Category: Ukraine

MIL-OSI Europe: Press release – Gas storage: refill flexibility to bring down prices

Source: European Parliament 3

The draft law adopted on Thursday seeks to address speculation on the gas market and bring down prices, by introducing greater flexibility in rules on gas storage refilling.

With 425 votes in favour, 106 against and 43 abstentions, Parliament has approved the Commission proposal to extend the EU’s 2022 gas storage scheme until 31 December 2027, it would otherwise have expired at the end of 2025. The provision is designed to ensure gas supply security ahead of the winter season.

MEPs introduced several amendments to ease tensions in the gas market, as speculation surrounding the existing mandatory 90% fill rate target by 1 November each year was driving the cost of refilling during the summer.

Refilling flexibilities

MEPs propose reducing the filling target from 90% to 83%, to be met at any point in time between 1 October and 1 December each year. Member states would be allowed to deviate by up to four percentage points from the filling target in the event of unfavourable market conditions, such as supply disruptions or high demand. The Commission may further increase this deviation by up to an additional four percentage points if these market conditions persist.

Member states would however have to ensure that the cumulative effects of flexibilities and derogations do not bring down overall storage filling obligations below 75%, MEPs say.

Full embargo on Russian gas “both necessary and feasible”

MEPs say that in light of Russia’s ongoing war against Ukraine, member states should refrain from storing gas of Russian origin. The European Union should also, they say, pursue immediate sanctions on Russian gas imports, including LNG. A full embargo is both necessary and feasible, they add.

Quote

“It’s very important that Europe was able to protect its citizens in a situation where Russia was using gas as a weapon of blackmail” rapporteur Borys Budka (EPP, Poland) said during the debate. Parliament wants to “provide for more flexibility and less bureaucracy but above all to bring Europe’s gas prices down” he added.

Next steps

MEPs will now enter into negotiations with the Polish presidency of the Council. A first round of talks is scheduled for 13 May.

Background

The EU’s energy security has been a critical concern in recent years, not least in light of its dependence on non-EU countries for primary energy supplies. The 2022 energy crisis, exacerbated by Russia’s full-scale invasion of Ukraine and the subsequent weaponisation of gas supplies, highlighted the urgent need for additional measures to ensure stable and affordable energy supplies.

In response, the EU introduced new gas storage rules. However, the global gas market remains tight, with increased competition for liquefied natural gas (LNG) supplies and persistent price volatility.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Europe: Press release – Human rights breaches in Tanzania, Russia and Tibet

Source: European Parliament

On Thursday, Parliament adopted human rights resolutions on Tanzania, Russia and Tibet.

Arrest and risk of execution of Tundu Lissu, leader of Chadema, Tanzania’s main opposition party

In their resolution, MEPs condemn the arrest of the leader of Tanzania’s main opposition party Chadema, and express great concern regarding the politically motivated accusations that could lead to Tundu Lissu being sentenced to death.

They urge the Tanzanian authorities to restore Chadema’s full participation in the October 2025 elections, engage in dialogue with all political parties on electoral reform, respect the political parties’ rights and guarantee free and fair elections.

The resolution denounces the escalation of repression in Tanzania, with arbitrary arrests and the harassment of opposition politicians, human rights defenders, LGBTQI+ activists, journalists and civil society organisations.

Tanzania must abolish the death penalty and commute all death sentences, say MEPs, and the EU must ensure its development cooperation with Tanzania, not least under the Global Gateway initiative, is compatible with the promotion of human rights, freedom of expression and fair trial standards.

The resolution was adopted by show of hands.

Return of Ukrainian children forcibly transferred and deported by Russia

MEPs strongly condemn the “genocidal strategy” carried out by Russia, with the support of Belarus, designed to erase Ukrainian identity. The forced transfer and deportation of Ukrainian children, their illegal adoption, their assassination, and the forced Russification and militarisation must stop.

Russia must report the identities and whereabouts of all deported Ukrainian children and ensure their well-being and safe and unconditional return. The Russian authorities must also allow international organisations, such as the International Committee of the Red Cross, the Office of the UN High Commissioner for Human Rights and UNICEF, access to all deported Ukrainian children, argue MEPs.

The EU must continue to support the Ukrainian authorities and international and non‑governmental organisations in their efforts to document the deported children. . MEPs also call on the EU and the member states to join the International Coalition for the Return of Ukrainian Children. The international community must meanwhile hold Russia accountable by reinforcing coordination through the International Criminal Court, the International Court of Justice, and the Special tribunal for the crime of aggression against Ukraine. “Any genuine peace deal must include the repatriation of these children and accountability for forcible transfers and deportations, ” MEPs conclude.

The resolution was adopted by 516 votes in favour, 3 votes against and 34 abstentions.

Violations of religious freedom in Tibet

MEPs strongly condemn China’s repressive assimilation policies and violations of human rights, which seek to eliminate Tibet’s religious and cultural traditions and heritage. They express deep concern regarding the death in suspicious circumstances of Tulku Hungkar Dorje in March 2025 in Vietnam and call for an immediate, independent and transparent investigation, with international oversight, access to evidence and witnesses, and the immediate return of his remains.

China’s authorities must put an end to discrimination against religious and ethnic minorities, allow peaceful religious practice, and release all religious and political prisoners, including the rightful Panchen Lama and Ilham Tohti.

Parliament also condemns the transnational repression practices of the Chinese authorities and their interference in the selection of Tibetan Buddhist spiritual leaders, including the Dalai Lama. It calls on the EU to impose sanctions on officials and entities responsible for human rights violations in Tibet.

The resolution was adopted by 478 votes in favour, 30 votes against and 41 abstentions.

MIL OSI Europe News –

May 8, 2025

MIL-OSI Europe: Minutes – Wednesday, 7 May 2025 – Strasbourg – Final edition

Source: European Parliament

PV-10-2025-05-07

iPlPv_Sit

Minutes

Wednesday, 7 May 2025 – Strasbourg

Abbreviations and symbols

+	adopted
–	rejected
↓	lapsed
W	withdrawn
RCV	roll-call votes
EV	electronic vote
SEC	secret ballot
split	split vote
sep	separate vote
am	amendment
CA	compromise amendment
CP	corresponding part
D	deleting amendment
=	identical amendments
§	paragraph

IN THE CHAIR: Martin HOJSÍK
Vice-President

1. Opening of the sitting

The sitting opened at 09:00.

2. Negotiations ahead of Parliament’s first reading (Rule 72) (action taken)

The decisions of the LIBE and PECH committees and (jointly) the SEDE and ITRE committees to enter into interinstitutional negotiations had been announced on 5 May 2025 (minutes of 5.5.2025, item 12).

Since no requests for vote had been made pursuant to Rule 72(2), the committees responsible had been able to begin negotiations after the expiry of the deadline set.

3. EU support for a just, sustainable and comprehensive peace in Ukraine (debate)

Council and Commission statements: EU support for a just, sustainable and comprehensive peace in Ukraine (2025/2685(RSP))

Adam Szłapka (President-in-Office of the Council) and Ursula von der Leyen (President of the Commission) made the statements.

The following spoke: Michael Gahler, on behalf of the PPE Group, Yannis Maniatis, on behalf of the S&D Group, Kinga Gál, on behalf of the PfE Group, Adam Bielan, on behalf of the ECR Group, Petras Auštrevičius, on behalf of the Renew Group, Terry Reintke, on behalf of the Verts/ALE Group, Özlem Demirel, on behalf of The Left Group, Hans Neuhoff, on behalf of the ESN Group, Sandra Kalniete, Thijs Reuten, Harald Vilimsky, who also declined to take a blue-card question from Moritz Körner, Alberico Gambino, Marie-Agnes Strack-Zimmermann, Virginijus Sinkevičius, Marc Botenga, who also answered a blue-card question from Sebastian Tynkkynen, Petar Volgin, Fidias Panayiotou, who also answered a blue-card question from Moritz Körner, Rasa Juknevičienė, Brando Benifei, Tom Vandendriessche, Mirosława Nykiel and Heléne Fritzon.

IN THE CHAIR: Christel SCHALDEMOSE
Vice-President

The following spoke: Beata Szydło, Nathalie Loiseau, Mika Aaltola, Francisco Assis, Hannah Neumann, Paulius Saudargas, Marcos Ros Sempere, Roberto Vannacci, Victor Negrescu, Aurelijus Veryga, Hilde Vautmans, Matej Tonin, Danilo Della Valle, Francisco José Millán Mon, Tonino Picula, Pierre-Romain Thionnet, Salvatore De Meo, Raphaël Glucksmann, Merja Kyllönen, Ingeborg Ter Laak, Elena Yoncheva, Seán Kelly, who also answered a blue-card question from Petras Gražulis, Joanna Scheuring-Wielgus, Tamás Deutsch, Rihards Kols, Helmut Brandstätter, Adrián Vázquez Lázara, Vilija Blinkevičiūtė, Krzysztof Hetman, Jonas Sjöstedt, Danuše Nerudová, Tobias Cremer, Tomasz Buczek, Małgorzata Gosiewska, Dan Barna, Wouter Beke, Ignazio Roberto Marino, Irene Montero and Ana Miguel Pedro.

The following spoke under the catch-the-eye procedure: Michał Szczerba, Juan Fernando López Aguilar, Viktória Ferenc, Arkadiusz Mularczyk, Dainius Žalimas, Jaume Asens Llodrà, Siegbert Frank Droese, Lukas Sieper, Maria Grapini, Damian Boeselager and Petras Gražulis.

The following spoke: Valdis Dombrovskis (Member of the Commission) and Adam Szłapka.

The debate closed.

(The sitting was suspended at 11:19.)

IN THE CHAIR: Roberta METSOLA
President

4. Resumption of the sitting

The sitting resumed at 11:35.

5. Commemoration of the 80th anniversary of the end of World War II in Europe

The President made a statement to mark the 80th anniversary of the end of World War II in Europe.

António Costa (President of the European Council), Robert Chot (Member of the Belgian Royal National Federation of War Volunteers), Janusz Komorowski (President of the Polish Association of Home Army Soldiers) and Janusz Maksymowicz (Vice-President of the Warsaw Uprising Insurgents Association), addressed the House.

The House stood for the European anthem performed by soprano Francesca Sorteni, accompanied by Thomas Gautier and Claire Rigaux on violin, Marie Viard on cello and Emma Errara on viola.

(The sitting was suspended for a few moments.)

6. Resumption of the sitting

The sitting resumed at 12:19.

⁂

The following spoke: Valérie Hayer (the President noted her remarks. She pointed out that serving Europe in the House of democracy was an honourable commitment and called for everyone to respect what this represented).

7. Welcome

On behalf of Parliament, the President welcomed Dr Denis Mukwege, winner of the 2014 Sakharov Prize and 2018 Nobel Peace Prize, who had taken his seat in the distinguished visitors’ gallery.

8. Voting time

For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’.

8.1. Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review ***I (vote)

Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review – (COM(2025)0123 – C10-0063/2025 – 2025/0084(COD))

REQUEST FOR AN URGENT DECISION by the REGI Committee (Rule 170(5))

Approved

Vote: at a later part-session.

Detailed voting results

8.2. European Social Fund (ESF+): specific measures to address strategic challenges ***I (vote)

European Social Fund (ESF+): specific measures to address strategic challenges – (COM(2025)0164 – C10-0064/2025 – 2025/0085(COD))

REQUEST FOR AN URGENT DECISION by the EMPL Committee (Rule 170(5))

Approved

Vote: at a later part-session.

Detailed voting results

8.3. Discharge 2023: EU general budget – Commission, executive agencies and European Development Funds (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section III – Commission, executive agencies and the ninth, tenth and eleventh European Development Funds [COM(2024)0272 – C10-0067/2024 – 2024/2019(DEC)] – Committee on Budgetary Control. Rapporteur: Niclas Herbst (A10-0074/2025)

(Majority of the votes cast)

PROPOSALS FOR DECISIONS – Commission and executive agencies

Adopted (P10_TA(2025)0077)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

PROPOSALS FOR DECISIONS – European Development Funds – EDF (9th, 10th and 11th)

Adopted (P10_TA(2025)0077)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0077)

Detailed voting results

8.4. Discharge 2023: EU general budget – European Parliament (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section I – European Parliament [COM(2024)0272 – C10-0068/2024 – 2024/2020(DEC)] – Committee on Budgetary Control. Rapporteur: Monika Hohlmeier (A10-0062/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0078)

Detailed voting results

8.5. Discharge 2023: EU general budget – European Council and Council (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section II – European Council and Council [COM(2024)0272 – C10-0069/2024 – 2024/2021(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0052/2025)

PROPOSAL FOR A DECISION

Approved (P10_TA(2025)0079)

Discharge postponed (see Annex V, Article 5(1)(b) to the Rules of Procedure)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0079)

Detailed voting results

8.6. Discharge 2023: EU general budget – Court of Justice of the European Union (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IV – Court of Justice [COM(2024)0272 – C10-0070/2024 – 2024/2022(DEC)] – Committee on Budgetary Control. Rapporteur: Cristian Terheş (A10-0050/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0080)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0080)

Detailed voting results

8.7. Discharge 2023: EU general budget – Court of Auditors (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section V – Court of Auditors [COM(2024)0272 – C10-0071/2024 – 2024/2023(DEC)] – Committee on Budgetary Control. Rapporteur: Dick Erixon (A10-0047/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0081)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0081)

Detailed voting results

8.8. Discharge 2023: EU general budget – European Economic and Social Committee (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VI – European Economic and Social Committee [COM(2024)0272 – C10-0073/2024 – 2024/2025(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0054/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0082)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0082)

Detailed voting results

8.9. Discharge 2023: EU general budget – Committee of the Regions (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VII – Committee of the Regions [COM(2024)0272 – C10-0074/2024 – 2024/2026(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0046/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0083)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0083)

Detailed voting results

8.10. Discharge 2023: EU general budget – European Ombudsman (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VIII – European Ombudsman [COM(2024)0272 – C10-0075/2024 – 2024/2027(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0055/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0084)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0084)

Detailed voting results

8.11. Discharge 2023: EU general budget – European Data Protection Supervisor (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor [COM(2024)0272 – C10-0076/2024 – 2024/2028(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0053/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0085)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0085)

Detailed voting results

8.12. Discharge 2023: EU general budget – European External Action Service (vote)

Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section X – European External Action Service [COM(2024)0272 – C10-0072/2024 – 2024/2024(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0069/2025)

(Majority of the votes cast)

PROPOSAL FOR A DECISION

Adopted (P10_TA(2025)0086)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0086)

Detailed voting results

8.13. Discharge 2023: European Public Prosecutor’s Office (vote)

Report on discharge in respect of the implementation of the budget of the European Public Prosecutor’s Office for the financial year 2023 [COM(2024)0272 – C10-0077/2024 – 2024/2029(DEC)] – Committee on Budgetary Control. Rapporteur: Tomáš Zdechovský (A10-0051/2025)

(Majority of the votes cast)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0087)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0087)

Detailed voting results

8.14. Discharge 2023: Agencies (vote)

Report on discharge in respect of the implementation of the budget of the European Union Agencies for the financial year 2023 [COM(2024)0272 – C10-0078/2024 – 2024/2030(DEC)] – Committee on Budgetary Control. Rapporteur: Erik Marquardt (A10-0065/2025)

(Majority of the votes cast)

European Union Agency for the Cooperation of Energy Regulators (ACER)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Agency for Support for BEREC

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Translation Centre for the Bodies of the European Union (CdT)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Centre for the Development of Vocational Training (Cedefop)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Law Enforcement Training (CEPOL)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Aviation Safety Agency (EASA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Banking Authority (EBA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Centre for Disease Prevention and Control (ECDC)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Chemicals Agency (ECHA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Environment Agency (EEA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Fisheries Control Agency (EFCA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Food Safety Authority (EFSA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Institute for Gender Equality (EIGE)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Insurance and Occupational Pensions Authority (EIOPA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Institute of Innovation and Technology (EIT)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Labour Authority (ELA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Medicines Agency (EMA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Monitoring Centre for Drugs and Drug Addiction (now European Union Drugs Agency)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Maritime Safety Agency (EMSA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Cybersecurity (ENISA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Railways (ERA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Euratom Supply Agency (ESA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Securities and Markets Authority (ESMA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Training Foundation (ETF)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Asylum (EUAA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge and closure of the accounts was postponed (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Agency for Safety and Health at Work (EU-OSHA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Foundation for the Improvement of Living and Working Conditions (Eurofound)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Criminal Justice Cooperation (Eurojust)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Law Enforcement Cooperation (Europol)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for the Space Programme (EUSPA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Union Agency for Fundamental Rights (FRA)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Border and Coast Guard Agency (Frontex)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0088)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0088)

Detailed voting results

8.15. Discharge 2023: Joint Undertakings (vote)

Report on discharge in respect of the implementation of the budget of the EU joint undertakings for the financial year 2023 [COM(2024)0272 – C10-0079/2024 – 2024/2031(DEC)] – Committee on Budgetary Control. Rapporteur: Michal Wiezik (A10-0056/2025)

(Majority of the votes cast)

Clean Aviation Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Circular Bio-based Europe Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Clean Hydrogen Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Europe’s Rail Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European High Performance Computing Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

European Joint Undertaking for ITER and the Development of Fusion Energy

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Global Health EDCTP3 Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Innovative Health Initiative Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Chips Joint Undertaking (before 21.9.2023: Key Digital Technologies Joint Undertaking)

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Single European Sky ATM Research 3 Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

Smart Networks and Services Joint Undertaking

PROPOSALS FOR DECISIONS

Adopted (P10_TA(2025)0089)

Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0089)

Detailed voting results

8.16. A revamped long-term budget for the Union in a changing world (vote)

Report on a revamped long-term budget for the Union in a changing world [2024/2051(INI)] – Committee on Budgets. Rapporteurs: Siegfried Mureşan and Carla Tavares (A10-0076/2025)

The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 9).

(Majority of the votes cast)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0090)

Detailed voting results

8.17. The European Water Resilience Strategy (vote)

Report on the European Water Resilience Strategy [2024/2104(INI)] – Committee on the Environment, Climate and Food Safety. Rapporteur: Thomas Bajada (A10-0073/2025)

The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 13).

(Majority of the votes cast)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0091)

Detailed voting results

8.18. 2023 and 2024 reports on Türkiye (vote)

2023 and 2024 Commission reports on Türkiye [2025/2023(INI)] – Committee on Foreign Affairs. Rapporteur: Nacho Sánchez Amor (A10-0067/2025)

The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 14).

(Majority of the votes cast)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0092)

The following had spoken:

Nacho Sánchez Amor (rapporteur), to move an oral amendment to add a new paragraph after paragraph 31. Parliament had agreed to put the oral amendment to the vote.

Jordan Bardella, to move an oral amendment to add a new paragraph after paragraph 36. Parliament had not agreed to put the oral amendment to the vote as more than 39 Members had opposed it.

Detailed voting results

8.19. 2023 and 2024 reports on Serbia (vote)

Report on the 2023 and 2024 Commission reports on Serbia [2025/2022(INI)] – Committee on Foreign Affairs. Rapporteur: Tonino Picula (A10-0072/2025)

The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 16).

(Majority of the votes cast)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0093)

The following had spoken:

Tonino Picula (rapporteur), to move an oral amendment to paragraph 23. Parliament had agreed to put the oral amendment to the vote.

Detailed voting results

8.20. 2023 and 2024 reports on Kosovo (vote)

Report on the 2023 and 2024 Commission Reports on Kosovo [2025/2019(INI)] – Committee on Foreign Affairs. Rapporteur: Riho Terras (A10-0075/2025)

The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 17).

(Majority of the votes cast)

MOTION FOR A RESOLUTION

Adopted (P10_TA(2025)0094)

Detailed voting results

(The sitting was suspended at 13:39.)

IN THE CHAIR: Javi LÓPEZ
Vice-President

9. Resumption of the sitting

The sitting resumed at 13:44.

10. Approval of the minutes of the previous sitting

The minutes of the previous sitting were approved.

11. Winning the global tech race: boosting innovation and closing funding gaps (topical debate)

The following spoke: Eva Maydell to open the debate proposed by the PPE Group.

The following spoke: Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission).

The following spoke: Pablo Arias Echeverría, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Julie Rechagneux, on behalf of the PfE Group, Elena Donazzan, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Kim Van Sparrentak, on behalf of the Verts/ALE Group, Leila Chaibi, on behalf of The Left Group, Marcin Sypniewski, on behalf of the ESN Group, Tomislav Sokol, Christel Schaldemose, Kosma Złotowski, Svenja Hahn, David Cormand, Milan Mazurek, Massimiliano Salini, Giorgio Gori, Philippe Olivier, Charlie Weimers, Morten Løkkegaard, Eszter Lakos, Laura Ballarín Cereza, Diego Solier, Fernando Navarrete Rojas, Matthias Ecke, Mario Mantovani and Elena Sancho Murillo.

The following spoke: Costas Kadis and Adam Szłapka.

The debate closed.

12. Competition policy – annual report 2024 (debate)

Report on competition policy – annual report 2024 [2024/2079(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Lara Wolters (A10-0071/2025)

Lara Wolters introduced the report.

The following spoke: Teresa Ribera (Executive Vice-President of the Commission).

The following spoke: Andreas Schwab, on behalf of the PPE Group, and Thomas Bajada, on behalf of the S&D Group.

IN THE CHAIR: Antonella SBERNA
Vice-President

The following spoke: Pierre Pimpie, on behalf of the PfE Group, Francesco Ventola, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Kira Marie Peter-Hansen, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, Rada Laykova, on behalf of the ESN Group, Markus Ferber, René Repasi, Enikő Győri, Marlena Maląg, Marie Toussaint, Marcin Sypniewski, Branislav Ondruš, who also answered a blue-card question from João Oliveira, Georgios Aftias, Nikos Papandreou, Dirk Gotink, Adnan Dibrani, Marco Falcone and Jonás Fernández.

The following spoke under the catch-the-eye procedure: Ralf Seekatz, Sebastian Tynkkynen, Petras Gražulis, João Oliveira and Alexander Jungbluth.

The following spoke: Teresa Ribera and Lara Wolters.

The debate closed.

Vote: 8 May 2025.

13. Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (debate)

Council and Commission statements: Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (2025/2686(RSP))

Adam Szłapka (President-in-Office of the Council) and Dan Jørgensen (Member of the Commission) made the statements.

