%  
    Reported EPS (basic, in €) 1.40 1.25 +12.0%  
    Adjusted EPS (diluted, in €) 1.66 1.41 +17.7%  
    Reported EPS (diluted, in €) 1.39 1.24 +12.1%  

    Share count differs between the two periods

    • Q4 2024 revenue and income

    In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

    On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

    Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

    • Q4 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

    • Q4 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

    Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

    €39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

    Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

    Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

    Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

    Q4 2024 business highlights

    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Listing revenue 59.4 56.2 +5.8%
    Equity 26.6 26.6 -0.1%
    o/w Annual fees 18.0 17.1 +5.2%
    o/w Follow-ons 4.6 5.8 -19.2%
    o/w IPOs 3.9 3.7 +4.6%
    Debts 9.8 9.1 +7.7%
    ETFs, Funds & Warrants 6.1 5.9 +3.5%
    Corporate Solutions 14.0 12.3 +13.6%
    ELITE and Other 2.9 2.2 +31.9%

    Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

    Money raised (€m) Q4 2024 Q4 2023 % change
    Equity listings 164 247 -33.7%
    Follow-ons 2,556 6,667 -61.7%
    Bonds 244,356 290,524 -15.9%
    Listed securities Q4 2024 Q4 2023 % change
    New equity listings over the period 16 13 +23.1%
    Number of ETFs listed, end of period 4,018 3,821 +5.2%
    Number of Bonds listed, end of period 55,804 55,098 +1.3%

    Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

    Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

    Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

    • Trading
      • Cash trading
      Q4 2024 Q4 2023 % change
    Cash trading revenue (€m) 70.9 64.1 +10.6%
    ADV Cash market11F (€m) 10,545 9,558 +10.3%

    Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

    Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

    • Derivatives trading
      Q4 2024 Q4 2023 % change
    Derivatives trading revenue (€m) 12.9 12.8 +0.3%
    ADV Derivatives market (in lots) 580,555 598,894 -3.1%
    ADV Equity derivatives (in lots) 463,920 506,716 -8.4%
    ADV Commodity derivatives (in lots) 116,634 92,178 +26.5%

    Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

    On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

    • Fixed income trading
      Q4 2024 Q4 2023 % change
    Fixed income trading revenue (€m) 37.8 30.6 +23.7%
    o/w MTS Cash 27.0 19.6 +37.8%
    o/w MTS Repo 6.7 6.3 +5.9%
    ADV MTS Cash (€m) 39,381 27,741 +42.0%
    TAADV MTS Repo (€m) 516,173 469,134 +10.0%
    ADV other fixed income (€m) 1,656 1,504 +10.1%

    Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

    On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

    • FX trading
      Q4 2024 Q4 2023 % change
    Spot FX trading revenue (€m) 8.5 6.7 +27.7%
    ADV spot FX Market (in $m) 26,475 23,943 +10.6%

    FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

    On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

    • Power trading
      Q4 2024 Q4 2023 % change
    Power trading revenue (€m) 11.3 10.4 +8.8%
    ADV Day-ahead power market (in TWH) 2.99 3.10 -3.4%
    ADV Intraday power market (in TWH) 0.32 0.25 +27.1%

    Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

    On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

    • Investor Services

    Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

    On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

    • Advanced Data Services

    Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

    • Post Trade
    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Post-trade revenue (excl. NTI) 102.8 94.6 +8.6%
    Clearing 32.9 32.3 +1.8%
    o/w Revenue from LCH SA – 17.8  
    o/w Revenue from Euronext Clearing 32.9 14.6 +126.2%
    o/w Derivatives 14.3 1.4 +940.3%
    o/w Equities 6.4 5.2 +21.9%
    o/w Bonds 3.8 3.7 +3.4%
    o/w Other 8.4 4.2 +98.5%
    Net treasury income through CCP business 17.9 11.7 +53.3%
    Custody, Settlement and other Post-Trade activities 69.9 62.3 +12.2%
    Number of transactions and lots cleared Q4 2024 Q4 2023 % change
    Shares (#contracts – single counted) 60,645,852 30,675,375 +97.7%
    Bonds – Wholesale (nominal value in €bn – double counted) 7,580 7,118 +6.5%
    Bonds – Retail (# contracts – double counted) 4,340,444 3,888,898 +11.6%
    Derivatives (# contracts – single counted) 37,154,815 5,691,338 +552.8%

    Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

    • Net treasury income

    Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity Q4 2024 Q4 2023 % change
    Number of settlement instructions over the period 34,122,913 30,507,967 +11.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

    Corporate highlights since 1 January 2025

    • Euronext to acquire Nasdaq’s Nordic power futures business

    On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    • Euronext upgraded to A-, stable outlook, by S&P

    On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
    S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation. 

    • Ongoing share buyback programme

    On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

    • Fixed income derivatives status update

    Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

    • Euronext volumes for January 2025

    In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
    MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
    average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
    Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

    • Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

    On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

    Agenda

    A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

    Conference call:

    To connect to the conference call, please dial:

    UK Number: +44 33 0551 0200 NO Number: +47 2 156 3318
    FR Number: +33 1 70 37 71 66 PT Number: +351 3 0880 2081
    NL Number: +31 20 708 5073 IR Number: +353 1 436 0959
    US Number: +1 786 697 3501 IT Number: +39 06 8336 0400
    BE Number: +32 2 789 8603 DE Number: +49 30 3001 90612

    Password: Euronext

    Live webcast:

    For the live audio webcast go to: Euronext Q4/FY 2024 Results

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations Aurélie Cohen  
      Judith Stein +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe Aurélie Cohen  +33 1 70 48 24 45
      Andrea Monzani  +39 02 72 42 62 13 
    Belgium Marianne Aalders  +32 26 20 15 01 
    France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
    Ireland Andrea Monzani  +39 02 72 42 62 13 
    Italy  Ester Russom  +39 02 72 42 67 56 
    The Netherlands Marianne Aalders +31 20 721 41 33 
    Norway  Cathrine Lorvik Segerlund +47 41 69 59 10 
    Portugal  Sandra Machado +351 91 777 68 97
    Corporate Solutions Coralie Patri  +33 7 88 34 27 44

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn. 

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Non-volume related revenue definition

    Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

    Adjusted EPS definition

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Net income reported 144.6 130.6 585.6 513.6
    EPS reported 1.40 1.25 5.65 4.84
    Adjustments        
    of which Operating expenses excl. D&A (11.2) (15.5) (30.9) (78.3)
    of which Depreciation and amortisation (28.1) (25.6) (105.2) (95.9)
    of which Net financing expense – – – (0.2)
    of which results from equity investments – 11.4 1.2 53.0
    of which Minority interest 1.1 1.1 2.5 4.1
    Tax related to adjustments 10.5 11.1 35.5 46.2
    Adjusted net income 172.3 148.2 682.5 584.7
    Adjusted EPS 1.66 1.42 6.59 5.51

    Consolidated income statement

      Q4 2024 Q4 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 415.8 – 415.8 374.1 – 374.1
    Listing 59.4 – 59.4 56.2 – 56.2
    Trading revenue, of which 141.4 – 141.4 124.5 – 124.5
    Cash trading 70.9 – 70.9 64.1 – 64.1
    Derivatives trading 12.9 – 12.9 12.8 – 12.8
    Fixed income trading 37.8 – 37.8 30.6 – 30.6
    FX trading 8.5 – 8.5 6.7 – 6.7
    Power trading 11.3 – 11.3 10.4 – 10.4
    Investor services 4.2 – 4.2 3.0 – 3.0
    Advanced data services 61.1 – 61.1 56.1 – 56.1
    Post Trade, of which 102.8 – 102.8 94.6 – 94.6
    Clearing 32.9 – 32.9 32.3 – 32.3
    Custody & Settlement and other 69.9 – 69.9 62.3 – 62.3
    Euronext Technology Solutions & other revenue 28.4 – 28.4 27.6 – 27.6
    Net Financing Income through CCP                                                             business 17.9 – 17.9 11.7 – 11.7
    Other income 0.6 – 0.6 0.5 – 0.5
    Operating expenses excluding D&A (163.2) (11.2) (174.4) (157.8) (15.5) (173.3)
    Salaries and employee benefits (90.0) (5.4) (95.4) (85.6) (7.8) (93.3)
    Other operational expenses, of which (73.2) (5.8) (79.0) (72.2) (7.8) (80.0)
    System & communication (25.7) (0.1) (25.8) (23.1) (2.0) (25.1)
    Professional services (15.5) (4.8) (20.3) (12.8) (4.7) (17.5)
    Clearing expense (0.4) – (0.4) (8.8) – (8.8)
    Accommodation (4.1) (0.1) (4.2) (6.0) (0.2) (6.2)
    Other operational expenses (27.6) (0.8) (28.4) (21.5) (0.9) (22.3)
    EBITDA 252.6 (11.2) 241.4 216.3 (15.5) 200.8
    EBITDA margin 60.7%   58.1% 57.8%   53.7%
    Depreciation & amortisation (21.5) (28.1) (49.6) (20.0) (25.6) (45.6)
    Total expenses (184.7) (39.3) (224.0) (177.8) (41.1) (218.9)
    Operating profit 231.1 (39.3) 191.8 196.3 (41.1) 155.2
    Net financing income / (expense) 6.5 – 6.5 4.7 – 4.7
    Results from equity investment 10.1 – 10.1 5.6 11.4 17.0
    Profit before income tax 247.7 (39.3) 208.4 206.6 (29.7) 176.9
    Income tax expense (66.0) 10.5 (55.5) (51.0) 11.1 (40.0)
    Non-controlling interests (9.3) 1.1 (8.2) (7.4) 1.1 (6.4)
    Net income, share of the parent company shareholders 172.3 (27.7) 144.6 148.2 (17.6) 130.6
    EPS (basic, in €) 1.66   1.40 1.42   1.25
    EPS (diluted, in €) 1.66   1.39 1.41   1.24
      FY 2024 FY 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 1,626.9 – 1,626.9 1,474.7 – 1,474.7
    Listing 231.9 – 231.9 220.6 – 220.6
    Trading revenue, of which 559.4 – 559.4 490.0 – 490.0
    Cash trading 284.0 – 284.0 265.4 – 265.4
    Derivatives trading 53.1 – 53.1 54.2 – 54.2
    Fixed income trading 145.5 – 145.5 107.4 – 107.4
    FX trading 31.7 – 31.7 25.6 – 25.6
    Power trading 45.1 – 45.1 37.4 – 37.4
    Investor services 14.1 – 14.1 11.4 – 11.4
    Advanced data services 241.7 – 241.7 224.8 – 224.8
    Post Trade, of which 414.7 – 414.7 370.2 – 370.2
    Clearing 144.3 – 144.3 121.3 – 121.3
    Custody & Settlement and other 270.5 – 270.5 248.9 – 248.9
    Euronext Technology Solutions & other revenue 106.2 – 106.2 109.9 – 109.9
    Net Financing Income through CCP business 56.8 – 56.8 46.7 – 46.7
    Other income 2.0 – 2.0 1.4 – 1.4
    Transitional revenues – – – (0.2) – (0.2)
    Operating expenses excluding D&A 620.5 30.9 651.3 (610.0) (78.3) (688.3)
    Salaries and employee benefits (330.2) (11.5) (341.6) (319.5) (12.9) (332.4)
    Other operational expenses, of which (290.3) (19.4) (309.7) (290.6) (65.4) (355.9)
    System & communication (99.2) (3.1) (102.3) (94.9) (7.8) (102.6)
    Professional services (57.7) (12.8) (70.6) (58.3) (18.2) (76.5)
    Clearing expense (23.2) (1.1) (24.3) (34.5) – (34.5)
    Accommodation (16.0) (0.9) (16.9) (17.9) (0.8) (18.7)
    Other operational expenses (94.1) (1.4) (95.5) (85.0) (38.6) (123.6)
    EBITDA 1,006.4 (30.9) 975.6 864.7 (78.3) 786.4
    EBITDA margin 61.9%   60.0% 58.6%   53.3%
    Depreciation & amortisation (83.5) (105.2) (188.7) (74.2) (95.9) (170.1)
    Total expenses (704.0) (136.1) (840.1) (684.3) (174.2) (858.5)
    Operating profit 922.9 (136.1) 786.8 790.4 (174.2) 616.2
    Net financing income / (expense) 17.5 – 17.5 0.1 (0.2) (0.2)
    Results from equity investment 33.5 1.2 34.7 30.0 53.0 83.1
    Profit before income tax 973.9 (134.9) 839.1 820.5 (121.4) 699.1
    Income tax expense (253.8) 35.5 (218.4) (208.9) 46.2 (162.7)
    Non-controlling interests (37.6) 2.5 (35.1) (26.9) 4.1 (22.8)
    Net income, share of the parent company shareholders 682.5 (96.9) 585.6 584.7 (71.1) 513.6
    EPS (basic, in €) 6.59   5.65 5.51   4.84
    EPS (diluted, in €) 6.56   5.63 5.50   4.83

