NewzIntel.com

Category: Transport

  • MIL-OSI Australia: First Nations historical artefacts: improving provenance accuracy and efficiency

    Source: Tasmania Police

    Issued: 15 May 2025

    Innovative Queensland-based organisations with a bright idea to improve how First Nations artefacts are identified are being encouraged to apply for a new challenge.

    The Queensland Government and Queensland Museum have partnered to deliver the Private Sector Pathways (PSP) Challenge – Charting provenance with First Nations artefacts.

    The initiative aims to improve the digital storing, processing, analysis and digitisation of First Nations archival materials like hunting and gathering tools, traditional baskets, boomerangs and rock engravings.

    Streamlining the process ensures the original creator has their work correctly attributed by the Queensland Museum.

    Participants are encouraged to develop a user-friendly system which makes cataloguing, identifying, processing and managing First Nations artefacts easier for the Queensland Museum by reducing the lengthy and labour-intensive identification process.

    The successful Queensland business will receive grant funding up to $100,000 to help them develop their proposed solution with the Museum.

    Queensland Museum is custodian to more than 22,000 objects in the Queensland Aboriginal collection, as well as more than 28,000 items from outside of Queensland and more than 12,000 historic photographs.

    Acting Deputy Director-General of Innovation Tony King said it’s important to recognise, honour and embrace the rich and ancient cultural history of First Nations peoples, as the first custodians of Australia.

    “This challenge will help support the Museum’s archiving and streamline repatriation efforts with Indigenous communities, to uphold the integrity and respect of cultural artefacts,” he said.

    “I look forward to seeing what ideas Queensland innovators come up with, to store and showcase First Nations material.”

    Queensland Museum CEO Dr Jim Thompson said this is a great opportunity for Queensland innovators to help improve how the museum cares for and connects with First Nations cultural items.

    “By making the identification process easier and more accurate, we can better support communities and ensure these important objects are properly recognised, and if possible, returned,” he said.

    Queensland Museum First Nations Director Dr Bianca Beetson said this opportunity is groundbreaking and will assist with First Nations artefact collection and recordkeeping.

    “It could really improve our processes and make them quicker, transforming how the Museum works to repatriate items back to Indigenous communities,” she said.

    “We’re hoping this tool will be able to pull up records of specific markings on cultural items like styles, patterns or timbers – to more effectively and efficiently identify its origin.

    “We’re seeing an increasing number of First Nations items coming in from general surrenders and international returns and if this tool is successful, there’s also potential for other museums and even institutions like universities to use it as well.”

    Applications close: 2pm Thursday 19 June 2025

    View more information about the Private Sector Pathways (PSP) Challenge – Charting provenance with First Nations artefacts.

    Media contact:                 DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

    MIL OSI News –

  • MIL-OSI United Kingdom: “No credible net-zero plan can include rampant airport expansion”

    Source: Green Party of England and Wales

    / by Green Party

    Opening a third runway at Heathrow Airport could result in pollution equivalent to an additional 2.4 million tons of carbon dioxide being released into the atmosphere each year by 2050, according to the government’s own figures released through FOI requests. Responding to this being reported in Politico, Sian Berry MP said,  

    “This Labour Government is wildly out of touch with reality. Even with the maximum possible impact of “jet zero” efforts on fuel this expansion remains a climate catastrophe.

    “The Net-zero minister is missing in action and his department is shamefully failing to stand up to a misguided Chancellor. 

    “No credible net-zero plan can include rampant airport expansion and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Report by the OSCE Project Co-ordinator in Uzbekistan: UK Statement, May 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Report by the OSCE Project Co-ordinator in Uzbekistan: UK Statement, May 2025

    Ambassador Holland welcomes the work of the OSCE Office amid a challenging financial backdrop.

    Thank you Mr Chair.    

    First, I would like to welcome Ambassador Karttunen to the Permanent Council. Thank you to you and your team for your report, and for your informative presentation.    

    Chair, the United Kingdom has continued to build our relationship with Uzbekistan and is committed to supporting the government in carrying out its wide-ranging reforms. Last year our governments signed a joint declaration covering all aspects of the bilateral relationship, and this year we have signed an agreement on expanding our cooperation on Critical Minerals. We look forward to further cooperation in the coming years.   

    We welcome the close cooperation between the Government of Uzbekistan and the Project Coordinator and commend the Project Coordinator’s work across the three dimensions.     

    In the first dimension, we welcome the work the Project Coordinator is doing on border security. We were pleased to be able to support this effort by facilitating training for the Customs Committee of Uzbekistan last year by Surrey Police aimed at strengthening the capacity of Uzbek instructors to effectively use dogs in detecting drugs, cash, and firearms.    

    In the second dimension, we commend the work of the Project Coordinator on climate change and water management, and we are proud donors to the OSCE project on “strengthening responses to security risks from climate change in Central Asia”. We recognise the particular vulnerabilities Central Asian states have to climate change and its consequences. That is why we are funding a regional programme to improve Central Asia’s resilience and sovereignty by strengthening regional cooperation on water and energy to deliver low carbon and climate resilient growth.    

    And in the third dimension, we note the positive steps taken – as identified by ODIHR and the RFoM – in the draft information code.  These include a ban on censorship and media monopolisation, and the requirement for free access to and use of information for everyone without discrimination. We encourage the Government of Uzbekistan to address concerns raised about concentrating media regulation under the government rather than an independent regulatory body, and the broad grounds for restricting content and suspending media activities.    

    In closing, let me thank you Ambassador Karttunen and your dedicated team in Uzbekistan for their efforts in upholding the principles of the OSCE and ensuring your important work continues – particularly in light of the considerable challenges caused by the continued non-agreement of the Unified Budget.     

    Thank you.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: OSCE trains senior police officers from Khatlon region on victim-centered response to domestic violence

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE trains senior police officers from Khatlon region on victim-centered response to domestic violence

    Senior police officers heading the Public Order Protection Units of the Ministry of Internal Affairs’ regional departments participate in a two-day training on victim-centered response to domestic violence, Bokhtar, Khatlon region, 14 May 2025. (OSCE/Feruza Sultonova) Photo details

    From 14 to 15 May 2025, the OSCE Programme Office in Dushanbe, in co-operation with the Public Order Protection Department of the Ministry of Internal Affairs (MIA) of Tajikistan, organized a two-day training in Bokhtar, Khatlon region. The course was attended by 20 senior police officers—all men—who head the Public Order Protection Units of the MIA’s regional departments.
    Participants enhanced their knowledge about the national and international legislation on prevention of domestic violence (DV), gender equality, procedural actions of the police to timely identify, refer and protect DV victims, including issuing protection orders and conducting evidence-based investigation. The training course also addressed the role of police management in prevention of DV and sexual harassment, as well as victim-centered approaches in police work.
    The training aims to contribute to improved police responses, better protection of survivors and effective referrals to appropriate service providers, while prioritizing their needs.

    MIL OSI Europe News –

  • MIL-OSI Europe: President Meloni’s telephone conversation with His Holiness Pope Leo XIV

    Source: Government of Italy (English)

    15 Maggio 2025

    The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation today with His Holiness Pope Leo XIV.

    President Meloni once again conveyed her personal congratulations and those of the Italian Government to the Holy Father on his election to the See of Peter, and highlighted the indissoluble bond between Italy and the Vicar of Christ.

    Italy appreciates and supports the efforts of the Holy See for peace and an end to conflict in all the crisis areas where weapons have taken the place of discussion and dialogue.

    President Meloni reaffirmed Italy’s readiness to continue working, together with the Holy See, for an ethical and human-centred development of artificial intelligence. This challenge was a key focus of Italy’s G7 Presidency and Pope Leo XIV recalled its central importance, for the defence of human dignity, justice and labour, during his meeting with the Cardinals on 10 May.

    MIL OSI Europe News –

  • MIL-Evening Report: Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future?

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

    With the future of the Coalition relationship on the line, Nationals leader David Littleproud drove to his Liberal counterpart Sussan Ley’s hometown of Albury this week. They had much to talk about, and it wasn’t going to be easy.

    Littleproud and Ley have had a combustible relationship in the past.

    After Ley, on the backbench at the time, in 2018 co-sponsored a private member’s bill to restrict live sheep exports, Littleproud, the agriculture minister, said dismissively, “I’m going to predicate my decisions on evidence, not emotion”.

    More seriously, when she was environment minister in 2019–22, Ley and Littleproud clashed over the Murray-Darling Basin.

    The Nationals leader is father of, and a true believer in, the opposition’s nuclear policy; Ley began as an agnostic on the issue, saying in 2019, “To be honest, I am not strongly for or against nuclear power”.

    The two leaders differ in their economic philosophies. Littleproud is what detractors of the Nationals and their predecessor the Country Party used to call an “agrarian socialist”. It was the Nationals who, in the last term, drove the Coalition policy to break up supermarkets that misused their power. Ley is less inclined to industry intervention.

    Ley and Littleproud have to find a way for their two parties to continue to share the same house and, assuming they do, how they divide up the rooms, and manage their joint spaces.

    Kevin Hogan, the new Nationals deputy, said late Thursday there was a will to sign a Coalition agreement, but certainly there was “a scenario where it doesn’t get signed”.

    The Nationals are feeling their power, after an election in which they held almost all their seats and the Liberals were devastated.

    Their Senate leader, Bridget McKenzie, who is outspoken and frequently in the media, said this week, “We haven’t had this amount of political clout within the Coalition since the ‘70s”.

    How many shadow ministries the Nationals receive is determined on a formula, but central is what posts they obtain.

    “There needs to be a very serious conversation heading into any Coalition discussions about the role of the National Party,” she said.

    “We don’t need to rush into an agreement, but we do need to make sure it reflects the realities of the election result, which does give greater kudos and say to the National Party within that.”

    In a cheeky reference that wouldn’t go down well with some Liberals, McKenzie said, “In our 120-year history, for 16 of these years, we held the treasury portfolio in government”.

    The Nationals are not going to hold the Treasury post in opposition. But they will try to have a louder economic voice. (There is speculation they might seek the finance shadow ministry.)

    McKenzie referred to the power of party greats Doug Anthony, Ian Sinclair and Peter Nixon in Malcolm Fraser’s government. She could have gone back to the legendary John “Black Jack” McEwen in earlier years.

    Back then, the party exercised power through the sheer strength of such individual personalities, and their ability to prevail in battles with colleagues. Looking at the Fraser years, it’s remarkable to think the prime minister used Nixon (who died just before the election, aged 97) in trying to manage a difficult and ambitious senior Liberal, Andrew Peacock, who aspired to the leadership.

    The modern Nationals have no such personalities. In recent years the party has also been riven by division over leadership and policy. Littleproud saw off a leadership challenge from Matt Canavan this week.

    Canavan lost the ballot but his call for the party to walk away from the target of reducing emissions to net zero by 2050 has yet to be resolved.

    All opposition policies are on the table, with Ley and her deputy Ted O’Brien saying they won’t rush the reconsideration of them.

    But this shapes as a complicated process, littered with obstacles.

    What if the Liberal party and the Nationals came to different conclusions on whether to retain the 2050 commitment? It could be touch and go whether the Nationals ditch it. The Liberals would be courting disaster to do so: that would divide the party and further alienate voters in the Teal-type areas that they need to win back.

    If the two parties found themselves at odds on net zero, could they viably stay together in coalition?

    The review of the nuclear policy is interlinked with the net zero commitment – nuclear was advanced as a way of getting to the target – and is also fraught. There will be pressure from some Liberals to just junk it. But Littleproud and others within his party would fight hard for it.

    The issue of timing is also critical. The opposition doesn’t have the luxury – that it appears to think it has – of going too slowly on the net zero issue.

    Energy and climate policy will be central issues over coming months.

    The government delayed until beyond the election considering what 2035 emissions reduction target it will submit under the Paris climate agreement. The Climate Change Authority, which must make a recommendation to the government on the target, helpfully said it had more work to do.

    But the target must be submitted by September. The government is expected to receive the recommendation from the authority around July. The authority has been consulting on a 65% to 75% reduction. It could recommend a single figure, or (perhaps more likely) a range.

    Anywhere between 65% and 75% would be ambitious in practical terms. The 2035 debate will take the argument away from primarily electricity into the areas of industry, transport and agriculture.

    If the opposition is to be credible in whatever criticisms it wants to make, it will need to have at least a settled position on the net zero question.

    Moreover, in trying to rebuild electoral support, the Liberals in particular require an early confirmed stance on net zero. Climate is a specially important issue with young voters, among whom the party’s support is woeful.

    Meanwhile, as all the machinations play out, Jacinta Nampijinpa Price must be giving a thought to what might have been, had she not defected from the Nationals to the Liberals in a misjudged bid to become Liberal deputy.

    She may regard the Liberals as her natural home, as she says, but if she’d stayed she might have become Nationals deputy leader this week (previous deputy Perin Davey lost her seat). That would have had her well placed to pursue her portfolio ambitions, backed by Littleproud. But who will be her champion now?

    In jumping ship, Price has found herself adrift, for the moment at least.

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

    – ref. Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future? – https://theconversation.com/grattan-on-friday-ley-and-littleproud-have-had-a-prickly-relationship-can-they-negotiate-a-smooth-future-256458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Premiere of New bZ Woodland BEV Focused on Driving Performance and Spaciousness in North America

    Source: Toyota

    Headline: Premiere of New bZ Woodland BEV Focused on Driving Performance and Spaciousness in North America

    Toyota Motor Corporation (Toyota) announced that it will be expanding its battery electric vehicle (BEV) lineup in North America as part of Toyota’s multi-pathway approach toward achieving a carbon-neutral society. The new bZ Woodland will premiere at a new vehicle launch event hosted by Toyota Motor North America (TMNA), a Toyota affiliate in North America, from May 19 to 21. The new bZ Woodland is scheduled to go on sale in North America in early 2026.

    MIL OSI Global Banks –

  • MIL-OSI Video: UK Baroness Jones of Moulsecoomb: Lord Speaker’s Corner | House of Lords | Episode 28

    Source: United Kingdom UK House of Lords (video statements)

    Jenny Jones, Baroness Jones of Moulsecoomb, speaks about why she is campaigning on topics including salmon farming and water company pollution in the latest episode of Lord Speaker’s Corner.

    ‘We’ve seen water companies polluting our waterways, our beaches, our lovely fishing streams… our chalk streams that are very rare and precious. And yet, we still can’t stop them doing it.’

    Baroness Jones is one of two Green members of the House of Lords alongside Baroness Bennett of Manor Castle. In this episode, she speaks to Lord McFall of Alcluith about why she campaigns on a wide range of topics.

    ‘People carry on eating salmon, even though the way they’re produced in salmon farms is absolutely horrifying. It is the lice. The fish in the farm suffer, quite often die in their pens because the lice have eaten so far into their flesh. Wild Atlantic salmon going past these fish farms can get poisoned by the toxic stuff, all the antibiotics and so on, coming off the farm fish.’

    Baroness Jones describes how members initially questioned the Green link to various issues when she first joined the Lords but how that has now changed. She explains ‘I had to explain to people everything is about the environment. If you build the wrong houses in the wrong place, then it’s a disaster for future flooding, and so on.’

    Baroness Jones also shares how she came to the Lords after training as an archaeologist and later serving as a London Assembly Member and Deputy Mayor.

    See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

    #HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers

    https://www.youtube.com/watch?v=w3eq5ZLEeSU

    MIL OSI Video –

  • MIL-OSI United Kingdom: Importance of timely diagnosis in spotlight as council joins partners to support Dementia Action Week

    Source: City of Stoke-on-Trent

    The city council is working with partners and dementia support services across Stoke-on-Trent and North Staffordshire to support this year’s Dementia Action Week 2025.

    The campaign, which runs from 19th to 25th May – and is led by the Alzheimer’s Society – aims to raise awareness of dementia and of the importance of a timely and accurate diagnosis for people affected by it.

    Diagnosis is vital in providing people access to the care, treatment and support they need. Yet only one in three people living with dementia have a diagnosis.

    However, more than nine in 10 people affected by dementia say that there are benefits to getting a diagnosis.

    How dementia differs from the normal ageing process

    People often forget things more and notice some changes in mental abilities as they get older. Though these changes can be frustrating, they are a natural part of ageing. However, Dementia is not a normal part of getting older.

    Dementia is a group of symptoms. It’s caused by different diseases that damage the brain. For a health professional to diagnose dementia, a person’s symptoms must be significantly impacting on their daily life. This means having difficulties with completing daily tasks about the house, in the community or at work. 

    In February 2025, 3,081 people were recorded as being diagnosed with dementia in Stoke-on-Trent. Women have a higher risk of developing dementia during their lifetime.

    Recognising the signs of dementia and getting a diagnosis is really important to enable those people living with dementia, their families and carers to access the vital support they need.

    The Alzheimer’s Society has an online checklist for possible dementia symptoms here; Checklist for Dementia Symptoms

    Anyone worried that they, or a loved one, may be experiencing signs of dementia can use this checklist to help describe the symptoms to a GP or other health professionals.

    To help anyone wanting to find out more, a free dementia services showcase drop-in event is taking place during the week.

    It is taking place on Wednesday 21st May, between 10am and 3pm, at Affinity Staffordshire Shopping Centre (previously known as Freeport) Talke Retail Park, Pit Lane, Talke Pits. ST7 1XD.

    Local dementia support services will be available at Affinity Staffordshire Shopping Centre to showcase some of the advice and support available to people living with dementia, their families and carers. This event is one of the local initiatives, coordinated on behalf of the Stoke-on-Trent and North Staffordshire Dementia Steering Group, to support Dementia Action Week 2025

    Exhibitors on the day with include:

    • Alzheimers Society
    • The Memory Clinic – Community Mental Health Team
    • Dougie Mac Approach Dementia Service
    • Beth Johnson Foundation
    • North Staffs Carers
    • Potteries Helping Hand Dementia Group
    • Asist Advocacy
    • Royal Voluntary Service
    • Healthwatch
    • Alzheimers Research UK
    • NSCHT, NHS, ARRS, HIPC
    • Healthwatch
    • MPFT Social Workers
    • Stoke-on-Trent City Council
    • Staffordshire and Stoke-on-Trent Integrated Care Board
    • Staffordshire Fire and Rescue

    Councillor Duncan Walker – cabinet member for adult services at Stoke-on-Trent City Council – said: “We are very keen to support this vital campaign and raise awareness of the need for a timely and accurate Dementia diagnosis.

    “The dementia showcase on Wednesday, 21st May is an excellent way to find out more if you have concerns or want to access a wide-range of services that can support you – I would encourage anyone looking for that kind of advice to go along.” 

    In addition, The Stoke-on-Trent Council City Council and Integrated Care Board Joint Dementia Strategy 2025–2029 is scheduled to be presented to cabinet for approval in June, ahead of its official launch, which will be accessible here: Stoke on Trent Dementia Strategy.

    More information on activities and services available to people with dementia and their families and carers in Stoke on Trent can be found at, What support can I get for Dementia?  and https://stokecommunitydirectory.co.uk/ search for ‘dementia’.

    More information about Dementia Action Week can be found at

    https://www.alzheimers.org.uk/get-involved/dementia-action-week

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Grab your FREE tickets for cup final at Molineux

    Source: City of Wolverhampton

    The annual football tournament for care experienced young people aged 16 to 24 is organised by the City of Wolverhampton Council’s Reach Leaving Care Team and Wolves Foundation.

    Six-a-side teams from around the country will go head to head in a series of 8 minute matches on Saturday 14 June – culminating with the final on the same day.

    To book your free tickets, please visit Eventbrite or scan the QR code. Tickets will be issued by Ticketmaster; please note, only Ticketmaster tickets will be accepted at the turnstiles.

    The event, proudly sponsored by the EFL in the Community in partnership with the Wolves Foundation, will see 20 teams from as far away as North Yorkshire and Milton Keynes competing for 3 cups, with one being the overall Championship Cup. All participants will also receive a medal.

    Among those taking part will be Wolverhampton Warriors, who have been preparing for the finals since March, training weekly in collaboration with Wolves Foundation coaches.

    Last week they took on Staff FC, a team composed of staff from the council’s Reach Leaving Care, Participation Team, House Project and managers, at Black Country Goals, running out 4-0 winners.

    Wolverhampton Warriors’ Osarende Iyawe said: “Being part of a tournament or team can be incredibly rewarding. It gives you a chance to test your skills under pressure and brings a sense of belonging, shared goals and support. It’s about competition, but it’s also about growth and discipline.”

    Teammate Josh Hayes added: “It’s opportunity for young people in care and we have raised money for charity; this team means something.”