The following spoke: Dolors Montserrat, on behalf of the PPE Group, Nicolás González Casares, on behalf of the S&D Group, Jorge Buxadé Villalba, on behalf of the PfE Group, Diego Solier, on behalf of the ECR Group, Anna Stürgkh, on behalf of the Renew Group, Diana Riba i Giner, on behalf of the Verts/ALE Group, Estrella Galán, on behalf of The Left Group, Petr Bystron, on behalf of the ESN Group, Paulo Cunha, who also answered a blue-card question from Petras Gražulis, Francisco Assis, António Tânger Corrêa, who also answered a blue-card question from Bruno Gonçalves, Patryk Jaki, Oihane Agirregoitia Martínez, Jaume Asens Llodrà, Irene Montero, Marc Jongen, Lefteris Nikolaou-Alavanos, François-Xavier Bellamy, who also answered a blue-card question from Nicolás González Casares, Sofie Eriksson, Paolo Borchia, Nora Junco García, Christophe Grudler, Pernando Barrena Arza, Pilar del Castillo Vera, who also declined to take a blue-card question from Nicolás González Casares, and Elena Sancho Murillo.

IN THE CHAIR: Christel SCHALDEMOSE
Vice-President

The following spoke: András Gyürk, Nicolas Bay, Michał Kobosko, João Oliveira, Ana Miguel Pedro, Bruno Gonçalves, Pascale Piera, Daniel Obajtek, Seán Kelly, Bruno Tobback, Georg Mayer, Aleksandar Nikolic and Juan Carlos Girauta Vidal.

The following spoke under the catch-the-eye procedure: Davor Ivo Stier, Susana Solís Pérez, Sebastian Tynkkynen, Maria Zacharia and Lukas Sieper.

The following spoke: Dan Jørgensen and Adam Szłapka.

The debate closed.

14. High levels of retail food prices and their consequences for European consumers (debate)

Council and Commission statements: High levels of retail food prices and their consequences for European consumers (2025/2687(RSP))

Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission) made the statements.

The following spoke: Tomislav Sokol, on behalf of the PPE Group, Camilla Laureti, on behalf of the S&D Group, Gilles Pennelle, on behalf of the PfE Group, Stefano Cavedagna, on behalf of the ECR Group, Asger Christensen, on behalf of the Renew Group, David Cormand, on behalf of the Verts/ALE Group, Hanna Gedin, on behalf of The Left Group, Milan Mazurek, on behalf of the ESN Group, Carmen Crespo Díaz, Adnan Dibrani, Tomasz Buczek, Veronika Vrecionová, Christine Singer, Ana Miranda Paz, who also answered a blue-card question from João Oliveira, Konstantinos Arvanitis, who also answered a blue-card question from Rody Tolassy, Kateřina Konečná, Péter Magyar, Biljana Borzan, Marieke Ehlers, Sergio Berlato, Ciaran Mullooly, Marc Botenga, Nikolaos Anadiotis, Krzysztof Hetman, Pierfrancesco Maran, Barbara Bonte, Jessika Van Leeuwen, Laura Ballarín Cereza, Margarita de la Pisa Carrión and France Jamet.

IN THE CHAIR: Esteban GONZÁLEZ PONS
Vice-President

The following spoke under the catch-the-eye procedure: Cristina Maestre, Mireia Borrás Pabón, Csaba Dömötör, Sebastian Tynkkynen, Rasmus Andresen, Elena Kountoura, João Oliveira, Lukas Sieper and Maria Zacharia.

The following spoke: Costas Kadis and Adam Szłapka.

The debate closed.

15. Malta’s Golden Passport scheme circumventing EU sanctions against Russia (debate)

Council and Commission statements: Malta’s Golden Passport scheme circumventing EU sanctions against Russia (2025/2688(RSP))

Adam Szłapka (President-in-Office of the Council) and Michael McGrath (Member of the Commission) made the statements.

The following spoke: David Casa, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Jadwiga Wiśniewska, on behalf of the ECR Group, Raquel García Hermida-Van Der Walle, on behalf of the Renew Group, Saskia Bricmont, on behalf of the Verts/ALE Group, Giuseppe Antoci, on behalf of The Left Group, Luděk Niedermayer, Birgit Sippel, Georgiana Teodorescu, who also declined to take a blue-card question from Raquel García Hermida-Van Der Walle, Irena Joveva, Daniel Freund, Peter Agius, Thomas Bajada, who also answered a blue-card question from Raquel García Hermida-Van Der Walle and did not accept a blue-card question from Daniel Freund, Alice Teodorescu Måwe, Daniel Attard, who also answered a blue-card question from Daniel Freund, and Evelyn Regner.

The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar and Sebastian Tynkkynen.

The following spoke: Alex Agius Saliba (the President cut off the speaker as his remarks did not constitute a point of order).

The following spoke under the catch-the-eye procedure: Maria Zacharia.

The following spoke: Michael McGrath and Adam Szłapka.

The debate closed.

16. The role of gas storage for securing gas supplies ahead of the winter season (debate)

Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season [COM(2025)0099 – C10-0041/2025 – 2025/0051(COD)] – Committee on Industry, Research and Energy. Rapporteur: Borys Budka (A10-0079/2025)

Borys Budka introduced the report.

The following spoke: Dan Jørgensen (Member of the Commission).

The following spoke: Andrea Wechsler, on behalf of the PPE Group, Jens Geier, on behalf of the S&D Group, András Gyürk, on behalf of the PfE Group, Ondřej Krutílek, on behalf of the ECR Group, Yvan Verougstraete, on behalf of the Renew Group, Marie Toussaint, on behalf of the Verts/ALE Group, Dario Tamburrano, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Jüri Ratas, Nicolás González Casares, Julie Rechagneux, Michael Bloss, Thomas Geisel and Mirosława Nykiel.

IN THE CHAIR: Ewa KOPACZ
Vice-President

The following spoke: Michalis Hadjipantela and Virgil-Daniel Popescu.

The following spoke under the catch-the-eye procedure: Liudas Mažylis, Sebastian Tynkkynen, Marta Wcisło and Billy Kelleher.

The following spoke: Dan Jørgensen and Borys Budka.

The debate closed.

Vote: 8 May 2025.

17. Banking Union – annual report 2024 (debate)

Report on Banking Union – annual report 2024 [2024/2055(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Ralf Seekatz (A10-0044/2025)

Ralf Seekatz introduced the report.

The following spoke: Michael McGrath (Member of the Commission).

The following spoke: Marco Falcone, on behalf of the PPE Group, Jonás Fernández, on behalf of the S&D Group, Marlena Maląg, on behalf of the ECR Group, Billy Kelleher, on behalf of the Renew Group, Jussi Saramo, on behalf of The Left Group, Costas Mavrides and Giovanni Crosetto.

The following spoke under the catch-the-eye procedure: Marta Wcisło, Sebastian Tynkkynen and Lukas Sieper.

The following spoke: Michael McGrath and Ralf Seekatz.

The debate closed.

Vote: 8 May 2025.

18. The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (debate)

Commission statement: The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (2025/2704(RSP))

Michael McGrath (Member of the Commission) made the statement.

The following spoke: François-Xavier Bellamy, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Virginie Joron, on behalf of the PfE Group, Gheorghe Piperea, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Alexandra Geese, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Mary Khan, Pablo Arias Echeverría, Elisabeth Dieringer, Sandro Gozi, Fidias Panayiotou, Sunčana Glavak, Cynthia Ní Mhurchú and Moritz Körner.

The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Billy Kelleher and Lukas Sieper.

The following spoke: Michael McGrath.

The debate closed.

19. Debate on cases of breaches of human rights, democracy and the rule of law (debate)

(For the titles and authors of the motions for resolutions, see minutes of 7.5.2025, item I.)

19.1. Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

Motions for resolutions B10-0260/2025, B10-0261/2025, B10-0262/2025, B10-0263/2025, B10-0264/2025 and B10-0265/2025 (2025/2690(RSP))

Reinhold Lopatka, Marit Maij, Jan-Christoph Oetjen, Catarina Vieira and Tomasz Froelich introduced their groups’ motions for resolutions.

The following spoke under the catch-the-eye procedure: Lukas Sieper.

The following spoke: Michael McGrath (Member of the Commission).

The debate closed.

Vote: 8 May 2025.

19.2. Return of Ukrainian children forcibly transferred and deported by Russia

Motions for resolutions B10-0247/2025, B10-0249/2025, B10-0250/2025, B10-0252/2025, B10-0255/2025 and B10-0258/2025 (2025/2691(RSP))

Jessika Van Leeuwen, Thijs Reuten, Petras Auštrevičius, Villy Søvndal and Małgorzata Gosiewska introduced their groups’ motions for resolutions.

The following spoke: Michał Szczerba, on behalf of the PPE Group, and Pina Picierno, on behalf of the S&D Group.

IN THE CHAIR: Antonella SBERNA
Vice-President

The following spoke: Karin Karlsbro, on behalf of the Renew Group, Ingeborg Ter Laak, Sandra Gómez López, Charles Goerens, Lukas Mandl, Pierfrancesco Maran, Isabel Wiseler-Lima, Davor Ivo Stier and Alice Teodorescu Måwe.

The following spoke under the catch-the-eye procedure: Liudas Mažylis, Nikos Papandreou, Lukas Sieper and Marta Wcisło.

The following spoke: Michael McGrath (Member of the Commission).

The debate closed.

Vote: 8 May 2025.

19.3. Violations of religious freedom in Tibet

Motions for resolutions B10-0248/2025, B10-0251/2025, B10-0253/2025, B10-0254/2025, B10-0256/2025 and B10-0259/2025 (2025/2692(RSP))

Danuše Nerudová, Hannes Heide, Mariusz Kamiński, Engin Eroglu and Ville Niinistö introduced their groups’ motions for resolutions.

The following spoke: Michael McNamara, on behalf of the Renew Group.

The following spoke under the catch-the-eye procedure: Vytenis Povilas Andriukaitis and Lukas Sieper.

The following spoke: Michael McNamara, on the previous speaker’s comments, and Lukas Sieper on Michael McNamara’s contribution.

The following spoke: Michael McGrath (Member of the Commission).

The debate closed.

Vote: 8 May 2025.

20. Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (debate)

Commission statement: Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (2025/2645(RSP))

Olivér Várhelyi (Member of the Commission) made the statement.

The following spoke: Esther Herranz García, on behalf of the PPE Group, Biljana Borzan, on behalf of the S&D Group, Paolo Inselvini, on behalf of the ECR Group, Martin Häusling, on behalf of the Verts/ALE Group, Nikolas Farantouris, on behalf of The Left Group, Daniel Buda, Maria Noichl, Georgiana Teodorescu and Günther Sidl.

The following spoke under the catch-the-eye procedure: Kristian Vigenin, Diana Iovanovici Şoşoacă, Vytenis Povilas Andriukaitis and Lukas Sieper.

The following spoke: Olivér Várhelyi.

The debate closed.

21. The illegal visit of President Erdoğan to the occupied areas of Cyprus (debate)

Council and Commission statements: The illegal visit of President Erdoğan to the occupied areas of Cyprus (2025/2705(RSP))

Michael McGrath (Member of the Commission) made the statement on behalf of the Commission.

The following spoke: Loucas Fourlas, on behalf of the PPE Group, Costas Mavrides, on behalf of the S&D Group, Afroditi Latinopoulou, on behalf of the PfE Group, Geadis Geadi, on behalf of the ECR Group (the President reminded the speaker of the rules on conduct), Kai Tegethoff, on behalf of the Verts/ALE Group, and Irene Montero, on behalf of The Left Group.

The following spoke: Michael McGrath.

The debate closed.

22. Explanations of vote

22.1. Discharge 2023: EU general budget – European External Action Service (A10-0069/2025 – Joachim Stanisław Brudziński) (oral explanations of vote)

Lynn Boylan

22.2. Written explanations of vote

Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.

23. Agenda of the next sitting

The next sitting would be held the following day, 8 May 2025, starting at 09:00. The agenda was available on Parliament’s website.

24. Approval of the minutes of the sitting

In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.

25. Closure of the sitting

The sitting closed at 22:21.

LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT

I. Motions for resolutions tabled

Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0260/2025)
Catarina Vieira, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Mélissa Camara, Ville Niinistö
on behalf of the Verts/ALE Group

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0261/2025)
Yannis Maniatis, Francisco Assis, Marit Maij
on behalf of the S&D Group

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0262/2025)
Tomasz Froelich
on behalf of the ESN Group

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0263/2025)
Jan-Christoph Oetjen, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Svenja Hahn, Ilhan Kyuchyuk, Karin Karlsbro, Moritz Körner, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Michal Wiezik, Lucia Yar
on behalf of the Renew Group

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0264/2025)
Sebastião Bugalho, Reinhold Lopatka, Michael Gahler, David McAllister, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
on behalf of the PPE Group

on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0265/2025)
Adam Bielan, Sebastian Tynkkynen, Waldemar Tomaszewski, Ondřej Krutílek, Veronika Vrecionová, Alexandr Vondra, Joachim Stanisław Brudziński, Ivaylo Valchev, Jadwiga Wiśniewska, Assita Kanko, Alberico Gambino, Carlo Fidanza
on behalf of the ECR Group

Return of Ukrainian children forcibly transferred and deported by Russia

The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0247/2025)
Merja Kyllönen
on behalf of The Left Group

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0249/2025)
Villy Søvndal, Sergey Lagodinsky, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Catarina Vieira, Ville Niinistö
on behalf of the Verts/ALE Group

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0250/2025)
Yannis Maniatis, Francisco Assis, Thijs Reuten, Evin Incir, Pina Picierno
on behalf of the S&D Group

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0252/2025)
Petras Auštrevičius, Oihane Agirregoitia Martínez, Abir Al-Sahlani, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Engin Eroglu, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Eugen Tomac, Hilde Vautmans, Lucia Yar, Michał Kobosko
on behalf of the Renew Group

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0255/2025)
Sebastião Bugalho, Jessika Van Leeuwen, Michael Gahler, David McAllister, Sandra Kalniete, Andrzej Halicki, Antonio López-Istúriz White, Ana Miguel Pedro, Dariusz Joński, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Ewa Kopacz, Matej Tonin, Inese Vaidere
on behalf of the PPE Group

on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0258/2025)
Adam Bielan, Mariusz Kamiński, Małgorzata Gosiewska, Sebastian Tynkkynen, Michał Dworczyk, Veronika Vrecionová, Ondřej Krutílek, Jaak Madison, Alexandr Vondra, Arkadiusz Mularczyk, Bogdan Rzońca, Roberts Zīle, Ivaylo Valchev, Joachim Stanisław Brudziński, Assita Kanko, Aurelijus Veryga, Jadwiga Wiśniewska, Rihards Kols, Maciej Wąsik, Marlena Maląg, Charlie Weimers, Cristian Terheş
on behalf of the ECR Group

Violations of religious freedom in Tibet

The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0248/2025)
Ville Niinistö, Catarina Vieira, Maria Ohisalo, Erik Marquardt, Nicolae Ştefănuță, Mounir Satouri, Leoluca Orlando
on behalf of the Verts/ALE Group

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0251/2025)
Yannis Maniatis, Francisco Assis, Hannes Heide
on behalf of the S&D Group

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0253/2025)
Hermann Tertsch, Jorge Martín Frías, Jaroslav Bžoch, Susanna Ceccardi
on behalf of the PfE Group

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0254/2025)
Engin Eroglu, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Bernard Guetta, Svenja Hahn, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Karin Karlsbro, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Lucia Yar, Dainius Žalimas
on behalf of the Renew Group

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0256/2025)
Sebastião Bugalho, Danuše Nerudová, Michael Gahler, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
on behalf of the PPE Group

on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0259/2025)
Adam Bielan, Mariusz Kamiński, Waldemar Tomaszewski, Alberico Gambino, Sebastian Tynkkynen, Carlo Fidanza, Małgorzata Gosiewska, Ondřej Krutílek, Veronika Vrecionová, Assita Kanko, Michał Dworczyk, Arkadiusz Mularczyk, Bogdan Rzońca, Alexandr Vondra, Joachim Stanisław Brudziński, Jadwiga Wiśniewska, Maciej Wąsik, Marlena Maląg
on behalf of the ECR Group

II. Delegated acts (Rule 114(2))

Draft delegated acts forwarded to Parliament

– Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by establishing the content, methodologies, and presentation of the information to be voluntarily disclosed by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds in the templates for periodic post-issuance disclosures (C(2025)00005 – 2025/2674(DEA))

Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation supplementing Regulation (EU) 2023/2631of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority on external reviewers (C(2025)00006 – 2025/2676(DEA))

Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by specifying the type of fees to be charged by ESMA to external reviewers of European Green Bonds, the matters in respect of which fees are due, the amount of the fees, and the manner in which those fees are to be paid (C(2025)00007 – 2025/2677(DEA))

Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98 (C(2025)00701 – 2025/2678(DEA))

Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards additional data types on alternative fuels infrastructure (C(2025)01912 – 2025/2661(DEA))

Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

referred to committee responsible: TRAN

– Commission Delegated Regulation supplementing Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards common technical requirements for a common application programme interface (C(2025)01913 – 2025/2659(DEA))

Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

referred to committee responsible: TRAN

– Commission Delegated Regulation amending Regulation (EC) No 1272/2008 of the European Parliament and of the Council as regards the harmonised classification and labelling of certain substances (C(2025)01916 – 2025/2660(DEA))

Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

referred to committee responsible: ENVI
opinion: IMCO

– Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards standards for wireless recharging, electric road system, vehicle-to-grid communication and hydrogen supply for road transport vehicles (C(2025)01918 – 2025/2662(DEA))

Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

referred to committee responsible: TRAN

– Commission Delegated Regulation amending Delegated Regulation (EU) 2015/68 and Delegated Regulation (EU) 2015/208 with regard to vehicle braking requirements and to vehicle functional safety requirements for agricultural and forestry vehicles (C(2025)01944 – 2025/2663(DEA))

Deadline for raising objections: 2 months from the date of receipt of 3 April 2025

referred to committee responsible: IMCO

– Commission Delegated Regulation amending Delegated Regulation (EU) 2023/205 as regards the European Maritime Single Window environment data set (C(2025)02021 – 2025/2667(DEA))

Deadline for raising objections: 2 months from the date of receipt of 7 April 2025

referred to committee responsible: TRAN

– Commission Delegated Regulation supplementing Regulation (EU) No 305/2011 of the European Parliament and of the Council by establishing threshold levels and classes of performance for permanent anchor devices and safety hooks (C(2025)02119 – 2025/2670(DEA))

Deadline for raising objections: 3 months from the date of receipt of 9 April 2025

referred to committee responsible: IMCO

– Commission Delegated Directive amending Directive 2005/36/EC of the European Parliament and of the Council as regards the minimum training requirements for the profession of veterinary surgeon (C(2025)02128 – 2025/2671(DEA))

Deadline for raising objections: 2 months from the date of receipt of 10 April 2025

referred to committee responsible: IMCO

– Commission Delegated Regulation amending Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctane sulfonic acid and its derivatives (C(2025)02189 – 2025/2672(DEA))

Deadline for raising objections: 2 months from the date of receipt of 14 April 2025

referred to committee responsible: ENVI

– Commission delegated decision on the unilateral inclusion of sectors by Finland in the emissions trading system within the Union for buildings, road transport and additional sectors pursuant to Article 30j of Directive 2003/87/EC of the European Parliament and of the Council (C(2025)02232 – 2025/2673(DEA))

Deadline for raising objections: 2 months from the date of receipt of 15 April 2025

referred to committee responsible: ENVI
opinion: ITRE

– Commission Delegated Regulation amending Delegated Regulation (EU) 2023/2197 as regards the date of application (C(2025)02258 – 2025/2675(DEA))

Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

referred to committee responsible: SANT

– Commission Delegated Regulation supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions and indicators that the EBA is to use to determine whether extraordinary circumstances in the sense of Article 325az(5) and Article 325bf(6) of that Regulation have occurred (C(2025)02287 – 2025/2679(DEA))

Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the arrangements, systems and procedures to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations (C(2025)02480 – 2025/2684(DEA))

Deadline for raising objections: 3 months from the date of receipt of 29 April 2025

referred to committee responsible: ECON

– Commission Delegated Regulation amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctanoic acid (PFOA), its salts and PFOA-related compounds (C(2025)02566 – 2025/2701(DEA))

Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

referred to committee responsible: ENVI

– Commission Delegated Regulation (EU)…/ … amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards UV-328 (C(2025)02567 – 2025/2703(DEA))

Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

referred to committee responsible: ENVI

– Commission Delegated Regulation amending Delegated Regulation (EU) 2024/2910 on the implementation of the Union’s international obligations, as referred to in Article 15(2) of Regulation (EU) No 1380/2013 of the European Parliament and of the Council, under the General Fisheries Commission for the Mediterranean (C(2025)02570 – 2025/2702(DEA))

Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

referred to committee responsible: PECH

III. Implementing measures (Rule 115)

Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

– Commission Regulation correcting certain language versions of Regulation (EU) No 142/2011 implementing Regulation (EC) No 1069/2009 of the European Parliament and of the Council laying down health rules as regards animal by-products and derived products not intended for human consumption and implementing Council Directive 97/78/EC as regards certain samples and items exempt from veterinary checks at the border under that Directive (D010438/05 – 2025/2693(RPS) – deadline: 22 July 2025)
referred to committee responsible: ENVI
opinion: AGRI

– Commission Regulation amending Annex II to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for acetamiprid in or on certain products (D102375/03 – 2025/2664(RPS) – deadline: 4 June 2025)
referred to committee responsible: ENVI

– Commission Regulation amending Annex III to Regulation (EC) No 1333/2008 of the European Parliament and of the Council as regards the use of polyvinylpolypyrrolidone (E 1202) as a carrier in colour tablets for the decorative colouring of poultry eggshells (D106245/02 – 2025/2680(RPS) – deadline: 29 June 2025)
referred to committee responsible: ENVI

– Commission Regulation amending Regulation (EU) 2023/915 as regards maximum levels of inorganic arsenic in fish and other seafood (D106246/02 – 2025/2681(RPS) – deadline: 29 July 2025)
referred to committee responsible: ENVI

IV. Documents received

The following documents had been received from other institutions:

– Proposal for transfer of appropriations DEC 05/2025 – Section III – Commission (N10-0013/2025 – C10-0065/2025 – 2025/2078(GBD))
referred to committee responsible: BUDG

– Proposal for transfer of appropriations INF 1/2025 – Section VI – Economic and Social Committee (N10-0014/2025 – C10-0078/2025 – 2025/2091(GBD))
referred to committee responsible: BUDG

– Proposal for transfer of appropriations No. 2/2025 – Section IX – European Data Protection Supervisor (N10-0015/2025 – C10-0079/2025 – 2025/2092(GBD))
referred to committee responsible: BUDG

V. Transfers of appropriations and budgetary decisions

In accordance with Article 31(1) of the Financial Regulation, the Committee on Budgets had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.