    Consolidated comprehensive income statement

      Q4 2024 Q4 2023
    Profit for the period 152.9 136.9
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations 8.7 (2.0)
    – Income tax impact on exchange differences on translation of foreign operations (1.5) 0.5
    – Change in value of debt investments at fair value through other comprehensive income – 0.5
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		 – (0.2)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 85.0 –
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.7) –
    -Remeasurements of post-employment benefit obligations (1.0) (4.2)
    – Income tax impact on remeasurements of post-employment benefit obligations 0.1 0.5
    Other comprehensive income for the period, net of tax 90.6 (4.8)
    Total comprehensive income for the period 243.5 132.1
         
    Comprehensive income attributable to:    
    – Owners of the parent 235.9 125.6
    – Non-controlling interests 7.6 6.5
      FY 2024 FY 2023
    Profit for the period 620.7 536.4
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations (27.9) (57.8)
    – Income tax impact on exchange differences on translation of foreign operations 2.0 6.3
    – Change in value of debt investments at fair value through other comprehensive income 0.7 7.1
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    
      (0.2) (2.0)
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 91.5 11.9
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (2.1) (3.1)
    – Remeasurements of post-employment benefit obligations 0.6 (1.4)
    – Income tax impact on remeasurements of post-employment benefit obligations (0.1) 0.2
    Other comprehensive income for the period, net of tax 64.6 (38.9)
    Total comprehensive income for the period 685.3 497.5
         
    Comprehensive income attributable to:    
    – Owners of the parent 651.8 475.7
    – Non-controlling interests 33.5 21.8

    Consolidated balance sheet

    in € million 31 December 2024 31 December 2023
    Non-current assets    
    Property, plant and equipment 106.2 114.4
    Right-of-use assets 57.5 55.7
    Goodwill and other intangible assets 6,096.2 6,108.2
    Deferred income tax assets 30.4 31.3
    Investments in associates and joint ventures 0.8 1.3
    Financial assets at fair value through OCI 357.0 262.7
    Other non-current assets 3.5 4.5
    Total non-current assets 6,651.6 6,578.0
         
    Current assets    
    Trade and other receivables 412.9 333.6
    Income tax receivable 11.4 15.512F12
    CCP clearing business assets 200,575.5 183,715.2
    Other current financial assets 63.8 103.1
    Cash & cash equivalents 1,673.5 1,448.8
    Total current assets 202,737.0 105,616.2
         
    Total assets 209,388.6 192,194.2 
         
    Equity    
    Shareholders’ equity 4,245.2 3,945.7
    Non-controlling interests 156.8 139.7
    Total Equity 4,402.0 4,085.3
         
    Non-current liabilities    
    Borrowings 2,537.0 3,031.6
    Lease liabilities 46.2 37.3
    Other non-current financial liabilities 3.5 –
    Deferred income tax liabilities 496.8 531.9
    Post-employment benefits 21.0 22.7
    Contract liabilities 56.4 60.0
    Other provisions 7.2 7.3
    Total Non-current liabilities 3,168.2 3,690.8
         
    Current liabilities    
    Borrowings 516.5 17.3
    Lease liabilities 15.8 22.2
    Derivative financial instruments 0.1 –
    CCP clearing business liabilities 200,644.7 183,832.2
    Income tax payable 91.1 46.1
    Trade and other payables 464.3 415.8
    Contract liabilities 80.1 79.3
    Other provisions 5.9 5.2
    Total Current liabilities 201,818.4 184,418.0
         
    Total equity and liabilities 209,388.6 192,194.2

    The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

    Consolidated statement of cash flows

    in € million FY 2024 FY 2023
    Profit before tax 839.1 699.1
    Adjustments for:    
    – Depreciation and amortisation 188.7 170.1
    – Share based payments 15.6 14.4
    – Results from equity investments (33.3) (23.5)
    – Gain on sale of associate (1.2) (53.0)
    – Share of profit from associates and joint ventures (0.2) (6.5)
    – Changes in working capital (89.5) 155.5
         
    Cash flow from operating activities 919.2 956.1
    Income tax paid (210.6) (130.0)
    Net cash flows from operating activities 708.6 826.1
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (65.2) –
    Proceeds from sale of subsidiary – (0.2)
    Purchase of financial assets at FVOCI (2.8) (1.3)
    Proceeds from sale of associate 0.9 122.4
    Proceeds from disposal of equity investment at FVOCI – 0.2
    Purchase of current financial assets (27.7) (72.3)
    Redemption of current financial assets 65.9 155.5
    Purchase of property, plant and equipment (18.0) (27.7)
    Purchase of intangible assets (69.3) (75.3)
    Interest received 45.7 25.3
    Dividends received from equity investments 33.3 23.5
    Dividends received from associates 0.1 7.8
    Net cash flow from investing activities (37.1) 157.9
         
    Cash flow from financing activities    
    Interest paid (29.4) (28.7)
    Payment of lease liabilities (20.8) (28.4)
    Transactions in own shares (106.7) (219.1)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares (1.6) (1.0)
    Dividends paid to the company’s shareholders (257.3) (237.2)
    Dividends paid to non-controlling interests (25.8) (5.3)
    Net cash flow from financing activities (441.7) (522.2)
         
    Total cash flow over the period 229.9 461.8
    Cash and cash equivalents – Beginning of period 1,448.8 1,001.1
    Non cash exchange gains/(losses) on cash and cash equivalents (5.2) (14.1)
    Cash and cash equivalents – End of period 1,673.5 1,448.8
    in € million Q4 2024 Q4 2023
    Profit before tax 208.4 176.9
    Adjustments for:    
    – Depreciation and amortisation 49.6 45.6
    – Share based payments 5.2 3.9
    – Results from equity investments (10.0) (5.6)
    – Gain on sale of associate – (11.4)
    – Share of profit from associates and joint ventures (0.1) –
    – Changes in working capital (8.8) 44.1
         
    Cash flow from operating activities 244.3 253.5
    Income tax paid (69.2) (59.1)
    Net cash flows from operating activities 175.0 194.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (18.3) –
    Purchase of financial assets at FVOCI (2.8) –
    Proceeds from sale of associate – 11.4
    Purchase of current financial assets (2.3) (3.7)
    Redemption of current financial assets – 71.4
    Purchase of property, plant and equipment (7.4) (12.0)
    Purchase of intangible assets (23.4) (17.5)
    Interest received 13.7 12.0
    Dividends received from equity investments 10.0 5.6
    Net cash flow from investing activities (30.5)    67.2
         
    Cash flow from financing activities    
    Interest paid (0.5) –
    Payment of lease liabilities (5.9) (7.2)
    Acquisitions of own shares (95.2) (138.0)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares 0.2 –
    Dividends paid to non-controlling interests (3.0) (1.4)
    Net cash flow from financing activities (104.5) (149.0)
         
    Total cash flow over the period 40.0 112.6
    Cash and cash equivalents – Beginning of period 1,630.3 1,336.5
    Non cash exchange gains/(losses) on cash and cash equivalents 3.1 (0.2)
    Cash and cash equivalents – End of period 1,673.5 1,448.8

    Volumes for the fourth quarter and full year of 2024

    • Cash markets
      Q4 2024 Q4 2023 %var
    Number of trading days 64 63  
    Number of transactions (buy and sells, incl. reported trades)
    Total Cash Market 153,172,698 145,907,592 +5.0%
    ADV Cash Market 2,393,323 2,315,994 +3.3%
    Transaction value (€ million, single counted)      
    Total Cash Market 674,892 602,148 +12.1%
    ADV Cash Market 10,545 9,558 +10.3%
           
    Listings      
    Number of Issuers on Equities      
    Euronext 1,812 1,888 -4.0%
    SMEs 1,433 1,493 -4.0%
    Number of Listed Securities      
    Funds 2,319 2,434 -4.7%
    ETFs 4,018 3,821 +5.2%
    Bonds 55,804 55,098 +1.3%
           
    Capital raised on primary and secondary market      
    Total Euronext, (€ million)      
    Number of new equity listings 16 13  
    Money Raised – New equity listings (incl. over-allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 2,556 6,667 -61.7%
    Money Raised – Bonds 244,356 290,524 -15.9%
    Total Money Raised 247,076 297,438 -16.9%
           
    of which SMEs      
    Number of new equity listings 14 12  
    Money Raised – New equity listings (incl. over- allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 1,655 4,474 -63.0%
    Money Raised – Bonds 2,779 1,671 +66.3%
    Total Money Raised 4,598 6,393 -28.1%
      FY 2024 FY 2023 %var
    Number of trading days 256 255  
    Number of transactions (buy and sells, inc. reported trades)
    Total Cash Market 603,696,978 625,895,768 -3.5%
    ADV Cash Market 2,358,191 2,454,493 -3.9%
    Transaction value ( € million, single counted)      
    Total Cash Market 2,663,692 2,563,560 +3.9%
    ADV Cash Market 10,405 10,053 +3.5%
           
    Capital raised on primary and secondary market      
    Total Euronext, in €m      
    Number of new equity listings 53 64  
    Money Raised – New equity listings (incl. over-allotment) 3,839.5 2,480.8 +54.8%
    Money Raised – Follow-ons on equities 15,782 20,177 -21.8%
    Money Raised – Bonds 1,190,154 1,156,035 +3.0%
    Total Money Raised 1,209,776 1,178,693 +2.6%
    of which SMEs      
    Number of new equity listings 47 59  
    Money Raised – New equity listings (incl. over-allotment) 872 1,275 -31.7%
    Money Raised – Follow-ons on equities 9,071 9,176 -1.1%
    Money Raised – Bonds 4,384 3,160 +38.7%
    Total Money Raised 14,326 13,612 +5.2%
    • Fixed income markets
      Q4 2024 Q4 2023 %var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 39,381 27,741 +42.0%
    TAADV MTS Repo 516,173 469,134 +10.0%
    Other fixed income      
    ADV Fixed income 1,656 1,504 +10.1%
      FY 2024 FY 2023 % var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 37,021 23,026 +60.8%
    TAADV MTS Repo 483,247 436,039 +10.8%
    Other fixed income      
    ADV Fixed income 1,612 1,266 +27.4%
    • FX markets
      Q4 2024 Q4 2023 % var
    Number of trading days   64  
    FX volume ($m, single counted)      
    Total Euronext FX 1,720,896 1,532,340 +12.4%
    ADV Euronext FX 26,475 23,943 +10.6%
           