    Councillor Jacqui Coogan, Cabinet Member for Children, Young People and Education, said: “This is a fabulous opportunity for care experienced young people to play at one of England’s most prestigious sporting venues and to follow in the footsteps of so many of their footballing heroes.

    “We are delighted to be supporting the event, which gets bigger and better with every passing year, and I wish all the young people the very best of luck – may the best team win!”

    MIL OSI United Kingdom –

  • MIL-OSI: Partisia and Trust Stamp partner to make digital IDs safer and more private by securely linking them to unique biometrics

    Source: GlobeNewswire (MIL-OSI)

    Copenhagen, Denmark, May 15, 2025 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ today announced a strategic partnership with fellow deep tech innovator Partisia. In a major step toward strengthening digital security and privacy, the two companies will collaborate to develop a more accessible and resilient solution for biometric holder binding. This partnership aims to deliver a foundational technology for reliably and securely verifying identity across a broad range of digital platforms.

    By combining Trust Stamp’s trusted biometric technology with Partisia’s proven Multi-Party Computation (MPC) and platform for privacy-preserving data solutions the two companies are providing the digital identity and cybersecurity industry with a simplified, privacy-centric solution for securely linking digital credentials to an individual’s unique biometric data. This approach guarantees that only the legitimate owner can use the credential, without ever exposing sensitive personal information.

    Unlike traditional methods, this joint solution places user privacy at the center by ensuring that biometric data remains within the user’s control. Trust Stamp eliminates the need for traditional templates or centralized databases by transforming live biometric input into a secure, non-reversible representation. This allows users’ identities to be established cryptographically without exposing their privacy—without storing sensitive biometric data or cryptographic keys. Paired with Partisia’s MPC architecture, the result is a seamless, privacy-first identity solution built to prevent unauthorized access and eliminate single points of failure.

    A key aspect of this partnership is the leverage of GODS (Global Omnichain Data Service) Network, which enables trustworthy representation of data across networks and web3 in general. Utilizing GODS network streamlines the adoption of this approach across diverse ecosystems – including finance, digital services, government, and Web3 platforms. The interoperable credential format allows for the reuse of a verified and bound identity across multiple platforms, eliminating repetitive onboarding processes and the unnecessary exposure of personal data.

    “Our collaboration is about accelerating the industry’s progress toward delivering the ease users expect—while enabling a secure, reusable identity across platforms. It’s a step toward a future where seamless login replaces repetitive onboarding and protects personal data,” Jonathan Patscheider, Vice President at Trust Stamp says. “By joining forces with Partisia, we are making it easier for organizations to adopt best-in-class privacy-first technologies without compromising performance or user experience.”

    Mark Medum Bundgaard, Chief Product Officer at Partisia, adds: “Biometric holder binding is fundamental to establishing trust in digital identity. Our work with Trust Stamp makes this trust more accessible, demonstrating that robust privacy standards and ease of use can coexist in harmony. This partnership reflects our shared commitment to delivering tools that empower users, protect their data, and ensure broad interoperability across digital landscapes.”

    For sectors facing increasing pressure to modernize their identity systems, particularly in banking and other regulated industries, Trust Stamp and Partisia aim to introduce a unified solution, leveraging advanced biometric authentication and decentralized technology to streamline onboarding, mitigate fraud risks, and ensure compliance across sectors like finance, healthcare, and government services. The combination of a privacy-first biometric identity verification together with secure authentication mechanisms, offers a forward-looking approach to identity authentication

    Together, Trust Stamp and Partisia are building a digital identity ecosystem where individuals can prove who they are without giving up control of their personal information, and where credentials stay securely linked to the unique person they belong to.

    About Partisia.com:

    At Partisia, we’re pioneering digital trust for today’s data-sensitive world. Imagine seamless collaboration, breakthrough innovation, and a real competitive edge – all achieved without ever compromising your valuable data. Our advanced Multi-Party Computation technology, a cornerstone of everything Partisia does, makes this powerful vision a tangible reality. We cut through complex data silos and navigate stringent compliance effortlessly, empowering your organization to unlock crucial insights and forge strategic partnerships with absolute confidentiality and unwavering security. At Partisia we’re building a future where data privacy fuels progress, not hinders it.

    About Trust Stamp:

    Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

    With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    Business enquiries:

    Partisia:
    Name: Line Stephansen, Senior Business Developer
    Mail: ls@partisia.com

    Trust Stamp:
    Name: Jonathan Patscheider
    Mail: jpatscheider@truststamp.net

    The MIL Network –

  • MIL-OSI: Best Online Tarot Reading [2025] Free Love Tarot Card Reading by Experts

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, May 15, 2025 (GLOBE NEWSWIRE) —

    If you’re seeking clarity about love, life, or your future, online tarot reading can offer deep insights and meaningful guidance.

    With so many online tarot reading platforms, it can be difficult for users to know which ones are worth their time and money. That’s why tarot reading experts take a rigorous and independent approach to evaluating and ranking the best online tarot reading services each year. The goal is simple: help people find trustworthy, accurate, and user-friendly platforms that consistently deliver meaningful guidance.

    ⇒ Need answers? Start your free tarot reading session with real accuracy!

    Tarot reading experts have officially released their 2025 rankings of the best online tarot reading services, offering users a trusted guide to the most accurate and reputable tarot platforms. The site’s new list features handpicked platforms offering intuitive, confidential, and personalized tarot experiences—many with free online tarot reading options to get started. 

    With interest in online tarot reading growing steadily worldwide, the updated rankings aim to help seekers find meaningful and authentic guidance, especially in love, career, emotional clarity, and personal growth.

    ⇒ Clear answers await—book your online tarot reading with verified experts! 

    According to tarot reading experts, the surge in demand for tarot card reading online is driven by a need for instant clarity in uncertain times. From relationship struggles to professional crossroads, more people are turning to love tarot reading and other specialized services to gain deeper insight and peace of mind. 

    As digital spiritual services continue to rise in popularity, Tarot reading experts stand out as a reliable source for discovering the top-rated online tarot card reading platforms in 2025. The complete rankings are now available on their official website.

    ⇒ Need clarity? Get the most accurate tarot reading online today!

    How Tarot-Reading-Experts.com Ranks the Best Online Tarot Reading Services

    To identify the top-rated online tarot card reading services for 2025, tarot reading experts use a detailed set of criteria designed to measure each platform’s overall quality and reliability. This process involves both expert analysis and direct feedback from actual users. The following core factors are used in the rankings:

    Verified Customer Reviews: User experiences are among the most important quality indicators. Platforms with consistently positive feedback, especially in categories like free love tarot reading, money readings, and life path insight, rank higher.

    Reader Experience & Credentials: Only platforms with experienced, intuitive tarot readers with strong reputations are considered. Sites that allow users to view reader profiles, ratings, and specialties (such as tarot reading online free) are favored.

    ⇒ Start your truthful tarot reading session with real experts!

    Ease of Use: A good online tarot reading platform should be easy to navigate, both on desktop and mobile. Rankings factor in site speed, design, account setup, and how simple it is to start a session.

    Customer Satisfaction: Using surveys and review aggregation, Tarot-Reading-Experts.com measures how happy users are with the overall experience, including how insightful and helpful their tarot card reading sessions were.

    Value and Pricing Transparency: Affordability matters. Services that provide clear pricing, offer free online tarot reading trials, or include flexible packages tend to receive higher marks.

    ⇒ Experience true guidance with accurate tarot readers!

    Independent Reviews and User Surveys

    The rankings aren’t influenced by advertisers or brand partnerships. Instead, tarot reading experts use independent evaluations, detailed testing, and anonymous user surveys to ensure fairness and accuracy. By combining expert insights with real user feedback, the site provides readers with reliable information to confidently choose the best online tarot reading service for their needs.

    This approach ensures that every platform listed has been vetted for performance and its ability to deliver authentic, compassionate, and meaningful readings across all major life areas.

    ⇒ Try a professional online tarot reading you can trust!

    What Is Tarot Reading and How Does It Work?

    Tarot reading is a centuries-old practice that combines symbolic images, intuition, and emotional insight to help people better understand their situations and make empowered decisions. Though many associate tarot with fortune-telling, it’s more commonly used today for reflection, guidance, and emotional clarity, especially through online tarot reading platforms.

    The history of tarot dates back to 15th-century Europe, where it began as a playing card game. By the 18th century, tarot had evolved into a spiritual practice for divination and personal insight. Today, it’s one of the most popular forms of intuitive guidance available online.

    ⇒ Connect now with top-rated, accurate tarot readers!

    Understanding the Tarot Deck: Major and Minor Arcana

    A standard tarot deck contains 78 cards, divided into two main groups:

    • The Major Arcana: 22 cards representing major life themes and turning points, such as The Lovers, The Tower, and The Fool. These cards tend to carry strong symbolic messages and influence.
    • The Minor Arcana: 56 cards that reflect everyday situations, challenges, and emotions. These are divided into four suits—Cups, Pentacles, Swords, and Wands—each representing different areas of life like relationships, money, thoughts, and creativity.

    During a tarot card reading, a reader will arrange the cards in a specific spread (such as a three-card draw or Celtic Cross) and interpret them based on their position, symbolism, and intuitive connection to the person receiving the reading.

    ⇒ Get accurate insights from a real tarot card reading!

    How Tarot Reading Works Online

    With today’s technology, online tarot card reading has become more accessible. Readings are typically offered through chat, video calls, or phone, making it possible to receive accurate, personal insight without leaving home. Many platforms also provide a free online tarot reading as an introduction, allowing new users to test the experience before booking a longer or deeper session.

    The online format doesn’t dilute the reading. Many users find that tarot reading online provides the same emotional connection and accuracy as an in-person session. A skilled reader can tune into your energy through your words, questions, and emotional tone—no matter the distance.

    ⇒ Receive honest answers from skilled tarot readers online!

    Why Choose an Online Tarot Reading?

    An online tarot reading is a convenient and private way to gain spiritual guidance without needing to leave your home. Whether you’re facing a tough decision or simply curious about what lies ahead, tarot card reading services can provide symbolic insights that resonate with your situation.

    What to Expect from a Tarot Reading Online

    During a tarot reading online, a reader draws cards from the deck to answer questions about love, career, or your life path. Each card has a specific meaning, and its placement in the spread helps form a narrative tailored to your inquiry. Modern platforms now offer chat-based, video, or even AI-assisted tarot card reading options, making it accessible to everyone.

    ⇒ See what trusted online tarot readers have to say!

    The Best Online Tarot Reading Platforms

    Here are some features to look for when choosing the best online tarot reading service:

    • Experienced Readers: Look for platforms that screen their psychics and tarot readers.
    • User Reviews: Real testimonials help determine a platform’s reliability.
    • Free Trials or Discounts: Many sites offer a free online tarot reading or introductory rates.
    • Multiple Reading Options: From traditional tarot to oracle cards and numerology.

    Exploring Love and Relationships with Tarot

    A free love tarot reading is one of the most popular types of spreads used in online tarot reading services. Whether you’re wondering if a partner is right for you, or seeking insight into a future relationship, tarot can provide emotional clarity. A free love tarot reading is a great way to dip your toes into the world of spiritual guidance without a financial commitment.

    ⇒ Talk to accurate tarot readers for a trusted love tarot reading!

    Try a Free Online Tarot Reading Today

    If you’re new to the world of tarot, a free online tarot reading is the perfect place to start. Many platforms allow you to try out a session with no strings attached, offering both general and specific spreads, including the popular free love tarot reading option.

    ⇒  Get instant answers with a free tarot reading!

    What Questions Can Tarot Answer?

    While tarot card reading isn’t meant to predict your exact future, it does help reveal patterns, energies, and possible outcomes based on your current path. Common questions center around:

    • Love and relationships (especially through love tarot reading)
    • Career choices and work-related challenges
    • Family matters
    • Personal growth and life transitions
    • Spiritual direction or internal blocks

    The key is to approach the reading with an open mind and clear questions. For example, asking “What energy surrounds my relationship right now?” will lead to a more useful answer than “Will my ex come back?”

    ⇒ Find answers with an online tarot reading for love and life!

    Intuition and Symbolism Are at the Core

    Tarot isn’t about hard rules or set answers. Instead, it’s a collaborative process between the reader, the cards, and your energy. Each card carries layers of meaning, and skilled readers interpret those symbols in the context of your unique question or concern. Their intuition and years of practice bring each reading to life.

    Why Online Tarot Reading Is Trending in 2025

    In 2025, online tarot reading has become one of the most sought-after spiritual tools across the globe—and it’s not hard to see why. As more people turn to tarot for guidance, growth, and clarity, the convenience and effectiveness of digital readings are helping to redefine how we approach intuitive insight.

    ⇒ Find clarity in your heart with a personalized online tarot reading!

    Anytime, Anywhere Access

    One of the main reasons for the growing popularity of tarot card reading online is accessibility. With just a few taps on a phone or clicks on a laptop, users can connect with experienced tarot readers without leaving home. Whether you’re dealing with a sleepless night, going through a rough breakup, or need help making a tough decision, having access to 24/7 tarot reading online services makes it easier to get immediate answers on your schedule.

    This flexibility also eliminates the stress of commuting, scheduling weeks ahead, or sitting awkwardly in a metaphysical shop. Instead, you can enjoy a private and personalized online tarot card reading session from the comfort of your home, or even on a quick break at work.

    Affordable and Often Free to Try

    In-person readings can be expensive and inconsistent. Many users turn to free online tarot reading platforms to explore their options before paying for deeper insight. Some of the best online tarot reading services now offer free trials, introductory questions, or short sample readings to help users feel confident before committing financially.

    This affordability is especially important in today’s economy, where people still seek spiritual connection but need cost-effective ways to find it.

    ⇒ Find trusted guidance with an expert tarot reading online!

    A Shift in Global Mindset

    Another key factor behind this trend is the growing trust in digital spiritual services. People are now more open than ever to exploring holistic tools like tarot reading, astrology, and energy healing—all from their phones. The internet has made it easier to research platforms, read reviews, and choose qualified readers who match individual values or beliefs.

    What Makes a Tarot Reading Accurate?

    Not all tarot readings are created equal. While tarot card reading has always been rooted in symbolic interpretation, what truly determines its value is the depth and accuracy of the insights it provides. Whether done in person or through online tarot reading, the quality of a reading depends on a few key factors. These include the reader’s intuition, connection with the client, and ability to interpret the cards meaningfully.

    ⇒ Ready for clarity? Start your journey at Tarot-Reading-Experts.com

    It Starts with the Reader’s Intuition

    The reader’s intuitive ability is at the heart of every accurate tarot reading. Tarot cards don’t deliver concrete answers—they open the door to deeper reflection and energy-based messages. A gifted reader uses more than just the traditional meanings of the cards. They tune into the subtle emotional and energetic cues of the client, even during a tarot reading online, to understand the deeper message the cards are trying to convey.

    Online readings rely heavily on this skill, especially when video or voice isn’t involved. The best readers can still pick up on emotional energy through chat, written questions, or even how someone types.

    The Right Spread Makes a Difference

    The layout, or “spread,” used during a reading also plays a critical role. A simple three-card spread might reveal the past, present, and future of a love situation, while a Celtic Cross Spread can offer a comprehensive look into more complex issues. Skilled readers know which spread to use based on the client’s needs and how to adapt the positions to fit the question.

    Whether it’s a short, free online tarot reading or a full, in-depth session, using the right layout helps organize the message and allows for a clearer interpretation.

    Asking the Right Questions

    A precise tarot reading often begins with the client asking the right questions. Open-ended prompts such as “What can I expect if I stay in this relationship?” or “What energy surrounds my career path right now?” invite deeper, more revealing answers than closed yes-or-no questions. When clients know what they’re looking for, it’s easier for the reader to use the cards effectively, especially in free love tarot reading sessions, which are often emotionally charged.

    ⇒ Ask your question and get an honest tarot reading online!

    Interpretation Is an Art, Not a Script

    Finally, the best tarot card reading online experiences come from readers who blend intuition with empathy. They don’t just recite card meanings—they read between the lines, pick up on emotional cues, and provide guidance with compassion. They recognize that tarot is not about prediction, but about perspective.

    This combination of skill, insight, and connection separates a generic reading from a powerful one. And with more people turning to tarot reading online free platforms to test the waters, finding a reader who embodies these traits is more important than ever.

    ⇒ Choose clarity—try a reliable tarot card reading!

    Top Features to Look for in an Online Tarot Reading Platform

    With the growing popularity of online tarot reading, it’s more important than ever to know what sets a quality platform apart from the rest. Whether you’re exploring tarot card reading online for the first time or looking to switch services, paying attention to a few key features can help you get the most accurate, valuable, and enjoyable experience possible.

    Free Introductory Readings

    A reliable tarot platform often offers a free online tarot reading or a short introductory session. This allows new users to test the waters, get a feel for the reader’s style, and decide if the platform is a good fit before spending money. Whether it’s a few free minutes, a sample spread, or a trial offer, these options help build trust and transparency.

    Top-rated services now include tarot reading online free trials, making it easier for users to explore topics like love, career, or life direction without pressure.

    ⇒ Find a free or live tarot reading now at Tarot-Reading-Experts.com

    Specialty Readings for Deeper Insight

    Another important feature is the availability of specialized tarot readings. The best platforms offer more than just general readings—they include focused sessions like:

    • Love tarot reading for romantic clarity and relationship questions
    • Career and financial guidance
    • Past life readings for spiritual exploration
    • Yes/no quick reads for fast decisions

    Access to multiple categories ensures you can find the right tarot card reading online to meet your specific emotional or spiritual needs.

    ⇒ Feel confident with answers from accurate tarot readers!

    Flexible Reading Formats

    Everyone has different comfort levels, and a quality platform should offer various communication options. Look for services that allow you to choose between:

    • Live chat for quick, discreet communication
    • Phone readings for more voice-driven connection
    • Video sessions for face-to-face depth

    This flexibility enhances the online tarot card reading experience, letting you choose what feels most natural.

    Clear Policies and Satisfaction Guarantees

    Trustworthy online tarot card reading platforms stand behind their service. Look for sites that offer clear refund policies, satisfaction guarantees, or the option to switch readers if the session doesn’t resonate with you. This shows the platform values integrity and wants you to walk away feeling seen and supported.

    ⇒ Access transparent, truthful tarot card readings!

    Benefits of Tarot Card Reading Online

    As more people seek clarity and guidance from the comfort of their homes, online tarot reading has become the preferred option for many spiritual seekers. It’s not just a digital version of a traditional session—it’s an entirely enhanced experience that offers more control, flexibility, and convenience than ever before. Whether you’re interested in a quick check-in or an in-depth love tarot reading, the advantages of tarot card reading online are hard to ignore.

    1. No Need for In-Person Visits

    One of the most obvious benefits is that you no longer need to travel to a physical location to receive a reading. With online tarot card reading platforms, you can connect with experienced readers from anywhere in the world, without commuting, dressing up, or working around someone else’s schedule. This is especially helpful for those living in remote areas or facing mobility challenges.

    2. Time-Efficient and Always Accessible

    Modern life is busy, and squeezing in time for spiritual self-care isn’t always easy. That’s why tarot reading online has become so popular. Sessions can be as short as 10 minutes or as long as an hour, and many platforms offer 24/7 availability. Whether it’s early morning or late at night, you can log in and connect with a reader when it works.

    ⇒ Get your question answered by a trusted tarot expert!

    3. Greater Variety of Readers and Styles

    Online platforms offer access to a wide range of readers with different styles, backgrounds, and specialties. Looking for a compassionate guide for a love tarot reading? Or maybe you’re interested in past life insights or financial clarity? Whatever your focus, you’ll have far more options online than you’d ever find locally. The best platforms also allow you to browse reader bios, client reviews, and availability before booking.

    4. Ability to Save and Revisit Readings

    Another major perk of tarot card reading online is the ability to save session transcripts, notes, or even video/audio recordings (depending on the platform). This allows you to revisit the guidance you received and track how things unfold over time. It’s like keeping a spiritual journal, only with expert insight included.

    5. More Privacy and Emotional Comfort

    Some people find in-person sessions intimidating or emotionally overwhelming. Online tarot reading offers a layer of emotional comfort and privacy. You’re free to express yourself without judgment, and you can control the pace and format of the session. Whether it’s through chat, voice, or video, the setting is entirely yours to choose.

    ⇒ See what’s ahead with clarity from accurate tarot readers!