In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.

ATTENDANCE REGISTER

Present:

Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Everding Sebastian, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glück Andreas, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guarda Cristina, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovařík Ondřej, Kovatchev Andrey, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Loiseau Nathalie, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martusciello Fulvio, Marzà Ibáñez Vicent, Mato Gabriel, Mavrides Costas, Maydell Eva, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moratti Letizia, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pietikäinen Sirpa, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schnurrbusch Volker, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Tynkkynen Sebastian, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verougstraete Yvan, Veryga Aurelijus, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zver Milan

Excused:

Verheyen Sabine

MIL OSI Europe News –

May 8, 2025

MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

First Quarter 2025 Highlights

Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield⁽²⁾ on an annual basis
Paid down $11 million of total debt
Increased liquidity to $120 million while improving leverage ratio⁽¹⁾ quarter-over-quarter to 1.37x
Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income⁽¹⁾ of $9 million, or $0.12 per diluted share
Generated operating cash flow of $46 million, Adjusted EBITDA⁽¹⁾ of $68 million and Free Cash Flow⁽¹⁾ of $17 million
Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

Other Updates

Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl⁽³⁾
Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
(2)	Based on BRY share price of $2.59 as of May 2, 2025.
(3)	Based on the midpoint of full year 2025 oil production guidance.

MANAGEMENT COMMENTS

Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

Selected Comparative Results

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in millions, except per share amounts)
Production (MBoe/d)		24.7			26.1			25.4
Oil, natural gas & NGL revenues⁽¹⁾	$	148		$	158		$	166
Net income (loss)	$	(97	)	$	(2	)	$	(40	)
Adjusted Net Income⁽²⁾	$	9		$	17		$	11
Adjusted EBITDA⁽²⁾	$	68		$	82		$	69
Earnings per diluted share	$	(1.25	)	$	(0.02	)	$	(0.53	)
Adjusted earnings per diluted share⁽²⁾	$	0.12		$	0.21		$	0.14
Cash Flow from Operations	$	46		$	41		$	1
Capital expenditures	$	28		$	17		$	17
Free cash flow⁽²⁾	$	17		$	24		$	10
__________
(1) Revenues do not include hedge settlements.
(2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.

CAPITAL STRUCTURE

As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio⁽¹⁾ of 1.37x.


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.

DEBT REDUCTION AND SHAREHOLDER RETURNS

During the quarter, the Company paid down approximately $11 million of total debt.

On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

Full Year 2025 Guidance		Low	High
Average Daily Production (boe/d)⁽¹⁾		$24,800	$26,000
Non-energy LOE ($/boe)⁽²⁾		$13.00	$15.00
Energy LOE (unhedged) ($/boe)⁽³⁾		$12.70	$14.50
Natural Gas Purchase Hedge Settlements ($/boe)⁽⁴⁾⁽⁵⁾		$1.00	$1.60
Taxes, Other Than Income Taxes ($/boe)		$5.50	$6.50
Adjusted G&A expenses – E&P Segment & Corp ($/boe)⁽⁶⁾⁽⁷⁾		$6.35	$6.75
Capital Expenditures ($ millions)^{(8) (9)}		$110	$120
_____________
(1)	Oil production is expected to be approximately 93% of total.
(2)	Non-energy LOE consists of lease operating costs not included in Energy LOE.
(3)	Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
(4)	Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
(5)	Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
(6)	Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
(7)	See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
(8)	Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
(9)	Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.

RISK MANAGEMENT

Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

CONFERENCE CALL DETAILS

Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

Call Date: Thursday, May 8, 2025
Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

To ask a question on the call, please dial in using the phone number and passcode below:

Toll-Free: (800) 715-9871
Passcode: 6035522

A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

ABOUT BERRY CORPORATION (BRY)

Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

CONTACT

Contact: Berry Corporation (bry)
Christopher Denison: Director – Investor Relations & Sustainability
(661) 616-3811
ir@bry.com

TABLES FOLLOWING

The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

SUMMARY OF RESULTS

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Consolidated Statement of Operations Data:
Revenues and other:
Oil, natural gas and natural gas liquids sales	$	147,862		$	157,957		$	166,318
Service revenue		23,664			23,554			31,683
Electricity sales		4,967			3,262			4,243
Gains (losses) on oil and gas sales derivatives		5,475			(5,730	)		(71,200	)
Marketing and other revenues		683			36			5,036
Total revenues and other		182,651			179,079			136,080

Expenses and other:
Lease operating expenses		57,282			55,763			61,276
Cost of services		20,825			20,907			27,304
Electricity generation expenses		1,209			1,523			1,093
Transportation expenses		939			1,122			1,059
Marketing expenses		292			—			4,390
Acquisition costs		—			—			2,617
General and administrative expenses		20,305			18,389			20,234
Depreciation, depletion and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Taxes, other than income taxes		9,240			8,498			15,689
(Gains) losses on natural gas purchase derivatives		(5,691	)		7,883			4,481
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement		—			7,066			—
Total expenses and other		303,104			168,493			180,841

Other (expenses) income:
Interest expense		(15,172	)		(10,859	)		(9,140	)
Other, net		272			136			(83	)
Total other expenses		(14,900	)		(10,723	)		(9,223	)
Loss before income taxes		(135,353	)		(137	)		(53,984	)
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)

Net loss per share:
Basic	$	(1.25	)	$	(0.02	)	$	(0.53	)
Diluted	$	(1.25	)	$	(0.02	)	$	(0.53	)

Weighted-average shares of common stock outstanding – basic		77,196			76,939			76,254
Weighted-average shares of common stock outstanding – diluted		77,196			76,939			76,254

Adjusted Net Income⁽¹⁾	$	9,370		$	16,531		$	10,910
Weighted-average shares of common stock outstanding – diluted		77,371			77,213			77,373
Diluted earnings per share on Adjusted Net Income⁽¹⁾	$	0.12		$	0.21		$	0.14


	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Adjusted EBITDA⁽¹⁾	$	68,450		$	81,780		$	68,534
Free Cash Flow⁽¹⁾	$	17,483		$	24,144		$	10,337
Adjusted General and Administrative Expenses⁽¹⁾	$	18,300		$	16,325		$	18,943
Effective Tax Rate		29	%	N/A				26	%

Cash Flow Data:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Net cash used in investing activities	$	(19,770	)	$	(19,907	)	$	(18,661	)
Net cash used in financing activities	$	(16,876	)	$	(889	)	$	(9,990	)

__________
(1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”

	March 31, 2025		December 31, 2024
	(unaudited) ($ and shares in thousands)
Balance Sheet Data:
Total current assets	$	161,114	$	149,643
Total property, plant and equipment, net	$	1,153,711	$	1,320,380
Total current liabilities	$	183,429	$	187,880
Long-term debt	$	374,478	$	384,633
Total stockholders’ equity	$	631,468	$	730,636
Outstanding common stock shares as of		77,596		76,939

The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

	Three Months Ended March 31, 2025
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	153,512		$	29,747		$	(6,083	)	$	177,176
Net (loss) before income taxes	$	(101,417	)	$	(1,711	)	$	(32,225	)	$	(135,353	)
Capital expenditures	$	27,618		$	56		$	715		$	28,389
Total assets	$	1,385,674		$	52,392		$	(33,728	)	$	1,404,338

	Three Months Ended December 31, 2024
	E&P		Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	161,254	$	29,468		$	(5,913	)	$	184,809
Net income (loss) before income taxes	$	38,101	$	(3,157	)	$	(35,081	)	$	(137	)
Capital expenditures	$	15,386	$	1,057		$	774		$	17,217
Total assets	$	1,535,292	$	57,752		$	(75,358	)	$	1,517,686

	Three Months Ended March 31, 2024
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	175,597		$	35,468		$	(3,785	)	$	207,280
Net (loss) income before income taxes	$	(24,836	)	$	(1,241	)	$	(27,907	)	$	(53,984	)
Capital expenditures	$	15,417		$	1,332		$	187		$	16,936
Total assets	$	1,625,178		$	65,948		$	(115,610	)	$	1,575,516
__________
(1) These revenues do not include hedge settlements.

COMMODITY PRICING

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Weighted Average Realized Prices
Oil without hedge ($/bbl)	$	69.48	$	69.08	$	75.31
Effects of scheduled derivative settlements ($/bbl)		0.08		1.64		(2.17	)
Oil with hedge ($/bbl)	$	69.56	$	70.72	$	73.14
Natural gas ($/mcf)	$	3.95	$	3.47	$	3.76
NGLs ($/bbl)	$	30.56	$	29.67	$	29.60

Purchased Natural Gas
Purchase price, before the effects of derivative settlements ($/mmbtu)	$	4.35	$	3.76	$	4.11
Effects of derivative settlements ($/mmbtu)		0.35		0.62		0.92
Purchase price, after the effects of derivative settlements ($/mmbtu)	$	4.70	$	4.38	$	5.03

Index Prices
Brent oil ($/bbl)	$	74.98	$	74.01	$	81.76
WTI oil ($/bbl)	$	71.51	$	70.33	$	77.02
Natural gas ($/mmbtu) – SoCal Gas city-gate⁽¹⁾	$	4.50	$	3.57	$	4.21
Natural gas ($/mmbtu) – Northwest, Rocky Mountains⁽²⁾	$	3.88	$	3.09	$	3.41
Henry Hub natural gas ($/mmbtu)⁽²⁾	$	4.14	$	2.44	$	2.15
__________
(1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
(2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.

Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

CURRENT HEDGING SUMMARY

As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027		FY 2028
Brent – Crude Oil production
Swaps
Hedged volume (bbls)		1,637,198		1,613,083		1,518,000		5,247,518		3,483,500		1,505,500
Hedged volume (mbbls) per day		18.0		17.5		16.5		14.4		9.5		4.1
Weighted-average price ($/bbl)	$	74.35	$	74.48	$	75.28	$	69.74	$	69.72	$	68.05
Collars
Hedged volume (bbls)		—		—		—		180,000		182,000		—
Hedged volume (mbbls) per day		—		—		—		0.5		0.5		—
Weighted-average ceiling ($/bbl)	$	—	$	—	$	—	$	81.36	$	80.00	$	—
Weighted-average floor ($/bbl)	$	—	$	—	$	—	$	60.00	$	65.00	$	—
NWPL – Natural Gas purchases⁽¹⁾
Swaps
Hedged volume (mmbtu)		3,640,000		3,680,000		3,680,000		12,160,000		—		—
Hedged volume (mmbtu) per day		40.0		40.0		40.0		33.3		—		—
Weighted-average price ($/mmbtu)	$	4.29	$	4.29	$	4.15	$	3.93	$	—	$	—
__________
(1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.

GAINS (LOSSES) ON DERIVATIVES

A summary of gains and losses on the derivatives included on the statements of operations is presented below:

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Realized (losses) gains on commodity derivatives:
Realized gains (losses) on oil sales derivatives	$	164		$	7,173		$	(4,682	)
Realized (losses) on natural gas purchase derivatives		(1,476	)		(3,184	)		(4,412	)
Total realized (losses) gains on derivatives	$	(1,312	)	$	3,989		$	(9,094	)

Unrealized gains (losses) on commodity derivatives:
Unrealized gains (losses) on oil sales derivatives	$	5,311		$	(12,903	)	$	(66,518	)
Unrealized gains (losses) on natural gas purchase derivatives		7,167			(4,699	)		(69	)
Total unrealized gains (losses) on derivatives	$	12,478		$	(17,602	)	$	(66,587	)
Total gains (losses) on derivatives	$	11,166		$	(13,613	)	$	(75,681	)

PRODUCTION STATISTICS

	Three Months Ended
	March 31, 2025	December 31, 2024	March 31, 2024
Net Oil, Natural Gas and NGLs Production Per Day⁽¹⁾:
Oil (mbbl/d)
California	20.4	21.8	21.3
Utah	2.6	2.5	2.5
Total oil	23.0	24.3	23.8
Natural gas (mmcf/d)
Utah	7.9	8.4	7.9
Total natural gas	7.9	8.4	7.9
NGLs (mbbl/d)
Utah	0.4	0.4	0.3
Total NGLs	0.4	0.4	0.3
Total Production (mboe/d)⁽²⁾	24.7	26.1	25.4
__________
(1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
(2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.

CAPITAL EXPENDITURES

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
			(unaudited) (in thousands)
Capital expenditures ⁽¹⁾⁽²⁾	$	28,389	$	17,217	$	16,936
__________
(1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
(2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

ADJUSTED EBITDA

The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Adjusted EBITDA reconciliation:
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)
Add (Subtract):
Interest expense		15,172			10,859			9,140
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Depreciation, depletion, and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Stock compensation expense		2,406			2,315			385
(Gains) losses on derivatives		(11,166	)		13,613			75,681
Net cash (paid) received for scheduled derivative settlements		(1,312	)		722			(9,094	)
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement⁽³⁾		—			7,066			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534

Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Add (Subtract):
Cash interest payments		13,459			14,129			15,256
Cash income tax payments		66			651			—
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Changes in operating assets and liabilities – working capital⁽⁴⁾		9,265			13,535			22,543
Other operating (income) expense – cash portion⁽⁵⁾		(212	)		7,664			(246	)
Losses on debt retirement – cash portion⁽⁶⁾		—			4,440			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534
__________
(1) Includes legal and other professional expenses related to various transactions activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) Changes in other assets and liabilities consists of working capital and various immaterial items.
(5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
(6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.

FREE CASH FLOW

The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Free Cash Flow reconciliation:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Capital expenditures		(28,389	)		(17,217	)		(16,936	)
Free Cash Flow	$	17,483		$	24,144		$	10,337

LEVERAGE RATIO

The following table presents our leverage ratio.

	Three Months Ended
	March 31, 2025			December 31, 2024
	(unaudited) (in thousands)
Net debt reconciliation:
2024 Term loan borrowings	$	438,750		$	450,000
2024 Revolver borrowings		—			—
Subtract:
Unrestricted cash		(39,002	)		(15,336	)
Net Debt	$	399,748		$	434,664

Trailing twelve month Adjusted EBITDA	$	291,680		$	291,764

Leverage Ratio	1.37x			1.49x

ADJUSTED NET INCOME (LOSS)

The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	(in thousands)			per share – diluted			(in thousands)			per share – diluted			(in thousands)			per share – diluted
	(unaudited)
Adjusted Net Income reconciliation:
Net loss	$	(96,680	)	$	(1.25	)	$	(1,759	)	$	(0.02	)	$	(40,084	)	$	(0.52	)
Add (Subtract):
(Gains) losses on derivatives		(11,166	)		(0.14	)		13,613			0.18			75,681			0.98
Net cash (paid) received for scheduled derivative settlements		(1,312	)		(0.02	)		722			0.01			(9,094	)		(0.12	)
Other operating expenses (income)		401			—			3,763			0.04			(133	)		—
Impairment of oil and gas properties		157,910			2.04			—			—			—			—
Acquisition costs⁽¹⁾		—			—			—			—			2,617			0.03
Non-recurring costs⁽²⁾		—			—			—			—			1,091			0.02
Losses on debt retirement⁽³⁾		—			—			7,066			0.09			—			—
Total additions, net		145,833			1.88			25,164			0.32			70,162			0.91
Income tax expense of adjustments⁽⁴⁾		(39,783	)		(0.51	)		(6,874	)		(0.09	)		(19,168	)		(0.25	)
Adjusted Net Income	$	9,370		$	0.12		$	16,531		$	0.21		$	10,910		$	0.14

Basic EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14
Diluted EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14

Weighted average shares of common stock outstanding – basic		77,196						76,939						76,254
Weighted average shares of common stock outstanding – diluted		77,371						77,213						77,373
__________
(1) Includes legal and other professional expenses related to various transaction activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) The federal and state statutory rates were utilized for all periods presented.

As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ in thousands)
Adjusted General and Administrative Expense reconciliation:
General and administrative expenses	$	20,305		$	18,389		$	20,234
Subtract:
Non-cash stock compensation expense (G&A portion)		(2,005	)		(2,064	)		(200	)
Non-recurring costs⁽¹⁾		—			—			(1,091	)
Adjusted General and Administrative Expenses	$	18,300		$	16,325		$	18,943

Well servicing and abandonment services segment	$	2,300		$	2,015		$	2,929

E&P segment, and corporate	$	16,000		$	14,310		$	16,014
E&P segment, and corporate ($/boe)	$	7.19		$	5.96		$	6.93

Total mboe		2,225			2,400			2,310
__________
(1) Non-recurring costs included cost savings initiatives.

E&P OPERATING COSTS

Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) ($ in thousands)
Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Non-energy LOE		30,959		28,166		31,186
Lease operating expenses⁽¹⁾		57,282		55,763		61,276
Gas purchase hedges – realized		1,476		3,184		4,412
Lease operating expenses – hedged	$	58,758	$	58,947	$	65,688

Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Gas purchase hedges – realized		1,476		3,184		4,412
Energy LOE – hedged	$	27,799	$	30,781	$	34,502

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) (per boe)
Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Non-energy LOE		13.91		11.74		13.50
Lease operating expenses⁽¹⁾		25.74		23.24		26.53
Gas purchase hedges – realized		0.66		1.33		1.91
Lease operating expenses – hedged	$	26.40	$	24.57	$	28.44

Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Gas purchase hedges – realized		0.66		1.33		1.91
Energy LOE – hedged	$	12.49	$	12.83	$	14.94
__________
(1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.

Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

The MIL Network –

May 8, 2025

MIL-OSI United Kingdom: Prime Minister’s remarks at the London Defence Conference: 8 May 2025

Source: United Kingdom – Executive Government & Departments 3

Speech

Prime Minister’s remarks at the London Defence Conference: 8 May 2025

Prime Minister’s speech at the London Defence Conference this morning.

It is a real privilege to be able to speak to you here today on VE Day.

80 years to the day…

Since an expectant nation turned on the wireless – as of course it was then…

To hear Churchill announce victory in our war against Nazi Germany.

Just imagine it.

Beacons lit across the country…

Bunting up…

People raising their glasses and thanking the bravery of our armed forces…

As we will do today.

And then they came to the streets.

The late Queen Elizabeth II – who was then a young princess of just 19 –

Remembering going unnoticed in the crowds, swept up in a ‘tide of happiness and relief’.

A celebration of defiance…

Of sacrifice…

The courage of that lion-hearted generation…

The greatest victory in the history of this great nation.

A victory not just for Britain.

But for good against the assembled forces of hatred, tyranny and evil…

For the light of our values – in a world that tried to put them out.

And, as you know…

There are people who would happily do likewise today.

Our values and security are confronted on a daily basis.

And we have to rise to this moment.

80 years ago, just round the corner from here, Churchill said…

“We must begin the task of rebuilding…

Do our utmost to make this country a land in which all have a chance…

And in which all have a duty to our countrymen”.

The post-war generation took on that task on with relish.

And we must use this moment…

To do the same.

Deepening our partnerships with allies old and new –

From across Europe to meet the defence challenges of our age…

To the United States…

an indispensable ally for our economic and national security…

As you know, talks with the US have been ongoing – and you’ll hear more about that later today.

But make no mistake – I will always act in our national interest…

For workers, businesses and families…

To deliver security and renewal for our country.

Because the world has changed, decisively.

I mean, I remember – as some of you will also too…

The day the Berlin Wall came down in 1989.

A landmark moment for my generation.

A sense of freedom, of possibility, of peace.

European countries finally free to choose their own future.

I didn’t think then that in my lifetime I would see Russian tanks entering a European country again.

Yet here we are.

And here we stand resolutely…

With the people of Ukraine.

Together with our allies…

Showing the strength of our values…

As well as the value of our strength.

A few weeks ago, I was with the Prime Minister of New Zealand…

To visit our forces delivering Operation INTERFLEX in Wiltshire.

This is a multinational military operation…

That has trained more than 50,000 Ukrainian troops for the frontline.

Men and women who are not soldiers by trade…

Far from it.

They are accountants, they are builders, businesspeople, you name it.

Who stepped up from their lives…

Stepped away from their families…

And, as veterans did eighty years ago…

Answered the call to defend freedom and liberty in their homeland.

And as these brave men and women leave their training in Britain…

And head to the frontline of freedom…

They are applauded by their British trainers.

I’ve seen this a couple of times now – it’s a really humbling sight.

A sign of our support and solidary in their struggle…

Pride and admiration at their courage.

Because in this country we know – this isn’t just a fight for freedom and democracy in Ukraine.

No – it is a new, more dangerous era of history.

A period of global instability…

That fuels insecurity for working people here at home.

The British people have already paid a price for Putin’s aggression in Ukraine, with rising bills and prices.

Russia already menaces our security…

They’ve launched cyber-attacks on our NHS.

Spread disinformation online…

And we cannot forget, just a few years ago – a chemical weapons attack on our streets in Salisbury.

In broad daylight, in the heart of England.

No – the battle lines in Ukraine are the front line for Western values.

And the argument that defines this age is simple…

National security is economic security.

And that is why we are boosting defence spending, with the largest sustained increase since the Cold War…

An increase of £13.4bn year on year compared with where we are today.

Not just meeting our commitment to spend 2.5% of our GDP on defence…

But bringing it forward to 2027.

And, alongside that, a new ambition for defence spending to rise to 3% of GDP in the next Parliament.

But look, I do want to be clear – this investment has two objectives.

Yes of course, the first goal is always the safety and security of the United Kingdom.

But the second is to create jobs, wealth and opportunity in every corner of our country.

Secure at home, strong abroad.

You know – at times like this there is a lot of talk about the end of the peace dividend.

Well, our task now is to seize the defence dividend.

Felt directly in the pockets of working people.

Rebuilding our industrial base.

Creating the jobs of the future.

The skills for the next generation…

From the shipyards in Scotland…

To the missile systems built in Stevenage and Belfast….

The artillery barrels made at Sheffield forgemasters…

And the land vehicle development in Wales…

Mark my words – the British defence industry will be the engine of national renewal.