      FY 2024 FY 2023 % var
    Number of trading days   259  
    FX volume ($m, single counted)      
    Total Euronext FX 6,888,292 5,814,512 +18.5%
    ADV Euronext FX 26,493 22,450 +18.0%
    • Power markets
      Q4 2024 Q4 2023 % var
    Number of trading days 92 92  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.99 3.10 -3.4%
    ADV Intraday Power Market 0.32 0.25 +27.1%
           
      FY 2024 FY 2023 % var
    Number of trading days         365 365  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.74 2.74 +0.3%
    ADV Intraday Power Market 0.31 0.20 +55.0%
    • Derivatives markets
      Q4 2024 Q4 2023 % var
    Number of trading days 64 63  
    Derivatives Volume (in lots)      
    Equity 29,690,908 31,923,088 -7.0%
    Index 11,183,641 13,517,515 -17.3%
    Futures 6,723,915 7,914,354 -15.0%
    Options 4,459,726 5,603,161 -20.4%
    Individual Equity 18,507,267 18,405,573 +0.6%
    Futures 1,485,833 498,969 +197.8%
    Options 17,021,434 17,906,604 -4.9%
           
    Commodity 7,464,607 5,807,238 +28.5%
    Futures 7,133,617 5,478,945 +30.2%
    Options 330,990 328,293 +0.8%
           
    Total Euronext 37,155,515 37,730,326 -1.5%
    Total Futures 15,343,365 13,892,268 +10.4%
    Total Options 21,812,150 23,838,058 -8.5%
           
    Derivatives ADV (in lots)      
    Equity 463,920 506,716 -8.4%
    Index 174,744 214,564 -18.6%
    Futures 105,061 125,625 -16.4%
    Options 69,683 88,939 -21.7%
    Individual Equity 289,176 292,152 -1.0%
    Futures 23,216 7,920 +193.1%
    Options 265,960 284,232 -6.4%
           
    Commodity 116,634 92,178 +26.5%
    Futures 111,463 86,967 +28.2%
    Options 5,172 5,211 -0.8%
           
    Total Euronext 580,555 598,894 -3.1%
    Total Futures 239,740 220,512 +8.9%
    Total Options 340,815 378,382 -5.0%
           
      FY 2024 FY 2023 % var
    Number of trading days 256 255  
    Derivatives Volume (in lots)      
    Equity 128,897,410 134,733,803 -4.3%
    Index 50,472,727 55,863,644 -9.7%
    Futures 28,946,677 34,664,423 -16.5%
    Options 21,526,050 21,199,221 +1.5%
    Individual Equity 78,424,683 78,870,159 -0.6%
    Futures 6,237,384 1,955,140 +219.0%
    Options 72,187,299 76,915,019 -6.1%
           
    Commodity 29,779,883 23,173,370 +28.5%
    Futures 27,953,600 21,113,163 +32.4%
    Options 1,826,283 2,060,207 -11.4%
           
    Total Euronext 158,677,293 157,907,173 +0.5%
    Total Futures 63,137,661 57,732,726 +9.4%
    Total Options 95,539,632 100,174,447 -4.6%
           
    Derivatives ADV (in lots)      
    Equity 503,506 528,368 -4.7%
    Index 197,159 219,073 -10.0%
    Futures 113,073 135,939 -16.8%
    Options 84,086 83,134 +1.1%
    Individual Equity 306,346 309,295 -1.0%
    Futures 24,365 7,667 +217.8%
    Options 281,982 301,628 -6.5%
           
    Commodity 116,328 90,876 +28.0%
    Futures 109,194 82,797 +31.9%
    Options 7,134 8,079 -11.7%
           
    Total Euronext 619,833 619,244 +0.1%
    Total Futures 246,631 226,403 +8.9%
    Total Options 373,202 392,841 -5.0%
           
    • Derivatives open interest
      31 December 2024 31 December 2023 % var
    Open interest (in lots)      
           
    Equity 18,723,119 18,567,344 +0.8%
    Index 869,625 1,000,267 -13.1%
    Futures 410,598 517,679 -20.7%
    Options 459,027 482,588 -4.9%
    Individual Equity 17,853,494 17,567,077 +1.6%
    Futures 251,452 153,607 +63.7%
    Options 17,602,042 17,413,470 +1.1%
           
    Commodity 979,545 876,380 +11.8%
    Futures 787,929 656,667 +20.0%
    Options 191,616 219,713 -12.8%
           
    Total Euronext 19,702,664 19,443,724 +1.3%
    Total Futures 1,449,979 1,327,953 +9.2%
    Total Options 18,252,685 18,115,771 +0.8%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2 Norwegian Krone
    3 Full year 2024 reported and adjusted EBITDA
    4 Like-for-like basis at constant currency
    5 The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
    6 Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
    7 Subject to receipt of applicable regulatory approvals
    8 For the total adjustments performed please refer to the Appendix of this press release.
    9 According to data from Dealogic
    10 Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
    11 For the total adjustments performed please refer to the Appendix of this press release.
    12 Income tax receivables and payables were restated by -€43.1m for Italian tax netting

    Attachment

    The MIL Network –

  • MIL-OSI: Gamco Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.03 per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Global Gold, Natural Resources & Income Trust (NYSE American:GGN) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.03 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $ 0.03
    May May 15, 2025 May 22, 2025 $ 0.03
    June June 13, 2025 June 23, 2025 $ 0.03

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

    Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Molly Marion
    (914) 921-5681

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Global Gold, Natural Resources & Income Trust
    The GAMCO Global Gold, Natural Resources & Income Trust is a non-diversified, closed-end management investment company with $735 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American – GGN
    CUSIP – 36465A109

    The MIL Network –

  • MIL-OSI: GAMCO Natural Resources, Gold & Income Trust Declares Monthly Distributions of $0.04 per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (NYSE:GNT) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.04 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

    The Board of Trustees increased the annual distribution 33% to $0.48 per share, which will be paid $0.04 per share monthly, commencing with the October 2024 monthly distribution.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $0.04
    May May 15, 2025 May 22, 2025 $0.04
    June June 13, 2025 June 23, 2025 $0.04

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

    Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    David Schachter
    (914) 921-5057

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Natural Resources, Gold & Income Trust
    The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $142 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GNT
    CUSIP – 36465E101

    Investor Relations Contact:
    David Schachter
    (914) 921-5057
    dschachter@gabelli.com

    The MIL Network –

  • MIL-OSI USA: Luján Statement on Confirmation of RFK Jr. as Nation’s Top Health Official 

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    RFK Jr. Has Troubling History of Pushing and Profiting Off of Misinformation and Conspiracy Theories
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement after Senate Republicans voted to confirm Robert F. Kennedy Jr. as Secretary of Health and Human Services:
    “At a time when the Trump administration is taking a sledgehammer to public health, New Mexicans deserve a chief health official who will put the health and well-being of all Americans over the Administration’s reckless and dangerous political agenda. In just a few weeks, we have seen President Trump cut spending for lifesaving medical research, lock critical Medicaid payment portals, and play politics with American lives. Mr. Kennedy’s long and troubling track record of peddling misinformation and conspiracy theories will not help make America healthier. Instead, it will only add fuel to the fire created by President Trump.
    “Throughout Mr. Kennedy’s nomination process, he made it abundantly clear that he will put his loyalty to President Trump over protecting health care for American families. During his nomination hearing, I pressed Mr. Kennedy on his commitment to defend health care programs from cuts pushed by President Trump. Not only did he demonstrate significant confusion regarding Medicaid, but he also refused to protect it from cuts. Mr. Kennedy will not work to serve the American people and protect public health; he will be a rubber stamp for President Trump’s chaos, confusion, and cruelty.
    “Mr. Kennedy has shown he is willing to play politics with people’s lives to serve President Trump’s political agenda. His troubling history and lack of understanding of his role will undermine our public health and put the American people at risk of a public health crisis. I will fight to ensure New Mexicans have access to quality, affordable health care, and I am committed to holding Mr. Kennedy and the Trump administration accountable for threatening the health of Americans.”

    MIL OSI USA News –

  • MIL-OSI United Nations: Aid surge into Gaza continues, UN teams prioritize immediate needs

    Source: United Nations 2

    Peace and Security

    Lifesaving aid continued to reach Gaza on Thursday while UN humanitarians warned that needs remain enormous after 15 months of constant Israeli bombardment.

    Amid reports that a return to full-scale war at the weekend may have been averted with the announcement by Hamas that it would comply with the agreed release of Israeli hostages, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said that aid teams were “seizing every opportunity” to deliver as much relief as possible to Gazans in dire need.

    Speaking from northern Gaza, OCHA’s René Nijenhuis said that families’ main concern was that the ceasefire holds.

    He explained that the fragile truce had allowed aid teams to get water trucks and reach people in “desperate need of assistance. They need shelter, they need schooling,” Mr. Nijenhuis said. Children are pleading: “Where’s my school? I want to go to school,” the OCHA officer added.

    Truck lifeline

    Thousands of trucks carrying food, shelter and medicines have entered the Gaza Strip at a rate of around 600 a day since the ceasefire began on 19 January – far more than those allowed during the hostilities that were sparked by the Hamas-led terror attacks on southern Israel of 7 October 2023.

    On Wednesday alone, more than 800 trucks delivered life-saving goods into Gaza, OCHA said, while the UN agency for Palestine refugees, UNRWA, said that it has now reached 1.5 million people with food parcels since the start of the ceasefire – and has enough coming to reach the rest of Gaza’s population.

    Since Israeli forces withdrew from parts of the Netzarim corridor that separates north and south Gaza, more than 586,000 people are estimated to have crossed to the north, while over 56,000 were estimated to have moved southward, UN humanitarians reported.

    Two million in need

    Despite the massive aid boost, it is still not enough to provide the immediate relief that more than two million Gazans require. This will only happen when commercial goods begin to flow into the Strip once again, humanitarians have said repeatedly, including the UN Children’s Fund (UNICEF).

    “A lot of aid has come in. We have scaled up as fast as we possibly could over the last three weeks of this ceasefire, but of course we cannot undo 15 months of suffering in three weeks,” said UNICEF Communications Manager Tess Ingam, speaking to UN News.

    “There needs to be much more aid consistently coming in; also need commercial goods to come in so that markets can be stocked. We need the cash sector and the banking sector to restart again so that people can buy those commercial goods. There’s a lot that needs to happen fast to help resume a functioning goods society in the Gaza Strip.”

    UNICEF also warned that its teams cannot quickly repair the damage done by the damage caused by the Israeli military’s use of heavy weapons and high explosives across Gaza.

    Basic public services have been smashed and require equipment that is still not being allowed to enter the enclave.

    “We need to make sure that certain items that are currently restricted for entry to Gaza are able to enter, for example, pipes for the repair of water systems, generators to run water pumps,” Ms. Ingam said, shortly after finishing a two-week assessment mission in the enclave.

    Live fire threat

    “UNICEF needs this ceasefire to hold as much for us as for the children of Gaza,” she insisted. “Like all humanitarian actors, we are able to do our best work to save the lives of children and provide them with protection and support when we’re not operating in live fire.”

    Speaking exclusively to UN News, Ms. Ingam said that the agency’s three priorities were providing water, boosting healthcare and nutrition and helping people withstand the cold.

    “We’re focused on making sure that water flows again, particularly in the areas where water has been really badly damaged, pipes have been damaged, wells have been damaged in the north and in Rafah, so we’re trying to bring water back by doing repairs and also starting water trucking so families have immediate access to water.”