    6. Affordable and Often Free to Start

    Many platforms now offer free online tarot reading options or introductory discounts, making spiritual guidance more accessible than ever. Whether you’re testing the waters or looking for regular insight, affordable pricing means more people can benefit from a high-quality tarot card reading without financial strain.

    7. Global Reach, Local Convenience

    Finally, online tarot card reading breaks geographical barriers. You can connect with gifted readers across continents, bringing diverse perspectives and deeper insight into your sessions—all from your phone, tablet, or laptop.

    With so many practical and emotional benefits, it’s no surprise that the best online tarot reading services continue to attract thousands of users seeking honest, personal, and meaningful guidance.

    ⇒ Experience clarity and truth with an online tarot reading!

    How to Choose the Right Online Tarot Reader for You

    Not all tarot readers are the same, and finding the right one can make the difference between a vague session and a powerful, insightful experience. Thanks to the rise of online tarot reading, users can now access thousands of skilled readers worldwide. But with so many choices, how do you find the one that’s right for you?

    Here are the most important factors when choosing a tarot reader online.

    1. Match Their Specialty to Your Needs

    Are you seeking clarity in your love life, looking to shift careers, or hoping to understand your emotional blocks? Start by identifying the main reason you’re seeking a reading. The best online tarot reading platforms allow you to filter readers by specialty, such as free love tarot reading, life purpose, financial guidance, or spiritual healing.

    Choosing a reader specializing in your area of concern helps ensure your session will be focused, meaningful, and on target.

    ⇒ Take control of your path with a detailed tarot reading online

    2. Review Reader Profiles and Client Feedback

    On most platforms, each tarot reader has a public profile detailing their experience, reading style, and client reviews. Some also include sample readings or video introductions. Look for someone whose energy and approach resonate with you, whether you prefer direct answers, compassionate insight, or spiritual depth.

    User reviews can reveal whether the reader has a track record of an accurate tarot card reading online and how they handle different types of clients and questions.

    3. Consider Communication Style

    Think about how you’d prefer to receive your reading. Some people are more comfortable with live chat, while others feel a stronger connection through video or phone. Choose a format that matches your comfort level.

    • Chat readings are great for discreet, fast sessions
    • Phone readings allow for a more emotional connection through tone
    • Video calls offer a face-to-face experience without needing to meet in person

    Good platforms give you these options, allowing your online tarot card reading to feel as natural as possible.

    ⇒ Ask the cards and get accurate, fast results!

    4. Check Pricing and Free Trial Options

    If you’re new to tarot card reading online, you might want to try a free online tarot reading or an introductory session before committing to a full reading. Top-rated platforms offer free minutes, trial credits, or satisfaction guarantees to help first-time users feel secure in their choice.

    Even if readers charge higher rates, their feedback and experience might justify the cost. Always weigh value against budget and comfort.

    5. Trust Your Intuition

    Finally—and this is important—trust your gut. If something about a reader doesn’t sit right with you, move on. Your energy and comfort are crucial during a tarot reading online session. The right reader will feel easy to connect with, even before the cards are drawn.

    In the digital age, you have more tools than ever to find a reader who truly aligns with your energy and goals. Take your time, explore your options, and don’t be afraid to try a few different readers until you find the perfect match.

    ⇒  Find trusted tarot platforms for 2025 at Tarot-Reading-Experts.com

    Common Misconceptions About Online Tarot Reading

    Despite its growing popularity, online tarot reading still faces a range of misconceptions. Some people hesitate to explore it because of outdated ideas or confusion about how tarot works in a digital format. Clearing up these myths is essential to understanding what tarot card reading online offers and how it can be a useful tool for self-reflection and guidance.

    Let’s look at some of the most common myths and the truth behind them.

    1. Tarot Reading Only Works In Person

    One of the biggest myths is that tarot readings must happen face-to-face to be effective. In reality, energy and intention are not limited by physical space. Experienced tarot readers can connect just as powerfully over the internet as they can in person. Thanks to video, chat, and phone options, online tarot card reading sessions are often just as personal—and sometimes even more comfortable—than in-person sessions.

    Many people even prefer tarot reading online because it gives them space to open up without pressure.

    ⇒ Trusted psychics are live for your tarot card reading

    2. You Have to Believe in Magic or the Occult

    Tarot is not about casting spells or predicting fixed outcomes. While it has spiritual roots, modern tarot card reading is more commonly used as a tool for reflection, clarity, and personal growth. You don’t need to believe in any particular tradition to benefit from a session. Most readers focus on insight, emotional patterns, and life decisions rather than “fortune-telling.”

    People from all backgrounds and belief systems can use an online tarot reading or readings to understand their thoughts and gain perspective.

    3. All Tarot Readings Are Vague or Fake

    Another widespread belief is that all tarot readers give general answers that could apply to anyone. While that might be true for some low-quality providers, the best online tarot reading platforms carefully vet their readers for authenticity, accuracy, and professionalism. A skilled tarot reader will tailor their reading to your specific questions and energy, offering relevant and personal insights.

    Like with any profession, some practitioners are better than others—choosing the right one makes all the difference.

    ⇒ Don’t be left guessing—get a real tarot reading online!

    4. Free Readings Are a Scam

    It’s smart to be cautious online, but not all free online tarot reading offers are misleading. In fact, many reputable platforms give new users a few free minutes or credits to test their services. These are often real sessions, shorter in length, and designed to help you try different readers before spending money.

    Look for clear terms, transparent pricing, and tarot reading online free trials offered directly through established platforms, not through suspicious pop-ups or random ads.

    5. Tarot Readers Will Tell You What to Do

    Contrary to what some think, a tarot reading isn’t about being told what choices to make. Good readers don’t control your decisions—they offer guidance and possible outcomes based on your current path. Tarot is about self-awareness, not control. You’re still the one in charge of your life.

    A quality online tarot card reading helps you feel empowered, not dependent.

    ⇒ Real advice, no guesswork—just a precise tarot reading!

    Free Online Tarot Reading vs Paid Tarot Reading: What’s the Difference?

    There are two options in online tarot reading: free readings and paid sessions with a live tarot reader. Both have their place, but they serve very different purposes. Understanding their differences can help you decide which is right for your needs, or how to use both effectively.

    What You Get with Free Online Tarot Reading Tools

    Free online tarot reading tools are usually automated programs that let you select digital tarot cards and receive pre-written interpretations. These tools can be great for casual guidance or quick reflection. They’re available 24/7, cost nothing, and are a helpful starting point for beginners exploring tarot card reading online.

    However, these free readings lack personalization. They don’t factor in your energy, emotions, or the specific context of your question. They offer general meanings for each card, rather than weaving them together to form a complete, intuitive message.

    ⇒ Click to chat with accurate tarot readers instantly!

    The Value of Paid Tarot Reading Online

    Paid sessions connect you with a real, experienced tarot reader who can provide deeper insights and emotional connection. Live online tarot card reading sessions allow for follow-up questions, clarification, and readings that evolve with your energy in real time. They’re especially helpful for more personal topics, such as love tarot reading, career crossroads, or inner healing.

    When looking for real clarity or dealing with sensitive issues, the difference in quality and depth between a free and paid reading becomes clear.

    Start Free, Then Go Deeper

    Free readings are a great introduction to the tarot, and some of the best online tarot reading platforms even offer free minutes with real readers. But upgrading to a personalized, live tarot reading online is often the better choice for layered insight and meaningful transformation.

    ⇒ Get quick, trustworthy answers from a live tarot expert!

    Conclusion

    As virtual spiritual services continue to gain global traction, Tarot-Reading-Experts.com is setting a new benchmark with its 2025 rankings for the best online tarot reading platforms. This timely announcement highlights the growing demand for trusted, convenient, and deeply insightful tarot card reading online experiences.

    Backed by extensive research and expert evaluation, the platform’s latest report reflects the evolution of tarot in the digital age, where users now prioritize privacy, access, and quality over in-person tradition. With a rising number of individuals turning to online tarot card reading for clarity in love, career, and personal growth, the service has become a mainstay for self-guided decision-making and emotional support.

    From free online tarot reading tools to highly rated live sessions with professional readers, the online format empowers users to choose the type of experience that suits their personal needs. The most reputable platforms now offer 24/7 access, diverse reading types, and strong satisfaction guarantees, ushering in a new era of intuitive guidance that’s just a click away.

    See why thousands trust Tarot-Reading-Experts.com for online readings.

    FAQs

    Is tarot card reading online accurate?

    Yes, tarot card reading online can be just as accurate as in-person sessions. A skilled reader doesn’t need to physically touch the cards or see you in person to tune into your energy. Accuracy depends more on the reader’s experience, your openness, and the clarity of your question than on physical proximity.

    Can I get a free tarot reading online?

    Many reputable platforms offer a free online tarot reading to help new users explore their services. These can range from a few complimentary minutes with a live reader to automated card pulls with general interpretations. A tarot reading online free trial gives you a low-risk way to test out different readers, styles, or topics before committing to a paid session.

    What can I ask about in an online tarot card reading?

    You can ask about almost anything—love tarot reading is especially popular. However, readers also cover topics like career, finances, health (in a spiritual sense), family, life purpose, personal growth, and decision-making. The key is to be specific and open. The more focused your question, the more relevant your reading will likely be.

    How long does an online tarot reading usually take?

    Online tarot card reading sessions typically range from 10 minutes to an hour, depending on the platform, the number of questions you have, and your chosen format. Some services offer quick answers, while others provide deep, detailed insights. You can often choose how much time you want to spend, and many readers will let you extend the session if needed.

    Is it safe to do tarot reading online?

    Yes, as long as you use a reputable website. Look for platforms that are transparent about pricing, have verified reader profiles, and offer secure payment options. Reading reviews and checking customer ratings can also help you avoid scams. A trusted online tarot card reading site will respect your privacy and never pressure you into buying more services.

    How often should I get a tarot reading?

    That depends on your needs. Some people like to check in weekly, especially for a love tarot reading or ongoing decisions. Others prefer monthly or even just when facing a major life shift. As long as you’re not becoming dependent on the cards for every decision, you can set your own pace.

    What is the best online tarot reading service?

    The best online tarot reading service is one that offers experienced readers, accurate insights, and flexible formats like video or chat readings.

    How does a tarot reading online work?

    In a tarot reading online, a reader uses a digital interface to pull tarot cards and interpret their meanings based on your question or situation.

    What can I expect from a love tarot reading?

    A love tarot reading focuses on your romantic life, helping you understand relationship dynamics, feelings, and future possibilities.

    Where can I get a free love tarot reading?

    Many websites offer a free love tarot reading as an introduction to their services, giving you insight into your relationships at no cost.

    Are tarot card readings online private?

    Yes, most tarot card reading services ensure full privacy and confidentiality, especially during chat or video sessions.

    Can I trust free online tarot reading results?

    While a free online tarot reading gives useful insights, for deeper accuracy it’s best to consult an experienced tarot reader.

    Do I need to prepare before a tarot reading online?

    It’s helpful to come with a clear question or topic in mind to get the most accurate results from your tarot reading online.

    Are online tarot readers certified or trained?

    Reputable platforms offering the best online tarot reading often verify their readers through reviews, experience, and training.

    What device can I use for a tarot reading online?

    You can use your smartphone, tablet, or computer to access most tarot reading online platforms, anytime and anywhere.

    Can tarot readings predict the future?

    A tarot card reading offers symbolic guidance and can highlight potential outcomes, but it should be used as a tool for reflection, not absolute prediction.

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  • MIL-OSI: Xtract One Enters Master Supply Agreement with Global Entertainment Organization for Security Screening Deployment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced that the Company has entered into a Master Supply Agreement with a new customer, a leading global media and entertainment organization. Through this agreement, Xtract One’s SmartGateway has been selected as the screening technology solution that is now available at any location and will initially be deployed in a first application at an venue in Asia – with the potential of ongoing expansion at any of the brand’s growing portfolio of hundreds of entertainment venues, retail stores, and production facilities worldwide. The first installation is expected to begin in the second quarter of 2025; additional terms were not disclosed.

    “We’re energized to be working with yet another major player in the global entertainment industry, furthering the case for creating safer entertainment spaces for everyone around the world,” said Peter Evans, CEO of Xtract One. “The testing executed was some of the most rigorous that we have been subjected to, with a very detailed set of prohibited items tested, along with detailed analysis of the metrics for the guest ingress experience. Large, global organizations such as this customer have highly valuable assets to protect, and high brand equity to maintain also. We are pleased to have been tested and proven to deliver against both metrics.”

    After testing at multiple locations, Xtract One’s SmartGateway was selected for its ability to provide fast, reliable, and accurate patron screening. This agreement sets a new standard within the global entertainment industry through the entertainment company’s effort to enhance security measures and ensure the safety of all venue visitors on a global scale. The first SmartGateway deployment will occur within the next months.

    Xtract One’s SmartGateway allows for fast, frictionless entry, enhancing safety without sacrificing experience. SmartGateway’s technology uses AI-powered sensors to unobtrusively scan individuals, seamlessly detecting threats without invading guests’ privacy. The AI-driven technology reduces wait times and enables faster entry, while providing data-driven security insights that shift security operations from reactive to proactive. The Company’s Multi-Sensor Gateway portfolio was recently awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

    To learn more, visit www.xtractone.com.

    About Xtract One
    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    About Threat Detection Systems
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    Forward Looking Statements
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com   
    Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
    Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

    The MIL Network –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights
    All amounts compared to Q1 2024 unless otherwise noted

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Cost of revenue was US$73.4 million vs. US$85.4 million.
    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Net income was US$409.5 million vs. US$0.6 million.
    • Adjusted EBITDA1 was negative US$56.1 million, vs. positive US$27.32 million.
    • Cash and cash equivalents were US$215.6 million as of March 31, 2025.
    • Crypto balance: US$131.1 million as of March 31, 2025.

    Management Commentary

    “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

    Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

    Operational Summary

    Metrics Three Months Ended Mar 31
      2025 2024
    Total hash rate under management (EH/s) 24.2 22.5
    – Proprietary hash rate 12.1 8.4
    – Self-mining 11.5 6.7
    – Cloud Hash Rate – 1.7
    – Delivered but not yet hashing 0.6 –
    – Hosting 12.1 14.1
    Mining rigs under management 175,000 226,000
    – Self-owned 97,000 86,000
    – Hosted 78,000 140,000
    Bitcoin mined (self-mining only) 350 911
    Bitcoins held 1,156 58
    Total power usage (MWh) 881,000 1,361,000
    Average cost of electricity ($/MWh) 48 43
    Average miner efficiency (J/TH) 29.0 31.7
     

    Power Infrastructure Summary (as of April 30, 2025)

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 120 Online Completed
    – Gedu, Bhutan 100 Online Completed
    – Jigmeling, Bhutan 132 Online Completed
    Total electrical capacity 1,098    
    Pipeline capacity      
    – Tydal, Norway Phase 2 105 In progress Q2 2025
    – Massillon, Ohio 221 In progress Q3-Q4 2025
    – Clarington, Ohio Phase 1 266 Paused TBD
    – Clarington, Ohio Phase 2 304 Pending approval TBD
    – Jigmeling, Bhutan 368 In progress Q2 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    – Oromia Region, Ethiopia 50 In planning Q4 2025
    Total pipeline capacity 1,592    
    Total global electrical capacity 2,690    
     

    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.

    Q1 2025 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      March 31, 2025 Dec 31, 2024 March 31, 2024
    Total revenue 70.1 69.0 119.5
    Cost of revenue (73.4) (63.9) (85.4)
    Gross profit/(loss) (3.2) 5.1 34.1
    Net profit/(loss) 409.5 (531.9) 0.6
    Adjusted EBITDA (56.1) (3.8) 27.32
    Cash and cash equivalents 215.6 476.3 118.5
    US $ in millions Three Months Ended Mar 31, 2025
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 37.2 0.1 9.6 16.3 4.1
    Cost of revenue          
     – Electricity cost in operating mining rigs (24.0) – (6.8) (11.4) –
     – Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) –
     – Cost of products sold – – – – (3.3)
     – Other cash costs (3.4) – (0.9) (1.5) –
    Total cost of revenue (41.0) (0.1) (9.1) (15.4) (3.3)
    Gross profit/(loss) (3.8) – 0.5 0.9 0.8
    US $ in millions Three Months Ended Mar 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 48.4 18.1 29.0 19.5 –
    Cost of revenue          
     – Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) –
     – Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) –
     – Other cash costs (2.7) (1.0) (1.6) (1.1) –
    Total cost of revenue (37.6) (9.6) (18.6) (16.2) –
    Gross profit 10.8 8.5 10.3 3.2 –
     

    Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

    Revenue

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
    • General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
    • SEALMINER sales revenue was US$4.1 million.

    Cost of Revenue

    • Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

    Gross Profit and Margin

    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Gross margin was -4.6% vs. 28.6%.

    Operating Expenses

    • The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
      • Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
      • General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
      • Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

    Other Net Gain

    • Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. 

    Net Income

    • Net income was US$409.5 million vs. US$0.6 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$89.8 million vs. adjusted profit of US$9.72 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$56.1 million vs. positive US$27.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

    Cash Flows

    • Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
    • Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
    • Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

    Capex

    • 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

    Balance Sheet
    As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

    • US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
    • US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
    • US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
    • US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

    Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
           
      As of March 31,   As of December 31,
    (US $ in thousands) 2025   2024
    ASSETS      
    Current assets      
    Cash and cash equivalents 215,642     476,270  
    Restricted cash 12,107     9,144  
    Cryptocurrencies 131,144     77,537  
    Trade receivables 10,263     9,627  
    Amounts due from a related party 15,810     15,512  
    Prepayments and other assets 335,071     291,929  
    Inventories 153,740     64,888  
    Financial assets at fair value through profit or loss 4,540     4,540  
    Total current assets  878,317     949,447  
           
    Non-current assets      
    Restricted cash 5,906     8,212  
    Prepayments and other assets 46,652     18,244  
    Financial assets at fair value through profit or loss 35,428     37,981  
    Mining rigs 101,581     67,324  
    Right-of-use assets 75,338     69,273  
    Property, plant and equipment 302,210     251,377  
    Investment properties 30,529     30,723  
    Intangible assets 78,303     83,235  
    Goodwill 35,818     35,818  
    Deferred tax assets 8,543     6,220  
    Total non-current assets  720,308     608,407  
    TOTAL ASSETS  1,598,625     1,557,854  
           
    LIABILITIES      
    Current liabilities      
    Trade payables 50,729     31,471  
    Other payables and accruals 38,098     40,617  
    Amounts due to a related party 7,788     8,747  
    Income tax payables 2,437     2,729  
    Derivative liabilities 256,775     763,939  
    Deferred revenue 61,016     39,029  
    Borrowings 215,436     208,127  
    Lease liabilities 6,895     5,460  
    Total current liabilities  639,174     1,100,119  
           
    Non-current liabilities      
    Other payables and accruals 1,786     1,650  
    Deferred revenue 68,449     90,200  
    Lease liabilities 78,846     72,673  
    Deferred tax liabilities 15,721     16,614  
    Total non-current liabilities 164,802     181,137  
    TOTAL LIABILITIES  803,976     1,281,256  
           
    NET ASSETS  794,649     276,598  
           
    EQUITY      
    Share capital *   *
    Treasury equity (181,065 )   (160,926 )
    Accumulated deficit (239,531 )   (649,004 )
    Reserves 1,215,245     1,086,528  
    TOTAL EQUITY 794,649     276,598  
     

    * Amount less than US$1,000

    BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME
           
       Three months ended March 31, 
    (US $ in thousands) 2025   2024
           
    Revenue 70,128     119,506  
    Cost of revenue (73,353 )   (85,375 )
    Gross profit / (loss) (3,225 )   34,131  
    Selling expenses (1,393 )   (1,690 )
    General and administrative expenses (15,389 )   (14,969 )
    Research and development expenses (59,014 )   (21,164 )
    Other operating income / (expenses) (7,789 )   1,746  
    Other net gain 503,050     2,447  
    Profit from operations 416,240     501  
    Finance income / (expenses) (9,343 )   151  
    Profit before taxation 406,897     652  
    Income tax benefit / (expenses) 2,576     (46 )
    Profit for the period 409,473     606  
    Other comprehensive income      
    Income for the period 409,473     606  
    Other comprehensive income for the period    
    Item that may be reclassified to profit or loss      
    Exchange differences on translation of financial statements 166     32  
    Other comprehensive income for the period, net of tax 166     32  
    Total comprehensive income for the period 409,639     638  
           
    Earnings / (loss) per share (in US$)      
    Basic 2.15     0.01  
    Diluted (0.37 )   0.01  
    Weighted average number of shares outstanding (thousand shares)
    Basic 190,199     114,843  
    Diluted 228,561     117,041  
               
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
           
    Cash flows from operating activities      
    Cash used in operating activities: (280,889 )   (132,867 )
    Interest paid on leases (702 )   (652 )
    Interest paid on borrowings (4,493 )   (465 )
    Interest received 2,724     1,813  
    Income tax paid (628 )   –  
    Net cash used in operating activities  (283,988 )   (132,171 )
           
    Cash flows from investing activities      
    Purchase of property, plant and equipment, investment properties and intangible assets (44,770 )   (29,615 )
    Purchase of mining rigs (955 )   (1,560 )
    Purchase of financial assets at fair value through profit or loss (132 )   (992 )
    Purchase of cryptocurrencies (18,159 )   –  
    Proceeds from disposal of cryptocurrencies 12,283     90,380  
    Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 )   –  
    Net cash generated from / (used in) investing activities  (73,603 )   58,213  
           
    Cash flows from financing activities      
    Capital element of lease rentals paid (1,942 )   (1,338 )
    Proceeds from issuance of shares for exercise of share rewards 530     37  
    Proceeds from issuance of ordinary shares, net of transaction costs 118,403     49,931  
    Payment for the future issuance cost –     (303 )
    Acquisition of treasury shares (21,010 )   –  
    Payment for transaction costs in connection with convertible senior notes (1,119 )   –  
    Net cash generated from financing activities  94,862     48,327  
           
    Net decrease in cash and cash equivalents  (262,729 )   (25,631 )
    Cash and cash equivalents at the beginning of the period 476,270     144,729  
    Effect of movements in exchange rates on cash and cash equivalents held 2,101     (637 )
    Cash and cash equivalents at the end of the period 215,642     118,461  
     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

    BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
    Adjusted EBITDA      
    Profit for the period 409,473     606  
    Add：      
    Depreciation and amortization 25,387     18,187  
    Income tax (benefit) / expenses (2,576 )   46  
    Interest (income) / expense, net 10,880     (608 )
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted EBITDA (56,145 )   27,3392  
           
    Adjusted Profit / (loss)      
    Profit for the period 409,473     606  
    Add：      
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted Profit / (loss) (89,836 )   9,7142  
     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    ____________________________
    1     “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The MIL Network –

  • MIL-OSI: Next Hydrogen Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.