Because this isn’t just about increasing our defence spending…

It’s also about reform and rebuilding.

And in the coming weeks, we will publish a first-of-its kind, root and branch strategic defence review…

It will scrutinise every aspect of defence – to determine how we can best meet the threats of today…

And return Britain to warfighting readiness.

Alongside our National Security Strategy and our defence industrial strategy…

We will set out a major overhaul of the British Armed Services…

Starting by treating our Armed Forces with the respect that they deserve –

delivering the largest pay rise for over 20 years…

And good homes for service personnel and their families.

But also – the biggest shift in mindset in my lifetime –

To see security and defence…

Not as one priority amongst many others…

But as the central organising principle of government –

The first thought in the morning – the last at night…

The pillar on which everything else stands or falls.

Because – as in 1945…

This has to be a collective endeavour.

A national effort.

A time for the state, business and society to join hands…

In pursuit of the security of the nation…

And the prosperity of its people.

So whether you’re a world-renowned business…

Or a smaller, family-run firm…

You have a vital part to play in boosting Britain’s defences.

That is why we have launched a new unit – to help SMEs get their foot in the door of the defence supply chain.

Because I am clear – the future belongs to the innovators.

Take the announcement made just last week…

StormShroud drones…

Flying as uncrewed guardians to RAF pilots and crew…

Now, for the first time, made in Britain.

An investment that supports hundreds of highly skilled jobs…

Boosting our capabilities for the modern age of drone-based warfare.

Possible – only because of industry and military working together.

Or take the submarines that we’re building in Barrow.

This one is personal for me.

Not just because I was there in Barrow at the keel laying in March –

Not just because I met the workers and the apprentices and saw for myself what it means for them…

And of course the 42,000 jobs it supports up and down the country…

It’s also personal for me because just a few days before that visit…

I went up to the Firth of Clyde, as another boat made in Barrow –

A Vanguard-class submarine…

Was coming in off a record-breaking patrol.

We boarded the sub and met the crew – who had been at sea for months on end.

And meeting those remarkable men and women is something I’ll never forget.

There is no greater duty than the one that they carry –

No task more vital.

Our security…

Nato’s security…

Depends on them.

They are the quiet custodians of the nation’s greatest capability…

Part of an unbroken watch that has been maintained for 55 years.

And in this moment – it’s time for the rest of us to step up and rebuild our country…

Leading the world in the opportunities of the future.

Recently, I visited the Carrier Strike Group off the coast of Cornwall…

And stayed aboard HMS Prince of Wales…

It was frankly humbling to see F35s taking off with just 100metres of deck to take off – and then returning and hovering to land on a sixpence

So imagine how I felt later the very same day when I went to see the apprentices at Rolls Royce…Who had made the engines for those very F35s.

And we need to keep those apprentices busy…

And mark my words – we are going to do that.

With the most ambitious programme of work to secure and rebuild our country since 1945.

Take an example: today, I can announce a £563 million contract to maintain Britain’s fleet of Typhoon fighter jets.

The backbone of Britain’s air defence…

Proudly part of the flypast for VE Day that you may have seen on Monday.

All 130 Typhoons will have their engines maintained by Rolls-Royce…

Supporting hundreds of jobs in Bristol and beyond…

Defending British airspace.

Helping a new generation of service come of age.

And just imagine – what this means for a young apprentice, aged about 18.

Entering into the work force with a good job.

The pride of that work – as a proud I understand from my dad…

Of knowing that what you do, what you make matters.

The pride of following in the footsteps of local families…

Who have been the backbone of their communities for generations.

The grandchildren of the young men who fought on the beaches of Normandy…

Now the submariners on a Vanguard-class submarine.

The descendants of the code breakers at Bletchley…

Now learning the skills to build a new generation of nuclear submarines in Barrow.

And the pride of stepping into our national story…

So those who follow us can say…

We also rose to meet the moment.

We also stood firm against tyranny and oppression.

We also rebuilt Britain – so it serves everyone that serves our country.

Because on VE day 80 years ago…

Politicians of all parties and stripes understood that a people who had sacrificed so much were owed a great debt.

And the truth is – people today are too.

After years of being buffeted about by insecurity and uncertainty…

They are owed the same security…

the same prosperity and peace of mind…

A good home to live in…

A well-paid job with strong rights at work…

An NHS that is there for them when they need it…

all underpinned by the foundation of national security.

A defence dividend – that will be felt in the pockets of working people and the prosperity of the country.

An investment in peace…

But also an investment in British pride and the British people…

To build a nation that, once again, lives up to the promises made to that generation…

Who fought for our values, our freedom and our security.

Thank you very much indeed.

Updates to this page

Published 8 May 2025

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI United Kingdom: President Putin’s transparently cynical pauses do not create the conditions for talks on a lasting peace: UK statement to the OSCE
Source: United Kingdom – Executive Government & Departments

Speech

President Putin’s transparently cynical pauses do not create the conditions for talks on a lasting peace: UK statement to the OSCE

Ambassador Holland urges Russia to respond substantively to the Moscow Mechanism recommendations and prove they are serious about peace by agreeing to a full and unconditional ceasefire.
Thank you, Mister Chair. Minister Betsa, thank you for your address today. What an excellent exposé of what is at stake. Thank you being here and for reminding us once again.

We welcome Ukraine’s continued commitment to achieving a just and lasting peace, as you have reaffirmed in your statement.

President Zelenskyy has shown his commitment to peace by agreeing in principle to a full and unconditional ceasefire. By contrast, President Putin has not only refused to agree to that but has further stepped-up attacks on Ukrainian cities with drones and missiles. In April Russia intensified strikes on Ukrainian cities, killing at least 151 civilians. And just yesterday, as Russia spoke of yet another artificial ceasefire, Moscow launched a ballistic missile and drone attack on a residential area of Kyiv, killing at least 2 people and injury 8, including 4 children.

If President Putin were serious about peace, Russia would agree to a full and immediate ceasefire, as Ukraine has done. His 72-hour Victory Day proposal is another transparently cynical pause which does not create the necessary conditions for talks aimed at achieving a lasting peace. It cannot be taken seriously, particularly given Ukraine’s experience of President Putin’s so-called truce over Easter: the UK’s Defence Intelligence found no indication that a ceasefire on the frontline was observed by Russia, despite President Putin’s promises.

We will judge President Putin by his actions not his words, and his actions suggest he has no interest in peace. To prove he is serious about peace he must agree to the full and unconditional ceasefire offered by Ukraine and supported by the United States.

Mister Chair, earlier this week the Human Rights Centre Zmina organised a side event in the margins of the Supplementary Human Dimension Meeting on the issue of civil society resistance and losses during Russia’s war against Ukraine. It placed a spotlight on the vital work of Ukraine’s brave civil society members and the high price that too many of them have tragically paid for their work amid Russia’s war.

Russia continues to arbitrarily detain thousands of Ukrainian civilians, including human rights defenders and journalists. This was established by a mission of independent experts who, a little over a year ago, reported to the Permanent Council following the invocation of the Moscow Mechanism.

The Mission found that detainees had been subjected to torture and other cruel, inhuman or degrading treatment or punishment, sexual violence and other forms of serious mistreatment. The Mission also recorded cases of extrajudicial killings of arbitrarily detained Ukrainian civilians.

The expert mission made a range of recommendations to the Russian Federation. A year later, these remain unanswered; just like those from the other four Moscow Mechanism reports. We urge the Russian Federation to respond substantively to all these recommendations and release, without delay, all Ukrainian civilians who continue to be held arbitrarily.

Thank you, Mister Chair.

Updates to this page

Published 8 May 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
May 8, 2025
MIL-OSI Europe: Chairpersonship Conference on Gender Equality: Building resilience through inclusion and empowerment

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

Headline: Chairpersonship Conference on Gender Equality: Building resilience through inclusion and empowerment

VIENNA, 8 May 2025 – Over 400 participants from across the OSCE gathered in Vienna for the “Building resilience through inclusion and empowerment” Conference on Gender Equality organized under Finland’s 2025 OSCE Chairpersonship on 6 and 7 May 2025.
By hosting the conference, Finland encouraged OSCE participating States to uphold their commitments on gender equality, address challenges faced by women and girls due to unequal opportunities, discrimination, and persisting violence, and take collective action to foster inclusion and empowerment.
“Promoting gender equality is not just about fairness—it is about resilience, security, and building stronger societies. As Chair, Finland calls on all OSCE participating States to take tangible action to ensure that women and girls have equal opportunities to participate, lead, and shape the future,” said Ambassador Vesa Häkkinen, Finland’s Permanent Representative to the OSCE and Chair of the Permanent Council.
The conference featured discussions led by high-level speakers, including Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine and Laura Rissanen, State Secretary at the Ministry of Social Affairs and Health of Finland. Representatives from OSCE Structures and Institutions, international organizations, and civil society also participated in the discussions.
Key sessions addressed current trends in gender equality: rethinking the Women, Peace and Security Agenda against multiplying crises, preventing gender-based violence, promoting equal opportunities in the digital era and engaging men and boys for gender equality. In line with Finland’s strong priority to support Ukraine, the conference also featured a special session on amplifying Ukrainian women’s voices.
Launch of the OSCE-wide Women, Peace, and Security Roadmap
As part of the conference, the Chairpersonship launched an OSCE-wide Roadmap for the effective implementation of Women, Peace, and Security (WPS) commitments. The Roadmap provides a comprehensive overview of the OSCE’s efforts in advancing the WPS agenda and guides participating States towards concrete action.
“In the year of the 25th Anniversary of 1325, we wanted to use our Chairpersonship of the OSCE to showcase the good work of the OSCE on WPS. We chose to put focus on concrete action, and to provide participating States with practical ideas for doing more on WPS,” said Ambassador Vesa Häkkinen.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Banking: New BSTDB Vice President Banking Assumes Duties

Source: Black Sea Trade and Development Bank

Press Release | 08-May-2025

Mr. Aliyev to Lead Banking Operations and Lending Strategy

Following a nomination by the Republic of Azerbaijan, Mr. Ziya Aliyev assumed today his duties as the new Vice President Banking of the Black Sea Trade and Development Bank (BSTDB). In his role, he will oversee the Bank’s banking operations, including the development and execution of its lending strategy and client engagement.

“I am thrilled to join BSTDB and serve its vital development mandate. I look forward to working under the leadership of President Köksal and alongside my colleagues in the Management Committee to advance the Bank’s mission. I am eager to leverage my previous experience to bear for the sustainable development and economic growth of the Black Sea region, particularly as we navigate today’s complex challenges.”, said Mr. Aliyev on assuming his duties.

Prior to joining BSTDB, Mr. Aliyev served as Advisor to the Governor at the Central Bank of the Republic of Azerbaijan, where he provided strategic advice on monetary and exchange rate policy, banking supervision, and capital market regulation. Having started his career at the Central Bank in 2000, he progressively advanced through senior roles in research, monetary policy, and strategic development. From 2013 to 2025, he held the position of Executive Director, overseeing critical departments including Insurance Supervision, Financial Consumer Protection, Strategic Management, and Risk Management.

Mr. Aliyev has also made notable contributions to Azerbaijan’s national development initiatives. He co-authored the Strategy for National Education Development, approved by the President of the Republic of Azerbaijan in 2013, and played a supportive role in preparing Azerbaijan 2030: National Priorities on Socio-Economic Development, a strategic policy framework adopted in 2021.

His contributions to the financial sector were acknowledged with the “Progress” Medal, awarded by the President of the Republic of Azerbaijan.

He has taught business development and strategic management courses at the Center for Banking Education (2019–2020), and previously lectured on development economics and strategic management at the Azerbaijan State Economic University and ADA University.

His academic background includes a Master of Arts in Policy Economics from the Center for Development Economics at Williams College (USA), and a Master and Bachelor of Science in Finance & Credit from the Azerbaijan State Economic University.

Mr. Aliyev is fluent in English, Azerbaijani, Russian and Turkish.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact: Haroula Christodoulou

: @BSTDB

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Video: Yemen, Sudan, Occupied Palestinian Territory & other topics – Daily Press Briefing (7 May 2025)

Source: United Nations (Video News)

Noon briefing by Stephanie Tremblay, Associate Spokesperson for the Secretary-General.

Highlights:
Secretary-General’s Travel
Yemen
Sudan
Occupied Palestinian Territory
Ukraine
Haiti
Security Council
Science, Technology and Innovation Forum

SECRETARY-GENERAL’S TRAVEL
The Secretary-General is Denmark today, where tomorrow he will chair the meeting of the Chief Executives Board of the United Nations which brings together the heads of the UN system. 
Earlier today, the Secretary-General met with Ms. Mette Frederiksen, Prime Minister of Denmark. The Secretary-General expressed appreciation for Denmark’s steadfast cooperation with and support for the United Nations, including for its role as host of UN agencies as well as its constructive role as a non-permanent member of the Security Council.
The Secretary-General expressed appreciation for Denmark’s steadfast cooperation, as well as its constructive role as a non-permanent member of the Security Council. 
Prior to meeting the Prime Minister, the Secretary-General toured UN City, the compound in Copenhagen that houses United Nations offices in the Danish capital. During a townhall meeting, the Secretary-General congratulated the staff for the work they are doing. 
This evening, the Secretary-General and the heads of the United Nations system are attending a welcome diner hosted by the King and Queen of Denmark.

YEMEN
The UN welcomes the announcement made by the Sultanate of Oman regarding an agreement between the United States and the Houthis in Yemen on 6 May, and commend Oman for its efforts in this regard.
The UN had consistently called for restraint and de-escalation in and around Yemen and the wider region. We also have called for an immediate cessation of Houthi attacks against merchant and commercial vessels in line with relevant Security Council resolutions. We reaffirm the need for all to respect the rights and obligations relating to maritime navigation in accordance with international law. We remain committed to supporting the Yemeni parties to reach a negotiated political settlement to end the conflict.
The UN encourages all parties to engage constructively with UN Special Envoy Hans Grundberg to this end.

SUDAN
Moving to Sudan, the Under-Secretary-General for Humanitarian Affairs, Tom Fletcher, expressed deep concern over the ongoing drone strikes in Port Sudan, which is a hub for our humanitarian operations and key entry point for aid.
Mr. Fletcher stressed that international humanitarian law must be respected and that constant care must be taken to spare civilians and civilian infrastructure.
Flights of the UN Humanitarian Air Services – or UNHAS – to and from Port Sudan have been suspended since May 4th. The World Food Programme, which manages UNHAS, says it will resume air operations as soon as conditions allow.
These disruptions are impacting the movement of humanitarian personnel into Sudan and onward to other parts of the country, further straining the delivery of urgently needed assistance. Meanwhile, OCHA reports that drone attacks have also affected the states of Kassala and River Nile. Earlier this week in Kassala, strikes near the airport displaced about 2,900 people and led to the temporary suspension or relocation of some aid activities.
Meanwhile, River Nile State is still facing a power blackout following a drone strike on the transformer station in Atbara on April 25th. The outage is contributing to growing fuel and bread shortages and long queues at petrol stations and bakeries.

OCCUPIED PALESTINIAN TERRITORY
Turning to the situation in Gaza, our colleagues from the Office for the Coordination of Humanitarian Affairs warn that the situation there is growing worse by the day. Yet we and our partners are committed to staying and delivering to help alleviate the suffering of the people exhausted by many months of fighting.
Attacks on schools sheltering displaced people continue to be reported, leading to casualties. Yesterday in Deir al Balah, an UNRWA school in Al Bureij camp was hit twice in several hours, with dozens of people reportedly killed, including women and children. Another school in Gaza city sheltering displaced people was also struck yesterday, with reports that 20 people were killed.
Across Gaza, community kitchens serving hot meals continue to shut down, as they use up their last remaining supplies. As of yesterday, one in every three community kitchens supported by the UN and our partners in Gaza has closed.

Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=07%20May%202025

https://www.youtube.com/watch?v=N4A1_sSsDPg

MIL OSI Video –

May 8, 2025
MIL-OSI Europe: Press release – Türkiye’s EU accession process must remain frozen

Source: European Parliament

Türkiye’s geopolitical and strategic importance cannot make up for the government’s democratic backsliding, and EU membership criteria are not up for negotiation, MEPs say.

Under current circumstances, despite the democratic and pro-European aspirations of a large part of Turkish society, Türkiye’s EU accession process cannot resume, MEPs say in a report adopted on Wednesday with 367 votes in favour, 74 against and 188 abstentions.

The Turkish government has failed to address fundamental democratic shortcomings, the report says, pointing to the increasing shift within the EU towards “a different framework for the relationship, which might come at the expense of the accession process”. Parliament urges the Turkish government, the EU institutions and EU member states to continue working towards a closer, more dynamic and strategic partnership with particular emphasis on climate action, energy security, counter-terrorism cooperation, and regional stability.

EU membership criteria are not up for negotiation

MEPs are deeply concerned by the continued deterioration of democratic standards in Türkiye and by the relentless suppression of critical voices. They condemn the harsh crackdown on the recent peaceful mass protests and the prosecution of hundreds of protesters through hasty mass trials lacking any evidence of criminal wrongdoing.. MEPs also consider the attacks against Istanbul Mayor Ekrem İmamoğlu are a politically motivated move aimed at preventing a legitimate challenger from standing in the upcoming elections. With these actions the current Turkish authorities are pushing the country further towards a fully authoritarian model.

EU membership is contingent on fulfilling specific accession criteria, such as stable institutions that guarantee democracy, the rule of law, human rights, respect for and the protection of minorities, good neighbourly relations, compliance with international law and alignment with the EU’s common foreign and security policy. These are absolute criteria, not matters subject to transactional strategic considerations or negotiations, the report says

MEPs also condemn the recent illegal visit of President Erdogan to the occupied areas of the Republic of Cyprus and his “provocative statements” as a unilateral action and tantamount to a direct illegitimate intervention against the interests of the Greek and Turkish Cypriot communities.

They stress that the democratic and pro-European aspirations of the majority of Turkish society, particularly among Turkish youth, are a major reason for keeping Türkiye’s accession process alive, even if frozen.

Deeper cooperation in areas of mutual strategic interest

MEPs acknowledge Türkiye’s strategic and geopolitical importance, and its increasing presence and influence in areas critical for international security, such as the Black Sea region, Ukraine and the Middle East. Türkiye is a strategic partner and a NATO ally. It is also a country with which the EU has close relations in security, trade, economy and migration, MEPs add. Therefore, it is important to maintain a constructive dialogue and to deepen cooperation in areas of mutual strategic interest. However, democratic backsliding and non-alignment with EU common foreign and security policy are not conducive to significant progress being made in that regard, MEPs warn.

Quote

The rapporteur, Nacho Sánchez Amor (S&D, ES), said: “We are constantly hearing from Turkish authorities about their supposed commitment to EU membership and how important it is for us to revive this process due to security and geopolitics, but they have got it wrong. Membership is about democracy, and the further they push towards a full authoritarian model – as observed recently with Ekrem İmamoğlu’s arrest – the further they move away from EU membership.”

MIL OSI Europe News –

May 8, 2025
MIL-OSI Europe: Press release – Parliament’s priorities for the EU’s post-2027 long-term budget

Source: European Parliament

Parliament’s vision and demands for the EU’s 2028-2034 budget are set out in a resolution adopted by MEPs on Wednesday.

In the text, adopted by 317 votes in favour, 206 against and with 123 abstentions, MEPs call for a significantly more ambitious multiannual financial framework (MFF) that can deliver on EU citizens’ rising expectations amid global instability. The current spending ceiling of 1% of the EU-27’s gross national income is not enough to address the growing number of crises and challenges, MEPs say. With the US retreating from its global role, spending will have to address Russia’s war of aggression on Ukraine, a highly challenging economic and social backdrop, a competitiveness gap and the worsening climate and biodiversity crisis, they add.

No to single national plans

Parliament rejects the Commission’s idea of replicating the Recovery and Resilience Facility’s “one national plan per Member State” model. Instead, MEPs call for a structure that ensures transparency and parliamentary accountability, and involves regional and local authorities and all relevant actors. The resolution also reaffirms cohesion policy’s role in deepening the single market, reducing inequality, and combating poverty.

Competitiveness and defence

MEPs consider the proposed “competitiveness fund” – which would merge several existing programmes – to be inadequate. Instead, they call for a new, targeted fund designed to leverage private and public investments through EU-backed de-risking mechanisms. Increased defence spending is necessary, they say, but this must not undermine social and environmental spending or long-standing policies.

Simplification, flexibility and the rule of law

The next long-term budget must cut unnecessary red tape for beneficiaries, but must not give the Commission more leeway without Parliament’s democratic scrutiny. A simpler budget must be a more transparent budget, MEPs say.

Flexibility in spending is also key – crisis-response capacities must be built into the budget for each policy area, with humanitarian aid ring-fenced. The next budget should include two special instruments: one for disaster relief and another for other unforeseen challenges. MEPs insist that access to funds must be tied to respect for EU values and the rule of law, and advocate a smart conditionality mechanism to avoid penalising beneficiaries for their governments’ actions.

Debt repayment and joint borrowing

MEPs insist that the repayment of NextGenerationEU borrowing costs must not endanger funding for key EU priorities. They call for clear separation between debt repayment and programme spending, and urge the Council to adopt new, genuine revenue sources. Joint borrowing is seen as a viable tool for addressing EU‑wide crises, such security and defence.

Quotes

“We want the next long-term EU budget to be better equipped to respond to today’s challenges –helping Europe act swiftly in crises, better protect its citizens, and build a stronger, more competitive Union. We also want adequate support for our long-standing priorities, such as agriculture and cohesion. We propose a responsible and justified increase in the next MFF – moving beyond the outdated 1% GNI cap. If we ask the EU to do more, we must equip it accordingly. The European Parliament will only approve a future-proof MFF that is flexible, effective, and ready for implementation by 1 January 2028. This is why we urge the Council and Commission to begin negotiations immediately after the Commission’s proposal in July,” Siegfried Mureşan (EPP, RO), co-rapporteur, said.

“People and regions must be at the centre of the next MFF and we must ensure that the EU is equipped to respond to its citizens’ needs. We need strong investments to boost strategic autonomy, economic resilience and green goals while leaving no one behind. In addition, an ambitious budget must promote social and territorial cohesion, include new and modernised sources of revenue, and guarantee sufficient funding for security, defence and preparedness to ensure just and thriving societies, while upholding the rule of law and the EU’s core values,” said Carla Tavares (S&D, PT), co-rapporteur.