    UNRWA’s vital role

    Key to the humanitarian response across Gaza, UNRWA runs 120 shelters which host around 120,000 people. It has also opened 37 new emergency shelters, including seven in Gaza City and 30 in North Gaza, and on Thursday announced the reopening of a health centre in Rafah – the first UNRWA facility in the southern city to receive patients since the ceasefire.

    The agency said that while the risk of famine has mostly been averted, another immediate priority is providing shelter and warmth to people returning to their shattered homes.

    Since the ceasefire came began, 644,000 people have received shelter assistance, UNRWA said, specifically tents, blankets, plastic sheeting, warm winter clothing, sealing-off materials and tarpaulins.

    In and around the shelters, the UN agency has also committed to repairing water wells and to provide water and waste disposal services to close to half a million people.

    In addition to shelter and food deliveries, healthcare assistance and medical supplies have also increased, too.

    Health needs being met

    According to the head of the UN World Health Organization (WHO), Tedros Adhanom Ghebreyesus, the organization has assisted with the medical evacuation of 414 patients requiring treatment outside Gaza. WHO has also delivered supplies for 1.6 million people since the start of the ceasefire, he said.

    The UN sexual and reproductive health agency, UNFPA, meanwhile, reported the increased distribution of relief items including infant warmers, postpartum and dignity kits. The UN agency has also established a new shelter for women inside Gaza City to provide safety from gender-based violence.

    In anticipation of possible power cuts, the shelter can run on solar power.

    Between 7 October 2023 and 11 February 2025, the Gazan authorities reported that at least 48,219 Palestinians have reportedly been killed in Gaza and 111,665 have been injured. Some 1,250 people were killed in the Hamas-led attacks and more than 250 were taken hostage.

    MIL OSI United Nations News –

  • MIL-OSI USA: New I.A.M. C.R.E.S.T. Associate Instructors Complete Train-the-Trainer Program

    Source: US GOIAM Union

    Fifteen new I.A.M. C.R.E.S.T. Associate Instructors from District 19, Local S6, District FD1, and other Norfolk Southern Railroad representatives recently completed the Train-the-Trainer program. This comprehensive training is specifically designed to equip workers with the skills needed to educate their peers on the hazards associated with the storage, shipment, loading, and unloading of dangerous goods in the workplace. The participants demonstrated exceptional professionalism and a strong commitment to delivering high-quality training.

    The training modules, developed by IAM CREST, are designed to supplement and enhance the training programs currently provided by employers. Workers who handle hazardous materials by rail are required to undergo this specialized training under a grant from the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA). This initiative highlights IAM’s proactive approach to ensuring workers receive the most up-to-date and effective safety training.

    Each training module focuses on critical topics such as identifying dangerous goods, understanding the associated hazards, and following proper handling and shipping protocols. The knowledge gained through this program empowers workers to play an essential role in maintaining safety standards in their workplaces.

    Class Participants:

    Myron Magee, Mike McKenna, Mark Kroeger, James Orwan, Cortez Mason, Carollyn McCabe, Mike DeKraker, Matt Dustin, Robert MacArthur III, Patrick Linck, Mathew Wooten, Travis Pickell, Stephan Hodgdon, Brandt McCollett, and Mike Wright

    I.A.M. C.R.E.S.T. Staff:

    Project Coordinator/Instructor: Barry Eveland

    Associate Instructors: Kurt Pool, Gayle Kelly, and John Cabral III

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI USA: Unions Expand Suit to Block Elon Musk from Accessing Private Data at DOL, HHS and CFPB

    Source: American Federation of State, County and Municipal Employees Union

    The AFL-CIO, AFGE, AFSCME, AFT, CWA, SEIU, Economic Policy Institute, and partner organizations are expanding their legal challenge to stop DOGE’s takeover of Americans’ private data

    (Washington, D.C.)—A coalition of the AFL-CIO, unions, an economic think tank and partner organizations filed an amended lawsuit to protect the confidential information of America’s working people housed at the Department of Labor (DOL), Department of Health and Human Services (HHS), and the Consumer Financial Protection Bureau (CFPB).

    The lawsuit expands the initial challenge to the “Department of Government Efficiency” (DOGE)’s attempt to raid the DOL for key information on America’s workers in order to hobble the agency tasked with protecting their rights, health and safety on the job, as Elon Musk expands his slash-and-burn approach to Americans’ private data and their most essential government services.

    As the complaint lays out: “DOGE seeks to gain access to sensitive agency systems of data before courts can stop them, dismantle agencies before Congress can assert its Constitutional prerogatives in the federal budget, and intimidate and threaten employees who stand in their way, without regard for the consequences. The results have already been catastrophic. DOGE has seized control of some of the most carefully protected information systems housed at the Treasury Department, taken hold of all sensitive personnel information at the Office of Personnel Management, and dismantled an entire agency within a week.”

    “Elon Musk and DOGE continue to jeopardize Americans’ most sensitive, personal data, and threaten our health, safety, rights, paychecks, and the essential services we depend on,” said AFL-CIO President Liz Shuler. “Unions and allies will vigorously fight DOGE’s attempt to put working people at risk through reckless actions that endanger workers and our families. They must be stopped—and today we’re getting back in court to do just that.”

    “What Elon Musk is doing is not an audit—it’s an illegal violation of American citizens’ most sensitive personal information by an unelected billionaire who seems to believe he has been delegated the powers of the elected president,” said AFGE National President Everett Kelley. “Unions and our allies will continue to stand up against Elon Musk and anyone else who thinks they can buy the government of the United States.”

    “Together with our union partners and allies, we filed a lawsuit to protect working people from billionaires stealing their data. Elon Musk thinks his wealth and political contributions give him the right to disregard the law and masquerade as an elected official—but he is not,” said AFSCME President Lee Saunders. “Working people deserve a government that will protect their privacy and hold corporations that break the law accountable. We call on the courts to address this unlawful corruption and ensure that our government remains for the people.”

    “Elon Musk, under the guise of making bureaucracy more ‘efficient,’ is effectively eviscerating  Americans’ privacy and fundamental freedoms,” said American Federation of Teachers (AFT) President Randi Weingarten. “This may be one of the biggest data hacks in U.S. history—I doubt anyone who voted for Donald Trump thought he would enable Musk to vacuum up their Social Security numbers, spousal details, and kids’ medical records for his own ends. Americans want a better life for themselves and their families: lower costs and higher wages. Yet Musk’s goal is evidently to weaponize this invasion of privacy to cut support for working families and ram through tax cuts for himself and his billionaire buddies. We are joining this lawsuit to stop the heist, end the chaos and confusion, and prevent Musk from causing irreparable harm to millions of American lives.”

    “Elon Musk is a notorious union buster whose retaliation against workers exercising their union rights won praise from Donald Trump as thousands of CWA members went out on strike,” said Communications Workers of America (CWA) President Claude Cummings Jr. “Musk and the other billionaires who supported Trump aren’t looting our confidential records to find ways to help workers organize to join unions and collectively bargain. They aren’t feeding sensitive personal data into AI systems to make sure working families are able to secure the benefits they are entitled to or to stop the big banks from ripping us off. They are looking for ways to enrich themselves and punish anyone who stands in the way of their profits.”

    “Every person in our country—regardless of race, occupation or political party affiliation—should have the comfort of knowing that their government is attempting to work in their best interests,” said Service Employees International Union (SEIU) President April Verrett. “No one deserves to have their privacy violated when they visit their doctor and seek care for their sick child. Nurses, doctors and other healthcare professionals should be able to provide their patients with quality care without the threat of having their personal healthcare information being exposed to unelected billionaires. Medical privacy is the cornerstone of quality patient care and necessary for improving health outcomes across our nation. It is an injustice when our leaders willingly leave any person vulnerable to becoming a victim of fraud, scams, and discrimination. Today SEIU members and our allies are saying that working people will not back down to these attacks on our health and safety from the Trump-Musk Administration. We will not stop fighting to build a future where every worker, of every race and from every place, can join together in a union to win the wages, healthcare, and security we all deserve.”

    ​​“Elon Musk’s DOGE is illegally seizing Americans’ private data. No responsible policymaker—whatever their political party—should tolerate this, and we all have a moral obligation to stand up against Elon Musk’s takeover,” said Economic Policy Institute (EPI) President Heidi Shierholz.

    The lawsuit was brought in the U.S. District Court for the District of Columbia by the AFL-CIO and a coalition of unions representing workers across the federal government and public sector: the American Federation of Government Employees (AFGE), AFSCME, AFT, CWA and SEIU, as well as EPI, Economic Action Maryland Fund and Virginia Poverty Law Center.

    The full complaint can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: School of Pharmacy Faculty Member Appointed to Board of the Cochrane Heart, Stroke and Circulation Thematic Group

    Source: US State of Connecticut

    Hernandez brings to the board expertise in systematic review methodology, cardiovascular diseases, collaborative work with researchers from South America and prior work within Cochrane. He is an expert in systematic reviews and meta-analyses and has been working for several years in the former Cochrane Heart Group as author, peer reviewer and editor. He performs collaborative work with researchers from several countries and languages, especially Peru and Brazil.

    Adrian Hernandez presenting his work

    Cardiovascular disease is one of the 12 broad topic areas of importance identified by Cochrane and the World Health Organization (WHO). Cochrane has brought together the four former Cochrane groups – Cochrane Heart, Cochrane Hypertension, Cochrane Stroke, and Cochrane Vascular – into a single Thematic Group. This group is led by Professor Gillian Mead of the University of Edinburgh, UK. It shares collective expertise and knowledge and ensures that evidence synthesis in cardiovascular disease reflects the multimorbidity paradigm, the large global burden of vascular disease (including in developing countries), and the continuous development of interventions and diagnostic tests for these conditions.

    Professor Hernandez’s work on the board will help map existing reviews and identify areas of overlap of interventions and cardiovascular diseases, identify high priority reviews and updates, provide topic, content and editorial expertise to the Cochrane central team, and create a dissemination strategy of updated and new reviews within the Group.

    C. Michael White, Pharm.D., FCP, FCCP, FASHP, Distinguished Professor and Chair of Pharmacy Practice, noted, “Cochrane is the major international body behind systematic reviews and it is wonderful that they recognized the expertise that Dr. Hernandez brings. From his stellar publication record and international presentations on cardiovascular diseases, to his high-quality reviewing for cardiovascular journals across the globe, I am sure he will provide tremendous value to the organization.”

    MIL OSI USA News –

  • MIL-OSI Security: Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

    Source: Office of United States Attorneys

    NEWPORT NEWS, Va. – A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

    According to court documents, in November 2017, Breon Clemons, 36, worked at a car dealership with P.C., whom he told about his plans to form an organic produce company. Clemons later formed GoGreen Farms and Greenhouses, Inc., GoGreen Farms, Inc., and GoGreen Farms, LLC, (collectively GoGreen Farms), and offered employment to P.C. In February 2020, P.C. began working at GoGreen Farms and Clemons, as the owner of GoGreen Farms, had access to P.C.’s personally identifying information.

    Also in 2020, Clemons invited his neighbor, C.F., to invest in GoGreen Farms. After C.F. invested $10,000, Clemons asked C.F. if she would like to be an unpaid officer or director of the business, and C.F. agreed. Clemons told C.F. that he needed a copy of her driver’s license for the articles of incorporation, and C.F. provided it. In November 2021, Clemons told C.F. that the company needed a revolving line of credit and asked if she would be a co-applicant. During discussions about the line of credit, Clemons asked C.F. for her Social Security number, and she provided it to him. Clemons later told C.F. that she would not need to co-sign for a line of credit because, he claimed, he would receive a loan from a professional basketball player.