    “The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”  

    Q1 2025 Financial Highlights

    • Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.
    • Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.
    • Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.

    Management is proud to highlight several recent milestones that demonstrate significant recent progress:

    • In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.
    • Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
    • In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.
    • In March 2025, Next Hydrogen received ISO 9001-2015 and ISO 45001-2018 certifications for its 6610 Edwards Boulevard site in Mississauga, Canada. This demonstrates and certifies Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes. These certifications show that the Company has an efficient operating system capable of scaling to support its expanding customer base.
    • In March 2025, the Company appointed Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta filled the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development at Jenner Renewable Consulting, with 22 years of experience in renewable energy, leading technical reviews, due diligence, and development for over 2,500MW of wind and solar projects in the Americas. She served on the Canadian Wind Energy Association’s Board from 2008 to 2015 and was Chairperson in 2011. Her extensive expertise in renewable energy and project development is crucial for the Company’s growth.
    • As of December 2024, the Company closed a private placement offering (the “Offering”) and received unsecured convertible debentures (each, a “Debenture”) consisting of about $2.7M principal amount of Debentures. Next Hydrogen intends to use the proceeds of the Offering to invest in its scale-up efforts and for general corporate purposes.
    • In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel.
    • In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance.
    • In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025.
    • In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure.

    For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.

    In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

    Cautionary Statements

    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

  • MIL-OSI: Sumanth Channabasappa Brings Industry-Defining Technology Expertise to Vetty

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Vetty, the one-stop shop hiring acceleration platform, announced that Sumanth Channabasappa has joined the company effective May 5, 2025.

    An entrepreneur, growth strategist, product and technology leader and venture capitalist, Channabasappa brings deep expertise in emerging technologies, including real-time communications, cybersecurity, cloud computing, AI and frontier platforms to Vetty. With over 50 patents and international publications to his credit, Channabasappa is known for driving innovation and reshaping global markets through his work.

    As a venture investor, Channabasappa evaluated over 800 scale-ups annually to identify breakthrough technologies and high-impact opportunities for seed to Series A/B investments. In addition, he has advised numerous growth-stage companies and mentored hundreds of startups and entrepreneurs across North America, Europe and Asia, helping boards and CEOs navigate disruption, leverage frontier technologies and effectively scale businesses while building an enduring competitive advantage.

    “Sumanth’s background speaks for itself. Between his work on the product side and his understanding of market needs, he is able to take technologies and turn them into industry-leading solutions with global reach,” said Vetty CEO Jason Putnam. “Along with his expertise, Sumanth brings energy, inspiration and innovation to the Vetty team as we continue to charge forward.”

    Channabasappa commented, “Having spent much of my career building technologies at national and global scales, I know an interesting opportunity when I see one, and that’s Vetty. There’s real excitement here – smart people, bold ideas and the ambition to keep growing. It’s a great time to join this exceptional team and draw on my own experience as Vetty scales.”

    ABOUT VETTY
    Vetty is a one-stop shop hiring acceleration platform where companies can expeditiously complete their screening, credentialing, hiring and onboarding of prospective candidates. Companies count on Vetty to accelerate the time from offer to active and deliver clearly measurable ROI. Learn more at https://vetty.co.

    Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.

    Media Contact:
    Kate Achille
    The Devon Group for Vetty
    kate@devonpr.com  

    The MIL Network –

  • MIL-OSI: Marex Group plc announces strong results for first quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the first quarter (‘Q1 2025’).

    Ian Lowitt, Group Chief Executive Officer, stated, “Robust levels of client activity across our businesses and positive market conditions led to a strong performance in the first quarter of the year. Adjusted profit before tax grew 42% year-on-year, driven by strong revenue growth in all our business segments. This reflects the continued successful execution of our strategy to expand our geographic footprint and product capabilities, growing our client base, increasing diversification and driving greater earnings resilience. In early April, we experienced some very high-volume days which we processed successfully, reflecting the operational resilience of our platform. We maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients. We were also delighted with the strong demand from investors for our second follow-on equity offering in challenging markets, further increasing our public float, as well as another successful debt issuance, further diversifying our sources of funding and increasing our liquidity position.”

    Financial and Operational Highlights:

    • Strong Q1 performance: Robust client activity and positive market conditions drove 42% growth in Adjusted Profit before Tax1 to $96.3 million
    • Revenue increased by 28% to $467.3m with strong revenue growth across all our business segments
      • Agency and Execution in particular increased revenue by 42% to $239.5m, driven by growth in Securities revenues across asset classes and continued build-out of Prime Services, as well as strong growth in the Energy business
    • April market conditions: At the start of April, we experienced highly elevated volumes which have since returned to more normalised levels. Our ability to process these volumes demonstrates the operational resilience of the firm and scalability of our platform. We also maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients
    • Executed growth strategy: Aarna Capital acquisition completed at the end of March, growing our Clearing presence in the Middle East, as we continued to diversify our platform and drive greater earnings resilience
    • Successful secondary equity placement: Significantly oversubscribed transaction resulted in existing shareholders placing an upsized 11.8 million shares with institutional investors in April, further increasing public float to approximately 70%
    • Prudent approach to capital and funding: Successfully issued $500 million 3-year senior unsecured notes in May, further diversifying our funding sources while maintaining a strong capital and liquidity position
    • Dividend: Q1 2025 dividend increased to $0.15 per share, to be paid in the second quarter of 2025
    Financial Highlights: ($m)   3 months ended 31 March 2025   3 months ended 31 March 2024   Change
                 
    Revenue   467.3   365.8   28%
    Profit Before Tax   98.0   58.9   66%
    Profit Before Tax Margin (%)   21%   16%   500 bps
    Profit After Tax   72.5   43.6   66%
    Profit After Tax Margin (%)   16%   12%   400 bps
    Return on Equity (%)   29%   23%   600 bps
    Basic Earnings per Share ($)2   0.98   0.60   63%
    Diluted Earnings per Share ($)2   0.92   0.56   64%
                 
    Adjusted Profit Before Tax1   96.3   67.7   42%
    Adjusted Profit Before Tax Margin (%)1   21%   19%   200 bps
    Adjusted Profit after Tax            
    Attributable to Common Equity1   68.2   48.9   39%
    Adjusted Return on Equity (%)1   30%   29%   100 bps
    Adjusted Basic Earnings per Share ($)1,2   0.97   0.74   31%
    Adjusted Diluted Earnings per Share ($)1,2   0.91   0.69   32%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.
    2. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).
         
      Conference Call Information:
    Marex’s management will host a conference call to discuss the Group’s financial results today, 15 May 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here: https://edge.media-server.com/mmc/p/zudci4bx/

    Enquiries please contact:
    Marex
    Investors – Adam Strachan
    +1 914 200 2508 / astrachan@marex.com

    Media – Nicola Ratchford, Marex / FTI Consulting US / UK
    +44 7786 548 889 / nratchford@marex.com / +1.716.525.7239/ +44 7976870961
    | marex@fticonsulting.com

    		  
         


    Financial Review

    The following table presents summary financial results and other data as of the dates and for the periods indicated:

    Summary Financial Results

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    – Net commission income   250.7   218.9   15%
    – Net trading Income   159.1   106.2   50%
    – Net interest income   53.4   35.6   50%
    – Net physical commodities income   4.1   5.1   (20)%
    Revenue   467.3   365.8   28%
                 
    Compensation and benefits   (291.7)   (229.9)   27%
    Depreciation and amortisation   (7.9)   (7.8)   1%
    Other expenses   (73.8)   (69.6)   6%
    Provision for credit losses   —   0.3   n.m.2
    Bargain purchase gain on acquisitions   3.4   —   n.m.2
    Other income   0.7   0.1   600%
    Profit Before Tax   98.0   58.9   66%
    Tax   (25.5)   (15.3)   67%
    Profit After Tax   72.5   43.6   66%
    Reconciliation to Adjusted Profit Before Tax1            
    Profit Before Tax   98.0   58.9   66%
    Bargain purchase gain   (3.4)   —   n.m.2
    Acquisition related costs   —   0.2   n.m.2
    Amortisation of acquired brands and customer lists   1.3   0.8   63%
    Activities relating to shareholders   —   2.4   n.m.2
    Owner fees   0.4   1.7   (76)%
    IPO preparation and public offering of ordinary shares   —   3.7   n.m.2
    Adjusting items   (1.7)   8.8   (119)%
    Adjusted Profit Before Tax1   96.3   67.7   42%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. n.m. = not meaningful to present as a percentage.

    Costs and Group Headcount

    The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group’s performance. The table below provides the Group’s management view of costs:

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Front office costs1   (258.4)   (210.1)   23%
    Control and support costs1   (106.8)   (80.6)   33%
    Total   (365.2)   (290.7)   26%

    1) Management review Front Office Costs and Control and Support Costs when assessing Adjusted Profit Before Tax performance. These costs are included within compensation and benefits, other expenses and depreciation and amortisation in the Statutory Income Statement provided above.

    The following table provides a breakdown of Front Office and Control and Support Headcount

    Full Time Equivalent (‘FTE’) headcount1 31 March 2025   31 March 2024       31 March 2025   31 March 2024    
      Average   Average   Change   End of Period   End of Period   Change
    Front office 1,284   1,236   4%   1,288   1,250   3%
    Control and support 1,183   1,015   17%   1,215   1,030   18%
    Total 2,467   2,251   10%   2,503   2,280   10%

    1) For analysis purposes, average headcount is used in the performance commentary outlined below.

    Performance for the three months ended 31 March 2025

    Revenue grew by 28% to $467.3m (Q1 2024: $365.8m) with strong growth across all business segments, as we continue to diversify our platform and drive greater earnings resilience. This growth was driven by robust client activity and positive market conditions.

    Net commission income increased by 15% to $250.7m (Q1 2024: $218.9m). The growth was driven by Agency and Execution, which grew 22% to $182.9m (Q1 2024: $150.5m) reflecting a strong performance in Securities and Energy, supported by record transaction volumes.

    Net trading income increased by 50% to $159.1m (Q1 2024: $106.2m). The growth was driven by a $40.8m increase in Agency and Execution to $49.9m (Q1 2024: $9.1m), mainly due to Rates, FX and Equities. The most significant contribution came from the continued build-out of our Prime Services capabilities, which grew by $33.4m, including growth in our securities based swaps offering. In addition, Net trading income in our Market Making segment increased by $10.7m to $54.9m (Q1 2024: $44.2m) driven by growth in all asset classes.

    Net interest income increased by 50% to $53.4m (Q1 2024: $35.6m) reflecting $5.8bn growth in average balances to $17.1bn, which more than offset lower average Fed Funds rates compared to Q1 2024.

    Front office costs increased by 23% to $258.4m (Q1 2024: $210.1m), predominantly reflecting higher compensation costs on strong revenue performance across the Group. Front office headcount growth reflected restructuring activity in Agency and Execution and reallocation of FTE from front office to control and support in Q2 2024. Excluding these, average front office FTE headcount grew by 11% year on year.

    Control and support costs increased by 33% to $106.8m (Q1 2024: $80.6m). This was primarily driven by investment in technology to support automation and business growth, as well as investments in our finance, risk, and compliance functions to support our controlled growth and development as a public company. This also included specific investments relating to acquisitions and our compliance with Sarbanes-Oxley.

    Reported Profit Before Tax increased by 66% to $98.0m (Q1 2024: $58.9m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $10.5m to $(1.7)m (Q1 2024: $ 8.8m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to IPO-related costs and owner fees in Q1 2024, as well as a bargain purchase gain on an acquisition in Q1 2025.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased by 42% to $96.3m (Q1 2024: $67.7m) and Adjusted Profit Before Tax Margin1 improved to 21% (Q1 2024: 19%), while Profit After Tax Margin increased to 16% (Q1 2024: 12%).

    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
        3 months ended 31 March 2025   3 months ended 31 March 2024   Change
    Average Fed Funds rate   4.3%   5.3%   (100)bps
    Average balances ($bn)1   17.1   11.3   5.8
    Interest income ($m)   178.9   147.3   31.6
    Interest paid out ($m)   (59.6)   (60.9)   1.3
    Interest on balances ($m)   119.3   86.4   32.9
    Net yield on balances   2.8%   3.1%   (30)bps
    Average notional debt securities ($bn)   (4.1)   (2.5)   (1.6)
    Yield on debt securities %   6.6%   8.1%   (150)bps
    Interest expense ($m)   (65.9)   (50.8)   (15.1)
    Net Interest Income ($m)   53.4   35.6   17.8
    1. Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    Segmental performance

    Clearing

    Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.

    Performance for the three months ended 31 March 2025

    Clearing performed well with revenue increasing 18% to $119.2m (Q1 2024: $100.7m). This was driven by net interest income which rose by $18.2m to $48.4m (Q1 2024: $30.2m) reflecting higher average balances as we continued to add new clients, more than offsetting lower average Fed Funds rates compared to Q1 2024. Net commission income reduced by 2%, $1.7m, as positive performance in energy and metals was offset by lower levels of activity in agriculture, which benefited from higher volatility in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 increased by 14% to $56.6m (Q1 2024: $49.8m). Adjusted Profit Before Tax Margin1 decreased by 200 bps to 47% (Q1 2024: 49%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Net commission income   67.8   69.5   (2%)
    Net interest income   48.4   30.2   60%
    Net trading income   3.0   1.0   200%
    Revenue   119.2   100.7   18%
    Front office costs   (42.2)   (33.5)   26%
    Control and support costs   (20.3)   (17.3)   17%
    Depreciation and amortisation   (0.1)   (0.1)   —%
                 
    Adjusted Profit Before Tax ($m)1   56.6   49.8   14%
    Adjusted Profit Before Tax Margin1   47%   49%   (200)bps
                 
    Front office headcount (No.)2   273   266   3%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Contracts cleared (m)   1,161   913   27%
    Market volumes (m)3   11,891   10,194   17%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for Q1 25 and Q1 24.
    3. On a twelve month rolling basis.

    Agency and Execution

    Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.

    Our energy division provides essential liquidity to clients by connecting buyers and sellers in the OTC energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and fuel oil, LPG (liquefied petroleum gas) and middle distillates globally. We achieve this through the breadth and depth of the service we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.

    Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offering across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.

    Performance for the three months ended 31 March 2025

    Revenue increased by 42% to $239.5m (Q1 2024: $168.1m). Securities revenues, increased by $56.1m to $151.0m (Q1 2024: $94.9m) driven by growth in all asset classes from a significant increase in transaction volumes. The most significant contribution came from the continued build out of our Prime Services offering, including growth in securities based swaps. This was supplemented further by strong growth in our Energy business where revenues increased by $15.0m to $88.2m (Q1 2024: $73.2m), reflecting a combination of record volumes, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased by 152% to $56.7m (Q1 2024: $22.5m) while Adjusted Profit Before Tax Margin1 increased to 24% (Q1 2024: 13%) The margin improvement was driven by the benefit from restructuring in the business, as well as growth in higher margin activity, particularly Prime Services.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Securities   151.0   94.9   59%
    Energy   88.2   73.2   20%
    Other revenue   0.3   —   n.m.3
    Revenue   239.5   168.1   42%
    Front office costs   (161.7)   (131.0)   23%
    Control and support costs   (21.0)   (14.1)   49%
    Provision for credit losses   —   (0.3)   n.m.3
    Depreciation and amortisation   (0.1)   (0.2)   (50)%
                 
    Adjusted Profit Before Tax ($m)1   56.7   22.5   152%
    Adjusted Profit Before Tax Margin1   24%   13%   1,100 bps
                 
    Front office headcount (No.)2   670   679   (1)%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Marex volumes: Energy (m)4   60   51   18%
    Marex volumes: Securities (m)4   302   249   21%
    Market volumes: Energy (m)4   1,816   1,477   23%
    Market volumes: Securities (m)4   11,330   9,872   15%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage.
    4. On a rolling twelve month basis

    Market Making

    Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.

    Performance for the three months ended 31 March 2025

    Revenue increased by 27% to $52.9m (Q1 2024: $41.8m). This was driven by growth in all asset classes, in particular Securities revenues which increased by $7.2m primarily from growth in stock lending, which complements our Prime Services offering within Agency and Execution. Metals revenues growth was more muted, at 6%, due to the uncertainty arising from the potential implementation of global tariffs on base metals.

    Adjusted Profit Before Tax1 increased by 58% to $16.8m (Q1 2024: $10.6m), while Adjusted Profit Before Tax Margin1 increased to 32% (Q1 2024: 25%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Metals   22.7   21.4   6%
    Agriculture   7.2   5.6   29%
    Energy   8.6   7.6   13%
    Securities   14.4   7.2   100%
    Revenue   52.9   41.8   27%
    Front office costs   (28.9)   (22.9)   26%
    Control and support costs   (7.1)   (8.2)   (13)%
    Depreciation and amortisation   (0.1)   (0.1)   0%
                 
    Adjusted Profit Before Tax ($m)1   16.8   10.6   58%
    Adjusted Profit Before Tax Margin1   32%   25%   700 bps
                 
    Front office headcount (No.)2   144   125   15%
                 
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for Q1 25 and Q1 24.

    Hedging and Investment Solutions

    Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

    Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

    Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.

    Performance for the three months ended 31 March 2025

    Revenue grew by 9% to $45.0m (Q1 2024: $41.3m) driven by continued strong client demand and as we expanded the sales team which led to the onboarding of new clients. Financial products increased 41% to $30.7m (Q1 2024: $21.8m) as structured notes balances grew 49%. Hedging solutions decreased by 27% to $14.3m (Q1 2024: $19.5m) reflecting higher volatility in agriculture in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 decreased by 7% to $11.1m (Q1 2024: $11.9m), while Adjusted Profit Before Tax Margin1 decreased to 25% (Q1 2024: 29%), reflecting investment in our sales team and as a result of ongoing investment in our technology and platform to support future growth.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Hedging solutions   14.3   19.5   (27)%
    Financial products   30.7   21.8   41%
    Revenue   45.0   41.3   9%
    Front office costs   (25.6)   (22.7)   13%
    Control and support costs   (8.1)   (6.6)   23%
    Depreciation and amortisation   (0.2)   (0.1)   100%
                 
    Adjusted Profit Before Tax ($m)1   11.1   11.9   (7)%
    Adjusted Profit Before Tax Margin1   25%   29%   (400 bps)
                 
    Front office headcount (No.)2   197   166   19%
    Structured notes balance ($m)3   3,123.3   2,095.6   49%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. The Structured Notes portfolio consisted of 5,099 notes with an average maturity of 16 months and a total value of $3,123.3m (2024: 2,999 notes with an average maturity of 15 months and a total value of $2,095.6m).