Next steps

Parliament’s priorities are designed to feed into the Commission’s proposal on the EU’s next long‑term budget, due to be published in July 2025.

Background

The multiannual financial framework (MFF) is established for a period of seven years and lays down the maximum spending ceilings for different policy areas. After having secured Parliament’s consent, granted by a majority of its component members, EU governments adopt the MFF regulation by unanimity. The EU’s current long-term budget runs out on 31 December 2027.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the return of Ukrainian children forcibly transferred and deported by Russia – RC-B10-0249/2025

Source: European Parliament

pursuant to Rules 150(5) and 136(4) of the Rules of Procedure
replacing the following motions:
B10‑0249/2025 (Verts/ALE)
B10‑0250/2025 (S&D)
B10‑0252/2025 (Renew)
B10‑0255/2025 (PPE)
B10‑0258/2025 (ECR)

Sebastião Bugalho, Jessika Van Leeuwen, Michael Gahler, David McAllister, Sandra Kalniete, Željana Zovko, Andrzej Halicki, Michał Szczerba, Antonio López‑Istúriz White, Ana Miguel Pedro, Dariusz Joński, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler‑Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Ewa Kopacz, Matej Tonin, Inese Vaidere
on behalf of the PPE Group
Yannis Maniatis, Francisco Assis, Thijs Reuten, Evin Incir, Pina Picierno
on behalf of the S&D Group
Adam Bielan, Rihards Kols, Jadwiga Wiśniewska, Aurelijus Veryga, Reinis Pozņaks, Alexandr Vondra, Maciej Wąsik, Veronika Vrecionová, Ondřej Krutílek, Joachim Stanisław Brudziński, Michał Dworczyk, Assita Kanko, Jaak Madison, Mariusz Kamiński, Roberts Zīle, Charlie Weimers, Beatrice Timgren, Dick Erixon, Sebastian Tynkkynen
on behalf of the ECR Group
Petras Auštrevičius, Oihane Agirregoitia Martínez, Abir Al‑Sahlani, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Engin Eroglu, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Michał Kobosko, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Jan‑Christoph Oetjen, Urmas Paet, Marie‑Agnes Strack‑Zimmermann, Eugen Tomac, Hilde Vautmans, Lucia Yar, Dainius Žalimas
on behalf of the Renew Group
Villy Søvndal
on behalf of The Left Group
Hanna Gedin, Jonas Sjöstedt, Merja Kyllönen

Document selected :

RC-B10-0249/2025

Texts tabled :

RC-B10-0249/2025

Texts adopted :

European Parliament resolution on the return of Ukrainian children forcibly transferred and deported by Russia

(2025/2691(RSP))

The European Parliament,

– having regard to its previous resolutions on Russia’s war of aggression against Ukraine,

– having regard to the UN Charter, the European Convention on Human Rights, the Geneva Conventions and their additional protocols, the Rome Statute of the International Criminal Court (ICC), the UN Convention on the rights of the child, and the Genocide Convention (CPPCG),

– having regard to Rules 150(5) and 136(4) of its Rules of Procedure,

A. whereas since February 2022 around 20 000 Ukrainian children have been forcibly deported to the Russian Federation and Belarus or detained in temporarily occupied Ukrainian territories, with only 1 293 returned and 624 confirmed dead, according to President Zelenskyy’s ‘Bring Kids Back UA’ initiative; whereas according to the Yale Humanitarian Research Lab (HRL) the real figures are probably much higher, as these transfers and deportations continue;

B. whereas international law prohibits forcible transfer to an occupied territory or deportation from an occupied territory to the territory of the occupier, which is a war crime under the Rome Statute and may amount to genocide under the CPPCG;

C. whereas on 17 March 2023 the ICC issued arrest warrants for Vladimir Putin and Maria Lvova-Belova for their responsibility for the war crime of unlawful transfer and deportation of Ukrainian children;

1. Strongly condemns the violent actions of the Russian Federation and the complicity of Belarus in the mistreatment of Ukrainian children, including murder, forced transfer and deportation, illegal adoption, sexual abuse and exploitation, forced Russification and militarisation; stresses that these acts form part of a genocidal strategy to erase Ukrainian identity;

2. Urges the EU to hold those responsible to account and to sanction individuals and entities implicated in these crimes;

3. Demands that these crimes cease immediately and that Russia reports the identities and whereabouts of all deported Ukrainian children and ensures their well-being and safe and unconditional return;

4. Urges Russian federal and local authorities to grant international organisations, such as the ICRC, OHCHR and UNICEF, access to all deported Ukrainian children;

5. Denounces the forced imposition of Russian citizenship on deported children and their state-sponsored adoption by Russian families as part of a deliberate policy of forced assimilation;

6. Calls for the EU to closely cooperate with and support Ukrainian authorities, international and non-governmental organisations in their efforts to document all missing and deported Ukrainian children; urges the international community, including the United States, to maintain HRL’s funding and the EU to ensure its continuation;

7. Emphasises that any genuine peace deal must include the repatriation of these children and accountability for forcible transfers and deportations;

8. Urges the international community to hold Russia accountable by reinforcing coordination through the ICC, the ICJ, and the Special tribunal for the crime of aggression against Ukraine;

9. Instructs its President to forward this resolution to the VP/HR, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the OSCE, the President, Government and parliament of Ukraine, and to the United States, Russia and Belarus.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Europe: Answer to a written question – Fresh protests from European farmers – E-001000/2025(ASW)
Source: European Parliament
The Commission is fully aware of the challenges faced by farmers such as the drought conditions in Romania.

To address these challenges, the Vision for Agriculture and Food presented on 19 February 2025[1] contains an ambitious roadmap and different work streams towards an agri-food system that is attractive, competitive, sustainable and fair for current and future generations, including trade and simplification.

Trade agreements, like the EU-MERCOSUR Partnership Agreement, strike a balance between both the EU offensive and defensive interests of the agri-food sector.

Trade agreements open new export opportunities for the EU agri-food sector, to the benefit of EU farmers income. At the same time the EU agri-food sector relies on imports from third countries.

Moreover, imported products need to fully comply with EU sanitary and phyto-sanitary standards (SPS). These standards include the ban of hormones in cattle raising in both domestic and imported products.

The current autonomous trade measures[2] for Ukraine include strengthened safeguards setting caps on imports of certain agricultural products from Ukraine. They helped stabilising markets and provide stability and predictability for farmers on both sides.

Meanwhile, the Commission continues its efforts to simplify the delivery of the current Common Agricultural Policy (CAP) in view of reducing the administrative burden and providing more flexibility to farmers and national administrations. The second simplification package of the current CAP is expected for the second quarter of 2025.

[1] https://agriculture.ec.europa.eu/vision-agriculture-food_en#:~:text=Shaping%20the%20future%20of%20farming%20and%20the%20agri-food,entire%20value%20chain%20within%20the%20EU%20and%20globally

[2] Regulation (EU) 2024/1392 of the European Parliament and of the Council of 14 May 2024 on temporary trade-liberalisation measures supplementing trade concessions applicable to Ukrainian products under the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Ukraine, of the other part (ELI: http://data.europa.eu/eli/reg/2024/1392/oj).
Last updated: 7 May 2025
MIL OSI Europe News –
May 8, 2025
MIL-OSI Australia: Interview with ABC News Breakfast

Source: Australian Attorney General’s Agencies

James Glenday, Host: On federal politics, Don Farrell joins us now from Parliament House. Don, good morning and welcome back to News Breakfast.

Trade Minister, Don Farrell: Good morning, James.

Glenday: On the final sitting day, could you have imagined returning to Canberra knowing that you’d knocked off the Liberal Party’s leader, Peter Dutton, and the leader of The Greens, Adam Bandt as well?

Minister Farrell: Well, the truth is, James, I don’t think anybody could have predicted that. I was confident, based on the work that we’d done over the previous three years, especially in my space, of trade, that we would be returned and returned with a majority. But even I couldn’t believe the results as they came in on Saturday night. I think the Greens have suffered because so many times in the last Parliament they blocked sensible policies of the Albanese Government. They voted with the Coalition in the Senate to block, for instance, legislation on housing, sensible housing policy, and I think they’ve paid the political price for that.

Glenday: This outcome must be deeply satisfying for you. Personally, I just wonder, have you ever felt so satisfied after an election win? Where does this rank? Is it the sweetest victory, almost a fairytale for Labor?

Minister Farrell: Look, it doesn’t, doesn’t get any better than this, James. When you’ve been involved in politics as long as I have, this has to be the sweetest victory of all.

Glenday: There you go. Now there’s a trade war happening. I’m not sure where you’re going to end up, but if you are reinstalled as Trade Minister, you’ll have a lot on your plate. Do you know where you’ll head?

Minister Farrell: First of all, look, we’ve got a number of objectives that we will need to prosecute and prosecute very quickly. On election night I got messages from my European colleagues, they’re very keen to re-engage and have another crack at an EU free trade agreement. The EU has 450 million people, and a $17 trillion economy. They’ll be very important if we can get a breakthrough there. The Indians also contacted me. We were very close to a new free trade agreement with them and I think we can move very quickly now to finalise that agreement. And of course, in the next few weeks, our new free trade agreement with the United Arab Emirates, which sends all of our products into the UAE tariff free, will come into force and that will be important. And of course we, we want to continue discussions with the United States. We believe in free and fair trade and that’s the argument we’ll be prosecuting with them.

Glenday: I think it’ll be closely watched. Do you expect to head to either China or to the States first?

Minister Farrell: Look, we’ll worry about that after we know who the new Trade Minister is next week.

Glenday: That’s fair.

Minister Farrell: But we will move very quickly to ensure that Australia’s interests are protected here. China, of course, is our largest trading partner. We’re concerned about the tariff war between China and the United States. We believe in free and fair trade and we think that those tariffs should be removed on China.

Glenday: Okay. You are a factional leader of the Labor right. You were once unkindly referred to as a faceless man. Of course you do have a face. And here you are speaking to us. What are you asking the Prime Minister for though? You’ve got a lot of influence as these Ministerial portfolios are carved up.

Minister Farrell: A face that a mother could love. And they do call me other things too, by the way. That’s not the only thing they call me. Look, I’m not going to give the Prime Minister any advice on what he should do. He’s won a fabulous victory here. He ran a flawless campaign. His strategy throughout the whole of the last term was about getting reelected and continuing the policies that we took to the election. I’m very happy to leave it all to him and to accept whatever he might wish me to do in the new government.

Glenday: Ok, just before I let you go, I want to get you on an international issue that’s been developing. Has the Albanese government made any contact with India or Pakistan regarding these cross border strikes we’re seeing?

Minister Farrell: Look, that’s an issue of course, that is in the hands of our very competent and successful Foreign Minister, Penny Wong. But of course we don’t want to see any conflict in our region. We’d like to see an end to the conflict in the Middle East, the conflict in Ukraine, Russia, and we certainly don’t want to see any conflict in our own region.

Glenday: And Don, just one last one. We saw smoke this morning from the Vatican. You went to the Pope’s funeral. I’m not sure what that was like, but do you have a personal preference of who the next Pope should be or the direction of the Catholic Church? I’m guessing this is outside the bounds of your factional influence.

Minister Farrell: Well, as a matter of fact, James, I do have a personal favourite in the Conclave at the moment. And that is the Australian – Ukrainian Cardinal, Cardinal Bychok. I was lucky enough to meet with him twice while I was in Rome. He’s a very, very fine man. A very holy man. I’d like to see him as the next pope. My wife, on the other hand, who’s Filipino, she would like to see Cardinal Tagle as the next pope. And we also had the opportunity of meeting him at the Vatican. So, there’s a couple of candidates for you, James.

Glenday: There you go. Well, we’ll have to wait and see if you’ve backed a winner there, Don Farrell, the Trade Minister. Perhaps the continuing Trade Minister. We’ll wait and see for that as well. Thank you so much for joining News Breakfast this morning.

Minister Farrell: Thanks, James.

MIL OSI News –

May 8, 2025
MIL-OSI United Kingdom: Russia has acted to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Speech

Russia has acted to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction: UK statement at the UN Security Council

Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on North Korea.

Analysis from organisations like the Open Source Centre has become even more vital in the wake of the expertise gap left by the 1718 Panel of Experts.

One year on, the UK deeply regrets Russia’s decision to veto the mandate renewal of the 1718 Panel of Experts.

This was a deliberate act used to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction, and to conceal Russia’s own erosion of the UN sanctions architecture, which it has a responsibility to uphold as a permanent member of this Council.

The Panel’s credible, objective and independent reporting enabled this Council and the international community to effectively monitor the implementation of UN sanctions on the DPRK.

Most importantly, the Panel helped prevent the DPRK’s unlawful and dangerous development of nuclear and ballistic missile programmes.

Since Russia’s veto last year, there have been over 40 missile tests, including one intercontinental ballistic missile test and one intermediate-range ballistic missile test.

This escalation represents multiple breaches of UN Security Council resolutions, for which we have been deprived of further analysis.

Colleagues, it is obvious that Russia’s objective was to clear the path for the expansion of their military relationship with the DPRK.

The DPRK is believed to have supplied 20,000 containers of munitions to Russia, and its artillery and mortar shells account for 60% of those used in Russia’s brutal war of aggression against Ukraine.

And as we’ve heard, in the past week, Russia and the DPRK publicly flaunted their agreement to use DPRK troops as mere cannon fodder in that war.

Let me be clear, we cannot allow this brazen disregard towards UN sanctions to become normalised.

The UK will continue to work closely with partners to monitor sanctions evasion, to hold both Russia and the DPRK to account, and to call out those complicit in the DPRK’s violations of UN Security Council resolutions.

As we have heard over the course of the NPT Prepcom, this Council should stand firm in its defence of the global non-proliferation regime.

The UK remains steadfast with partners in our shared goal for the DPRK to abandon all nuclear weapons, other weapons of mass destruction and ballistic missile programs in a complete, verifiable and irreversible manner.

Updates to this page

Published 7 May 2025

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI USA: Ranking Member Hoyer Remarks at U.S. Department of the Treasury Oversight Hearing

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC – Today, Congressman Steny Hoyer (MD-05), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), delivered the following remarks at the subcommittee’s oversight hearing on the Department of the Treasury:

Click here to watch a full video of his remarks.

“Thank you very much, Mr. Chairman, and welcome, Mr. Secretary. This is our first substantive hearing dealing with the devastating actions that the Trump Administration has taken in the first three months of 2025 – actions planned and predicted by Project 2025. I look forward to having more such hearings with other agencies under our jurisdiction – especially the principals of DOGE, OMB, GSA, and OPM, which are having such a profoundly negative impact on our country.

“What we’ve seen in the first 100 days of this administration is unprecedented, and – so the polls tell us – disturbing to the American people. An irresponsible, incoherent tariff policy has plunged the Americans and global economies into chaos. These past three months, the American economy shrank for the first time since the final days of the pandemic. The stock market fell more in the first 100 days of the Trump Administration than in the first 100 days of any presidency in the past half century. Consumer confidence is [at its] lowest since May of 2020 – the height of Covid-19. That uncertainty has also rattled the bond market, with investors dangerously starting to doubt the full faith and credit of the United States.

“Most importantly, Americans are hurting. Families see their costs going up. Retirees watch their life savings losing value. Small business owners and farmers risk going under as they struggle to navigate ever-changing tariffs. Our economy is in chaos and so, I think, is our government.

“Donald Trump, Russell Vought, and Elon Musk are orchestrating an illegal purge of our federal employees. They clearly had a lot of ideas on how to remove these people and dismantle these programs as quickly as possible. Sadly, they had no clue, in my view, as to the devastating consequences of their actions on our country, our government, our allies, and the professionals we rely on to serve the American people.

“I am particularly concerned about the Internal Revenue Service, which has been severely understaffed and underfunded for decades. So far, the Trump Administration has forced the IRS to cut as many as 11,443 employees – or over 11 percent of its staff. That includes 6,700 workers who were fired at the height of this most recent tax season. Now, the administration is planning to reduce the IRS workforce, I understand, by another 40,000 jobs – or 40 percent. That includes up to half of IRS enforcement staff. Additionally, Trump’s 2026 budget cuts funding for the IRS by 20 percent. These actions at IRS, in my view, and every other government office, have bludgeoned morale, destroyed efficiency, and increased waste.

“Cutting back on IRS enforcement makes it easier for the wealthiest individuals and corporations to cheat on their taxes and get out of paying what they owe. That, of course, increases what others pay and explodes the deficit. As the President and Congressional Republicans undermine the ability to enforce our existing tax code, they are also pursuing massive tax cuts for the wealthiest among us.

“Furthermore, DOGE operatives are rifling through IRS databases that contain Americans’ sensitive information, including their financial history, Social Security numbers, immigration status, and more. The story is the same across the federal government. Americans are reeling from this uncertainty in their economy and in their government. They need answers. More than that, they need an adult in the room. That is the role, I hope, the Treasury Department plays – and Mr. Secretary, in particular, yourself.

“The economy and markets do not lie. We all depend on the Treasury Secretary to communicate clearly and transparently to the President, the Congress, the American people, and, indeed, the world. I’ve mentioned tariffs and the IRS, but I’m also eager to hear, Mr. Secretary from you about our economic approach to the Russian-Ukraine war – especially in light of last week’s mineral deal and recent questions about our sanctions regime on Russia.

“Former Secretary Mnuchin – whom I believe you know, sir – and I disagreed on some things, but we still found ways to work in a bipartisan fashion to inspire confidence in the economy. Mr. Secretary, I look forward to doing the same with you. Thank you, Mr. Chairman.”

MIL OSI USA News –

May 8, 2025

MIL-OSI: Silvaco Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Achieved gross bookings of $13.7 million and revenue of $14.1 million in the first quarter 2025

Signed 9 new customers in the first quarter 2025 and expanded relationship with existing customers across key markets including AI, Photonics, and IoT

Expanded Product Portfolio with the Acquisition of Tech-X Corporation

SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its first quarter 2025 results.

“We are pleased to have completed our first acquisition since our IPO in the first quarter of 2025, and have since announced our second acquisition of 2025, advancing our inorganic growth strategy and expanding our product portfolio,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We believe our solid fundamentals and focus on innovation position us to sustain strong customer momentum and drive continued growth in our EDA and TCAD product lines through 2025. We are committed to defending shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong—and we’re taking clear, measurable steps to align our market presence with the long-term strength of our business.”

Commenting on the financial results and outlook, Keith Tainsky, Silvaco’s Interim Chief Financial Officer, added, “Given the current economic uncertainty, we have provided a broad guidance range for the second quarter of 2025. The company remains well positioned to deliver solid growth, supported by strong customer demand. We also updated our full-year guidance and remain confident in our ability to achieve our strategic and financial objectives.”

First Quarter 2025 and Recent Business Highlights

Acquired 9 new customers across key markets including AI infrastructure (Power, Memory, Foundry) Photonics, and IoT markets, which represented approximately 23% of gross bookings for the quarter. We also expanded opportunities with existing customers, which accounted for 38% of gross bookings.
Gained momentum with Power, Photonics, and Advanced CMOS customers as they expand adoption of the FTCO platform for their next-generation product development. We announced that Excelliance MOS adopted Silvaco DTCO Flow for next generation silicon carbide devices and our partnership with Korean Kyung Hee University’s Professor Jin Jang on FTCO for next generation display technologies.
Expanded SAM by an estimated $600 million with the acquisitions of Cadence’s PPC product line and Tech-X Corporation.
Faraday Technology selected Silvaco FlexCAN IP for advanced automotive ASIC design.
ProMOS adopted our Victory TCAD solution for the development of next generation silicon photonics devices.
On April 29, 2025, Silvaco closed the acquisition of Tech-X Corporation, expanding our product offerings into wafer-level and photonics digital twin modeling.
Beginning with this quarter, we will be providing a new performance metric called Annual Contract Value, or ACV. We use ACV internally as a supplemental measure to evaluate the performance of our customer agreements and the underlying momentum of the business. While not a measure calculated in accordance with GAAP, we believe ACV provides additional insight into the scale and timing of customer commitments, which may not be fully reflected in recognized revenue due to the timing of revenue recognition under ASC 606.

First Quarter 2025 Financial Results

GAAP Financial Results

Revenue of $14.1 million, down 11% year-over-year and down 21% quarter-over-quarter.
- TCAD revenue of $7.9 million, down 26% year-over-year, primarily due to earlier renewals last year.
- EDA revenue of $5.1 million, up 8% year-over-year, including the addition of PPC product revenue of $1.9 million.
- SIP revenue of $1.1 million, up 89% year-over-year, primarily driven by new bookings in automotive and IoT customers.
GAAP gross profit and GAAP gross margin were $11.1 million and 79%, respectively, which includes the impact of $0.2 million in stock-based compensation expense, and $0.2 million in amortization of acquired intangible assets, down from $13.9 million and 88% in Q1 2024.
GAAP net loss of $19.3 million, compared to a GAAP net income of $1.4 million in Q1 2024.
GAAP basic net loss per share of $(0.67), compared to GAAP basic and diluted net income per share of $0.07 in Q1 2024.
As of March 31, 2025, cash and cash equivalents and marketable securities totaled $74.5 million.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $13.7 million, down 15% year-over-year.
As of March 31, 2025, the remaining performance obligation balance of $33.7 million, 45% of which is expected to be recognized as revenue in the next 12 months.
Non-GAAP gross profit and non-GAAP gross margin were $11.5 million and 82%, respectively, down from $13.9 million and 88% in Q1 2024.
Non-GAAP net loss of $1.9 million, compared to non-GAAP net income of $2.4 million in Q1 2024.
Non-GAAP diluted net loss per share of $(0.07), compared to non-GAAP diluted net income per share of $0.12 in Q1 2024.
On a trailing-twelve-month (TTM) basis ACV was $52.3 million for the first quarter, up 21% year-over-year. This increase was driven by the amount of growth in organic growth of term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core annual recurring revenue from new bookings has shown consistent annual growth.