    In March 2022, C.F. received a call from Capital One regarding late payments. Upon further inquiry, C.F. discovered that the card in question was a joint account with GoGreen Farms. C.F. conferred with an acquaintance at GoGreen Farms, who indicated that GoGreen Farms also utilized an American Express card and a line of credit with lender TVT Capital that were in C.F.’s name.

    The loan application submitted to TVT Capital falsely showed Clemons and C.F. as each owning 50% of GoGreen Farms, and a Virginia State Corporation Commission document was provided to TVT Capital as part of the loan application. The document, titled “Certificate of Entity Conversion,” contained a signature page dated July 6, 2021, with C.F. and Clemons’ purported signatures, when C.F. had not signed the document

    The TVT Capital loan amount was $100,000, with interest of $46,000, resulting in a total repayment amount of $146,000. When C.F. confronted Clemons, he denied taking out lines of credit in her name.  He also removed Capital One and American Express cards from his pocket and gave them to C.F. The balance on each card was over $100,000.

    P.C. later discovered that in November 2021, Clemons took out a $25,000 line of credit with Bluevine Inc. using P.C.’s personal information and without P.C.’s consent. Clemons further forged P.C.’s signature on a financing and security agreement, and guaranty agreement. Bluevine Inc. advanced approximately $30,390 to Clemons on the line of credit.

    While on pretrial release, Clemons continued committing fraud. He defrauded two individual investors, H.H. and J.B., taking $5,000 from each victim by promising to pay inordinate returns in one week. Clemons also applied for a $1.1 million Resilient Food Systems Infrastructure (RFSI) grant from the Virginia Department of Agriculture and Consumer Services. Clemons submitted a grant application with false representations from prison with the assistance of a family member.

    The total loss from Clemons’ fraud was approximately $1.5 million. The total amount of laundered funds was $218,442. Neither P.C. nor C.F. consented to or authorized the use of their personal identifying information being used for these credit cards and lines or credit.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kareem A. Carter, IRS Criminal Investigation Special Agent in Charge of the Washington D.C. Field Office, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

    Assistant U.S. Attorneys Mack Coleman and Brian J. Samuels prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 4:24-cr-2.

    MIL Security OSI –

  • MIL-OSI Global: How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia

    Source: The Conversation – Canada – By Bianca Mabute-Louie, Sociology PhD candidate, Rice University

    This article is adapted from UNASSIMILABLE: An Asian Diasporic Manifesto for the 21st Century by Bianca Mabute-Louie (HarperCollins, January 2025).

    I grew up in San Gabriel Valley — also referred to as SGV or the 626. SGV is an ethnoburb — an ethnic enclave — that grew out of the 1970s, with its own economy and ecosystem that includes banks, grocery stores, hair salons and restaurants.

    Since many early Asian immigrants to this country were barred from accessing white institutions, working together to build and protect this ethnic ecosystem was a matter of survival and necessity.

    Wei Li, a Chinese American geographer, first proposed the term “ethnoburb” to describe the hybridity of ethnic enclaves and middle-class suburbs: suburban ethnic clusters of people and businesses.

    The ethnoburb demonstrates that we can create our own power and belonging — without learning English, without participating in white institutions, and Americanizing. It is a communal endeavour, one that requires everybody’s imagination and care.

    The ‘Chinese Beverly Hills’

    Fuelled by foreign capital, ethnoburb immigrants redefined the entire landscape of the suburb and instigated an economic boom. The growth of Chinese American banking institutions, along with the political and economic factors that prompted the migration of wealthy ethnic Chinese from Taiwan and Hong Kong, played an important role in facilitating the Chinese economic growth in Monterey Park, a city in San Gabriel Valley.

    With their resources, Chinese immigrants bought homes and started businesses with distinct Chinese and Vietnamese language signs to cater to fellow Asian transplants. Valley Boulevard, which runs through 10 cities in San Gabriel Valley, became home to Asian-owned malls, commercial plazas, office complexes, shops, hotels and industrial plants, often with trilingual signage in Chinese, Vietnamese and English.

    Asian immigrants transformed neglected strip malls into prosperous Asian marketplaces and forged a sense of permanence and community. Monterey Park, and eventually the rest of San Gabriel valley, began to be referred to as “Little Taipei” or the “Chinese Beverly Hills” by journalists and Chinese diasporic media.

    By the 1980s, Monterey Park was known as “the first suburban Chinatown,” converting San Gabriel Valley from predominantly white suburbs into an Asian-majority ecosystem with a conspicuous and diverse first-generation, unassimilated immigrant presence.

    Bypassing urban Chinatowns for the suburbs

    The ethnoburb troubles the American construction of the suburbs as static sites of whiteness and socioeconomic mobility.

    The majority of new immigrants, especially those with resources, bypassed urban ethnic enclaves like Chinatown that previously served as immigrant gateway cities and settled immediately into suburbs instead.

    Min Zhou, a professor of sociology and Asian American Studies at UCLA, argues that the deliberate preservation of ethnic values, ties and institutions is what actually acclimates non-white immigrants to the U.S.

    Zhou also says the direct insertion of new Asian immigrants into traditionally white middle-class suburbs offends the conventional understanding of immigration and assimilation. Ethnoburb immigrants were non-white, didn’t always speak English, made considerably less effort to acculturate into whiteness, and many of them were already educated and affluent. They broke the bounds of the American imagination of an immigrant.

    In addition to higher levels of education and incomes, many ethnoburb immigrants also possessed expansive and transnational social networks that shaped their reluctance to acculturate. They did not need to learn English or go through the ethnic enclave to reach a middle-class dream of financial stability.

    The ethnoburb was not a “staging ground” for somewhere better or whiter. The ethnoburb was the final desired destination.

    In actuality, contrary to popular conceptions, the ethnoburb was not apolitical or insular at all. It was and remains a site of resistance against the confining, white imagination of suburbia. With the emergence of Monterey Park as an Asian ethnoburb, questions over group identity, spatial boundaries, and the character of Monterey Park became politicized.

    White hostility in an ‘all-American’ city

    Nativist white residents were at the forefront of erecting boundaries of belonging that stigmatized first-generation immigrants. In addition to Asian businesses changing the esthetic and cultural identity of Monterey Park, Asian immigrants took on local politics. This direct insertion of unassimilated Asian immigrants into traditionally white suburbs and its institutions troubled conventional American understandings of who an immigrant is, the norms they should follow, and how they should behave.

    Lily Lee Chen’s official portrait as mayor of Monterey Park, California, 1983. The Huntington Library, Art Museum, and Botanical Gardens.

    On Nov. 8, 1983, Lily Lee Chen, a first-generation immigrant from Taiwan, was inaugurated in Monterey Park as the first Chinese American mayor in the nation. Chen was relatable, charismatic, and not assimilated. The Los Angeles Times described Chen’s speech as “accented with pauses and grammatical errors, characteristic of someone speaking in their second language.”

    In another Times article from 1985, Chen told the reporter that she enjoyed dressing in bright reds and jade greens, despite being told by her consultant to look more subdued because her bright colours made her appear “aggressive.” During her campaign, she was met with fierce resistance from white residents, who commonly took down her neighbourhood campaign signs.

    As a response, Chen worked tirelessly on voter engagement among Asian Americans and Latinos, publishing multilingual voter handbooks, registering voters, and building relationships with ethnic communities, including working with Cesar Chavez to support the Latinos in Southern California.

    The same year as Chen’s election, Monterey Park’s five-member city council became multiethnic, with two Mexican Americans, one Filipino American, one Chinese American, and one white council member.

    As Monterey Park became touted as a “successful suburban melting pot” by journalists and even won an “All-American City” award in 1985 for its civic engagement and racial diversity, white flight accelerated and resentment festered among the minority of white residents.

    The large influx and increasing influence of Chinese immigrants over a short period of time caused racial tension to build, with mounting struggles over cultural differences, language barriers, and explicit mistrust of immigrants. Chinese businesses, political candidates, religious institutions, and entrepreneurs became racialized targets of nativist animus.

    A particularly contentious conflict emerged over the proliferation of business signs in languages other than English. In 1986, white hostility among the remaining white residents swept the council members of colour out of office, and replaced them with three long-established white residents, who promptly launched an anti-immigrant, “English-only” campaign attacking the proliferation of business signage in Chinese.

    A scene from the 2010 play by Annette Lee about the English only movement from the 80s. 17-year-old Scarlett Wong, an ‘all-American teenager’ struggles with her neighbors who don’t speak English.
    Angry Asian Man/Annette Lee

    The “English-only” movement in Monterey Park reflects the struggle to control the identity and narrative of a built environment. It represents the tension between America’s idea of how immigrants should assimilate, and how ethnoburb immigrants instead created their own unassimilable institutions and communities.

    Frank Arcuri, one of the Monterey Park residents and community activists who started the “English-only” petition campaign, insisted, “Immigrants are welcome here, but they must realize that English is the language we use in America… They must realize they are making a negative impact on our city. They must adapt to our ways. They must use our language and respect our culture.”

    The nativist, inflammatory rhetoric Arcuri employed to speak about immigrants is as American as apple pie, comparable to replacement theory touted by white nationalist conspiracists today.

    The English-only conflict illustrates the deeper, ideological tensions behind an increasingly diverse and polyglot constituency, composed of politically active immigrants, and nostalgic white residents desperately (and at times violently) clinging on to institutional power and a homogeneous past.

    Asian immigrants defied assimilation theories

    Traditionally, sociologists of immigration and assimilation theorists believed that all immigrant groups would eventually assimilate and integrate into white Protestant American institutions, culture, and society. They argued that doing so would be in the best interests of immigrants. They were also all white scholars. For the most part, what they theorized was true for European immigrants.

    However, Asian immigrants in the ethnoburb remained proudly unassimilable and trans-national. While the ethnoburb was their final destination, they maintained diasporic ties. Many with socioeconomic privilege shuttled back and forth to their home countries.

    It is our diasporic connections to our motherlands and our ethnic communities, not necessarily our assimilation into whiteness, that help us thrive in the U.S.

    Bianca Mabute-Louie is affiliated with Asian Texans for Justice.

    – ref. How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia – https://theconversation.com/how-asian-immigrants-to-the-u-s-resisted-pressures-to-assimilate-creating-a-vibrant-american-suburbia-247184

    MIL OSI – Global Reports –

  • MIL-OSI USA: McConnell Comments on RFK Jr. Nomination

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today on the nomination of Robert F. Kennedy, Jr. to serve as U.S. Secretary of Health and Human Services: 
    “I’m a survivor of childhood polio. In my lifetime, I’ve watched vaccines save millions of lives from devastating diseases across America and around the world. I will not condone the re-litigation of proven cures, and neither will millions of Americans who credit their survival and quality of life to scientific miracles. 
    “Individuals, parents, and families have a right to push for a healthier nation and demand the best possible scientific guidance on preventing and treating illness. But a record of trafficking in dangerous conspiracy theories and eroding trust in public health institutions does not entitle Mr. Kennedy to lead these important efforts.
    “This Administration – led by the same President who delivered a medical miracle with Project Warp Speed – deserves a leader who is willing to acknowledge without qualification the efficacy of life-saving vaccines and who can demonstrate an understanding of basic elements of the U.S. healthcare system. Mr. Kennedy failed to prove he is the best possible person to lead America’s largest health agency. As he takes office, I sincerely hope Mr. Kennedy will choose not to sow further doubt and division but to restore trust in our public health institutions.”

    MIL OSI USA News –

  • MIL-OSI USA: Welch Opposes RFK Jr. For Secretary of Health: “It’s hard, in many ways, to see how we could do worse.”   