    Corporate

    The Corporate segment includes the Group’s control and support functions. Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate Net Interest Income is derived through earning interest on house cash balances placed at banks and exchanges.

    Revenue decreased by $3.2m to $10.7m (Q1 2024: $13.9m) driven by lower investment returns on House cash balances from a reduction in the average Fed Funds rate.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Revenue   10.7   13.9   (23%)
    Control and support costs3   (50.3)   (34.4)   46%
    (Provision)/recovery for credit losses   —   0.6   (100%)
    Depreciation and amortisation   (6.0)   (7.3)   (18%)
    Other income   0.7   0.1   600%
                 
    Adjusted Loss Before Tax ($m)1   (44.9)   (27.1)   66%
                 
    Control and support headcount (No.)2   1,183   1,015   17%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during Q1 25 with total equity increasing by $69.3m, 7% to $1,046.2m as a result of strong profitability during the quarter.

    Total assets and total liabilities have been steady during the first quarter. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased slightly from $24.3bn as at 31 December 2024 to $24.4bn as at 31 March 2025 with growth in Securities balances broadly offset by a reduction in Trade Receivables.

    Total liabilities remained steady at $23.3bn; an increase of $0.5bn due to issuance of Debt Securities was offset by a $0.5bn reduction in Trade Payables.

        31 March 2025   31 December 2024    
        $m   $m   Change
    Cash & Liquid Assets1   6,200.4   6,213.0   —%
    Trade Receivables   7,225.2   7,553.2   (4%)
    Reverse Repo Agreements   2,499.4   2,490.4   —%
    Securities2   6,749.0   6,459.7   4%
    Derivative Instruments   1,132.4   1,163.5   (3%)
    Other Assets3   268.6   199.7   35%
    Goodwill and Intangibles   279.5   233.0   20%
    Total Assets   24,354.5   24,312.5   —%
    Trade Payables   9,204.0   9,740.4   (6%)
    Repurchase Agreements   2,386.0   2,305.8   3%
    Securities4   6,450.3   6,656.7   (3%)
    Debt Securities   4,072.6   3,604.5   13%
    Derivative Instruments   798.4   751.7   6%
    Other Liabilities5   397.0   276.5   44%
    Total Liabilities   23,308.3   23,335.6   —%
    Total Equity   1,046.2   976.9   7%
    1. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    2. Securities assets are equity instruments and stock borrowing.
    3. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    4. Securities liabilities are stock lending and short securities.
    5. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

     Liquidity

        31 March   31 December
        2025   2024
        $m   $m
    Total available liquid resources   2,682.4   2,439.8
    Liquidity headroom   1,217.4   1,060.0

    A prudent approach to capital and liquidity and commitment to maintaining an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 31 March 2025, the Group held $2,682.4m of total available liquid resources, including the undrawn portion of the RCF (2024: $2,439.8m).

    Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds and unencumbered securities guaranteed by the U.S. Government. The Group also includes any undrawn portion of its committed revolving credit facility (‘RCF’) in its total available liquid resources. The unsecured revolving credit facility of $150m remains undrawn as at 31 March 2025 (31 December 2024: $150m, undrawn). Facilities held by operating subsidiaries, and which are only available to that relevant subsidiary, have been excluded from these figures as they are not available to the entire Group.

    Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systemic and idiosyncratic risk factors.

    Regulatory capital

    The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.

    The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 31 March 2025 was determined by the Own Funds Threshold Requirement (‘OFTR’) set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.

    The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.

    The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 31 March 2025 and 31 December 2024:

        31 March
    2025    		   31 December
    2024
        $m   $m
    Core equity Tier 1 Capital1   652.5   623.9
    Additional Tier 1 Capital (net of issuance costs)   97.6   97.6
    Tier 2 Capital   1.4   1.6
    Total Capital resources   751.5   723.1
             
             
    Own Funds Threshold Requirement2   308.8   308.8
    Total Capital ratio3   243%   234%
    1. Total Capital Resources include unaudited results for the financial period.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest ICARA process.
    3. The Group’s Total Capital Resources as a percentage of Own Funds Requirement.

    At 31 March 2025, the Group had a Total Capital Ratio of 243% (31 December 2024: 234%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in total capital resources due to profit (unaudited) in 2025.

    Dividend

    The Board of Directors approved an interim dividend of $0.15 per share, expected to be paid on 10 June 2025 to shareholders on record as at close of business on 27 May 2025.

    Forward Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the ongoing conflict in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended 31 December 2024 filed with the Securities and Exchange Commission (the “SEC”) as updated by our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. Items (i) to (xi) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.

    Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the period ended 31 March 2025 and 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 March of the current year. For the three months ended 31 March 2025 and 2024, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.

    We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is Return on Equity, which is calculated as profit after tax for the period divided by average equity. Average Equity for the period ended 31 March 2025 and 2024 is calculated as the average of total equity at 31 December of the prior year and 31 March of the current year. For the three months ended 31 March 2025 and 2024, Return on Equity is calculated for comparison purposes on an annualised basis as Profit After Tax for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.

    We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

    These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.

    These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:

    • they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
    • they do not reflect impairment of goodwill;
    • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
    • the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.

    Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.

    We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.

    Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:

    “FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.

    “Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.

    “Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    “Trades Executed” means the total number of trades executed on our platform in a given year.

    “Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.

    “Contracts Cleared” means the total number of contracts cleared in a given period.

    “Market Volumes” are calculated as follows:

    • All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
    • Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
    • Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
    • Metals, agriculture and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

        3 months ended 31 March 2025   3 months ended 31 March 2024
             
        $m   $m
    Profit After Tax   72.5   43.6
    Taxation charge   25.5   15.3
    Profit Before Tax   98.0   58.9
    Goodwill impairment charge1   —   —
    Bargain purchase gain (provisional accounting)2   (3.4)   —
    Acquisition costs3   —   0.2
    Amortisation of acquired brands and customer lists4   1.3   0.8
    Activities relating to shareholders5   —   2.4
    Employer tax on vesting of the growth shares6   —   —
    Owner fees7   0.4   1.7
    IPO preparation costs8   —   3.7
    Fair value of the cash settlement option on the growth shares9   —   —
    Public offering of ordinary shares10   —   —
    Adjusted Profit Before Tax   96.3   67.7
    Tax and the tax effect on the Adjusting Items11   (24.8)   (15.5)
    Profit attributable to AT1 note holders12   (3.3)   (3.3)
    Adjusted Profit After Tax Attributable to Common Equity   68.2   48.9
             
    Profit after Tax Margin   16%   12%
    Adjusted Profit Before Tax Margin13   21%   19%
             
    Basic Earnings per Share ($)   0.98   0.60
    Diluted Earnings per Share ($)   0.92   0.56
             
    Adjusted Basic Earnings per Share ($)14   0.97   0.74
    Adjusted Diluted Earnings per Share ($)14   0.91   0.69
             
    Weighted average number of shares14   70,541,771   65,683,374
    Period end number of shares14   71,231,706   68,375,690
             
    Common Equity15   913.7   676.0
    Return on Equity   29%   23%
    Adjusted Return on Equity (%)   30%   29%
    1. No goodwill impairment has been booked for either period.
    2. A bargain purchase gain was recognised as a result of the Group’s acquisition of Darton Group Limited (“Darton”) . Provisional accounting under IFRS 3 has been applied as at Q1 ’25.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of Cowen’s prime services and Outsourced Trading business.
    4. This represents the amortisation charge for the period of acquired brands and customers lists.
    5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    6. Employer tax on vesting of the growth shares represents the Group’s tax charge arising from the vesting of the growth shares.
    7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses. This agreement ended once the Group became listed, however as the calculation in based on audited full year EBITDA, the payment in Q1 25 represents the final adjustments to the fees owed.
    8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    9. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to settle the awards in ordinary shares, the liability was derecognised.
    10. Costs relating to the public offerings of ordinary shares by certain selling shareholders.
    11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period.
    14. The weighted average numbers of diluted shares used in the calculation for the three months ended 31 March 2025 and 2024 were 74,934,788 and 70,383,309 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split. As at 31 March 2025, the dilution impact was 4,393,017 shares (31 March 2024: 4,699,934 shares).
    15. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the three months ended 31 March 2025 and 2024, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year and 31 March of the current year.

    Appendix 2 – Supplementary Financial Information

    Revenue

    The following tables present the Group’s segmental revenue for the periods indicated:

    3 months ended 31 March 2025 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income 67.8   182.9   —   —   —   250.7
    Net trading income 3.0   49.9   54.9   51.3   —   159.1
    Net interest income/(expense) 48.4   5.6   (5.0)   (6.3)   10.7   53.4
    Net physical commodities income —   1.1   3.0   —   —   4.1
    Revenue 119.2   239.5   52.9   45.0   10.7   467.3
    3 months ended 31 March 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 69.5   150.5   (1.1)   —   —   218.9
    Net trading income 1.0   9.1   44.2   51.9   —   106.2
    Net interest income/(expense) 30.2   8.0   (5.9)   (10.6)   13.9   35.6
    Net physical commodities income —   0.5   4.6   —   —   5.1
    Revenue 100.7   168.1   41.8   41.3   13.9   365.8


    Consolidated Income Statement

    For the Three Months Ended 31 March 2025

        31 March
    2025    		   31 March
    2024
        $m   $m
    Commission and fee income   503.7   400.6
    Commission and fee expense   (253.0)   (181.7)
    Net commission income   250.7   218.9
    Net trading income   159.1   106.2
    Interest income   198.8   163.2
    Interest expense   (145.4)   (127.6)
    Net interest income   53.4   35.6
    Net physical commodities income   4.1   5.1
    Revenue   467.3   365.8
             
    Expenses:        
    Compensation and benefits   (291.7)   (229.9)
    Depreciation and amortisation   (7.9)   (7.8)
    Other expenses   (73.8)   (69.6)
    Provision for credit losses   —   0.3
    Bargain purchase gain on acquisition   3.4   —
    Other income   0.7   0.1
    Profit before tax   98.0   58.9
    Tax   (25.5)   (15.3)
    Profit after tax   72.5   43.6
             

    Consolidated Statement of Financial Position

    As at 31 March 2025

        31 March   31 December
        2025   2024
        $m   $m
    Assets        
    Non-current assets        
    Goodwill   225.0   176.5
    Intangible assets   54.5   56.5
    Property, plant and equipment   22.8   20.8
    Right-of-use asset   64.0   59.9
    Investments   25.7   24.0
    Deferred tax   29.5   46.7
    Treasury instruments (unpledged)   3.8   53.5
    Treasury instruments (pledged as collateral)   153.9   46.1
    Total non-current assets   579.2   484.0
             
    Current assets        
    Corporate income tax receivable   22.5   12.5
    Trade and other receivables   7,225.2   7,553.2
    Inventory   104.1   35.8
    Equity instruments (unpledged)   210.2   231.4
    Equity instruments (pledged as collateral)   4,627.2   4,446.6
    Derivative instruments   1,132.4   1,163.5
    Stock borrowing   1,911.6   1,781.7
    Treasury instruments (unpledged)   478.8   556.2
    Treasury instruments (pledged as collateral)   2,827.5   2,912.9
    Fixed income securities (unpledged)   129.7   87.7
    Reverse repurchase agreements   2,499.4   2,490.4
    Cash and cash equivalents   2,606.7   2,556.6
    Total current assets   23,775.3   23,828.5
    Total assets   24,354.5   24,312.5
        31 March   31 December
        2025   2024
        $m   $m
    Liabilities        
    Current liabilities        
    Repurchase agreements   2,386.0   2,305.8
    Trade and other payables   9,204.0   9,740.4
    Stock lending   4,481.3   4,952.1
    Short securities   1,969.0   1,704.6
    Short-term borrowings   271.1   152.0
    Lease liability   9.7   10.5
    Derivative instruments   798.4   751.7
    Corporation tax   39.0   41.9
    Debt securities   2,609.9   2,119.6
    Provisions   0.7   0.6
    Total current liabilities   21,769.1   21,779.2
    Non-current liabilities        
    Lease liability   73.4   67.0
    Debt securities   1,462.7   1,484.9
    Deferred tax liability   3.1   4.5
    Total non-current liabilities   1,539.2   1,556.4
    Total liabilities   23,308.3   23,335.6
    Total net assets   1,046.2   976.9
             
    Equity        
    Share capital   0.1   0.1
    Share premium   220.0   202.6
    Additional Tier 1 capital (AT1)   97.6   97.6
    Retained earnings   775.3   722.4
    Own shares   (48.9)   (23.2)
    Other reserves   2.1   (22.6)
    Total equity   1,046.2   976.9
             

    The MIL Network –

  • MIL-OSI United Nations: 15 May 2025 Departmental update 2025 edition of global survey to track antimicrobial resistance launches

    Source: World Health Organisation

    On 15 April 2025, the ninth round of the Tracking Antimicrobial Resistance (AMR) Country Self-assessment Survey (TrACSS) began, for completion by June 2025. TrACSS is a key component of the global AMR monitoring and evaluation framework. Since its first iteration in 2017, TrACSS has enabled countries to assess their progress in implementing multisectoral AMR national action plans (NAPs) annually.

    The Quadripartite organizations – the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO) and the World Organisation for Animal Health (WOAH) – jointly develop, launch, manage and analyze the results and WHO systems are used to administer the survey. The survey is available in all six official UN languages, and it continues to evolve in scope and depth each year.

    Being multisectoral, TrACSS covers human health, animal health, food, agriculture and environment sectors in countries. Relevant national authorities and technical focal points from the different sectors complete it online. Throughout the survey process, the Quadripartite organizations provide support at the national, regional and global levels — ensuring that countries and focal points can accurately complete the survey and act on its findings.

    Eight rounds of the survey have been completed since 2017, and the results are available at  TrACSS Global Database, an interactive platform that visualizes progress and trends over time, compares performance across countries, regions and income levels, and generates country profiles and maps.

    In 2024, a record 186 countries (96%) responded to the survey. Member States reiterated their support to TrACSS in the political declaration of the United Nations General Assembly High-Level Meeting on AMR and set a target of at least 95% submission rate to the survey by 2030.  

    National AMR multisectoral coordination mechanisms can use data from TrACSS to identify gaps and priorities for follow-up actions, supporting decision-making to strengthen the implementation of AMR NAPs. The data is also used to assess progress of the Global Action Plan on Antimicrobial Resistance, adopted in 2015 and that will be revised by 2026.  

    Countries have been invited to participate through a dedicated platform. Data from the 2025 cycle of TRACSS will be published later this year. For any questions, please contact tracss@who.int. The continued commitment of countries to participate in and use the findings from TrACSS remains critical for monitoring and advancing both national and global responses to AMR.

    About the Quadripartite organizations:

    Food and Agriculture Organization of the United Nations (FAO)

    FAO is a specialized agency of the United Nations that leads international efforts to defeat hunger. Its goal is to achieve food security for all and make sure that people have regular access to enough high-quality food to lead active, healthy lives. With 195 members – 194 countries and the European Union, FAO works in over 130 countries worldwide. www.fao.org

    UN Environment Programme (UNEP)

    UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.  For more information, please contact: UN Environment Programme www.unep.org

    World Health Organization (WHO)

    Dedicated to the well-being of all people and guided by science, the World Health Organization leads and champions global efforts to give everyone, everywhere an equal chance at a safe and healthy life. We are the UN agency for health that connects nations, partners and people on the front lines in 150+ locations – leading the world’s response to health emergencies, preventing disease, addressing the root causes of health issues and expanding access to medicines and health care. Our mission is to promote health, keep the world safe and serve the vulnerable. www.who.int

    World Organisation for Animal Health:

    WOAH is a global organisation, working to ensure the health of animals across the world. Since 1924, we have focused on the complexities of animal health. We disseminate information on animal diseases and use science-based strategies to limit their potentially negative impact on society. www.woah.org

    MIL OSI United Nations News –

  • MIL-OSI United Nations: 15 May 2025 Statement Statement on the antigen composition of COVID-19 vaccines

    Source: World Health Organisation

    Key points:

    • Vaccination remains an important public health countermeasure against COVID-19. As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO Strategic Advisory Group of Experts on Immunization (SAGE).
    • SARS-CoV-2 continues to undergo sustained evolution since its emergence in humans, with important genetic and antigenic changes in the spike protein.
    • The objective of an update to COVID-19 vaccine antigen composition is to enhance vaccine-induced immune responses to circulating SARS-CoV-2 variants.
    • The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) advises manufacturers that monovalent JN.1 or KP.2 vaccines remain appropriate vaccine antigens; monovalent LP.8.1 is a suitable alternative vaccine antigen.
    • In accordance with WHO SAGE policy, vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) continues to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. Based on these evaluations, WHO advises vaccine manufacturers and regulatory authorities on the implications for future updates to COVID-19 vaccine antigen composition. In April 2024, the TAG-CO-VAC recommended the use of a monovalent JN.1 lineage vaccine antigen as one approach to induce enhanced neutralizing antibody responses to JN.1 and its descendent lineages. In December 2024, the TAG-CO-VAC advised retaining the use of a monovalent JN.1 lineage vaccine antigen. Multiple manufacturers (using mRNA, recombinant protein-based, and adenovirus-vectored platforms) have updated COVID-19 vaccine antigen composition to monovalent JN.1 lineage formulations (JN.1 or KP.2). Several of these vaccines have been approved for use by regulatory authorities and introduced into vaccination programmes in some countries during the second half of 2024. Previous statements from the TAG-CO-VAC can be found on the WHO website.

    The TAG-CO-VAC reconvened on 6-7 May 2025 to review the genetic and antigenic evolution of SARS-CoV-2; immune responses to SARS-CoV-2 infection and/or COVID-19 vaccination; the performance of currently approved vaccines against circulating SARS-CoV-2 variants; and the implications for COVID-19 vaccine antigen composition.

    Evidence reviewed

    The published and unpublished evidence reviewed by the TAG-CO-VAC included: (1) SARS-CoV-2 genetic evolution with additional support from the WHO Technical Advisory Group on SARS-CoV-2 Virus Evolution (TAG-VE); (2) Antigenic characterization of previous and emerging SARS-CoV-2 variants using virus neutralization tests with animal antisera and further analysis of antigenic relationships using antigenic cartography; (3) Immunogenicity data on the breadth of neutralizing antibody responses elicited by currently approved vaccine antigens against circulating SARS-CoV-2 variants using animal and human sera; (4) Preliminary immunogenicity data on immune responses following infection with circulating SARS-CoV-2 variants; (5) Available vaccine effectiveness (VE) estimates of currently approved vaccines during periods of JN.1 lineage circulation; and (6) Preliminary non-clinical and clinical immunogenicity data on the performance of candidate vaccines with updated antigens shared confidentially by vaccine manufacturers with TAG-CO-VAC. Further details on the data reviewed by the TAG-CO-VAC can be found in the accompanying data annex. Confidential data reviewed by the TAG-CO-VAC are not shown.