For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures and Other Key Business Metrics” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

Supplementary materials to this press release, including first quarter 2025 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

Second Quarter and Full Year 2025 Financial Outlook

As of May 7, 2025, Silvaco is providing updated guidance for its second quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin and GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses and IPO preparation costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Based on current business trends and conditions, the Company expects for second quarter 2025 the following:

Gross bookings in the range of $14.0 million to $18.0 million, which would compare to $19.5 million in the second quarter of 2024.
Revenue in the range of $12.0 million to $16.0 million, which would compare to $15.0 million in the second quarter of 2024.
Non-GAAP gross margin in the range of 80% to 83%, which would compare to 86% in the second quarter of 2024.
Non-GAAP operating loss in the range of ($4.0) million to ($2.0) million, compared to non-GAAP operating income of $1.7 million in the second quarter of 2024.
Non-GAAP diluted net loss per share in the range of ($0.10) to ($0.03), compared to net income per share of $0.07 in the second quarter of 2024.

Based on current business trends and conditions, the Company expects for full year 2025, the following:

Gross bookings in the range of $67.0 million to $74.0 million, which would represent a 2% to 13% increase from $65.8 million in 2024.
Revenue in the range of $64.0 million to $70.0 million, which would represent a 7% to 17% increase from $59.7 million in 2024.
Non-GAAP gross margin in the range of 83% to 86%, which would compare to 86% in 2024.
Non-GAAP operating (loss) income in the range of ($2.0) million loss to $1.0 million income, which would compare to $5.5 million income in 2024.
Non-GAAP diluted net (loss) income per share in the range of ($0.07) net loss per share to $0.03 net income per share, compared to $0.25 net income per share in 2024.

Q1 2025 Conference Call Details

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, May 7, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement

This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our ability to successfully integrate recent acquisitions; (u) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (v) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (w) our status as a controlled company; and (x) our use of the net proceeds from our initial public offering.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Discussion of Non-GAAP Financial Measures and Other Key Business Metrics

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and acquisition-related professional fees and retention bonuses. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

Annual Contract Value (“ACV”) is a key performance metric for Silvaco and is useful to investors in assessing the strength and trajectory of the business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue, as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV.

ACV is composed of the following: (i) the annualized value of term based software licenses with start dates or anniversary dates during the period, plus; (ii) the value of perpetual license contracts with start dates during the period, plus; (iii) the annualized value of maintenance & support as well as any fixed-term services contracts with start dates or anniversary dates during the period, plus; (iv) the value of fixed-deliverable services contracts. Silvaco and the Silvaco logo are registered trademarks of Silvaco Group, Inc. All other trademarks and service marks are the property of their respective owners.

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)

	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	29,489		$	19,606
Current marketable securities		45,048			63,071
Accounts receivable, net		5,783			9,211
Contract assets, net		15,102			11,932
Prepaid expenses and other current assets		4,500			3,460
Total current assets		99,922			107,280
Non-current assets:
Non-current marketable securities		—			4,785
Property and equipment, net		890			865
Operating lease right-of-use assets, net		1,534			1,711
Intangible assets, net		9,997			4,369
Goodwill		14,337			9,026
Non-current portion of contract assets		9,860			12,611
Other assets		1,595			1,698
Total non-current assets		38,213			35,065
Total assets	$	138,135		$	142,345
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,137		$	3,316
Accrued expenses and other current liabilities		32,426			19,801
Accrued income taxes		1,728			1,668
Deferred revenue, current		8,618			7,497
Operating lease liabilities, current		644			744
Vendor financing obligation, current		1,191			1,462
Total current liabilities		46,744			34,488
Non-current liabilities:
Deferred revenue, non-current		3,604			3,593
Operating lease liabilities, non-current		866			946
Vendor financing obligation, non-current		2,995			2,928
Other non-current liabilities		333			307
Total liabilities		54,542			42,262
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 , respectively		—			—
Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,805,280 and 28,526,615 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		132,937			130,360
Accumulated deficit		(47,285	)		(28,012	)
Accumulated other comprehensive loss		(2,062	)		(2,268	)
Total stockholders’ equity		83,593			100,083
Total liabilities and stockholders’ equity	$	138,135		$	142,345

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(Unaudited, in thousands except share and par value amounts)

	Three Months Ended March 31,
		2025			2024
Revenue:
Software license revenue	$	10,009		$	12,258
Maintenance and service		4,083			3,631
Total revenue		14,092			15,889
Cost of revenue		3,016			1,973
Gross profit		11,076			13,916
Operating expenses:
Research and development		4,800			3,616
Selling and marketing		4,719			3,312
General and administrative		8,120			4,600
Estimated litigation claim		13,069			—
Total operating expenses		30,708			11,528
Operating (loss) income		(19,632	)		2,388
Interest income		863			—
Interest and other expense, net		(291	)		(205	)
(Loss) income before income tax provision		(19,060	)		2,183
Income tax provision		213			805
Net (loss) income	$	(19,273	)	$	1,378
Net (loss) income per share:
Basic and diluted	$	(0.67	)	$	0.07
Weighted average shares used in computing per share amounts:
Basic and diluted		28,694,295			20,000,000

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net (loss) income	$	(19,273	)	$	1,378
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		438			120
Stock-based compensation expense		2,277			—
Provision for credit losses		10			222
Estimated litigation claim		13,069			—
Accretion of discount on marketable securities, net		(261	)		—
Change in fair value of contingent consideration		35			(8	)
Changes in operating assets and liabilities:
Accounts receivable		3,520			(1,844	)
Contract assets		440			(3,679	)
Prepaid expenses and other current assets		(1,026	)		788
Other assets		119			(274	)
Accounts payable		(1,183	)		877
Accrued expenses and other current liabilities		55			(729	)
Accrued income taxes		58			574
Deferred revenue		567			(21	)
Other non-current liabilities		20			24
Net cash used in operating activities		(1,135	)		(2,572	)
Cash flows from investing activities:
Maturities of marketable securities		23,000			—
Acquisition of Process Proximity Compensation		(11,500	)		—
Purchases of property and equipment		(96	)		(10	)
Net cash provided by (used in) investing activities		11,404			(10	)
Cash flows from financing activities:
Proceeds from loan facility		—			4,250
Deferred transaction costs		—			(364	)
Payroll taxes related to shares withheld from employees		(252	)		—
Contingent consideration		(46	)		(13	)
Payments of vendor financing obligation		(205	)		—
Net cash (used in) provided by financing activities		(503	)		3,873
Effect of exchange rate fluctuations on cash and cash equivalents		117			27
Net increase in cash and cash equivalents		9,883			1,318
Cash and cash equivalents, beginning of period		19,606			4,421
Cash and cash equivalents, end of period	$	29,489		$	5,739

SILVACO GROUP, INC.
REVENUE
(Unaudited)
	2024										2025
	Q1		Q2		Q3		Q4		Year		Q1
Revenue by Region:
Americas	27	%	51	%	31	%	40	%	38	%	20	%
APAC	62	%	41	%	58	%	52	%	53	%	66	%
EMEA	11	%	8	%	11	%	8	%	9	%	14	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Product Line:
TCAD	66	%	69	%	59	%	71	%	68	%	56	%
EDA	30	%	20	%	24	%	24	%	24	%	36	%
SIP	4	%	11	%	17	%	5	%	8	%	8	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%

Revenue Item Category:
Software license revenue	77	%	74	%	62	%	78	%	74	%	71	%
Maintenance and service	23	%	26	%	38	%	22	%	26	%	29	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Country:
United States	26	%	50	%	30	%	39	%	37	%	20	%
China	11	%	17	%	25	%	23	%	18	%	14	%
Other	63	%	33	%	45	%	38	%	45	%	66	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%

SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)

	Three Months Ended
	3/31/2025			3/31/2024

GAAP Cost of revenue	$	3,016		$	1,973
Less: Stock-based compensation expense		(199	)		—
Less: Amortization of acquired intangible assets		(249	)		—
Less: Acquisition-related professional fees and retention bonus		(8	)		—
Non-GAAP Cost of revenue	$	2,560		$	1,973
GAAP Gross profit	$	11,076		$	13,916
Add: Stock-based compensation expense		199			—
Add: Amortization of acquired intangible assets		249			—
Add: Acquisition-related professional fees and retention bonus		8			—
Non-GAAP Gross profit	$	11,532		$	13,916
GAAP Research and development	$	4,800		$	3,616
Less: Stock-based compensation expense		(244	)		—
Less: Acquisition-related professional fees and retention bonus		(18	)		—
Less: Amortization of acquired intangible assets		(51	)		(70	)
Non-GAAP Research and development	$	4,487		$	3,546
GAAP Selling and marketing	$	4,719		$	3,312
Less: Stock-based compensation expense		(323	)		—
Less: IPO preparation costs		—			-127
Non-GAAP Selling and marketing	$	4,396		$	3,185
GAAP General and administrative	$	8,120		$	4,600
Less: Stock-based compensation expense		(1,511	)		—
Less: Acquisition-related estimated litigation claim and legal costs		(726	)		(594	)
Less: Acquisition-related professional fees and retention bonus		(677	)		—
Less: Amortization of acquired intangible assets		(62	)		—
Less: IPO preparation costs		—			(139	)
Non-GAAP General and administrative	$	5,144		$	3,867
GAAP Estimated litigation claim	$	13,069		$	—
Less: Acquisition-related estimated litigation claim and legal costs		(13,069	)		—
Non-GAAP Estimated litigation claim	$	—		$	—
GAAP Operating expenses	$	30,708		$	11,528
Less: Stock-based compensation expense		(2,078	)		—
Less: Acquisition-related estimated litigation claim and legal costs		(13,795	)		(594	)
Less: Acquisition-related professional fees and retention bonus		(695	)		—
Less: IPO preparation costs		—			(266	)
Less: Amortization of acquired intangible assets		(113	)		(70	)
Non-GAAP Operating expenses	$	14,027		$	10,598
GAAP Operating (loss) income	$	(19,632	)	$	2,388
Add: Stock-based compensation expense		2,277			—
Add: Acquisition-related estimated litigation claim and legal costs		13,795			594
Add: Acquisition-related professional fees and retention bonus		703			—
Add: IPO preparation costs		—			266
Add: Amortization of acquired intangible assets		362			70
Non-GAAP Operating (loss) income	$	(2,495	)	$	3,318
GAAP Net (loss) income	$	(19,273	)	$	1,378
Add: Stock-based compensation expense		2,277			—
Add: Acquisition-related estimated litigation claim and legal costs		13,795			594
Add: Acquisition-related professional fees and retention bonus		703			—
Add: IPO preparation costs		—			266
Add: Amortization of acquired intangible assets		362			70
Add (Less): Change in fair value of contingent consideration		35			(8	)
Add (Less): Foreign exchange (gain) loss		205			130
Add (Less): Income tax effect of non-GAAP adjustment		(5	)		(33	)
Non-GAAP Net (loss) income	$	(1,901	)	$	2,397
GAAP Net income (loss) per share:
Basic and diluted:	$	(0.67	)	$	0.07
Non-GAAP Net income (loss) per share:
Basic and diluted	$	(0.07	)	$	0.12
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:
Basic and diluted		28,694,295			20,000,000

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Farhad Hayat
press@silvaco.com

The MIL Network –

May 8, 2025

MIL-OSI: Cerence Announces Second Quarter Fiscal 2025 Results; Revenue and Profitability Exceed High End of Guidance

Source: GlobeNewswire (MIL-OSI)

Headlines

Revenue of $78M; free cash flow of $13.1M marks fourth consecutive positive quarter
Company reiterates full-year guidance for revenue and raises full-year guidance for profitability and cash flow
Continued innovation and customer momentum for Cerence xUI, the company’s next-gen platform

BURLINGTON, Mass., May 07, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, today reported its second quarter fiscal year 2025 results for the quarter ended March 31, 2025.

Results Summary ^(1,2)
(in millions, except per share data)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
GAAP revenue ⁽⁴⁾	$	78.0		$	67.8		$	128.9		$	206.2
GAAP gross margin		77.1	%		69.2	%		72.3	%		77.1	%
GAAP total operating expenses ⁽³⁾	$	42.8		$	311.3		$	92.8		$	364.7
Non-GAAP total operating expenses	$	34.1		$	50.0		$	68.2		$	94.4
GAAP net income (loss) ⁽³⁾	$	21.7		$	(278.0	)	$	(2.6	)	$	(254.1	)
Adjusted EBITDA	$	29.5		$	(0.3	)	$	30.8		$	70.1
Free cash flow	$	13.1		$	(0.8	)	$	21.0		$	(4.5	)
GAAP net income (loss) per share – diluted ⁽³⁾	$	0.46		$	(6.66	)	$	(0.06	)	$	(6.13	)

(1) As previously disclosed, for the six months ended March 31, 2024, revenue includes the non-cash revenue associated with the Toyota “Legacy” contract and related impacts totaling $86.6M. (2) Please refer to the “Discussion of Non-GAAP Financial Measures” and “Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures” included elsewhere in this release for more information regarding our use of non-GAAP financial measures. (3) As previously disclosed, for the six months ended March 31, 2024, operating expenses include a Goodwill impairment charge of $252M. (4) Q2FY25 and Q2FY24 revenue include $21.5 million and $10.4 million of revenue from fixed license contracts, respectively.

“I’m incredibly proud of what our team has accomplished. We surpassed the high end of our revenue and adjusted EBITDA guidance and posted our fourth consecutive quarter of positive free cash flow, demonstrating the high value we provide to the world’s leading automakers as they work through the ongoing macro uncertainties and complexities facing the industry today,” said Brian Krzanich, CEO, Cerence AI. “As we look to the future and based on currently available information, we believe we are well-positioned to continue supporting our customers as they work to bring an enhanced experience to their drivers. With Cerence xUI, we are partnering with OEMs as they contemplate and build their future infotainment platforms, as well as delivering enhanced user experiences via over-the-air updates as automakers upgrade their current systems to deliver next-gen features and capabilities to their drivers today.”

Cerence Key Performance Indicators
To help investors gain further insight into Cerence’s business and its performance, management provides a set of key performance indicators that includes:

Key Performance Indicator¹	Q2FY25
Percent of worldwide auto production with Cerence Technology (trailing twelve months (“TTM”))	51	%
Change in number of Cerence connected cars shipped (TTM over prior year TTM)²	10	%
Change in Adjusted Total Billings (TTM over prior year TTM)³	0	%

(1) Please refer to the “Key Performance Indicators” section included elsewhere in this release for more information regarding the definitions and our use of key performance indicators. (2) Based on IHS Markit data, global auto production decreased 1%, calculated TTM over prior year TTM. (3) Adjusted Total Billings excludes professional services and prepay contracts and is adjusted for prepay consumption. Change in Adjusted Total Billings is calculated TTM over prior year TTM.

Third Quarter and Full Year Fiscal 2025 Outlook
For the fiscal quarter ending June 30, 2025, revenue is expected to be in the range of $52 million to $56 million, where no material Fixed License revenue contracts are expected to be signed during the quarter. Gross margins are projected between 66% and 68% and net loss is projected in the range of $13 million to $10 million. Adjusted EBITDA is expected to be in the range of $1 million to $4 million. The adjusted EBITDA guidance excludes amortization of acquired intangible assets, stock-based compensation, restructuring and other costs.

Revenue guidance for the full fiscal year ending September 30, 2025 remains unchanged; however, net loss is now projected in the range of $35 million to $29 million, adjusted EBITDA is now expected to be in the range of $28 million to $34 million, net cash provided by operating activities is projected in the range of $39 million to $45 million, and free cash flow is expected in the range of $25 million to $35 million.

Additional details regarding guidance will be provided during the company’s earnings call.

Cerence Conference Call and Webcast
The company will host a live conference call and webcast with slides to discuss its results today at 5:00pm Eastern Time / 2:00pm Pacific Time. Interested investors and analysts are invited to dial into the conference call by registering here.

Webcast access also will be available on the Investor section of the company’s website at https://www.cerence.com/investors/events-and-resources.

A replay of the webcast can be accessed by visiting the company’s website 90 minutes following the conference call at https://www.cerence.com/investors/events-and-resources.

Forward Looking Statements
Statements in this press release regarding: Cerence’s future performance, results and financial condition; expected growth and profitability; outlook and momentum; transformation plans and cost efficiency initiatives; strategy; opportunities; business, industry and market trends; strategy regarding fixed contracts and its impact on financial results; backlog; revenue visibility; revenue timing and mix; demand for Cerence products; innovation and new product offerings, including AI technology; expected benefits of technology partnerships; and management’s future expectations, anticipations, intentions, estimates, assumptions, beliefs, goals, objectives, targets, plans, outlook or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “goal,” “objective,” “anticipates,” “projects,” “forecasts,” “expects,” “intends,” “continues,” “will,” “may,” or “estimates” or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions as of the date of this press release, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited to: the highly competitive and rapidly changing market in which we operate; adverse conditions in the automotive industry or the global economy more generally; volatility in the political, legal and regulatory environment in which we operate, including trade, tariffs and other policies implemented by the new administration in the United States or actions taken by other countries in response; automotive production curtailment or delays; changes in customer forecasts; the impacts of the COVID-19 pandemic on our and our customers’ businesses; the ongoing conflicts in Ukraine and the Middle East; our inability to control and successfully manage our expenses and cash position; our inability to deliver improved financial results from process optimization efforts and cost reduction actions; escalating pricing pressures from our customers; the impact on our business of the transition to a lower level of fixed contracts, including the failure to achieve such a transition; our failure to win, renew or implement service contracts; the cancellation or postponement of existing contracts; the loss of business from any of our largest customers; effects of customer defaults; a decrease in the level of professional service projects; our inability to successfully introduce new products, applications and services; our strategies to increase cloud offerings and deploy generative AI and large language models (LLMs); the inability to expand into adjacent markets; the inability to recruit and retain qualified personnel; disruptions arising from transitions in management personnel; cybersecurity and data privacy incidents; failure to protect our intellectual property; adverse developments related to our intellectual property enforcement litigation, the outcome of such litigation, or remedies that could be awarded in connection with such litigation; defects or interruptions in service with respect to our products; fluctuating currency rates and interest rates; inflation; financial and credit market volatility; restrictions on our current and future operations under the terms of our debt, the use of cash to service or repay our debt; and our inability to generate sufficient cash from our operations; and the other factors discussed in our most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Discussion of Non-GAAP Financial Measures
We believe that providing the non-GAAP information, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors to not only better understand our financial performance, but more importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. The non-GAAP information should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. While our management uses these non-GAAP financial measures as a tool to enhance their understanding of certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements.

Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. In assessing the overall health of the business during the three months ended March 31, 2025 and 2024, our management has either included or excluded the following items in general categories, each of which is described below.

Adjusted EBITDA.
Adjusted EBITDA is defined as net income attributable to Cerence Inc. before net income (loss) attributable to income tax (benefit) expense, other income (expense) items, net, depreciation and amortization expense, and excluding amortization of acquired intangible assets, stock-based compensation, and restructuring and other costs, net and impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, interest income, and other income (expense), net (as stated in our Condensed Consolidated Statement of Operations). Our management and Board of Directors use this financial measure to evaluate our operating performance. It is also a significant performance measure in our annual incentive compensation programs.

Restructuring and other costs, net.
Restructuring and other costs, net include restructuring expenses as well as other charges that are unusual in nature, are the result of unplanned events, and arise outside the ordinary course of our business such as employee severance costs, consulting costs relating to our transformation initiatives, and costs for consolidating duplicate facilities.

Amortization of acquired intangible assets.
We exclude the amortization of acquired intangible assets from non-GAAP expense and income measures. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Providing a supplemental measure which excludes these charges allows management and investors to evaluate results “as-if” the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which our acquired intellectual property is treated in a comparable manner to our internally developed intellectual property. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Future acquisitions may result in the amortization of additional intangible assets.

Stock-based compensation.
Because of varying valuation methodologies, subjective assumptions and the variety of award types, we exclude stock-based compensation from our operating results. We evaluate performance both with and without these measures because compensation expense related to stock-based compensation is typically non-cash and awards granted are influenced by the Company’s stock price and other factors such as volatility that are beyond our control. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include such charges in operating plans. Stock-based compensation will continue in future periods.

Other expenses.
We exclude certain other expenses that result from unplanned events outside the ordinary course of continuing operations, in order to measure operating performance and current and future liquidity both with and without these expenses. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our organic, continuing operations. Included in these expenses are items such as other charges (credits), net, (gains) losses from extinguishment of debt, and changes in indemnification assets corresponding with the release of pre-spin liabilities for uncertain tax positions.

Key Performance Indicators
We believe that providing key performance indicators (“KPIs”) allows investors to gain insight into the way management views the performance of the business. We further believe that providing KPIs allows investors to better understand information used by management to evaluate and measure such performance. KPIs should not be considered superior to, or a substitute for, operating results prepared in accordance with GAAP. In assessing the performance of the business during the three months ended March 31, 2025, our management has reviewed the following KPIs, each of which is described below:

Percent of worldwide auto production with Cerence Technology (TTM): The number of Cerence enabled cars shipped as compared to IHS Markit car production data.
Change in number of Cerence connected cars shipped: The year-over-year change in the number of cars shipped with Cerence connected solutions. Amounts calculated on a TTM basis.
Change in Adjusted total billings YoY (TTM): The year over year change in total billings excluding Professional Services, prepay billings and adjusted for prepay consumption. TTM over prior year TTM.

See the tables at the end of this press release for non-GAAP reconciliations to the most directly comparable GAAP measures.