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, spoke on the Senate Floor late last night to reiterate his opposition to Robert F. Kennedy Jr., President Trump’s pick to serve as the next Secretary of the U.S. Department of Health and Human Services (HHS). Senator Welch detailed his concerns about Kennedy’s character, competence, and priorities. The Senator has previously expressed reservations about Kennedy’s nomination in the Senate Finance Committee. 
    “The bottom line here for me, on the question of any nominee, is character, competence, and priorities. And on all three of these, I come up short with respect to Mr. Kennedy. Aside from the fact that we could better, it’s hard, in many ways, to see how we could do worse. So, I would urge all of my colleagues to consider the consequences of their vote. A vote that would put a person of questionable character, a person of questionable competence, and a person of—in my view—bad priorities at the head of our health care system,” said Senator Welch. 
    Watch Senator Welch’s speech below: 
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance  
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit  
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution  
    Senate Committee on Rules & Administration 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Expanding More Trees community nursery to grow, improve and diversify tree stock

    Source: United Kingdom – Executive Government & Departments

    Case study

    Expanding More Trees community nursery to grow, improve and diversify tree stock

    Read how More Trees community tree nursery in Bath and North East Somerset used funds from the Tree Production Capital Grant (TPCG).

    More Trees started their community tree nursery in 2021.

    Their vision is to create a dynamic and diverse tree-rich landscape across Bath and North East Somerset. They collect seed from local woodlands and grow trees to be planted in their local area.

    Young trees growing in a community garden nursery bed. Copyright More Trees.

    A community of volunteers are involved in all stages of their work, from collecting and processing seed, to propagating trees and planting them. Volunteers learn about growing and caring for trees and play a role in transforming their local environment for the future.

    More Trees are slightly different to most other community tree nurseries as they use a ‘hub and spoke’ model. They have a central hub, where they process tree seed and grow seedlings in trays. These seedlings are then distributed to a network of community and school-based nurseries for growing on in raised beds. The resulting saplings are then planted out for local organisations.

    Volunteers processing collected hornbeam seed at More Trees community tree nursery. Copyright More Trees.

    Support from the Tree Production Capital Grant (TPCG)

    Before applying for the TPCG, the charity’s hub was based on a temporary site. They secured a 20-year lease on a new site but needed funding to develop it.

    The nursery applied for the first round of the TPCG in June 2022. They were awarded funding for materials and labour to set up a new central nursery hub on the site, expand their network of nurseries and invest in an electric van.

    Through these investments More Trees aimed to increase the number of saplings they could grow, widen the diversity of species being grown, and improve the quality and biodiversity of their stock. They also hoped to provide better facilities for their volunteers and widen the number of communities they could engage with.

    More Trees received 50% funding towards investments for their central nursery hub to buy:

    • a polytunnel for growing seedlings in root trainers and providing a covered area for seed processing
    • a building to provide welfare facilities for volunteers, and act as an office and training space
    • a van for seed collection, to transport trees, and to maintain the network of community tree nurseries
    • materials for rainwater harvesting to increase resilience to drought
    • seed processing and storage equipment
    • deer and security fencing to protect seedlings

    The new polytunnel at More Trees’ central nursery hub. Copyright More Trees.

    More Trees could also buy for their nursery network:

    • materials for raised beds for growing on seedlings
    • tools for maintenance and plant care
    • biosecurity kits to reduce the risk of pathogens being introduced into the nurseries

    Funding highlights

    More Trees completed their project in March 2024 and are settling into their new nursery hub.

    As a result of the TPCG, they have:

    • created a purpose-built central nursery hub which will have significant benefits for the efficiency of the nursery’s operations
    • expanded their network from nine to 17 community and school-based nurseries – increasing the number of people they can engage with
    • doubled their production from 7,000 to 15,000 saplings, with capacity to grow a total of 18,000 saplings
    • increased seed collections from 30,000 to 150,000 seeds annually
    • diversified the species they grow from 20 to 41, with all seed and cuttings now collected themselves

    Richard Higgs, Director of More Trees said:

    The fund was absolutely instrumental to setting us up in our new site. We couldn’t have done it otherwise. Having our own space and good facilities is amazing.

    Young trees growing in a tree nursery at a community allotment site. Copyright More Trees.

    Top tips for success

    1). Involve volunteers in the design and development of your site

    More Trees drew on their volunteers’ first-hand experience of seed processing when designing the facilities on the new site. Volunteers helped to decide on the types of sinks, height of benches and layout of the space.

    Richard Higgs, Director of More Trees said:

    Having volunteers involved in the process is really important. We had a lot of discussion and input from the volunteers into the design of the new site. They know best because they’re the ones who are physically doing it. It also gives them a sense of buy- in.

    2). Be realistic about what can be achieved

    More Trees opted for fewer nurseries but were still able to achieve the same increase in capacity and increase the capacity of existing nurseries.

    Sandra Tuck, Former Community Tree Nursery Coordinator, More Trees said:

    Although good for optimising community engagement, setting up multiple smaller nurseries is relatively time consuming. We therefore had to reduce the number of new nurseries from our original plan, opting for fewer larger nurseries to achieve the same increase in capacity as well as increasing the capacity of some of our existing nurseries. Overall, we still achieved a huge uplift in the number of trees we can grow, but in fewer locations.

    3). Share knowledge with other small or community tree nurseries

    More Trees visited and got advice from other small nurseries when they were starting out. They found that other nurseries often face similar challenges and can share what they have learnt. Now that they are more established, More Trees have been sharing their advice with another community tree nursery who are setting up for the first time.

    A volunteer prepares labels for trees that are ready for planting. Copyright More Trees.

    Plans for the future

    Having expanded rapidly, More Trees now plan to spend the next few years refining their operations and focusing on increasing their species diversity.

    “We will concentrate on increasing our species diversity further and improving our germination rates for more unusual/harder to grow species. We are developing a Tree Spotters application for mobile phones to enable volunteers to spot more unusual species for collections. By growing more unusual, less commercially viable trees and trees with significant genetic diversity (collected from 20+ woodland locations), our tree stock will continue to be in demand in the coming years.” Sandra Tuck, Former Community Tree Nursery Coordinator, More Trees

    Find out how the Tree Production Capital Grant supports the production of tree seed and saplings through investment in facilities and equipment.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Update on 2 specialist review requirements for male patients already taking valproate  

    Source: United Kingdom – Executive Government & Departments

    A review by 2 specialists will remain in place for patients starting valproate under 55 years of age.

    The review by 2 specialists remains in place for patients starting valproate under 55 years of age but the Commission on Human Medicines (CHM) has advised that it will not be required for men (or males) currently taking valproate. More information is available in our Drug Safety Update (DSU).  

    The information considered by the CHM and the advice issued is presented in a Public Assessment Report. The current recommendations were implemented on 31 January 2024. Our DSU includes three infographics which have been developed to provide clarity for healthcare professionals about valproate prescribing.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council issues advice for residents considering aesthetic procedures

    Source: City of Wolverhampton

    Environmental Health officers at City of Wolverhampton Council are concerned that people are not always aware of the safety risks and potential complications involved.

    Officers want to encourage residents to ask questions and report any concerns before undergoing aesthetic procedures such as Botox, anti wrinkle injections, cosmetic or dermal fillers, chemical peels or skin boosters.

    They recommend the following:

    • Make sure you have a pre-consultation before undergoing any procedure. This should look at your medical history and give you the chance to understand potential risks and complications.
    • Check the qualifications and experience of the person carrying out the procedure, and whether they are trained to deliver aesthetic procedures, such as injectables.
    • Ask what insurance cover, such as General Liability Insurance, does the practitioner have.
    • Check the name of the product and whether it is licensed, and how and where it is made – products such as Botulax, reNTox and Innotox are not authorised medicines for use in the UK.  
    • Don’t accept treatment on the day of the consultation. A prescription must be written and dispensed by a pharmacist for you only. This takes time, and don’t feel afraid to ask your practitioner what the risks involved are, and how they will manage any complications which may arise.
    • Check that the product is unopened before use and for those which are licensed, that it has a pharmacy dispensing label attached with your name on the label.
    • Remember that if you have any doubts, you have the right to change your mind and withdraw from undergoing the treatment.

    Residents are also urged to consider the place where procedures are taking place and if they have any concerns about the cleanliness and personal hygiene of a practitioner, to report them to environmental.health@wolverhampton.gov.uk

    Some tips on what to look out for include:

    • Sharps (such as needles) must be placed into yellow waste bins.
    • Used soft tissues and PPE (protective clothing) must be disposed of into a yellow waste bag, within a receptacle.
    • Make sure practitioners are washing their hands and wearing appropriate protective clothing, such as a single use apron, gloves and face covering where necessary.
    • Handwashing is particularly important after using the bathroom or a mobile phone. Practitioners should also change gloves after these activities to prevent the spread of infection.
    • The premises must be clean, check that you can see that cleaning products are available.

    Councillor Bhupinder Gakhal, City of Wolverhampton Council’s cabinet member for resident services, said: “The popularity of aesthetic procedures and their availability on the high street is increasing.

    “Residents need to be aware that they can ask important questions before undergoing a procedure, and that they can let practitioners know if they feel uncomfortable.

    “Please don’t feel embarrassed or ashamed to come forward and report your concerns to us confidentially. Our Environmental Health officers are there to help and can take action where necessary when there are potential risks to the public.

    “By being aware, asking questions and reporting concerns, you are helping to make sure that other people are protected and can experience a safe environment when undergoing aesthetic procedures.”

    Any member of the public with any information or concerns, or any practitioners who want additional support, can contact environmental.health@wolverhampton.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Why skin-to-skin contact is good for parent and baby

    Source: Anglia Ruskin University

    By Viren Swami, Anglia Ruskin University

    In the 1950s, the American psychologist Harry Harlow provided a stark demonstration of the importance of a mother’s touch. He famously – and controversially – showed that rhesus monkeys would rather cling to a surrogate “mother” made of soft cloth than one made of metal wire that provided milk. A loving touch seemed to be more important than food, Harlow concluded.

    Today, the importance of touch has become firmly embedded in infant care. For example, UNICEF and the NHS recommend skin-to-skin contact between a parent and newborn. This involves placing a newborn on a parent’s bare chest, both of them covered in a warm blanket, for at least an hour after birth or until after the first feed.

    In fact, feeling the power of touch begins long before a baby is even born. Touch is the first sense to develop. Just eight weeks after conception, a foetus already responds to the sensation of touch in the womb – and it is crucial for people of any age.

    By 14 weeks, twins have been observed on ultrasound sucking on each other’s fingers and exploring each other’s faces. And frame-by-frame analyses of ultrasound have shown that, by 20 weeks, foetuses respond to mothers touching their bellies.

    The benefits of parental touch become clear at birth. One review of 52 studies involving over 4,000 newborns found that touch interventions – such as skin-to-skin contact and baby massage – was associated with better newborn health, including better regulation of temperature, breathing and heart rate. The review also found that touch was more beneficial when it came from a parent compared to medical staff.

    Cuddle up, because there are other benefits of skin-to-skin contact. When a parent holds their baby in skin-to-skin contact after birth, it helps to calm the newborn and stimulates an interest in feeding. In the longer-term, daily skin-to-skin contact with infants improves sleep patterns and pain tolerance, supports healthy weight gain and continued breastfeeding, and strengthens brain development.

    These benefits are also experienced by infants born prematurely. For example, one review of kangaroo care – skin-to-skin contact for premature or low birth-weight infants – found that it reduced the risk of death, infection and low body temperature, and improved weight gain and rates of breastfeeding.

    In both healthy and premature infants, skin-to-skin contact also triggers the release of the hormone oxytocin – the so-called “love hormone” – which encourages bonding between the parent and infant. Skin-to-skin contact also lowers levels of the hormone cortisol, which helps newborns to regulate levels of stress.