    Summary of available evidence

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, making epidemiological trends difficult to infer. Nonetheless, in 2025, SARS-CoV-2 continues to circulate globally, causing severe disease, post COVID-19 condition, and death. The majority of COVID-19 deaths continue to occur in individuals aged 65 years and older and those with coexisting conditions. Some countries have reported an increase in incidence of COVID-19-related hospitalizations and deaths among children under 1 year of age, as compared to young adults, although this group still accounts for a small proportion of total COVID-19 hospitalizations and deaths.
    • As of May 2025, currently circulating SARS-CoV-2 variants are derived from JN.1. The weekly proportion of Variant Under Monitoring (VUM) LP.8.1 among all SARS-CoV-2 sequences submitted to GISAID continues to increase. The weekly proportion of JN.1 (Variant of Interest, VOI) is slowly increasing, largely due to increases in LF.7 and its descendent variants, while all other VUMs (KP.3, KP.3.1.1, XEC, and LB.1) are declining. 
    • Several JN.1 derived variants have independently evolved changes in the spike protein at epitopes known to be targeted by neutralizing antibodies.
    • Published and unpublished data using antisera from naïve hamsters infected with JN.1, KP.2, KP.3.1.1, XEC or LP.8.1 or mice immunized with mRNA vaccine antigens JN.1, KP.2 or KP.3 showed that JN.1, KP.2, KP.3.1.1, XEC, and LP.8.1 are antigenically closely related to each other (approximately 1 antigenic unit in cartographic analysis, which corresponds to a two-fold-difference in neutralization).
    • In published and unpublished data from humans, vaccination with monovalent JN.1 or KP.2 antigens significantly increased neutralizing antibody titers against all JN.1 descendent lineages tested:
      • Analysis of pre- and post-vaccination sera from JN.1 lineage (i.e. JN.1 or KP.2) immunized individuals demonstrated significant rises in neutralization of JN.1 and its descendent lineages, including KP.3.1.1, XEC, LF.7.2.1, and LP.8.1.
      • Neutralization titers against LP.8.1 were generally modestly lower (2-fold reduction) than those against the homologous JN.1 or KP.2 antigen.
    • Contemporary vaccine effectiveness (VE) estimates are relative (rVE), rather than absolute (comparing vaccinated to unvaccinated individuals), and demonstrate the added or incremental protection of recent vaccination over and above pre-existing infection- and vaccine-derived immunity. Monovalent JN.1 or KP.2 COVID-19 vaccines were introduced into some vaccination programmes in the second half of 2024. There are only a few studies estimating rVE for the monovalent JN.1 or KP.2 mRNA COVID-19 vaccines during periods of JN.1 descendent lineage circulation. Both vaccines demonstrated additional protection—relative to pre-existing immunity—against symptomatic and severe COVID-19 during the first three to four months after vaccination.
    • Data shared confidentially with the TAG-CO-VAC by vaccine manufacturers showed that:
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent JN.1 or KP.2 vaccines resulted in high neutralizing antibody titers against JN.1 and its derivatives including KP.2, KP.3.1.1, XEC, LP.8.1, and LF.7.2. However, neutralization titers against LP.8.1 were typically lower than those against the homologous immunizing antigen.
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent LP.8.1 vaccine candidates elicited high neutralizing antibody titers against the homologous antigen. Cross-neutralizing antibody titers elicited against other JN.1 lineage variants including JN.1, KP.2, KP.3, KP.3.1.1, XEC, and LF.7.2 were similar or modestly higher than those elicited by JN.1 or KP.2 antigens.
      • In humans, vaccination with monovalent JN.1 or KP.2 antigens resulted in robust neutralizing antibody responses to JN.1 and descendent variants, including KP.3.1.1, XEC, LP.8.1, and LF.7.2.
      • As in non-clinical data, analysis of pre- and post-vaccination sera from JN.1 or KP.2 immunized individuals showed some variation in neutralizing antibody titers against LP.8.1 and LF.7.2 across different studies. In most instances, they were similar or lower than those against the homologous JN.1 or KP.2 antigens.

    Overall, the currently approved monovalent JN.1 or KP.2 vaccines continue to elicit broadly cross-reactive immune responses to circulating JN.1-derived variants. LP.8.1 as a vaccine antigen offers similar or modestly increased cross-reactive antibody responses to circulating JN.1-derived variants, as compared to monovalent JN.1 or KP.2 vaccines. Mathematical modeling indicates that an increase in neutralizing antibody titers may translate into an improvement in vaccine effectiveness and duration of protection.

    The TAG-CO-VAC acknowledges several limitations of available data: 

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, as well as in genetic/genomic surveillance of SARS-CoV-2 globally, including low numbers of samples sequenced and limited geographic diversity. The TAG-CO-VAC strongly supports the ongoing work of the WHO Coronavirus Network (CoViNet) and the Global Influenza Surveillance and Response System (GISRS) to address this information gap.
    • The timing, specific mutations and antigenic characteristics of emerging and future variants are difficult to predict, and the potential public health impact of these variants remain unknown. There are JN.1-derived variants and long branch saltation variants that are currently detected in low or very low proportions, and which will continue to be monitored and/or characterized. The TAG-CO-VAC strongly supports the ongoing work of the TAG-VE. 
    • Although neutralizing antibody titers have been shown to be important correlates of protection from SARS-CoV-2 infection and of estimates of vaccine effectiveness, there are multiple components of immune protection elicited by infection and/or vaccination. Data on the immune responses following JN.1 descendent lineage infection or monovalent JN.1 or KP.2 vaccination are largely restricted to neutralizing antibodies. Data and interpretation of other aspects of the immune response, including cellular immunity, are limited. 
    • Immunogenicity data against currently circulating SARS-CoV-2 variants are not available for all COVID-19 vaccines. 
    • Estimates of rVE against recently circulating JN.1 variants are limited in terms of the number of studies, geographic diversity, vaccine platforms evaluated, populations assessed, duration of follow-up, and contemporary comparisons of vaccines with different antigen composition.

    Recommendations for COVID-19 vaccine antigen composition

    Monovalent JN.1 (NextStrain: 24A, GenBank: PP298019, GISAID: EPI_ISL_18872762) or KP.2 vaccines remain appropriate for ongoing use; monovalent LP.8.1 (NextStrain: 25A; GenBank: PV074550.1; GISAID: EPI_ISL_19467828) is a suitable alternative vaccine antigen.

    Other approaches that demonstrate broad and robust neutralizing antibody responses or efficacy against currently circulating JN.1 descendent lineage variants could also be considered.

    As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO SAGE. Vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    Further data requested

    Given the limitations of the evidence upon which the recommendations above are derived and the anticipated continued evolution of the virus, the TAG-CO-VAC strongly encourages generation of the following data (in addition to the types of data outlined in March 2025): 

    • Immune responses and clinical endpoints (i.e. VE and/or comparator rates of infection and severe disease) in varied human populations who receive currently approved COVID-19 vaccines against emerging SARS-CoV-2 variants, across different vaccine platforms.
    • Strengthened epidemiological and virological surveillance, as per the Standing Recommendations for COVID-19 in accordance with the International Health Regulations (2005), to determine if emerging variants are antigenically distinct and able to displace circulating variants.
    • Strengthened epidemiological surveillance to characterize disease severity in immunologically naïve and/ or immature individuals (i.e. birth cohorts).
    • Clinical evaluation of relevant new vaccine antigens derived from more recent SARS-CoV-2 variants.

    As previously stated, the TAG-CO-VAC continues to encourage the further development of vaccines that may improve protection against infection and reduce transmission of SARS-CoV-2.

    The TAG-CO-VAC will continue to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. The TAG-CO-VAC will also continue to reconvene every six months, or as needed, to evaluate the implications for COVID-19 vaccine antigen composition. At each meeting, recommendations to either maintain current vaccine composition or to consider updates will be issued. Prior to each meeting, the TAG-CO-VAC will publish an update to the statement on the types of data requested to inform COVID-19 vaccine antigen composition deliberations.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Second meeting of Hong Kong/Guangdong Expert Group on Co-developing a Smart City Cluster held (with photos)

    Source: Hong Kong Government special administrative region

    Second meeting of Hong Kong/Guangdong Expert Group on Co-developing a Smart City Cluster held       Mr Wong said in the meeting that following the inaugural meeting of the EGSCC in Guangzhou last year, members of the Expert Group had dedicated themselves to advancing the related work items. They successfully promoted key initiatives such as Hong Kong/Guangdong unified identity authentication, Cross-boundary Public Services, cultural tourism, transportation interconnection, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) 5G infrastructure deployment and large-scale commercialisation as well as the cross-boundary flow of data elements. These efforts made significant achievements for the Hong Kong/Guangdong smart city cluster. He expressed hope that the Digital Policy Office (DPO) and the Guangdong Provincial Administration of Government Service and Data could continue to maintain close co-operation to promote the synergistic digital development of the GBA city cluster, and contribute even greater efforts to the joint construction of a world-class city cluster.

         Officials from relevant bureaux and departments, including the Innovation, Technology and Industry Bureau, the Culture, Sports and Tourism Bureau, the Development Bureau, the DPO, and the Transport Department, attended the meeting on behalf of the HKSAR Government. Mainland representatives who attended the meeting included officials from the Guangdong Provincial Administration of Government Service and Data, the Guangdong Provincial Public Security Department, the Department of Transport of Guangdong Province, and the Department of Natural Resources of Guangdong Province.Issued at HKT 18:55

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Interest in building project sought

    Source: Hong Kong Information Services

    The Development Bureau today invited the market to submit expressions of interest (EOI) for the development of the Advanced Construction Industry Building at a site of about three hectares in Tsing Yi until June 19.

     

    As announced in the 2023-24 Budget, the Government had earmarked $30 million for conducting a study on the construction of the first advanced construction industry building at a site in Tsing Yi, carrying out planning and preliminary design work as well as advising on its mode of operation.

     

    The building will be the first dedicated facility for the construction industry in Hong Kong, featuring a multistorey design to house steel rebar prefabrication yards, processing sites for Multi-trade integrated Mechanical, Electrical & Plumbing (MiMEP) , and other advanced manufacturing facilities.

     

    It aims to promote the adoption of advanced construction technologies and uplift productivity and efficiency of the construction industry.

     

    It also enables better use of land and contributes to the sustainable development of the construction industry through productivity gains achieved from synergy.

     

    The bureau said that following the initial market sounding exercise conducted by the consultant, the Government is of the view that the project can be developed using the Build-Operate-Transfer (BOT) approach with a 30-year contract period to leverage market financing.

     

    Taking into account the required floor height, floor loading capacity and mode of operation of the building, and preliminary feedback from the industry, the Government expects the project to provide a two to four-storey building with a total floor area of around 30,000 to 60,000 sq m, and around 5,000 to 10,000 sq m of open space for loading/unloading and storage.

     

    The successful bidder will be responsible for constructing the building and operating the advanced manufacturing facilities related to the construction industry, including not less than 20,000 sq m of the floor area for steel rebar prefabrication yards and not less than 5,000 sq m of the floor area for MiMEP processing sites. Under the current plan, the developer is required to lease not less than 5,000 sq m of the floor area for industry use.

     

    The Government welcomes the market to submit EOIs, and offer innovative and practicable suggestions for setting up additional advanced facilities related to the construction industry in the building. The views and suggestions collected will facilitate the Government in formulating the details of the open tender.

     

    The tendering process, using a two-envelope approach that assesses both non-price and price proposals, is targeted to launch in the second half of 2025, enabling the successful bidder to commence the works by mid-next year.

     

    The bureau will hold a briefing session on the EOI invitation on May 28.

     

    The brochure of the invitation for EOI and the briefing details are available on the bureau’s website.

     

    Interested parties must deposit their EOI in the designated drop-in box of the bureau situated at 2/F Entrance, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar by noon on June 19.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: New coastal path connects Mablethorpe to Humber Bridge

    Source: United Kingdom – Executive Government & Departments

    Press release

    New coastal path connects Mablethorpe to Humber Bridge

    The latest stretch of the King Charles III England Coast Path (KCIIIECP) from Maplethorpe to Humber Bridge opens today.

    Two coastal path walkers

    Families, nature lovers and ramblers can now explore a stunning new 47 miles (75km) coastal route along Lincolnshire’s diverse shoreline.

    The new section, connecting Mablethorpe to the Humber Bridge, takes walkers from traditional seaside towns through expansive dune systems. Through nature reserves and to the industrial heritage of the Humber estuary.

    This opening creates an almost continuous 160-mile coastal route from Sutton Bridge to Easington, with just 2 small gaps at Gibraltar Point bridge and Immingham.

    Natural England’s Deputy Director for Natural England in the East Midlands Victoria Manton, said:

     “This new stretch of the King Charles III England Coast Path will give people from all over the country access to our beautiful local coastline, connecting them with nature and providing health and wellbeing benefits. The trail will also support the local economy – bringing walkers and visitors to the towns and villages for daytrips, refreshments and places to stay.”

    Chris Miller, Head of Environment at Lincolnshire County Council said:

    “With these latest additions to the King Charles III England Coast Path coming to fruition we can now provide one of the most spectacular walks anywhere in the country.”

    “This is the outcome of several agencies working together to give legal access to a unique part of the country for people to enjoy. There is a vast array of wildlife and topography that you only get on our coast and now anyone who wants to see it, can do so for free.”

    The route showcases the remarkable diversity of Britain’s coastline. Visitors can experience the traditional seaside charm of Mablethorpe, with its donkey rides and holiday parks, before discovering the tranquillity of Saltfleetby and Theddlethorpe National Nature Reserve.

    Two donkeys on the beach

    Further north, the path passes Donna Nook bombing range, where bizarrely around 2000 grey seal pups are born each autumn. Then follows the beaches of resort Cleethorpes and the fishing town of Grimsby. Before traversing the industrial and port developments around Immingham, ultimately reaching the iconic Humber Bridge.

    When the final 41-mile link between Easington and Bridlington North Sands opens later this year, there will be over 450 miles of continuous path from Sutton Bridge to the Scottish border.

    The project now means over half of the entire King Charles III England Coast Path is open for public use.

    Research shows coastal paths provide significant health and wellbeing benefits while generating valuable tourism income for local businesses along the route.

    Two pairs of walking boots on the sandy beach

    The King Charles III England Coast Path aims to stay as close to the sea as possible. In many places, that means walking right where land meets sea, occasionally heading inland, though usually only for short distances. 

    The National Trails website has lots of maps and advice on route-planning and details of places to visit, stay or eat.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Local roll-out of national 20mph strategy underway

    Source: Scotland – City of Perth

    By the end of 2025, all unrestricted roads in urban areas around Scotland will have a default 20mph speed limit under the Transport Scotland strategy. The aim is to consistently reduce the risk of conflict between different road users and therefore also cut the levels of road traffic collisions and casualties across the country. 

    All urban streets within Perth and Kinross have been assessed, and adjustments to speed limits made in agreement with the councillors for each ward. Some key transport routes into larger towns will continue to have a 30mph speed limit on the periphery of the settlement but be lowered to 20mph in the town centres themselves. Where A and B roads have limited buildings along them, or have housing restricted to one side of the road, the 30mph limit will be retained.  

    The assessment has additionally identified locations for new 30mph and 40mph limits, and where these limits already exist, those locations which should be amended because of the new 20mph limit being introduced.  

    Each change is being put in place via a Temporary Traffic Regulation Order (TTRO), which can be in place for up to 18 months, and would be made permanent if the change proves successful. All the new 20mph limits are being introduced, in the first instance, through road signage at the beginning and end of the speed limit section and reminder signs within it to highlight the change.  

    The impact of the changes will be assessed via speed monitoring at selected sites representing the different road environments within the Council’s network. The data gathered in this way will also help determine where physical speed reduction measures may be needed in addition to the road signs. 

    Introduction of the new speed limits by geographic area is already underway, with new signs installed in Crieff and Comrie along the A85 corridor at the same time as works being carried out by BEAR Scotland, along with works as part of the Cross Tay Link Road mitigation measures. The third phase, covering Braco, Greenloaning and Muthill (Council Ward 7) is now underway following site meetings with local community councils. 

    Convener of Economy and Infrastructure, Councillor Eric Drysdale said: “Improving the consistency of speed limits in our urban areas is important in trying to protect road users, particularly the most vulnerable, and reduce collisions. The changes being made over the course of 2025 as part of delivering locally on the national strategy from Transport Scotland are intended to make a real difference to road safety in Perth and Kinross. I would encourage motorists to be aware of the changes and drive to the new speed limits as they are put in place.” 

    Inspector Gordon Dickson from Police Scotland said: “Road safety is a priority and we work closely with partner agencies to ensure this. 

    “The dangers of speeding are well-known. People who speed not only put themselves at risk, but also other members of the public and drivers should take responsibility for their own actions when they get behind the wheel. 

    “We urge drivers to remain within the speed limit and help ensure safety for themselves and other road users.” 

    MIL OSI United Kingdom –

  • MIL-OSI: Euronext N.V. Annual General Meeting results   

    Source: GlobeNewswire (MIL-OSI)

    Euronext N.V. Annual General Meeting results         

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

    The voting items were as follows:

    1. Proposal to adopt the 2024 remuneration report
    2. Proposal to adopt the 2024 financial statements
    3. Proposal to adopt a dividend of €2.90 per ordinary share
    4. Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
    5. Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
    6. Re-appointment of Piero Novelli as a member of the Supervisory Board
    7. Re-appointment of Olivier Sichel as a member of the Supervisory Board
    8. Appointment of Francesca Scaglia as a member of the Supervisory Board
    9. Re-appointment of Delphine d’Amarzit as a member of the Managing Board
    10. Appointment of René van Vlerken as a member of the Managing Board
    11. Proposal to amend the remuneration policy with regard to the Managing Board
    12. Proposal to amend the remuneration policy with regard to the Supervisory Board
    13. Proposal to appoint the external auditor
    14. Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
    15. Proposal to designate the Managing Board as the competent body to issue ordinary shares
    16. Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
    17. Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
    18. Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

    The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

    CONTACTS  

    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        Andrea Monzani         +39 02 72 42 62 13                          

    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 March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 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. 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.

    Attachment

    The MIL Network –

  • MIL-OSI China: China’s service trade fair to open in September

    Source: People’s Republic of China – State Council News

    BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

    Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

    It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

    The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

    The event will run for five days — the first three days designated for professional visitors and the last two for public access.

    The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

    Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

    Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

    Source: GlobeNewswire (MIL-OSI)

    Shell plc – Report on Payments to Governments for the year 2024

    Basis for preparation – Report on Payments to Governments for the year 2024
    This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

    This Report is available for download from www.shell.com/payments.

    Legislation
    This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

    Reporting entities
    This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

    Activities
    Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

    Government
    Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

    Project
    Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

    “Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

    Payment
    The information is reported under the following payment types:

    Production entitlements
    These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

    In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

    In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

    Taxes
    These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

    Royalties
    These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

    Dividends
    These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

    Bonuses
    These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

    Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
    These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

    Infrastructure improvements
    These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

    Other
    Operatorship
    When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

    When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

    Cash and in-kind payments
    Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

    Materiality level
    For each payment type, total payments below £86,000 to a government are excluded from this Report.

    Exchange rate
    Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

    Report on Payments to Governments [1]

    Summary report (in USD)
    Countries Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Europe              
    Germany         –         243,935,441         –         –         –         –         243,935,441
    Italy         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Norway         2,083,221,642         1,300,962,023         –         –         122,391         –         3,384,306,056
    United Kingdom         –         -16,649,747         –         –         11,483,529         –         -5,166,218
    Asia              
    Brunei         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
    China         –         10,343,616         –         –         –         –         10,343,616
    India         –         -17,715,638         –         –         –         –         -17,715,638
    Kazakhstan         –         242,741,780         –         –         –         –         242,741,780
    Malaysia         2,317,002,807         305,924,901         500,008,822         –         –         –         3,122,936,530
    Middle East              
    Oman         633,711,368         3,954,062,451         –         –         900,000         –         4,588,673,819
    Qatar         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Oceania              
    Australia         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
    Africa              
    Egypt         –         41,164,348         –         1,836,435         –         –         43,000,783
    Nigeria         3,804,949,166         648,734,398         780,231,463         –         102,925,166         –         5,336,840,193
    Sao Tome and Principe         –         –         –         1,300,000         –         –         1,300,000
    Tanzania         –         –         –         –         140,000         –         140,000
    Tunisia         –         24,904,580         4,941,633         –         –         –         29,846,213
    North America              
    Canada         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
    Mexico         –         –         –         –         21,527,002         –         21,527,002
    USA         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
    South America              
    Argentina         53,082,051         1,984,309         143,969,668         –         123,276         –         199,159,304
    Brazil         327,688,819         656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
    Colombia         –         –         –         –         489,880         –         489,880
    Trinidad and Tobago         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
    Total         11,387,783,976         10,456,840,201         4,322,795,167         12,976,786         1,913,987,033         1,127,250         28,095,510,413

    [1] The figures in this Report are rounded.