To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

About Cerence Inc.
Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

CERENCE INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Revenues:
License	$	51,460		$	35,527		$	74,185		$	56,350
Connected services		12,648			13,597			26,355			110,417
Professional services		13,902			18,701			28,366			39,393
Total revenues		78,010			67,825			128,906			206,160
Cost of revenues:
License		2,432			1,404			4,214			3,008
Connected services		4,979			5,359			11,290			12,662
Professional services		10,418			14,119			20,149			31,444
Amortization of intangible assets		—			—			—			103
Total cost of revenues		17,829			20,882			35,653			47,217
Gross profit		60,181			46,943			93,253			158,943
Operating expenses:
Research and development		23,332			31,846			44,201			65,152
Sales and marketing		4,930			5,619			9,696			11,690
General and administrative		11,199			16,659			23,953			29,452
Amortization of intangible assets		536			555			1,090			1,100
Restructuring and other costs, net		2,832			4,551			13,894			5,256
Goodwill impairment		—			252,096			—			252,096
Total operating expenses		42,829			311,326			92,834			364,746
Income (loss) from operations		17,352			(264,383	)		419			(205,803	)
Interest income		918			1,190			2,355			2,622
Interest expense		(2,716	)		(3,111	)		(6,109	)		(6,347	)
Other income (expense), net		499			(25	)		771			1,397
Income (loss) before income taxes		16,053			(266,329	)		(2,564	)		(208,131	)
(Benefit from) provision for income taxes		(5,603	)		11,647			68			45,988
Net income (loss)	$	21,656		$	(277,976	)	$	(2,632	)	$	(254,119	)
Net income (loss) per share:
Basic	$	0.50		$	(6.66	)	$	(0.06	)	$	(6.13	)
Diluted	$	0.46		$	(6.66	)	$	(0.06	)	$	(6.13	)
Weighted-average common share outstanding:
Basic		43,223			41,724			43,059			41,452
Diluted		51,530			41,724			43,059			41,452

CERENCE INC.
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)

	March 31,			September 30,
	2025			2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	117,368			121,485
Marketable securities		5,413			5,502
Accounts receivable, net of allowances of $54 and $1,613		65,018			62,755
Deferred costs		4,737			5,286
Prepaid expenses and other current assets		39,633			70,481
Total current assets		232,169			265,509
Long-term marketable securities		–			3,453
Property and equipment, net		29,412			30,139
Deferred costs		15,960			18,051
Operating lease right of use assets		17,989			12,879
Goodwill		293,357			296,858
Intangible assets, net		551			1,706
Deferred tax assets		55,248			51,398
Other assets		20,860			22,365
Total assets	$	665,546		$	702,358
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,634		$	3,959
Deferred revenue		49,740			52,822
Short-term operating lease liabilities		3,958			4,528
Short-term debt		60,056			87,094
Accrued expenses and other current liabilities		37,506			68,405
Total current liabilities		157,894			216,808
Long-term debt		197,593			194,812
Deferred revenue, net of current portion		119,954			114,354
Long-term operating lease liabilities		14,557			8,803
Other liabilities		26,279			26,484
Total liabilities		516,277			561,261
Stockholders’ Equity:
Common stock, $0.01 par value, 560,000 shares authorized; 43,254 and 41,924 shares issued and outstanding, respectively		433			419
Accumulated other comprehensive loss		(28,814	)		(25,912	)
Additional paid-in capital		1,102,022			1,088,330
Accumulated deficit		(924,372	)		(921,740	)
Total stockholders’ equity		149,269			141,097
Total liabilities and stockholders’ equity	$	665,546		$	702,358

CERENCE INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Six Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2,632	)	$	(254,119	)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Depreciation and amortization		5,793			5,384
Provision for credit loss reserve		208			6,065
Stock-based compensation		13,702			13,125
Non-cash interest expense		3,348			2,939
Loss on debt extinguishment		(327	)		–
Deferred tax (benefit) provision		(4,271	)		40,949
Goodwill impairment		–			252,096
Unrealized foreign currency transaction losses (gains)		345			(262	)
Other, net		(33	)		474
Changes in operating assets and liabilities:
Accounts receivable		(8,029	)		(75	)
Prepaid expenses and other assets		25,250			5,854
Deferred costs		2,041			3,423
Accounts payable		2,492			(292	)
Accrued expenses and other liabilities		(23,532	)		(1,673	)
Deferred revenue		10,365			(75,659	)
Net cash provided by (used in) operating activities		24,720			(1,771	)
Cash flows from investing activities:
Capital expenditures		(3,703	)		(2,776	)
Purchases of marketable securities		–			–
Sale and maturities of marketable securities		3,493			3,912
Other investing activities		(716	)		(891	)
Net cash (used in) provided by investing activities		(926	)		245
Cash flows from financing activities:
Proceeds from revolving credit facility		–			–
Proceeds from long-term debt, net of discount		–			–
Payments for long-term debt issuance costs		–			–
Principal payments of short-term debt		(26,964	)		–
Common stock repurchases for tax withholdings for net settlement of equity awards		(2,171	)		(9,744	)
Principal payment of lease liabilities arising from a finance lease		(229	)		(202	)
Proceeds from the issuance of common stock		2,175			10,461
Net cash (used in) provided by financing activities		(27,189	)		515
Effects of exchange rate changes on cash and cash equivalents		(722	)		(967	)
Net change in cash and cash equivalents		(4,117	)		(1,978	)
Cash and cash equivalents at beginning of period		121,485			101,154
Cash and cash equivalents at end of period	$	117,368		$	99,176

CERENCE INC.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
(unaudited – in thousands)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
GAAP revenue	$	78,010		$	67,825		$	128,906		$	206,160

GAAP gross profit	$	60,181		$	46,943		$	93,253		$	158,943
GAAP gross margin		77.1	%		69.2	%		72.3	%		77.1	%

GAAP total operating expenses	$	42,829		$	311,326		$	92,834		$	364,746
Stock-based compensation		5,374			4,079			9,692			11,818
Amortization of intangible assets		536			555			1,090			1,203
Restructuring and other costs, net		2,832			4,551			13,894			5,256
Goodwill impairment		–			252,096			–			252,096
Non-GAAP total operating expenses	$	34,087		$	50,045		$	68,158		$	94,373

GAAP net income (loss)	$	21,656		$	(277,976	)	$	(2,632	)	$	(254,119	)
Stock-based compensation*		5,931			4,745			10,739			13,125
Amortization of intangible assets		536			555			1,090			1,203
Restructuring and other costs, net*		2,832			4,551			13,894			5,256
Goodwill impairment		–			252,096			–			252,096
Depreciation		2,812			2,143			4,703			4,181
Total other expense, net		1,299			1,946			2,983			2,328
(Benefit from) provision for income taxes		(5,603	)		11,647			68			45,988
Adjusted EBITDA	$	29,463		$	(293	)	$	30,845		$	70,058

GAAP net cash provided by (used in) operating activities	$	15,466		$	1,044		$	24,720		$	(1,771	)
Capital expenditures		(2,343	)		(1,845	)		(3,703	)		(2,776	)
Free cash flow	$	13,123		$	(801	)	$	21,017		$	(4,547	)
* – $3.0 million in stock-based compensation is included in Restructuring and other costs, net for the six months ended March 31, 2025.

The MIL Network –

May 8, 2025

MIL-OSI: Fortinet Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Highlights

Total revenue of $1.54 billion, up 14% year over year
Product revenue of $459 million, up 12% year over year
Billings of $1.60 billion, up 14% year over year¹
Unified SASE ARR²up 26% and Security Operations ARR²up 30%, year over year
Record first quarter GAAP operating margin of 29%
Record first quarter Non-GAAP operating margin of 34%¹
Record Cash flow from operations of $863 million
Record Free cash flow of $783 million¹

SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2025.

“We are pleased to report another strong quarter as non-GAAP operating margin increased 570 basis points year over year to a first quarter record of 34%, while billings grew 14% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking. Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.”

Financial Highlights for the First Quarter of 2025

Revenue: Total revenue was $1.54 billion for the first quarter of 2025, an increase of 13.8% compared to $1.35 billion for the same quarter of 2024.

Product Revenue: Product revenue was $459.1 million for the first quarter of 2025, an increase of 12.3% compared to $408.9 million for the same quarter of 2024.

Service Revenue: Service revenue was $1.08 billion for the first quarter of 2025, an increase of 14.4% compared to $944.4 million for the same quarter of 2024.

Billings¹: Total billings were $1.60 billion for the first quarter of 2025, an increase of 13.5% compared to $1.41 billion for the same quarter of 2024.

Remaining performance obligations: Remaining performance obligations were $6.49 billion as of March 31, 2025, an increase of 11.7% compared to $5.81 billion as of March 31, 2024. We expect to recognize approximately $3.38 billion as revenue over the next 12 months, an increase of 15.4% compared to $2.93 billion as of March 31, 2024.

Unified SASE ARR²: Unified SASE ARR was $1.15 billion as of March 31, 2025, an increase of 25.7% compared to $914.7 million as of March 31, 2024.

Security Operations ARR²: Security Operations ARR was $434.5 million as of March 31, 2025, an increase of 30.3% compared to $333.5 million as of March 31, 2024.

GAAP Operating Income and Margin: GAAP operating income was $453.8 million for the first quarter of 2025, representing a GAAP operating margin of 29.5%. GAAP operating income was $321.2 million for the same quarter of 2024, representing a GAAP operating margin of 23.7%.

Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $526.2 million for the first quarter of 2025, representing a non-GAAP operating margin of 34.2%. Non-GAAP operating income was $386.1 million for the same quarter of 2024, representing a non-GAAP operating margin of 28.5%.

GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $433.4 million for the first quarter of 2025, compared to GAAP net income of $299.3 million for the same quarter of 2024. GAAP diluted net income per share was $0.56 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.39 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Non-GAAP Net Income and Diluted Net Income Per Share¹: Non-GAAP net income was $452.3 million for the first quarter of 2025, compared to non-GAAP net income of $333.9 million for the same quarter of 2024. Non-GAAP diluted net income per share was $0.58 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to $0.43 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Cash Flow: Cash flow from operations was $863.3 million for the first quarter of 2025, compared to $830.4 million for the same quarter of 2024. Cash flow from operations for the first quarter of 2025 includes $14.0 million proceeds from an intellectual property matter.

Free Cash Flow¹: Free cash flow was $782.8 million for the first quarter of 2025, compared to $608.5 million for the same quarter of 2024.

Guidance

For the second quarter of 2025, Fortinet currently expects:

Revenue in the range of $1.590 billion to $1.650 billion
Billings in the range of $1.685 billion to $1.765 billion
Non-GAAP gross margin in the range of 80.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 32.5%
Diluted non-GAAP net income per share in the range of $0.58 to $0.60, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 777 million.

For the fiscal year 2025, Fortinet currently expects:

Revenue in the range of $6.650 billion to $6.850 billion
Service revenue in the range of $4.575 billion to $4.725 billion
Billings in the range of $7.200 billion to $7.400 billion
Non-GAAP gross margin in the range of 79.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 33.5%
Diluted non-GAAP net income per share in the range of $2.43 to $2.49, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 769 million to 779 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
² Annual Recurring Revenue or ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Second Quarter 2025 Conference Participation Schedule:

J.P. Morgan Global Technology, Media and Communications Conference
May 13, 2025

Bank of America Global Technology Conference
June 3, 2025

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiSwitch, FortiTelemetry, FortiTester, FortiTIP, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the second quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business and cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matters. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matters, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matters, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our proceeds from intellectual property matters, our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a gain on bargain purchase related to acquisition, a gain from an equity method investment related to acquisition and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	March 31, 2025			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,596.6		$	2,875.9
Short-term investments		1,183.9			1,190.6
Accounts receivable—net		1,174.0			1,463.4
Inventory		362.7			315.5
Prepaid expenses and other current assets		125.4			126.1
Total current assets		6,442.6			5,971.5
LONG-TERM INVESTMENTS		35.2			—
PROPERTY AND EQUIPMENT—NET		1,403.8			1,349.5
DEFERRED CONTRACT COSTS		636.2			622.9
DEFERRED TAX ASSETS		1,411.6			1,335.6
GOODWILL AND OTHER INTANGIBLE ASSETS—NET		357.4			350.4
OTHER ASSETS		120.2			133.2
TOTAL ASSETS	$	10,407.0		$	9,763.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	224.5		$	190.9
Accrued liabilities		415.0			337.9
Accrued payroll and compensation		250.2			255.7
Current portion of long-term debt		498.7			—
Deferred revenue		3,339.4			3,276.2
Total current liabilities		4,727.8			4,060.7
DEFERRED REVENUE		3,079.0			3,084.7
LONG-TERM DEBT		496.2			994.3
OTHER LIABILITIES		141.1			129.6
Total liabilities		8,444.1			8,269.3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock		0.8			0.8
Additional paid-in capital		1,668.7			1,636.2
Accumulated other comprehensive loss		(22.9	)		(26.1	)
Retained earnings (accumulated deficit)		316.3			(117.1	)
Total stockholders’ equity		1,962.9			1,493.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,407.0		$	9,763.1

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in millions, except per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
REVENUE:
Product	$	459.1		$	408.9
Service		1,080.6			944.4
Total revenue		1,539.7			1,353.3
COST OF REVENUE:
Product		149.9			182.8
Service		143.2			121.9
Total cost of revenue		293.1			304.7
GROSS PROFIT:
Product		309.2			226.1
Service		937.4			822.5
Total gross profit		1,246.6			1,048.6
OPERATING EXPENSES:
Research and development		198.6			173.0
Sales and marketing		542.7			501.1
General and administrative		57.8			54.4
Gain on intellectual property matters		(6.3	)		(1.1	)
Total operating expenses		792.8			727.4
OPERATING INCOME		453.8			321.2
INTEREST INCOME		44.3			32.2
INTEREST EXPENSE		(4.9	)		(5.1	)
OTHER INCOME (EXPENSE)—NET		26.1			(2.9	)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		519.3			345.4
PROVISION FOR INCOME TAXES		96.5			39.5
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		10.6			(6.6	)
NET INCOME	$	433.4		$	299.3
Net income per share:
Basic	$	0.56		$	0.39
Diluted	$	0.56		$	0.39
Weighted-average shares outstanding:
Basic		768.3			762.4
Diluted		776.8			770.5

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Three Months Ended
	March 31, 2025			March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	433.4		$	299.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		66.1			62.3
Amortization of deferred contract costs		78.0			72.0
Depreciation and amortization		35.8			28.6
Amortization of investment discounts		(10.3	)		(12.2	)
Other		(35.5	)		9.9
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net		303.9			405.6
Inventory		(34.1	)		36.5
Prepaid expenses and other current assets		3.4			(0.1	)
Deferred contract costs		(91.3	)		(66.5	)
Deferred tax assets		(30.0	)		(73.9	)
Other assets		1.5			(6.2	)
Accounts payable		24.6			(61.6	)
Accrued liabilities		63.7			105.0
Accrued payroll and compensation		(8.2	)		(27.4	)
Deferred revenue		57.0			54.8
Other liabilities		5.3			4.3
Net cash provided by operating activities		863.3			830.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments		(503.0	)		(436.1	)
Sales of investments		2.8			—
Maturities of investments		466.9			393.4
Purchases of property and equipment		(66.5	)		(221.9	)
Payments made in connection with business combinations, net of cash acquired		(11.2	)		(5.7	)
Other		0.2			—
Net cash used in investing activities		(110.8	)		(270.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		20.2			13.4
Taxes paid related to net share settlement of equity awards		(52.9	)		(42.9	)
Other		—			(0.8	)
Net cash used in financing activities		(32.7	)		(30.3	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		0.9			(1.4	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		720.7			528.4
CASH AND CASH EQUIVALENTS—Beginning of period		2,875.9			1,397.9
CASH AND CASH EQUIVALENTS—End of period	$	3,596.6		$	1,926.3

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (Unaudited, in millions, except per share amounts)

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

	Three Months Ended
	March 31, 2025			March 31, 2024
Reconciliation of non-GAAP operating income:
GAAP operating income	$	453.8		$	321.2
GAAP operating margin		29.5	%		23.7	%
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Non‐GAAP operating income	$	526.2		$	386.1
Non‐GAAP operating margin		34.2	%		28.5	%

Reconciliation of non-GAAP net income:
GAAP net income	$	433.4		$	299.3
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Gain on bargain purchase ^(a)		(39.9	)		—
Tax adjustment ^(b)		(2.8	)		(30.3	)
Gain from equity method investment ^(c)		(10.8	)		—
Non-GAAP net income	$	452.3		$	333.9



























Non-GAAP net income per share, diluted













Non-GAAP net income	$	452.3		$	333.9













Non-GAAP shares used in diluted net income per share calculations		776.8			770.5













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























Reconciliation of non-GAAP net income per share, diluted













GAAP net income per share, diluted	$	0.56		$	0.39













Add back:













Non-GAAP adjustments to net income per share		0.02			0.04













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























(a) To exclude a $39.9 million gain on bargain purchase related to our acquisition of Linksys Holdings, Inc. (“Linksys”) in the three months ended March 31, 2025.
(b) Non-GAAP financial information is adjusted to an effective tax rate of 18% and 17% in the three months ended March 31, 2025 and 2024, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(c) To exclude a $10.8 million gain from equity method investment in Linksys resulted from our acquisition of Linksys in the three months ended March 31, 2025.

Reconciliation of net cash provided by operating activities to free cash flow

	Three Months Ended
	March 31, 2025			March 31, 2024
Net cash provided by operating activities	$	863.3		$	830.4
Less: Purchases of property and equipment		(66.5	)		(221.9	)
Less: Proceeds from intellectual property matter		(14.0	)		—
Free cash flow	$	782.8		$	608.5
Net cash used in investing activities	$	(110.8	)	$	(270.3	)
Net cash used in financing activities	$	(32.7	)	$	(30.3	)

Reconciliation of total revenue to total billings

	Three Months Ended
	March 31, 2025		March 31, 2024
Total revenue	$	1,539.7	$	1,353.3
Add: Change in deferred revenue		57.5		54.9
Less: Deferred revenue balance acquired in business acquisitions		—		(1.0	)
Total billings	$	1,597.2	$	1,407.2

Investor Contact:	Media Contact:

Aaron Ovadia Fortinet, Inc. 408-235-7700 investors@fortinet.com	Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com

The MIL Network –

May 8, 2025

MIL-OSI USA: Kaptur, Bell, Quigley, Johnson Send Letter Opposing Ed Martin Nomination Over Russian Media Ties

Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

Washington, DC — Representatives Marcy Kaptur (OH-09), Wesley Bell (MO-01), Mike Quigley (IL-05), and Hank Johnson (GA-04), led a letter to President Trump and Attorney General Pam Bondi raising serious concerns over the potential nomination of Ed Martin to serve as US Attorney for the District of Columbia. Congresswoman Kaptur is the Co-Founder and Co-Chair and Congressman Quigley serves as Democratic Co-Chair of the Congressional Ukraine Caucus, and Congressman Bell is a new member of the Caucus. Additionally, Congressman Johnson is a senior member of the House Judiciary Committee, and Congressman Bell previously served as St. Louis County Prosecuting Attorney, leading Missouri’s largest prosecutor’s office.

The letter cites Martin’s extensive history of appearances on Russian state-funded media outlets RT and Sputnik — over 150 times in recent years — as cause for alarm given the sensitive nature of the role. The lawmakers argue that Martin’s public statements on these platforms, many of which were not disclosed, have often echoed Kremlin propaganda and undermined US national security interests, particularly regarding Russia’s aggression in Ukraine.

“Mr. Martin’s public contributions to Russian-backed platforms are deeply troubling to consider when considering how these views may reflect his stance toward critical issues related to Ukraine and national security. The downplaying of Russian aggression and interference in Ukraine he has espoused on Russian media raises concerns about his ability to uphold U.S. interests, particularly at a time when Russia’s invasion of Ukraine has escalated tensions globally. Additionally, his denying evidence of a Russian military buildup near Ukraine’s borders and suggesting that it was the US, not the Assad Regime, who ‘engineered’ the deadly 2017 Syrian chemical weapons attack. His appearances have included promoting narratives that align with Russian propaganda over US policy positions and our national interests,” said the lawmakers.

“Crucially, Mr. Martin did not fully disclose his extensive involvement with RT and Sputnik as required on his Senate Judiciary Committee questionnaire. This failure in transparency regarding his associations with Russian-backed media outlets calls into question his judgment and commitment to serving the interests of the United States. The US government has consistently recognized RT and Sputnik as propaganda and intelligence tools of the Russian state, and his refusal to disclose his participation raises serious doubts about his loyalty to American values,” continued the lawmakers.

“Given the gravity of these concerns, we urge you to conduct a thorough review of Mr. Martin’s past statements, associations, and overall fitness for the role of US Attorney for the District of Columbia. The appointment of an individual with such questionable allegiances could have serious repercussions for both US foreign policy and the integrity of our legal system,” concluded the lawmakers.

Read the full text of the letter here.

# # #

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Ranking Member Kaptur Remarks at Fiscal Year 2026 US Department of Energy Budget Hearing

Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

*** WATCH A FULL RECORDING OF THE HEARING HERE ***

Washington, DC — Today, Congresswoman Marcy Kaptur (OH-09), Ranking Member of the House Appropriations Energy and Water Development and Related Agencies Subcommittee, delivered the following opening remarks at the subcommittee’s fiscal year 2026 budget hearing for the US Department of Energy with Energy Secretary Chris Chris Wright:

Good morning, and thank you all for joining us.

As the Ranking Member of this subcommittee and a lifelong advocate for America’s energy independence in perpetuity, I welcome this opportunity to examine the Department of Energy’s recent actions and to discuss your proposed budget.

Let me begin with a plain truth: The essentials of life are freshwater, food, and energy. The United States cannot afford to shortchange our energy future. US energy independence is essential for our liberty. I served President Jimmy Carter during the turbulent era not so long ago when the US slid into unconscious dependence on global energy supplies. My motto from then until now “never again.”

The Department of Energy is the engine room of our nation’s energy security. It drives innovation. It serves as a critical steward of our nuclear security enterprise, and environmental obligations. We have not always done well there. It powers our economy. It protects our grid. It supports cutting-edge research, and ensures that our people — working families, industrious small and large businesses, farmers, our retirees — all have access to affordable, reliable energy and continuing energy innovation.

And yet, we are confronted with proposals to slash $20 Billion in Department of Energy programs, despite clear and present threats to our energy stability. The Administration’s devastating 74 percent cut to Energy Efficiency and Renewable Energy is not just shortsighted, it is dangerous. Since January, the Department of Energy has suspended critical energy programs, cancelled executed awards and contracts authorized by Congress, severely reduced staffing, including removal of the Inspector General who tries to go after the crooks, and changed contracting policies. The resulting confusion has disrupted communities, businesses, and project developers across our country. This chaotic approach to this critical sector of a strong America and our national security impacts every family, business and community. Already, our people are feeling directly how the pinch feels when rising energy costs impact every American family and business.

Let me be crystal clear. Weakening US energy progress at DOE is a direct threat to America’s energy security and gives our enemies relief. Weakness in advancing America’s energy intelligence leaves us open and exposed to foreign influence. Radical cutbacks weaken our domestic supply chains and delay the very innovations that would shield our economy from global price shocks and hasten enemy targeting. I am shocked by the damage the Administration’s proposals are causing and will continue to cause.