    In fact, the benefits of skin-to-skin contact are not exclusively experienced by the newborn. Studies have found that daily skin-to-skin contact with their babies can reduce symptoms of postpartum stress, depression and anxiety in mothers. And while most studies have focused on mothers, skin-to-skin contact also seems to reduce symptoms of depression and anxiety in fathers.

    While most of this research has focused on the short-term outcomes of touch, scientists are also following infants over time to see what impact early touch has on long-term outcomes. For example, one study found that premature babies who received at least one hour of kangaroo care for two weeks had better mother-child interactions, sleep and brain development when they were 10 years old.

    Another group of researchers followed infants and their mothers for a period of nine years. When they were only one-month-old, infants who had experienced skin-to-skin contact with their mothers already showed better emotional adjustment and attachment than infants who had no skin-to-skin contact.

    Nine years later, these children were also more willing and able to engage in emotive conversations with their mothers.

    Some of the effects of touch are more difficult to quantify. In the 1970s, for example, the psychiatrist Donald Winnicott described how a mother’s touch helps infants and young children to experience the body as “the place where one securely lives”. This idea seems to be supported by ethnographic records and anthropological studies of communities where infants are in close contact with a caregiver.

    For instance, in many communities – such as the Netsilik, !Kung, and Balinese – infants are pressed skin-to-skin with their mothers for much of the day. This means that infants are more likely to have their needs met quickly – being comforted when they cry or fed when they suckle – while also helping them develop a sensitivity to touch. These forms of “skinship” also help parents and their infants to develop deeper bonds through touch.

    While this research shows the benefits of touch in infancy, what about childhood? Studies of young children and adolescents have shown that touch – particularly caring touch like hugging from a parent or other caregivers, such as teachers – can support psychological development and wellbeing. For instance, touch can help children develop a sense of emotional security, belonging and feelings of support, especially in stressful situations.

    The anthropologist Marjorie Goodwin has described how “haptic rituals” – such as hugs between a parent and their child over the course of a day – can help the child feel loved and cared for.

    Regularly experiencing caring touch can also help children to develop their social interaction skills, including empathy toward others. Caring touch also reduces aggressive behaviour in adolescence.

    Unfortunately, even today, many parents hold on to old fashioned ideas – popularised by psychologists like John Watson – that they should avoid caring touch with their children, out of fear that hugging or cuddling will cause their children to become weak willed. The scientific evidence doesn’t support such ideas, so go hug your kids.

    Viren Swami, Professor of Social Psychology, Anglia Ruskin University

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    The opinions expressed in VIEWPOINT articles are those of the author(s) and do not necessarily reflect the views of ARU.

    If you wish to republish this article, please follow these guidelines: https://theconversation.com/uk/republishing-guidelines

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Rouge Bouillon closure – progress update13 February 2025 There are no further updates at this time. We’re making steady progress according to our four-step plan and here’s what’s happening: First, we’re installing a steel strapping system to keep the building… Read more

    Source: Channel Islands – Jersey

    13 February 2025

    There are no further updates at this time. We’re making steady progress according to our four-step plan and here’s what’s happening: 

    • First, we’re installing a steel strapping system to keep the building stable
    • then, a Geotechnical Engineer will check the soil conditions under the foundations 
    • after that, we’ll move on to demolishing external structures, including boundary walls 
    • and finally, we’ll keep reviewing timelines, but right now, we’re aiming to reopen after Easter. 

    Timeline update: 28 Clarendon Road 

    The owner of 28 Clarendon Road has been working with an engineering team and a Geotechnical Engineer, to take action to ensure the building is made safe and restored efficiently. 

    This highlights the complexity of the response needed to carry out the repairs, as investigations continue into the stability of the building, affected by a burst water main. 

    We want to thank the owner for working with all parties to come to the fastest possible resolution. 

    Next steps

    • Step 1: Manufacture and install steel strapping system to stabilise the building 
    • Step 2: Geotechnical Engineer to then assess soil conditions beneath the foundations 
    • Step 3: The wider team can then proceed with necessary demolition of external structures, including boundary walls affecting neighbouring properties 
    • Step 4: We continue to monitor progress and review timelines for the safe reopening of Rouge Bouillon, currently expected after the Easter holidays. 

    The project remains under constant review to ensure the best and safest outcome. 

    Rouge Bouillon continues to remain closed between Clarendon Road and Palmyra Road as investigations continue into the stability of an adjacent building wall, affected by a burst water main. 

    The Government of Jersey is monitoring and facilitating ongoing meetings held with all relevant stakeholders to ensure public safety. These include Highways, Network Management, Drainage, Building Control, Jersey Water, CYPES and other key parties, alongside property owners impacted by the issue. 

    Current status with investigatory and repair work: 

    • Private parties (residents and private owners) responsible for the affected buildings are undertaking detailed investigations and repair work, which are expected to take some time. 
    • the situation is highly complex with several adjacent walls & buildings that are unsafe and severely cracked. 
    • multiple parties are involved, including Infrastructure and Environment (I&E), Jersey Water, structural engineers, building surveyors, loss adjustors, and insurance companies.

    Alternative routes and safety assurance 

    We have considered other options to manage the traffic around the closure however, the decision to retain the current traffic arrangement is based on the following factors: 

    • Reversing Clarendon Road poses additional safety risks for residents and pedestrians 
    • Allowing right-turn access onto Clarendon Road from Val Plaisant could cause severe traffic congestion, particularly near the Gyratory 
    • Reversing Midvale Road, while potentially useful, would necessitate signal junction changes, creating confusion, complications, and further safety concerns. 

    We advise the traveling public to continue to avoid the area and use alternative routes to access town where possible. 

    Public impact 

    We understand that the closure has significant impacts on daily travel and local businesses. The road will only reopen once the buildings are stabilised and all risks of structural collapse have been mitigated. 

    Next steps 

    A further update on the situation will be provided in seven days​

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNECE issues guidance to tackle methane emissions from coal mine ventilation systems

    Source: United Nations Economic Commission for Europe

    In the fight against climate change, emissions of methane – which has a warming effect over 80 times greater than CO2 over a 20-year timeframe – from coal mines remain a significant source of greenhouse gases (GHG). Coal mines account for over 10% of methane emissions from human activity. As long as coal’s share in the global energy mix remains significant, mitigating large emissions associated with its extraction presents an under-exploited and under-capitalized opportunity to deliver near-term GHG emissions cuts.  

    Gassy underground coal mines employ large-scale ventilation systems that pump fresh air into the workings to dilute and remove methane released during mining operations. This ventilation air, discharged through dedicated (ventilation) shafts, contains methane in concentrations typically ranging from 0.1% to 1.0% by volume, known as Ventilation Air Methane (VAM). While removing methane from the mine is necessary for maintaining safe underground working conditions, the continuous discharges of large volumes of VAM constitute a significant source of greenhouse gas emissions. 

    A new UNECE report developed by the UNECE Group of Experts on Coal Mine Methane and Just Transition sheds light on the urgency of tackling VAM emissions. A single ventilation shaft in an operating coal mine can expel up to 50,000 tonnes of methane annually – equivalent to the emissions (CO2e) generated by 2 million cars. Since coal mines are expected to continue to operate for at least the next two decades, reducing these emissions presents an immediate and effective way to slow down climate change, complementing scaled-up decarbonization efforts. 

    The report “Best Practice Guidance on Ventilation Air Methane Mitigation” highlights the cost-effectiveness of VAM mitigation. Advanced technologies, such as Regenerative Thermal Oxidation (RTO), have been successfully deployed in large-scale, long-term projects, proving the technical viability of VAM mitigation. RTO installations are actively reducing methane emissions at coal mines in the United States and China. For such projects to be economically sustainable, the value of emission reductions must reach approximately USD 20 per tonne of CO2e – an economically feasible target when compared to other climate mitigation efforts. 

    The cost of a VAM mitigation plant is all about the volume of air being processed, and therefore the methane content in the ventilation air to be processed is a key factor determining the revenue and thus also the economic viability of the plant. A plant processing VAM concentration of 0.2% will have a total cost per mitigated tCO2e around USD $20. Where such mechanisms exist, this cost could be balanced by Carbon Emission Reduction Credits, or by avoided emissions penalty. 

    Despite its potential, VAM mitigation faces technical challenges. Methane concentrations in ventilation air are often very low, and mine shafts release vast volumes of air. The report emphasizes that only one technology, RTO, has consistently reduced methane emissions from coal mines, though other catalytic processes are emerging. 

    The report aligns with global efforts to address methane emissions, including the Paris Agreement and the Global Methane Pledge, which aims to cut methane emissions by 30% by 2030. In this context, VAM mitigation could play a key role in achieving these ambitious objectives. 

    This Best Practice Guidance on VAM serves as a call to action for the mining industry and policymakers, underscoring the significant potential of VAM mitigation as a cost-effective solution to reduce emissions.  

    The report provides practical guidance on securing financial support, assessing the feasibility of VAM mitigation plants, and understanding the key aspects of technology integration. It also offers a clear 8-step model for preparing potential VAM projects, making this complex topic accessible and actionable. 

    For further information and/or to access the Best Practice Guidance report, please visit https://unece.org/sustainable-energy/publications/best-practice-guidance-ventilation-air-methane-mitigation   

    ———————————-

    In addition to the Best Practice Guidance, the UNECE Group of Experts on Coal Mine Methane and Just Transition – through its Task Force on Methane Emissions Reduction – has developed complementary resources to further support methane monitoring and mitigation efforts. These include: 

    • Template for Estimating Emissions from Underground Coal Mines – A user-friendly tool designed to improve emissions data collection for policymakers and companies. This template streamlines the tracking of methane emissions, destruction, and off-site transportation, and accounts for avoided methane emissions and CO2 emissions resulting from these processes.  

    Join the Discussion at the UNECE Resource Management Week 2025  

    The UNECE Resource Management Week 2025 (24–28 March, Geneva), and particularly the meeting of the Group of Experts on Coal Mine Methane and Just Transition, will provide a platform to discuss methane mitigation strategies, including the VAM Best Practice Guidance, which will be presented for endorsement.  

    Bringing together policymakers, industry representatives, and experts, the event will facilitate discussions on innovative solutions, financing mechanisms, and regulatory approaches to support methane emission reductions.  

    Register here.   

    MIL OSI United Nations News –

  • MIL-OSI Canada: Advancing midwifery access in Alberta

    As of January 2025, 181 midwives were practising across the province, reflecting a 26 per cent increase from 2020. Midwives play a crucial role in improving health outcomes for women, newborns and families by bringing maternal care closer to home. They build strong relationships with families, provide emotional support, help manage pregnancy risks and make referrals when needed.

    Alberta’s government is committed to ensuring Albertans can access high-quality maternal health care anywhere in the province. To help achieve this goal, $10 million is being invested over three years to implement the comprehensive new Alberta Midwifery Strategy.

    “Midwives play an important role in delivering primary health care to Albertans. Our goal is to continue leading the way in women’s and children’s health programs, and implementing initiatives through our midwifery strategy is an important part of achieving this goal.”

    Adriana LaGrange, Minister of Health

    The midwifery strategy outlines short-, medium-, and long-term goals to strengthen care and support midwifery pathways to practice. In the short term, the focus is on enhancing care for Indigenous populations through provider and community engagement. Medium-term efforts aim to address midwifery attrition and identify the supports needed to sustain the workforce. Long term, the strategy seeks to formalize guidelines and processes to integrate midwifery practice while monitoring supply and demand.

    First Nations, Métis and Inuit families have emphasized that increased access to midwifery services is critical, especially in rural and remote areas of the province. They believe that improved midwifery access will help to address physical, emotional and cultural barriers that affect health outcomes for mothers, babies and communities.