    Germany

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FEDERAL CENTRAL TAX OFFICE         –         294,891,077         –         –         –         –         294,891,077
    MUNICIPALITY OF COLOGNE         –         -2,763,591         –         –         –         –         -2,763,591
    MUNICIPALITY OF DINSLAKEN         –         -386,534         –         –         –         –         -386,534
    MUNICIPALITY OF GELSENKIRCHEN         –         -483,145         –         –         –         –         -483,145
    MUNICIPALITY OF OSTSTEINBEK         –         584,685         –         –         –         –         584,685
    MUNICIPALITY OF WESSELING         –         -3,943,262         –         –         –         –         -3,943,262
    TAX AUTHORITY HAMBURG         –         -43,963,789         –         –         –         –         -43,963,789
    Total         –         243,935,441         –         –         –         –         243,935,441
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    DEUTSCHE SHELL HOLDING GmbH         –         243,935,441         –         –         –         –         243,935,441
    Total         –         243,935,441         –         –         –         –         243,935,441

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Italy

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    CALVELLO MUNICIPALITY         –         –         884,083         –         –         –         884,083
    CORLETO PERTICARA MUNICIPALITY         –         –         1,964,671         –         –         –         1,964,671
    GORGOGLIONE MUNICIPALITY         –         –         302,257         –         –         –         302,257
    GRUMENTO NOVA MUNICIPALITY         –         –         505,190         –         –         –         505,190
    MARSICO NUOVO MUNICIPALITY         –         –         378,893         –         –         –         378,893
    MARSICOVETERE MUNICIPALITY         –         –         126,298         –         –         –         126,298
    MONTEMURRO MUNICIPALITY         –         –         126,298         –         –         –         126,298
    REGIONE BASILICATA         –         –         44,157,199         –         79,302,465         –         123,459,664
    TESORERIA PROVINICIALE DELLO STATO         –         4,128,063         22,264,135         –         718,305         –         27,110,503
    VIGGIANO MUNICIPALITY         –         –         3,504,758         –         200,016         –         3,704,774
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ITALY UPSTREAM ASSET         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Norway

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    EQUINOR ASA         853,946,278 [A]         –         –         –         –         –         853,946,278
    PETORO AS         1,229,275,364 [B]         –         –         –         –         –         1,229,275,364
    SKATTEETATEN         –           1,300,962,023         –         –         –         –         1,300,962,023
    SOKKELDIREKTORATET         –           –         –         –         122,391         –         122,391
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ORMEN LANGE         2,083,221,642 [C]         –         –         –         –         –         2,083,221,642
    Entity level payment                
    A/S NORSKE SHELL         —           1,300,962,023         –         –         122,391         –         1,301,084,414
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price. 

    [C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

    United Kingdom

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    HM REVENUE AND CUSTOMS         –         -16,649,747         –         –         –         –         -16,649,747
    NORTH SEA TRANSITION AUTHORITY         –         –         –         –         11,355,210         –         11,355,210
    THE CROWN ESTATE SCOTLAND         –         –         –         –         128,319         –         128,319
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BRENT AND OTHER NORTHERN NORTH SEA PROJECTS         –         -32,113,820         –         –         563,325         –         -31,550,495
    ONEGAS WEST         –         –         –         –         3,232,597         –         3,232,597
    UK EXPLORATION PROJECTS         –         –         –         –         1,117,783         –         1,117,783
    UK OFFSHORE OPERATED         –         –         –         –         2,119,313         –         2,119,313
    WEST OF SHETLAND NON-OPERATED         –         –         –         –         1,076,456         –         1,076,456
    Entity level payment              
    SHELL U.K. LIMITED         –         15,464,073         –         –         3,374,055         –         18,838,128
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Brunei

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE AND ECONOMY         –         44,229,620         –         –         –         –         44,229,620
    PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM         3,983,642         –         8,660,091         –         –         –         12,643,733
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL DEEPWATER BORNEO B.V.         –         39,001,133         –         –         –         –         39,001,133
    SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.         3,983,642         5,228,487         8,660,091         –         –         –         17,872,220
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    China

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    TIANJIN MUNICIPAL TAXATION BUREAU         –         5,911,867         –         –         –         –         5,911,867
    YULIN MUNICIPAL TAXATION BUREAU         –         4,431,749         –         –         –         –         4,431,749
    Total         –         10,343,616         –         –         –         –         10,343,616
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED         –         10,343,616         –         –         –         –         10,343,616
    Total         –         10,343,616         –         –         –         –         10,343,616

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    India

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    INCOME TAX DEPARTMENT         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    BG EXPLORATION AND PRODUCTION INDIA LIMITED         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Kazakhstan

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    WEST KAZAKHSTAN TAX COMMITTEE         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    KARACHAGANAK         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Malaysia

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                  
    BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD         301,048,915 [A]         –         –           –         –         –         301,048,915
    LEMBAGA HASIL DALAM NEGERI         –           305,924,901         –           –         –         –         305,924,901
    MALAYSIA FEDERAL AND STATE GOVERNMENTS         –           –         469,060,363 [B]         –         –         –         469,060,363
    PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.         74,656,856 [C]         –         –           –         –         –         74,656,856
    PETROLIAM NASIONAL BERHAD         990,078,563 [D]         –         30,948,459           –         –         –         1,021,027,022
    PETRONAS CARIGALI SDN. BHD.         951,218,473 [E]         –         –           –         –         –         951,218,473
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530
                       
    Project report (in USD)
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                  
    SABAH GAS (NON-OPERATED)         –           16,208,714         3,017,327           –         –         –         19,226,041
    SABAH INBOARD AND DEEPWATER OIL         1,435,194,825 [F]         158,435,164         303,452,674 [G]         –         –         –         1,897,082,663
    SARAWAK OIL AND GAS         881,807,982 [H]         116,047,586         193,538,821 [I]         –         –         –         1,191,394,389
    Entity level payment                  
    SABAH SHELL PETROLEUM COMPANY LIMITED         –           4,502,043         –           –         –         –         4,502,043
    SARAWAK SHELL BERHAD         –           3,394,907         –           –         –         –         3,394,907
    SHELL ENERGY ASIA LIMITED         –           2,616,753         –           –         –         –         2,616,753
    SHELL OIL AND GAS (MALAYSIA) LLC         –           595,653         –           –         –         –         595,653
    SHELL SABAH SELATAN SENDRIAN BERHAD         –           4,124,081         –           –         –         –         4,124,081
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price. 

    [C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price. 

    [D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

    [E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

    [F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

    [G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

    [H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

    [I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

    Oman

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    MINISTRY OF ENERGY AND MINERALS         633,711,368 [A]         –         –         –         –         –         633,711,368
    MINISTRY OF FINANCE         –           3,954,062,451         –         –         900,000         –         3,954,962,451
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BLOCK 6 CONCESSION         –           3,954,062,451         –         –         –         –         3,954,062,451
    BLOCK 10 CONCESSION         633,711,368 [A]         –         –         –         400,000         –         634,111,368
    BLOCK 11 CONCESSION         –           –         –         –         250,000         –         250,000
    BLOCK 55 CONCESSION         –           –         –         –         250,000         –         250,000
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

    Qatar

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    QATARENERGY         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    PEARL GTL         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Australia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AUSTRALIAN TAXATION OFFICE         –         1,277,737,693         –         –         –         –         1,277,737,693
    BANANA SHIRE COUNCIL         –         –         –         –         217,920         –         217,920
    FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES         –         –         111,989,284         –         –         –         111,989,284
    QUEENSLAND REVENUE OFFICE         –         –         356,590,166         –         –         –         356,590,166
    QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE         –         –         –         –         935,554         –         935,554
    QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES         –         –         –         –         581,472         –         581,472
    RESOURCES SAFETY AND HEALTH QUEENSLAND         –         –         –         –         1,359,992         –         1,359,992
    WESTERN DOWNS REGIONAL COUNCIL         –         –         –         –         10,317,519         266,428         10,583,947
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    NORTH WEST SHELF         –         –         111,989,284         –         –         –         111,989,284
    QGC         –         583,570,540         356,590,166         –         13,412,457         266,428         953,839,591
    Entity level payment              
    SHELL AUSTRALIA PTY LTD         –         694,167,153         –         –         –         –         694,167,153
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Egypt

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    EGYPTIAN GENERAL PETROLEUM CORPORATION         –         41,164,348         –         1,836,435         –         –         43,000,783
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    EGYPT OFFSHORE DEVELOPMENT         –         41,164,348         –         540,000         –         –         41,704,348
    Entity level payment              
    SHELL EGYPT N.V.         –         –         –         1,296,435         –         –         1,296,435
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783

    [I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Nigeria

    Government report (in USD) [1]
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                    
    FEDERAL INLAND REVENUE SERVICE         –           648,734,398 [A]         –           –         –         –         648,734,398
    NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE         –           –           –           –         3,931,917         –         3,931,917
    NIGER DELTA DEVELOPMENT COMMISSION         –           –           –           –         97,260,899         –         97,260,899
    NIGERIAN NATIONAL PETROLEUM CORPORATION         3,804,949,166 [B]         –           –           –         –         –         3,804,949,166
    NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION         –           –           780,231,463 [C]         –         1,732,350         –         781,963,813
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193
                         
    Project report (in USD)
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                    
    EAST ASSET         1,300,681,939 [D]         –           –           –         –         –         1,300,681,939
    PSC 1993 (OML 133)         –           136,652,153 [E]         –           –         –         –         136,652,153
    PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)         649,948,707 [F]         303,125,852 [G]         452,170,096 [H]         –         32,015,797         –         1,437,260,452
    WEST ASSET         1,854,318,520 [I]         –           –           –         –         –         1,854,318,520
    Entity level payment                    
    SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED             –           –           –         440,468         –         440,468
    THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED             208,956,393           328,061,367             70,468,901           607,486,661
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

    [B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

    [C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price. 

    [E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price. 

    [F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price. 

    [G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price. 

    [H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

    Sao Tome and Principe

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    DW BLOCK 4         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Tanzania

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    PETROLEUM UPSTREAM REGULATORY AUTHORITY         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 1 AND 4         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Tunisia

      Government report (in USD) [1]
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                
    ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES         –         –         2,140,627 [A]         –         –         –         2,140,627
    LE RECEVEUR DES FINANCES DU LAC         –         24,904,580         2,801,006           –         –         –         27,705,586
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213
                     
      Project report (in USD)
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                
    HASDRUBAL CONCESSION         –         24,904,580         4,941,633 [A]         –         –         –         29,846,213
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price. 

    Canada

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    GOVERNMENT OF ALBERTA         –         –         656,638         –         119,099         –         775,737
    MINISTRY OF FINANCE (BRITISH COLUMBIA)         –         –         2,915,313         –         625,526         –         3,540,839
    MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)         –         –         –         –         679,158         –         679,158
    PROVINCIAL TREASURER OF ALBERTA         –         60,864,405         –         –         –         –         60,864,405
    RECEIVER GENERAL FOR CANADA         –         111,702,667         1,126,040         –         –         –         112,828,707
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ATHABASCA OIL SANDS         –         172,567,072         –         –         –         –         172,567,072
    FOOTHILLS         –         –         1,126,040         –         –         –         1,126,040
    GREATER DEEP BASIN         –         –         656,638         –         119,099         –         775,737
    GROUNDBIRCH         –         –         2,915,313         –         1,304,684         –         4,219,997
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Mexico

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO         –         –         –         –         17,154,483         –         17,154,483
    SERVICIO DE ADMINISTRACIÓN TRIBUTARIA         –         –         –         –         4,372,519         –         4,372,519
    Total         –         –         –         –         21,527,002         –         21,527,002
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    MEXICO EXPLORATION DEEPWATER         –         –         –         –         21,527,002         –         21,527,002
    Total         –         –         –         –         21,527,002         –         21,527,002

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    USA

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    ALASKA DEPARTMENT OF NATURAL RESOURCES         –         –         –         –         243,408         –         243,408
    COMMONWEALTH OF PENNSYLVANIA         –         -400,000         –         –         –         –         -400,000
    INTERNAL REVENUE SERVICE         –         53,638,500         –         –         –         –         53,638,500
    LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT         –         –         –         –         –         860,822         860,822
    OFFICE OF NATURAL RESOURCES REVENUE         –         –         1,187,594,021         –         80,435,119         –         1,268,029,140
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ALASKA EXPLORATION         –         –         –         –         243,408         –         243,408
    GULF OF AMERICA (CENTRAL)         –         –         1,076,187,269         –         282,312         –         1,076,469,581
    GULF OF AMERICA (WEST)         –         –         111,406,752         –         126,720         –         111,533,472
    GULF OF AMERICA EXPLORATION         –         –         –         –         80,026,087         –         80,026,087
    Entity level payment              
    SHELL EXPLORATION AND PRODUCTION COMPANY         –         -400,000         –         –         –         –         -400,000
    SHELL OFFSHORE INC.         –         –         –         –         –         860,822         860,822
    SHELL PETROLEUM INC.         –         53,638,500         –         –         –         –         53,638,500
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Argentina

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO         –           1,984,309         –         –         –         –         1,984,309
    GAS Y PETRÓLEO DEL NEUQUÉN S.A.         53,082,051 [A]         –         –         –         –         –         53,082,051
    PROVINCIA DE SALTA         –           –         2,475,819         –         –         –         2,475,819
    PROVINCIA DEL NEUQUÉN         –           –         141,493,849         –         123,276         –         141,617,125
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ACAMBUCO         –           –         2,475,819         –         –         –         2,475,819
    ARGENTINA UNCONVENTIONAL PROJECTS         53,082,051 [A]         1,984,309         141,493,849         –         123,276         –         196,683,485
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

    Brazil

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS         –           –         –         9,540,351         –         –         9,540,351
    MINISTÉRIO DA FAZENDA         –           –         1,147,687,680         –         1,556,282,443         –         2,703,970,123
    PRÉ-SAL PETRÓLEO S.A.         327,688,819 [A]         –         –         –         –         –         327,688,819
    RECEITA FEDERAL DO BRASIL         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BASIN EXPLORATION PROJECTS         –           –         –         9,540,351         3,244,993         –         12,785,344
    BC-10         –           –         31,254,519         –         1,251,598         –         32,506,117
    BIJUPIRA AND SALEMA         –           –         –         –         501,608         –         501,608
    BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ         29,716,011 [B]         –         882,483,636         –         1,551,284,244         –         2,463,483,891
    LIBRA PSC         297,972,808 [C]         –         233,949,525         –         –         –         531,922,333
    Entity level payment                
    SHELL BRASIL PETROLEO LTDA.         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price. 

    [B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price. 

    [C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

    Colombia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGENCIA NACIONAL DE HIDROCARBUROS         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    COLOMBIA EXPLORATION (OPERATED)         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Trinidad and Tobago

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE         –         561,771         –         –         –         –         561,771
    MINISTRY OF ENERGY AND ENERGY INDUSTRIES         362,690,585         –         2,210,566         300,000         13,719,070         –         378,920,221
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 5C         84,428,910         –         –         –         1,714,071         –         86,142,981
    CENTRAL BLOCK         –         561,771         2,210,566         –         900,921         –         3,673,258
    COLIBRI         120,876,414         –         –         –         3,332,208         –         124,208,622
    DEEPWATER ATLANTIC AREA         –         –         –         –         537,570         –         537,570
    EAST COAST MARINE AREA         99,098,428         –         –         –         2,100,156         –         101,198,584
    EXPLORATION         –         –         –         300,000         2,017,530         –         2,317,530
    MANATEE         –         –         –         –         847,999         –         847,999
    NORTH COAST MARINE AREA 1         58,286,833         –         –         –         2,268,615         –         60,555,448
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Cautionary note
    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The MIL Network –

  • MIL-OSI: Correction: Jyske Realkredit’s auctions for 1 July 2025 refinancing

    Source: GlobeNewswire (MIL-OSI)

    CORRECTION: Only to the appendix

    To Nasdaq Copenhagen A/S                                            2 May 2025

    Announcement 37 /2025

    Jyske Realkredit’s auctions for 1 July 2025 refinancing
            
    Jyske Realkredit plans to carry out the auctions Tuesday 27th of May 2025 for loans in cover pool E.

    The refinancing amount and bonds to be offered are specified in the table below:

      Open Close Alloc. Name ISIN Amount mill. LCR
    Tuesday 27 May 10:00 10:30 10:35 Var. 422.E.OA Cb3.ju29 RF DK0009417198 14000m 1B
      11:00 11:30 11:35 Var. G422.E.OA Cb3.ju29 RF DK0009417271 8000m 1B

    Auction terms appear in the appendix.

    Questions regarding the bond sale as well as technical matters may be addressed to Jyske Realkredit, Lars Hasløv, Director, tel. (+45) 89 89 92 18 or Christian Bech-Ravn, Director, Head of Investor Relations, tel. (+45) 89 89 92 25.

    The information will also be available on Jyske Realkredit’s web site at jyskerealkredit.com.

    Yours sincerely,
    Jyske Realkredit

    Please observe that the Danish version of this announcement prevail.

    Appendix – Auctions terms

    Refinancing principles floating-rate loans
    Floating-rate loans are refinanced at one auction on 27rd of May 2025. The bonds are offered and settled at a price of 100.20. 

    Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing. Bids must be placed correct to one basis point.

    For all bonds bids must be made in multiples of DKK 1,000,000

    Type of auction
    The auction of bonds in capital centres E will be conducted on Bloomberg’s auction system.

    Allotment 
    All bids below the cut-off fixing spread will be settled in full at the cut-off fixing spread. 

    For bids at the exact cut-off fixing spread, proportional allocation may be used. No bids above the cut-off fixing spread will be settled.

    All trades concluded will be published through Nasdaq Copenhagen.

    Allotment at the auction will take place as soon as possible, and not later than 5 minutes after closing.

    Value date
    All bonds will be subject to long settlement. The value date of all trades executed at the auction will be 1st of July 2025.

    Reverse facility
    As the bonds traded will be subject to long settlement, Jyske Realkredit offers a reverse facility to auction participants whose bids have been accepted and who require the bonds after only two days.
    By means of the reverse facility, Jyske Realkredit offers to sell the allotted bonds subject to the conventional two settlement days and subsequently repurchase them with 1st of July 2025 as the value date.

    The size of the reverse facility will be determined on an individual basis but cannot exceed the amount allotted to each individual bidder.

    The reverse facility can be made conditional on the investor providing a corresponding amount of Jyske Realkredit covered bonds (SDO) or mortgage bonds (RO) maturing on 1st of July 2025.

    Reverse facilities will be arranged on an individual basis by contacting Jyske Realkredit

    Credit Ratings
    All auctioned bonds issued through Capital Centre E are rated AAA by S&P.

    Reservations regarding auctions
    If, contrary to expectations, technical problems should prevent Jyske Realkredit from conducting an auction through Bloombergs auction system, a stock ex-change announcement will be issued containing the practical details of the auction.

    Other terms
    Jyske Realkredit is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.
    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. If a sale of bonds has to be cancelled, the market will be notified immediately by a stock exchange announcement.

    The MIL Network –

  • MIL-OSI: T1 Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) reported financial and operating results for the first quarter 2025 today.

    Headlines

    • T1 has signed 253 MW 2025 sales agreement with U.S. utility-scale developer. This sales agreement, which is the first new customer commitment the Company has signed as T1 Energy, underscores T1’s commercial appeal to U.S. developer customers. With this sales agreement, T1 has now secured 1.75 GW of 2025 customer module sales and offtake commitments for G1 Dallas.
    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity, the elective conversion of three production lines from PERC to TOPCon technology, and a potential 800 MW inventory build. At the low-end of the updated EBITDA guidance range, T1 expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • G1 Dallas revenues and production continue to ramp. Following the full handover of G1 Dallas to T1’s operating team in April, the Company’s U.S. module manufacturing facility has continued to ramp sales and production volumes. During Q1 2025, T1 generated $64.6 million of revenue from G1 Dallas exclusively associated with deliveries under the Trina offtake contract. During Q2 2025, deliveries under the RWE offtake contract have commenced. As of May 11th, T1 had produced 690 MW of modules from G1.
    • T1 has entered into a Heads of Agreement with a partner aligned with the Kingdom of Saudi Arabia to explore a potential investment in G2 Austin. T1 announced this morning that the Company has entered into a non-binding agreement to pursue an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility. The agreement was signed at a ceremony in Riyadh this week hosted by the Saudi Ministry of Investment to commemorate the U.S. administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “T1’s rapid corporate transformation gained momentum during and following the first quarter,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Although potential changes to trade policy are creating near-term uncertainties in the merchant sales market for T1 and our developer customers, we are well positioned to manage this sales environment with 1.7 GW of 2025 contracted module offtake coverage, a robust cash and liquidity position, and the continued production and sales ramp up at G1 Dallas. In addition, our plans to establish a vertically integrated U.S. solar value chain, coupled with our domestic content strategy, are generating meaningful interest from customers, prospective capital providers, and industrial partners. As we sprint forward with our key strategic initiatives, we will continue to prioritize value generating opportunities that enhance T1’s competitive position as an emerging leader in the U.S. solar and storage markets.”

    Highlights of First Quarter 2025 and Subsequent Events

    • G1 Dallas fully operational following term conversion of construction loan. On April 30th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline. The conversion of the loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete. All production lines have been handed over to T1’s operations team.
    • Key additions strengthen T1’s leadership team. On April 28th, T1 announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications. Mr. Munro and Mr. Gold bring deep solar energy legal and communications experience to T1’s mission to create a vertically integrated, solar plus storage manufacturing and technology leader in the United States.
    • U.S. tariffs align with T1’s strategy to establish an integrated U.S. solar value chain based on high domestic content. On April 4th, T1 published a communication highlighting the potential long-term benefits to T1 from its domestic vertical integration strategy. Although solar industrial and tariff policy uncertainty are creating some near-term headwinds for T1 and utility-scale developers, T1 believes that it is positioned to benefit from public policies that promote U.S. manufacturing, technology transfer, and job creation.

    Business Outlook and Guidance

    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity; the elective conversion of three production lines from PERC to TOPCon technology; and a potential 800 MW inventory build. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • Strong liquidity outlook despite reductions to 2025 to EBITDA guidance. At the low-end of T1’s updated 2025 EBITDA guidance range, the Company expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. T1’s significant liquidity position is supported by 1.5 GW of high-margin customer offtake contracts, the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025, and the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business.
    • T1 is advancing financing processes for G2 Austin. T1 initiated several capital formation initiatives in parallel during the first quarter to pursue funding for the Company’s planned G2 Austin U.S. solar cell facility. The Company is currently advancing a project financing with its consortium of commercial lenders, the monetization of Section 45X PTCs, and possible mezzanine financing options to complement expected customer offtake deposits to reserve G2 capacity.
    • Update on European Portfolio Optimization. The Company continues to make progress with the wind down of legacy European operations and the European Portfolio Optimization initiative. As personnel-related expenses roll off T1’s P&L, cost savings from the wind down should accelerate later in 2025, representing a projected $20 million of General & Administrative costs that will not recur in 2026. T1’s Board of Directors is concurrently overseeing the process of potentially harvesting value from legacy European assets, including Giga Arctic, the Customer Qualification Plant, and the Giga Vasa project. Securing access to additional power for these assets is expected to be a key value driver, and T1 will provide additional updates as the process develops.

    Q1 2025 Results Overview

    • T1 Energy reported a net loss attributable to common stockholders for the first quarter 2025 of $17.1 million, or $0.11 per diluted share compared to a net loss of $28.5 million, or $0.20 per diluted share for the first quarter of 2024. Net loss from continuing operations was $4.1 million, or $0.03 per diluted share for the first quarter of 2025 compared to $11.3 million or $0.08 per diluted share for the first quarter of 2024. Net loss from discontinued operations was $12.1 million or $0.08 per diluted share for the first quarter of 2025 compared to $17.4 million or $0.12 per diluted share for the first quarter of 2024.
    • As of March 31, 2025, T1 had cash, cash equivalents, and restricted cash of $51.1 million.

    Presentation of First Quarter 2025 Results

    A presentation will be held today, May, 15, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the first quarter. The results and presentation material will be available for download at https://ir.t1energy.com/.

    To access the conference call, listeners should proceed as follows:

    1. Click on the call link and complete the online registration form.
    2. Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
    3. Select a method for joining the call:
      1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
      2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.

        3. The call will also be available by clicking the webcast link.

        About T1 Energy

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

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

        Investor contact:

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

        Media contact:

        Russell Gold
        EVP, Strategic Communications
        russell.gold@T1energy.com
        Tel: +1 214 616-9715

        Cautionary Statement Concerning Forward-Looking Statements:

        This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s commercial appeal to U.S. developer customers; the Company’s financial, production and operational guidance; the existence of trade policy uncertainties and lack of cost visibility; the Company’s inventory build resulting from production at G1; the Company’s projected cash and liquidity position; the ability of the Company to ramp sales and production volumes at G1; the speed and success of the Company’s corporate transformation; the Company’s ability to manage the current sales environment; the Company’s plans to establish a vertically integrated U.S. solar value chain, coupled with its domestic content strategy; interest from the Company’s customers, prospective capital providers and industrial partners; the prioritization of value generating opportunities that enhance the Company’s competitive position as an emerging leader in the U.S. solar and storage markets; the potential for an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility by a partner aligned with the Kingdom of Saudi Arabia; the Company’s potential long-term benefits of tariffs and other public policies that promote U.S. manufacturing, technology transfer, and job creation; the elective conversion of three production lines from PERC to TOPCon technology; the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025; the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business; and the Company’s goals and projections for securing project financing at G2; These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

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

            March 31, 2025   December 31, 2024
        ASSETS
        Current assets:        
        Cash and cash equivalents   $ 48,881     $ 72,641  
        Restricted cash     2,210       4,004  
        Accounts receivable trade, net – related parties     18,005       —  
        Government grants receivable, net     14,080       687  
        Inventory     333,032       274,549  
        Advances to suppliers     164,248       164,811  
        Other current assets     7,908       1,569  
        Current assets of discontinued operations     38,312       64,909  
        Total current assets     626,676       583,170  
        Property and equipment, net     310,246       285,187  
        Goodwill     74,527       74,527  
        Intangible assets, net     270,686       281,881  
        Right-of-use asset under operating leases     149,570       111,081  
        Total assets   $ 1,431,705     $ 1,335,846  
        LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
        Current liabilities:        
        Accounts payable   $ 108,532     $ 61,708  
        Accrued liabilities and other     76,845       91,346  
        Deferred revenue     61,525       48,155  
        Derivative liabilities     1,556       14,905  
        Current portion of long-term debt     56,492       42,867  
        Current portion of long-term debt – related party     59,000       51,500  
        Payables to related parties     88,947       52,534  
        Current liabilities of discontinued operations     40,204       51,009  
        Total current liabilities     493,101       414,024  
        Long-term deferred revenue     30,000       32,000  
        Convertible note – related party     82,083       80,698  
        Operating lease liability     139,921       101,787  
        Long-term debt     170,753       188,316  
        Long-term debt – related party     234,829       238,896  
        Deferred tax liability     20,232       21,227  
        Other long-term liabilities     9,581       21,761  
        Total liabilities     1,180,500       1,098,709  
        Commitments and contingencies        
        Redeemable preferred stock        
        Convertible series A preferred stock, $0.01 par value, 5,000 issued and outstanding as of both March 31, 2025 and December 31, 2024 (includes accrued dividends and accretion of $978 and $87 as of March 31, 2025 and December 31, 2024, respectively)     49,266       48,375  
        Stockholders’ equity:        
        Common stock, $0.01 par value, 155,938 issued and outstanding as of March 31, 2025 and 155,928 issued and outstanding as of December 31, 2024     1,559       1,559  
        Additional paid-in capital     974,767       971,416  
        Accumulated other comprehensive loss     (32,910 )     (58,975 )
        Accumulated deficit     (741,477 )     (725,238 )
        Total equity     201,939       188,762  
        Total liabilities, redeemable preferred stock, and equity   $ 1,431,705     $ 1,335,846  
         
         
            Three months ended March 31,
              2025       2024  
        Net sales – related parties   $ 64,647     $ —  
        Cost of sales     35,671       —  
        Gross profit     28,976       —  
        Selling, general and administrative     52,587       15,004  
        Loss from continuing operations     (23,611 )     (15,004 )
        Other income (expense):        
        Warrant liability fair value adjustment     1,567       146  
        Derivative liabilities fair value adjustment     25,229       —  
        Interest (expense) income, net     (9,853 )     1,405  
        Foreign currency transaction (loss) gain     (14 )     554  
        Other income, net     34       1,594  
        Total other income     16,963       3,699  
        Loss from continuing operations before income taxes     (6,648 )     (11,305 )
        Income tax benefit     2,513       —  
        Net loss from continuing operations     (4,135 )     (11,305 )
        Net loss from discontinued operations, net of tax     (12,104 )     (17,385 )
        Net loss     (16,239 )     (28,690 )
        Net loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Net loss attributable to common stockholders   $ (17,130 )   $ (28,543 )
                 
        Weighted average shares of common stock outstanding – basic and diluted     155,933       139,705  
        Net loss per share from continuing operations – basic and diluted   $ (0.03 )   $ (0.08 )
        Net loss per share from discontinued operations – basic and diluted   $ (0.08 )   $ (0.12 )
        Net loss per share attributable to common stockholders – basic and diluted   $ (0.11 )   $ (0.20 )
                 
        Other comprehensive income (loss):        
        Net loss   $ (16,239 )   $ (28,690 )
        Foreign currency translation adjustments     26,065       (26,044 )
        Total comprehensive income (loss)     9,826       (54,734 )
        Comprehensive loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Comprehensive income (loss) attributable to common stockholders   $ 8,935     $ (54,587 )
         
         
            Three months ended March 31,
              2025       2024  
        Cash flows from operating activities:        
        Net loss   $ (16,239 )   $ (28,690 )
        Adjustments to reconcile net loss to cash used in operating activities:        
        Share-based compensation expense     3,939       3,551  
        Depreciation and amortization     14,678       2,211  
        Change in fair value of derivative liabilities     (25,229 )     —  
        Gain on sale of property and equipment     (5,675 )     —  
        Accretion of discount on long-term debt     4,640       —  
        Reduction in the carrying amount of right-of-use assets     1,689       277  
        Warrant liability fair value adjustment     (1,567 )     (146 )
        Deferred income taxes     (995 )     —  
        Share of net loss of equity method investee     425       156  
        Foreign currency transaction net unrealized gain     251       (1,359 )
        Other     1,311       —  
        Changes in assets and liabilities:        
        Inventory     (58,483 )     —  
        Advances to suppliers and other current assets     (358 )     2,852  
        Trade accounts receivable     (18,005 )     —  
        Government grants receivable     (13,393 )     —  
        Accounts payable, accrued liabilities and other     56,827       4,930  
        Deferred revenue     11,370       —  
        Net cash used in operating activities     (44,814 )     (16,218 )
        Cash flows from investing activities:        
        Proceeds from the return of property and equipment deposits     1,202       19,021  
        Purchases of property and equipment     (29,141 )     (21,455 )
        Proceeds from the sale of property and equipment     50,000       —  
        Net cash provided by (used in) investing activities     22,061       (2,434 )
        Cash flows from financing activities:        
        Debt fees paid     (3,760 )     —  
        Net cash used in financing activities     (3,760 )     —  
        Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash     959       (4,324 )
        Net decrease in cash, cash equivalents, and restricted cash     (25,554 )     (22,976 )
        Cash, cash equivalents, and restricted cash at beginning of period     76,645       275,742  
        Cash, cash equivalents, and restricted cash at end of period   $ 51,091     $ 252,766  
         

        A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41e3f5da-8114-4e43-9b08-944982bb0e1d

      The MIL Network –

  • MIL-OSI: Adyton announces $11M funding round from Venrock, Khosla and new deployment with the U.S. Navy

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 15, 2025 (GLOBE NEWSWIRE) — Today, Adyton announced its $11M funding round, led by Venrock with participation from Khosla Ventures, Liquid 2 Ventures, Alumni Ventures, Initialized Capital, Kindred Ventures, and Leblon Capital.

    The company also announced a multi-year deal worth up to $7M with U.S. Naval Aviation to deploy its technology, the Adyton Operations Kit (AOK), to thousands of sailors on multiple aircraft carriers, including the USS Stennis.

    AOK is the operating system for defense, built specifically for the warfighter. AOK is mobile-first technology that generates net new, real-time data about personnel, equipment, and munitions from the individual-level up through the chain of command, increasing readiness, operational agility, and lethality of America’s forces.

    “America’s success in the next conflict will be defined by how quickly we can learn, adapt, and innovate relative to our rivals, and how quickly we can convert data into action. In order to maintain force supremacy, we have to change the design of the systems that generate and distribute data for everyone in the Armed Forces, from the individual warfighter to four-star generals and admirals,” said James Boyd, CEO and co-founder of Adyton, and former member of the Army Special Forces. “AOK digitizes and automates operational processes, meaning the warfighter spends less time on paperwork and more time preparing for the mission, and Commanders have accurate, ground-truth data that does not exist today.”

    “As a Naval officer, I’ve seen firsthand how few technologies are built specifically with the warfighter in mind,” said Morgan Hitzig, Venrock’s lead investor in Adyton’s round. “James and JJ didn’t just interview users, they were the users. That authenticity and mission-intimacy puts Adyton in a position to build technology that gives our military a decisive tempo advantage necessary to succeed during the next conflict we hope not to fight, but must be prepared to win.”

    The number of active units with AOK deployed has increased more than 500% during 2024, including being in use in all Special Forces Groups and over 60% of Army Brigade Combat Teams. Troops use AOK to operate with greater agency and empowerment because they have instantaneous access to information, resources, supplies, and support platforms. AOK generates ground-level truth for Commanders to radically improve decision velocity and accuracy.

    “Adyton’s technology generates data about the ground-truth status of personnel and equipment that, until now, the Department of Defense has never had access to,” said Sven Strohband, Partner and Managing Director at Khosla Ventures.

    “My focus is finding the right people who I believe will succeed. James and JJ have the mettle and mission-focus to radically improve how the warfighter operates. We’ve been an early supporter of Adyton, and we’re proud to reaffirm our dedication to Adyton,” said Joe Montana, Managing Partner at Liquid 2 Ventures.

    About Adyton
    Adyton is a public benefit corporation, founded by former non-commissioned officers and U.S. Special Forces operators in 2019. Confronted with the operational challenges every member of the Armed Forces experiences, Adyton built the Adyton Operations Kit (AOK) to digitize and automate operational processes like equipment and inventory management and personnel availability and readiness.

    By reducing hours or days of paperwork and manual drudgery to minutes or seconds, AOK enhances warfighters’ level of battlefield effectiveness. Adyton’s technology is also used to provide accurate, individual-level data to Command, enabling leadership to confidently deploy troops for any mission, from kinetic action to humanitarian assistance and disaster recovery.

    Adyton is backed by leading investors at Venrock, Khosla Ventures, Liquid 2 Ventures, Initialized Capital, Kindred Ventures, Alumni Ventures, and Leblon Capital.

    Contact
    Ian Martorana
    ian@aimcomms.xyz

    The MIL Network –

  • MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

    CFO’S MESSAGE

    Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

    Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
    (3)Refer to note 10 of the consolidated interim financial statements for further information.

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

    • generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
    • reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
    • had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
    • reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
    • had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
    • reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
    • incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

    FINANCIAL OVERVIEW – CONTINUING OPERATIONS
    THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

    NORTH AMERICA

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s, except operational and exchange rate information) ($) ($) (%)  
    (unaudited)      
    Revenue 227,902 248,959 (8 )
    Adjusted EBITDA(1) 6,131 14,872 (59 )
    Adjusted EBITDA (%)(1) 2.7 6.0 (55 )
    Fracturing revenue per job ($) 25,060 33,518 (25 )
    Number of fracturing jobs 8,709 7,176 21  
    Active pumping horsepower, end of year (000s) 898 951 (6 )
    US$/C$ average exchange rate(2) 1.4352 1.3486 6  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

    The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

    Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

    ADJUSTED EBITDA

    The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

    ARGENTINA

      Three Months Ended Mar. 31,
      2025 2024 Change
    (C$000s, except operational and exchange rate information) ($) ($) (%)
    (unaudited)      
    Revenue 142,155 81,137 75
    Adjusted EBITDA(1) 53,265 16,100 231
    Adjusted EBITDA (%)(1) 37.5 19.8 89
    Fracturing revenue per job ($) 124,874 74,354 68
    Number of fracturing jobs 741 672 10
    Active pumping horsepower, end of period (000s) 153 139 10
    US$/C$ average exchange rate(2) 1.4352 1.3486 6

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

    ADJUSTED EBITDA

    The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

    Three Months Ended Jun. 30, Sep. 30, Dec. 31, Mar. 31,   Jun. 30, Sep. 30,   Dec. 31,   Mar. 31,
      2023 2023 2023 2024   2024 2024   2024   2025
    (C$000s, except per share and operating data) ($) ($) ($) ($)   ($) ($)   ($)   ($)
    (unaudited)                
    Financial                
    Revenue 466,463 483,093 421,402 330,096   426,047 430,109   381,230   370,057
    Adjusted EBITDA(1) 87,785 91,286 62,591 26,057   65,386 65,039   34,512   55,317
    Net income (loss) 50,531 97,523 13,202 (2,903 ) 24,549 (6,687 ) (6,424 ) 7,796
    Per share – basic 0.62 1.20 0.16 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Per share – diluted 0.58 1.09 0.15 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Capital expenditures 30,718 50,825 49,397 48,072   66,753 22,509   32,955   42,132

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s) ($) ($) (%)  
    North America 12,941 37,174 (65 )
    Argentina 29,191 10,898 168  
    Continuing Operations 42,132 48,072 (12 )

    Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

    Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

    NON-GAAP MEASURES

    Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

    Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

    (1)Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

    Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

    Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

    Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

    BUSINESS RISKS

    The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

    ADDITIONAL INFORMATION

    Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

    Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

    Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

    Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

    The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

    CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,  
      2025   2024  
    (C$000s) ($)   ($)  
    ASSETS    
    Current assets    
    Cash and cash equivalents 15,463   44,045  
    Accounts receivable 306,957   251,108  
    Inventories 130,596   145,506  
    Prepaid expenses and deposits 21,797   26,452  
      474,813   467,111  
    Assets classified as held for sale 47,053   45,335  
      521,866   512,446  
    Non-current assets    
    Property, plant and equipment 684,123   673,381  
    Right-of-use assets 19,990   20,013  
    Deferred income tax assets 29,000   29,000  
      733,113   722,394  
    Total assets 1,254,979   1,234,840  
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable and accrued liabilities 160,129   173,974  
    Income taxes payable 23,301   9,700  
    Current portion of long-term debt 341,095   150,000  
    Current portion of lease obligations 9,833   9,536  
      534,358   343,210  
    Liabilities directly associated with assets classified as held for sale 32,677   30,945  
      567,035   374,155  
    Non-current liabilities    
    Long-term debt —   170,908  
    Lease obligations 13,209   13,948  
    Deferred income tax liabilities 14,473   22,499  
      27,682   207,355  
    Total liabilities 594,717   581,510  
    Capital stock 911,900   911,785  
    Contributed surplus 76,190   77,159  
    Accumulated deficit (373,875 ) (379,490 )
    Accumulated other comprehensive income 46,047   43,876  
    Total equity 660,262   653,330  
    Total liabilities and equity 1,254,979   1,234,840  

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
    CASH FLOWS PROVIDED BY (USED IN)   Restated
    OPERATING ACTIVITIES    
    Net income (loss) 7,796   (2,903 )
    Adjusted for the following:    
    Depreciation 31,922   27,995  
    Stock-based compensation (925 ) 2,185  
    Unrealized foreign exchange losses 1,846   2,627  
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest 7,944   6,032  
    Interest paid (12,716 ) (9,717 )
    Deferred income taxes (7,993 ) (6,376 )
    Changes in items of working capital (35,048 ) (1,644 )
    Cash flows (used in) provided by operating activities from continuing operations (7,050 ) 11,958  
    Cash flows provided by (used in) operating activities from discontinued operations 10,231   (8,185 )
    Net cash flows provided by operating activities 3,181   3,773  
    INVESTING ACTIVITIES    
    Purchase of property, plant and equipment (38,498 ) (55,727 )
    Proceeds on disposal of property, plant and equipment 1,553   11,508  
    Proceeds on disposal of right-of-use assets 206   227  
    Cash flows used in investing activities from continuing operations (36,739 ) (43,992 )
    Cash flows used in investing activities from discontinued operations (1,457 ) (678 )
    Net cash flows used in investing activities (38,196 ) (44,670 )
    FINANCING ACTIVITIES    
    Issuance of long-term debt, net of debt issuance costs 30,000   60,000  
    Long-term debt repayments (10,000 ) —  
    Lease obligation principal repayments (3,244 ) (2,840 )
    Proceeds on issuance of common shares from the exercise of stock options 71   —  
    Cash flows provided by financing activities from continuing operations 16,827   57,160  
    Cash flows provided by financing activities from discontinued operations —   —  
    Net cash flows provided by financing activities 16,827   57,160  
    Effect of exchange rate changes on cash and cash equivalents 550   (1,464 )
    (Decrease) increase in cash and cash equivalents (17,638 ) 14,799  
    Cash and cash equivalents, beginning of period 50,776   45,190  
    Cash and cash equivalents, end of period 33,138   59,989  
    Included in the cash and cash equivalents per the balance sheet 15,463   58,239  
    Included in the assets held for sale/discontinued operations 17,675   1,750  


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

    In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

    In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

    These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

    Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

    Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

    Telephone: 403-266-6000        
    www.calfrac.com

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