    “Implementing this strategy will support midwifery practice and improve rural Albertans’ access to the maternity services they need.”

    Martin Long, parliamentary secretary for rural health

    Funding will support engagement with Indigenous communities and birth workers, pilot innovative projects within Indigenous populations, assess data gaps and develop resources to provide midwifery services effectively. Additionally, it will help attract and retain internationally educated midwives and promote the integration of midwifery practice in team-based primary care. 

    “The Alberta Association of Midwives values the government’s commitment to supporting midwifery in Alberta through the provincial midwifery strategy. We look forward to collaborating on initiatives to grow and sustain midwifery in our province.”

    Marita Obst, president, Alberta Association of Midwives

    Midwifery services are in high demand across Alberta, and Alberta’s government recognizes the need to expand options and improve access to maternal care. This strategy will help ensure families receive the care they need, when and where they need it.

    Quick facts

    • Alberta’s government is investing $2 million for midwifery projects in 2024-25, followed by $3 million in 2025-26 and $5 million in 2026-27.
    • Alberta’s government worked with the Alberta Association of Midwives, the College of Midwives of Alberta, Mount Royal University, Alberta Health Services and internal stakeholders to develop the midwifery strategy.  
    • Midwifery is a publicly funded service in Alberta.
    • Midwives are regulated by the College of Midwives of Alberta under the Health Professions Act and must complete formal education in midwifery and pass written and practical examinations before practising in Alberta.
    • Midwives provide comprehensive care to individuals with low-risk pregnancies through labour and birth, continuing to support the health and safety of mothers and babies until six weeks after birth.

    Related information

    • Alberta Midwifery Strategy
    • Minister of Health 2023 mandate letter 

    Related news

    • Investing in women’s and children’s health (May 3, 2024)

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan Leads Western Canada in Key Health Workforce Study

    Source: Government of Canada regional news

    Released on February 13, 2025

    Numbers show higher than national and regional average staffing levels in nursing, and paramedics

    The Government of Saskatchewan’s strategy to increase the health care workforce is showing results. Health care staffing numbers in Saskatchewan rank higher than the five-year national and western Canadian average in several key categories, as recently released by the Canadian Institute for Health Information (CIHI) and other sources.

    “There are many reasons for Saskatchewan residents to have confidence, as we strive to ensure our province is a desired place for health-care professionals to work and build a career,” Health Minister Jeremy Cockrill said. “As we train and recruit more staff to work here, we continue building capacity that meets or exceeds regional and national levels.”

    According to CIHI’s Health Workforce in Canada Overview, Saskatchewan had the highest per capita numbers of regulated nursing professionals in western Canada every year between 2019 and 2023. Saskatchewan’s 2023 rate of 1,384 nursing professionals per 100,000 people was higher than both the Western Canadian and Canadian averages of 1,188 and 1,192 respectively. Over the past five years, Saskatchewan has added 1,056 more nursing professionals to its workforce, or a 6.7 per cent increase.

    Saskatchewan’s Registered Nurses (RN) rates per 100,000 residents rose to 973 in 2023, up from 940 in 2019, a 3.5 per cent increase. The 2023 per capita RN numbers are considerably higher than the national average of 803, and the western average of 810. Saskatchewan is continuing work to increase those rates by adding capacity in training programs, and targeted efforts in recruitment programs. These per capita rates from CIHI are validated by licensing numbers published by the College of Registered Nurses of Saskatchewan that show a nearly 18 per cent increase in licensed RNs between 2018 and 2023.

    We are also seeing a per capita increase in Saskatchewan’s Licensed Practical Nurses (LPNs) from 318 in 2019 to 324 in 2023, a rate that is expected to grow even further with recent increases in training capacity. Saskatchewan’s 2023 per capita LPNs is also above the western Canadian average of 309.

    Provincial data shows nursing training and recruitment efforts are working. From December 2022 to June 2024, the Saskatchewan Health Authority has hired more than 1,400 in-and-out-of-province nursing graduates.  

    CIHI’s release also reports that in 2023, there were 200 paramedics in Saskatchewan per 100,000, a 19.5 per cent increase from 2019. That 2023 rate for Saskatchewan led all western provinces and was more than double the national average.

    In addition, incentive programs geared to attract physician specialists to Saskatchewan is showing results. Over the past five years, rates increased by 7.1 per cent to 103.1 per 100,000. More can be expected through an increase in residency seats, as well as incentive programs offering up to $200,000 to new physicians practicing in qualifying communities.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: FBI Sacramento Offering Students Rare Educational Opportunity

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    The Federal Bureau of Investigation (FBI) Sacramento Field Office is now accepting applications for the Spring 2025 Sacramento FBI Teen Academy. All high school juniors—whether enrolled in public, private, charter, or home school—within the field office’s 34-county area of responsibility are eligible to apply. Ideal candidates are engaged with their respective academic and local communities; are curious about how the FBI serves their communities; and are eager to share the content with their peers. Students selected to attend the Sacramento FBI Teen Academy spend a full day at FBI Sacramento headquarters, interacting with FBI personnel at all levels, and engaging in unique experiences and discussions. Following graduation from the class, students are encouraged to share what they have learned to foster a safer, more informed community and inspire the next generation of FBI employees.

    The Spring 2025 FBI Sacramento Teen Academy will be held on April 4, 2025, at the field office’s headquarters in Roseville. Applications, available online on the FBI Sacramento Field Office’s Community Outreach web page, are being accepted until 5 p.m. February 21, 2025. Instructions for completion of the form, required signatures, essay composition, and submission are included in the application package. The single-day class Teen Academy class FBI is offered at no charge to families; the class, materials, and supplies are offered at no charge. Meals and refreshments are generously provided by the Sacramento FBI Citizens Academy Alumni Association. The FBI does not cover transportation necessary to attend the class.

    Families will be notified of the status of the applications approximately two weeks prior to the class. Students selected from the pool of candidates and invited to attend the class must confirm their planned attendance or an alternate will take their place.

    The FBI Sacramento Field Office serves the following 34 California’s counties: Alpine, Amador, Butte, Calaveras, Colusa, El Dorado, Fresno, Glenn, Inyo, Kern, Kings, Lassen, Madera, Mariposa, Merced, Modoc, Mono, Nevada, Placer, Plumas, Sacramento, San Joaquin, Shasta, Sierra, Siskiyou, Solano, Stanislaus, Sutter, Tehama, Tulare, Tuolumne, Trinity, Yolo, and Yuba.

    Links in copy:

    MIL Security OSI –

  • MIL-OSI: Proto Hologram names Todd Bouman as CEO

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, Feb. 13, 2025 (GLOBE NEWSWIRE) — Proto Inc., the original hologram and spatial compute company, announced today that Todd Bouman has taken the role of CEO. The electronics industry veteran was handpicked by Proto inventor, and founding CEO, David Nussbaum, who steps up into the new position of Chairman. 

    Bouman was most recently President, CEO and Chair of  Sharp/NEC Display Solutions, Americas. There he crafted a transformative strategy that established the company as a dominant player in the global electronics and software display industry resulting in sizable increases in revenue and doubling of profits.  Under his continued leadership, Bouman was instrumental in leading the joint-venture integration of the America’s business with Sharp Electronics.

    Bouman is tasked with driving exponential growth for hologram-sector creator Proto, drawing from his vast experiences working at global tech companies in the consumer and commercial hardware and services industry to drive exponential growth for Proto.

    Nussbaum will continue to be the company’s visionary, shaping strategy and driving more of the innovation that created an entire industry of hologram communications and no-headset spatial compute. He will focus on fundraising, brand development, strategic alliances, content collaborations, and elevating Proto’s presence through thought leadership and presentations at top industry events.

    The change comes at an extraordinary time for Proto after a record year for revenue, the successful launch of its next generation hologram devices – the full-size Proto Luma and desk-top sized M2 – and rapidly increasing adoption of its AI tools across many industries including finance, enterprise, healthcare, education, retail, hospitality, sports and entertainment. Proto is launching its Series B fundraise in Q2 to accelerate new development initiatives and market growth. 

    “As the founder, Proto is like a child to me,” said David Nussbaum, Founder and Chairman of Proto Inc. “Entrusting it to someone else wasn’t a decision I took lightly. I needed absolute confidence that the new leader had the experience and proven ability to take my vision for Proto to the next level. Todd Bouman is that person. With his dynamic leadership, I’m confident he’ll help fulfill my mission of making Proto Hologram technology an essential part of daily life. Proto has already accomplished more than I could have dreamed when I was back in my living room trying to invent something people said would only happen in the future. Todd is the kind of transformational leader who can make sure that future is now.”

    In addition to his successful transformation of Sharp/NEC’s display business, Bouman possesses a wealth of experience from previous roles with Samsung and HP in bringing new technologies to market, driving exponential growth and pioneering strategic shifts across global tech landscapes. At Samsung, Bouman led key product growth initiatives propelling Samsung into the consumer and commercial notebook market and accelerating brand growth in the B2B industry.  At HP, Bouman was instrumental in managing and growing HP’s ultralight notebook product category into key commercial verticals. His proven track record in executive leadership, business development, and technology integration makes him an ideal fit for Proto’s ambitious goals.

    “Proto is poised as an industry leader to revolutionize the way we interact with digital content,” said Todd Bouman, CEO of Proto Inc. “I am thrilled to lead this extraordinarily innovative company as it scales its transformative technology to new heights. My experience in driving growth and innovation will help us accelerate Proto’s mission – and David’s original futuristic vision – of making holographic technology accessible to everyone.”

    Proto has had a steady flow of news in recent months including the beginning of the first ever actual doctor-patient hologram appointments, announced at UC Berkeley and already expanding across the network of clinics run by West Cancer Center. The deployment of the first hologram ad network at 30 premier Simon mall locations and growing to 100 by Q4 also made headlines. Proto has been singled out as one of the most important companies at CES, NRF and AWS re:Invent, where it demonstrated another first, an autonomous conversation between AI hologram agents.

    In addition, Proto continues to grow its business with all the  pro sports leagues;  expansion into more top universities; massive media saturation including projects that reach super-influencer MrBeast’s following of nearly 500 million; and deepening partnerships with companies such as AARP, Accenture, BestBuy, CBS, Christie’s, HPE, PwC, and Verizon.

    “Proto is all about bringing people together – giving them real presence when they can’t be together across space or time – remember, William Shatner called Proto a Time Machine,” said Nussbaum. “We’ve got our Series B raise approaching, exciting collaborations with some of the most well known companies on earth, and a roadmap of development that will make Proto the solution for even more needs. Whether you’re a partner, customer, investor or just someone who is excited by discovering what’s changing the world next, we’ll keep hustling to impress you.”

    Follow Proto on all platforms at @ProtoHologram for updates.

    For photos, videos, demos or interviews contact: owen@protohologram.com

    About Proto Inc.: Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

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  • MIL-OSI: The GDL Fund Declares First Quarter Distribution of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.12 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Laurissa Martire
    (914) 921-5399

    About The GDL Fund
    The GDL Fund is a diversified, closed-end management investment company with $167 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GDL
    CUSIP – 361570104

    Investor Relations Contact:
    Laurissa Martire
    (914) 921-5399
    lmartire@gabelli.com

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  • MIL-OSI: Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

    The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 4% from net capital gains and 84% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Molly Marion
    (914) 921-5681

    About The Gabelli Equity Trust
    The Gabelli Equity Trust Inc. is a diversified, closed-end management investment company with $2.0 billion in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GAB
    CUSIP – 362397101

    Investor Relations Contact:
    Molly Marion
    (914) 921-5681
    mmarion@gabelli.com

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