Energy is essential to our way of life and economic growth of all of our communities. The United States is producing more oil than ever before — record-high production levels — something that, in theory, should be bringing gasoline prices down, not bobbing back and forth. But the reality is, American families have not been seeing sustained record-low gas prices. Why? Because we are still tethered to a volatile global energy market dominated by cartels and petroleum dictators. Oil prices declined recently after the OPEC cartel and its allies agreed to a further boost to output. US crude fell 2 percent to $53.13 a barrel, its lowest value since February 2021. Let me be the first Member of Congress to warn you that dependence on foreign crude is not in the national security interests of our nation.

Forty-eight years ago, as our nation’s economy tanked and sank into deep depression due to the first Arab oil embargo, President Carter and our predecessors in Congress created the US Department of Energy. With their vision and steadfast bipartisan commitment over decades, our nation has steadily made progress in attaining domestic energy independence. We cannot take our foot off the accelerator.

Over the last 40 years, America has made remarkable progress through expanding domestic oil and gas production. Ohio knows this well. We have developed cheaper, cleaner energy sources. Competition brings lower prices in energy. Innovations, including biofuels, solar, energy storage, and thermal recovery, are pushing into new energy frontiers of fusion, advanced nuclear, and hydrogen.

Let’s not forget — when Russia invaded Ukraine, it wasn’t just a European crisis. That illegal invasion sent energy prices soaring around the world. The Department of Energy’s swift action to deploy strategic reserves and accelerate clean energy deployment helped soften the blow. But without a fully resourced Department, our ability to respond next time will be severely limited. This posture is dangerous.

American energy independence is about more than geopolitics. Hardworking families in Northwest Ohio and across our country feel these pressures at the pump, see it in their utility bills, and at the checkout counter at the grocery store.

Our nation is approaching 350 million people. We cannot behave as though this is 1950. Undermining the US Department of Energy by severely underfunding advanced energy research risks higher energy costs, increased geopolitical volatility, and weaker national security. That is not a future America should accept.

Mr. Secretary, I would also like to close by raising for your awareness a district-centric issue that holds national implications: two of the five worst commercial nuclear power incidents in our nation’s history occurred in Ohio’s Nuclear North that I represent. That’s 40 percent! These dangerous and ultimately criminally negligent operations represent the worst management of commercial nuclear power in our nation’s history.

Ratepayers in Ohio have for 40 years been the victim of these corrupt commercial nuclear operations — all through the willful federal and state abdication of quality management by the Atomic Energy Commission, the Department of Energy, and the Nuclear Regulatory Commission. Our ratepayers deserve and are due justice — they have been paying for the crimes and slipshod decision. So I ask that you help me from your position to achieve justice for Ohio’s billed ratepayers; the price gouging continues as we meet here today.

As we work on FY 26 appropriations, I will fight to ensure this Energy and Water bill invests in America’s every future, our energy independence, in world-class innovation, and diversifying energy supplies as fundamental to our continuing economic strength. I have a notebook I have prepared for you and your staff outlining what has been going on in Ohio. It is absolutely un-American what has gone on there, and it has gone on for a long time. America’s energy future is in your hands. Everything must be “Made in America,” for America to assure a remarkable history for the generations to come.

Thank you, and I look forward to the discussion ahead.

# # #

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: Europe is moving to reposition itself in Donald Trump’s new global order

Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

FabrikaSimf/Shutterstock

The term that perhaps best describes the international impact of the first 100 days of Donald Trump’s second term is “disruption”. His tariff policy, his abolition of USAID, his questioning of the transatlantic alliance, and his attempted rapprochement with Russia have neither destroyed the liberal international order nor established anything new in its place.

But the prospects of liberal internationalism under Trump are vanishingly small. And Trumpism, in the guise of an America-first foreign policy, is likely to outlast Trump’s second term.

That the US is no longer the standard bearer of the liberal international order has been clear for some time. Trump and his Russian and Chinese counterparts, Vladimir Putin and Xi Jinping, appear to see themselves as dominant players in a new multi-polar world order. But it is not clear that a grand bargain between them is possible – or that it would endure.

Europe is particularly vulnerable to these changes in the international order. Having been able to rely for the past eight decades on an iron-clad American security guarantee, European countries chronically under-invested in their defence capabilities, especially since the end of the cold war.

Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

Defence spending as a proportion of GDP may have increased over the past decade but remains lacklustre. And investment into an independent European defence industrial base faces many hurdles.

These deficiencies predated Trump’s return to the White House. Addressing them will only be possible in a time frame beyond his second term. With no dependable partners left among the world’s great powers, Europe’s predicament – unenviable as it may be for the moment – nonetheless offers an opportunity for the continent to begin to stand on its own feet.

Early signs of a more independent Europe are promising. In March, the European commission released a white paper on defence which anticipates defence investment of €800 billion (£680 billion) over the next four years.

The bulk of this will rely on the activation of the so-called “national escape clause”. This allows EU member states to escape penalties if they exceed the normal deficit ceiling of 3% GDP.

Once activated for the purpose of defence spending, they can now take on additional debt of up to 1.5% of their GDP. By the end of April, 12 EU member states had already requested that the national escape clause be activated, with several more expected to follow.

Defence is clearly the most urgent problem for Europe. But it isn’t the only aspect to consider when it comes to achieving greater strategic autonomy, something that the European Union has grappled with for more than a decade. In other areas, such as trade and energy, the starting point is a very different one.

Regarding energy independence, the EU has achieved a remarkable and quick pivot away from Russia. It has just released a final plan to stop all remaining gas imports from Russia by the end of 2027.

On trade, Donald Trump’s America-first tariff policy has done significant damage to the global system. This has, in turn, created opportunities for the EU, as one of the world’s largest trading blocs, including greater cooperation with China, already one of its largest trading partners.

Complex relationships

China and the EU clearly share an interest in preserving a global trade regime from which both have benefited. But their economic interests cannot be separated easily from their geopolitical interests. So far, China has sent very mixed signals to Europe.

Beijing has, for example, proposed to lift sanctions against some members of the European parliament who have been critical of China in a show of goodwill. But China’s support for Russia continues as well, most recently with Xi’s commitment to visit Moscow for the victory day parade on May 9.

Standing with Moscow may benefit Beijing in its rivalry with the US by solidifying the no-limits partnership that Xi and Putin announced on the eve of Russia’s full-sale invasion in February 2022. But it does little to win the EU over as a partner in defence of the open international order that Trump is trying his best to shutter.

On the contrary, in reaffirming China’s commitment to its partnership with Russia, Xi may well have lost whatever chances there were for a European realignment with China.

The complexities of the EU-China and EU-US relationships – a curious mix of rapidly shifting interests – reflects the EU’s position as the natural centre of gravity of what is left of the west. This is evident in the rapid evolution of the “coalition of the willing” in support of Ukraine, which brings together 30 countries from across the EU and Nato under French and British leadership.

Beyond Europe, Trump’s tariff policy has given plans for a strategic partnership between the EU and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) a new lease of life. The CPTPP is a group of 11 Indo-Pacific countries and the UK, which joined last December. It is one of the world’s largest free trade areas, accounting for approximately 15% of global GDP.

Even without US and Chinese membership, a partnership between the EU and the CPTPP would wield significant power in the global economic system and could play a future role in shielding its members from an intensifying US-China trade war.

Limited alternatives

None of the steps taken by the EU and its partners on the continent and elsewhere require the breakdown in the transatlantic relationship that the Trump administration appears keen to engineer. But speeches by both the US vice president, J.D. Vance, and the secretary of state, Marco Rubio, were clear that America’s relationship with Europe is changing.

Washington, under its current leadership, increasingly leans towards the political forces in Europe that are opposed to the values on which the continent has been orientated since 1945. This leaves Europe few options but to seek more independence from the US.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences. Join The Conversation for free today.

A more independent Europe is unlikely to become a global superpower on par with the US or China. But it will be better able to hold its own in a geopolitical environment that is less based on rules and more on power.

The EU currently enjoys historically high approval ratings among its citizens – who also support more unity and a more active role for the EU in protecting them from global security risks.

It’s increasingly clear that EU leaders and their partners have a unique opportunity – and an obligation – to carve out a more secure and independent space in a hostile global environment.

Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

– ref. Europe is moving to reposition itself in Donald Trump’s new global order – https://theconversation.com/europe-is-moving-to-reposition-itself-in-donald-trumps-new-global-order-255344

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Global: VE Day: how personal first-hand accounts help keep everyday narratives of wartime Britain alive

Source: The Conversation – UK – By Hazel Hall, Emeritus Professor in the School of Computing, Engineering, and Built Environment, Edinburgh Napier University

From street parties to flypasts, the myriad events of VE Day – which this year commemorates the 80th anniversary of victory in Europe – take place against the backdrop of grand wartime narratives. These include accounts of military strategy, major battles and political decisions made by global leaders. Central to the day are the few remaining second world war veterans and the memory of those who lost their lives in the conflict between 1939 and 1945.

While military and political history may dominate the retelling of VE Day, the research of my colleagues at Napier and myself has focused on a wartime commentary written by a young woman called Lorna Lloyd from Malvern, Worcestershire, between 1939 and 1941.

Thursday December 12 1940

It was a very bad night last night with guns firing endlessly and heavy bombs dropping in the (not so) distance. Cheltenham seems to have got it, and Birmingham. We hardly slept at all, for though the All Clear went at 1.40am, a new alert sounded at 4.00am, and the All Clear did not go until 20 to eight.

Through our study we found that bringing the voices of ordinary people from the second world war directly into the present can forge strong emotional connections to the past, giving people a real appreciation of what it was like to live through the war in Britain. This material also prompts consideration of parallels between past and current hostilities.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

Fearing a German invasion in May 1940, 26-year-old Lloyd wrote in her diary: “I shall bury this diary so deep that one day, in a saner world, someone may find it and know that the last legions of civilisation meant not dominion but good.”

Whether or not today’s world is saner, our research with 12 interviewees familiar with two digitised versions of Lloyd’s wartime diary revealed that excerpts had a stronger emotional impact when packaged as audio in a podcast series than they did presented online as text and images.

Using news reports from the time including broadcast excerpts from the BBC, Lloyd’s words composed at her middle-class home in the Midlands highlight that war is a very human experience that affects everyone.

Her commentary offers insight into the devastating reach of the conflict on those far from the frontlines, with reflections that demonstrate the psychological toll of war and its impact on everyday life.

December 31 1940

London vanishes gradually. Now a slice is shorn away as on Sunday night, now inchmeal buildings are levelled and gaps torn in its ancient fabric. With each, something dies that was hallowed by generations of hope and endeavour, quiet monuments of ordinary strivings vanish into piles of rubble.

They also shed light on the roots of post-war social transformation, from the formation of the National Health Service to the cautious outlook of the so-called “silent generation” who grew up amid rationing and uncertainty. In a time when peace can no longer be taken for granted, these personal perspectives reinforce the importance of diplomacy, and the need to avoid conflict in the future.

June 3 1940

There are times when I feel endlessly old, and worn out, and others when I feel hopelessly young, and completely unable to combat life, or to hope for any future. I know somehow, despite the frantic entry of May 15th, that we shall win in the end, but my spirit quails at the task of building up again what has been broken down. It took 22 years to arrive even in this country at anything like normality after the last war. When things have settled down again shall I be old?

Although we anticipated that our participants would find the experience particularly affecting since they knew Lloyd was played in the podcast episodes by her 25-year-old great-great niece, an unexpected finding was that the emotional reaction was greater when the audience members recognised parallels between Lloyd’s reports of the early months of the war and the current war in Ukraine.

They were struck by the echoes of Lloyd’s commentary on 1940s wartime Europe in present-day Ukraine. One interviewee said: “It’s so much harder [to listen]… because we are in a similar situation … If you changed the words slightly, it could [be] contemporary … If we made Germany Russia, and made Finland Ukraine … We are dealing with [accommodating displaced people] today.”

This finding shows that examining history in this accessible way can lead to identifying parallels with the present. An advantage that we have today – and which was denied to Lorna Lloyd and her contemporaries – is that we have an example from history to warn us about the dangers of the current political climate in Europe.

The political and economic pressures at the time in Weimar Germany paved the way for the rise of the Nazi party. And now, with the rise of the right wing in Europe and across the world once more, it is more important than ever to learn from the past.

As so few living memories of the second world war remain today, VE Day gives us a chance to consider how we keep such “hidden” histories alive. Our research shows that digital storytelling such as podcasts give fresh resonance to archive material in an uncertain world. And it makes clear the enduring value of encouraging interaction with historical records to make sense of today’s wider social and political turbulence.

The research cited here was funded by the Arts and Humanities Research Council through the Creative Informatics programme. Hazel Hall acknowledges the contributions of her colleagues Bruce Ryan, Marianne Wilson, and Iain McGregor to this article.

– ref. VE Day: how personal first-hand accounts help keep everyday narratives of wartime Britain alive – https://theconversation.com/ve-day-how-personal-first-hand-accounts-help-keep-everyday-narratives-of-wartime-britain-alive-255653

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Video: Gradually cutting energy ties with Russia

Source: European Commission (video statements)

Despite the significant progress achieved under the RePowerEu and via sanctions since Russia’s invasion of Ukraine, in 2024 the EU saw a rebound in Russian gas imports.

The European Commission is working with all Member States to gradually cut energy ties with Russia. This includes Russian gas, oil, and nuclear energy but also putting forward new actions to address Russia’s shadow fleet transporting oil.

https://www.youtube.com/watch?v=Q7D319CXkI0

MIL OSI Video –

May 8, 2025
MIL-OSI Europe: Parliament marks 80th anniversary of the end of World War II

Source: European Union 2

On Wednesday, the European Parliament marked the 80th anniversary of the end of World War II in Europe in a ceremony in plenary with three veterans.

“Eighty years after the guns fell silent across Europe, we honour the courage of those who fought, and the sacrifice of those who fell. We remember not just the end of a war, but the birth of our Union. The most powerful tribute to those who sacrificed their lives in this war lies not only in remembrance, but in resolve. In our determination to stand together and say, clearly and firmly: never again,” EP President Metsola said.

European Council President António Costa thanked the veterans for their “sacrifice and commitment to peace”, regretting that, today, “we cannot celebrate peace in peace”, after Russia’s invasion of Ukraine. Mr Costa encouraged the EU member states and their partners to stay united in the face of the Russian aggressor, as the best way to pay homage to those who gave their lives 80 years ago defending freedom. Finally, he reminded European citizens that “peace is a heritage, but also a responsibility”.

Speeches by veterans of war

Three veterans of the war – Mr Robert Chot, a 102-year-old Belgian veteran of the Battle of the Ardennes; Mr Janusz Komorowski a Polish veteran of the liberation of Poland and now 96 years old; and Mr Janusz Maksymowicz, also Polish and now 95 years old, who participated in the Warsaw Uprising – addressed MEPs.

Belgian war veteran Robert Chot said: “80 years ago, the guns fell silent, bringing an end to a terrible battle that caused millions of deaths in Europe and elsewhere. If today we are still living in peace, it is thanks to you and the countries you represent”. Peace is always uncertain, he added. “There are always clouds hanging over us. Let us do what is necessary to ensure that peace endures in Europe”, he declared.

Mr Janusz Komorowski talked about the difficult destiny of Poles who were fighting for freedom and independence and for the right of the Polish nation to exist, in Poland, abroad and during the Warsaw uprising in 1944. “They gave their lives for the freedom of other nations too, in the hope that the brutal force of the peace wreckers would be broken forever. Today, I want to thank that wartime generation, but also the European Parliament for becoming a beacon of peace, freedom and democracy, and for steadfastly defending these values”, he concluded.

Mr Janusz Maksymowicz stressed that the fight for freedom and values had clearly not ended but had taken on new forms. “We know how ruthless ideologies that divide people and nations can be. That is why today we say with full conviction: community is strength. A community of nations that respects the European traditions and cultures of all people who want to live in peace.”

The ceremony was brought to a close with a musical performance of the European anthem by a soprano accompanied by a string ensemble.

Ahead of the plenary event, Presidents Metsola and Costa attended a flag raising and wreath laying ceremony outside of the Parliament building in Strasbourg.

Find audiovisual material of all commemorative events in Parliament’s Multimedia Centre.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Global: North Korean spy drama in China may signal Beijing’s unease over growing Pyongyang-Moscow ties

Source: The Conversation – Global Perspectives – By Linggong Kong, Ph.D. Candidate in Political Science, Auburn University

Chinese authorities in the northeastern city of Shenyang reportedly arrested a North Korean IT specialist in late April 2025, accusing him of stealing drone technology secrets.

The suspect, apparently linked to North Korea’s main missile development agency, was part of a wider network operating in China, according to the story, which first appeared in South Korea’s Yonhap News Agency. In response, Pyongyang was said to have recalled IT personnel in China.

The story was later circulated by several Chinese online outlets. Given the tight censorship in China, this implies a degree of tacit editorial approval from Beijing – although some sites later deleted the story. In a response to Yonhap over the alleged incident, a Chinese Foreign Ministry spokesperson noted that North Korea and China were “friendly neighbors” that maintained “normal” personnel exchanges, without denying the details.

The incident suggests a rare semipublic spat between the two neighboring communist countries, contradicting the image of China and North Korea as “brothers in arms.”

As a scholar of Northeast Asian security, I see the arrest – which has gotten little attention in English-language media – as representative of a wider, more nuanced picture of the two countries’ current relations. There are signs that Beijing is growing frustrated with Pyongyang – not least over North Korea’s increasing closeness with Moscow. Such a development challenges China’s traditional role as North Korea’s primary patron.

In short, the arrest could be a symptom of worsening ties between the two countries.

Beijing’s dilemma over North Korea

North Korea has long been seen by Beijing as both a strategic security buffer and within its natural sphere of influence.

From China’s perspective, allowing a hostile force to gain control of the peninsula – and especially the north – could open the door to future military threats. This fear partly explained why China intervened during the Korean War of 1950-1953.

Beyond security, North Korea also serves as an ideological ally. Both countries are run by communist parties — the Chinese Communist Party and the Workers’ Party of Korea — although the former operates as a Leninist party-state system with a partial embrace of market capitalism, while the latter remains a rigid socialist state characterized by a strong personality cult.

Chinese President Xi Jinping holds a welcoming ceremony for North Korean leader Kim Jong Un in Beijing on Jan. 8, 2019.
Xinhua/Li Xueren via Getty Images

Even today, Chinese state media continues to highlight the bonds of “comradeship” with Pyongyang.

However, Pyongyang’s nuclear ambitions have long troubled Beijing. North Korea has conducted multiple nuclear tests since 2006 and is now believed to possess nuclear weapons capable of targeting South Korea, Japan and U.S. bases in the region.

China supports a denuclearized and stable Korean peninsula – both for regional peace and economic growth. Like the U.S., Japan and South Korea, China opposes nuclear proliferation, fearing North Korea’s periodic tests could provoke U.S. military action or trigger an arms race in the region.

Meanwhile, Washington and its allies continue to pressure Beijing to do more to rein in a neighbor it often views as a vassal state of China.

Given China’s economic ties with the U.S. and Washington’s East Asian allies – mainly South Korea and Japan – it has every reason to avoid further instability from Pyongyang.

Yet to North Korea’s isolationist rulers, nuclear weapons are vital for the regime’s survival and independence. What’s more, nuclear weapons can also limit Beijing’s influence.

North Korean leader Kim Jong Un worries that without nuclear leverage, China could try to interfere in the internal affairs of his country. After the death if Kim’s father, Kim Jong Il, in 2011, Beijing was thought to favor Kim Jong Un’s elder half-brother Kim Jong Nam as successor — possibly prompting Kim Jong Un to have him assassinated in 2017.

But despite ongoing tensions over the nuclear issue, China has continued to support the North Korean regime for strategic reasons.

For decades, China has been Pyongyang’s top trading partner, providing crucial economic aid. In 2023, China accounted for about 98% of North Korea’s official trade and continued to supply food and fuel to keep the regime afloat.

Pyongyang pals up with Putin

Yet over the past few years, more of North Korea’s imports, notably oil, have come from another source: Russia.

North Korea and Russia had been close allies during the Cold War, but ties cooled after the Soviet Union collapsed in the early 1990s.

More recently, a shared hostility toward the U.S. and the West in general has brought the two nations closer.

Moscow’s international isolation following the 2022 invasion of Ukraine and its deteriorating ties with South Korea in particular have pushed it toward Pyongyang. North Korea has reportedly supplied large quantities of ammunition to Russia, becoming a critical munitions supplier in the Ukraine war.

Though both governments deny the arms trade – banned under United Nations sanctions – North Korea is thought to have received fuel, food and access to Russian military and space technology in return. On March 8, 2025, North Korea unveiled a nuclear-powered submarine that experts believe may involve Russian technological assistance.

By 2024, Russian forces were using around 10,000 shells per day in Ukraine, with half sourced from North Korea. Some front-line units were reportedly using North Korean ammunition for up to 60% of their firepower.

High-level visits have also increased. In July 2023, Russia’s defense minister, Andrey Belousov, visited Pyongyang for the 70th anniversary of the Korean War armistice, followed by Kim Jong Un’s visit to Russia in September for a summit with President Vladimir Putin.

Russian President Vladimir Putin and North Korean leader Kim Jong Un share a toast during a reception in Pyongyang on June 19, 2024.
Vladmir Smirnov/AFP via Getty Images

In June 2024, Putin visited Pyongyang, where the two countries signed a comprehensive strategic cooperation agreement, including a pledge that each would come to the other’s aid if attacked.

Soon after, North Korea began sending troops to support Russia. Intelligence from the U.S., South Korea and Ukraine indicates that Pyongyang deployed 10,000 to 12,000 soldiers in late 2023, marking its first involvement in a major conflict since the Korean War. North Korean soldiers reportedly receive at least US$2,000 per month plus a bonus. For Pyongyang, this move not only provides financial gain but also combat experience should war ever reignite on the Korean Peninsula.

Why China is worried

China, too, has remained on friendly terms with Russia since the war in Ukraine began. So why would it feel uneasy about the growing closeness between Pyongyang and Moscow?

For starters, China views Pyongyang’s outreach to Moscow as a challenge to its traditional role as North Korea’s main patron. While still dependent on Chinese aid, North Korea appears to be seeking greater autonomy.

The strengthening of Russia–North Korea ties also fuels Western fears of an “axis of upheaval” involving all three countries.

Unlike North Korea’s confrontational stance toward the West and its neighbor to the south, Beijing has offered limited support to Moscow during the Ukraine war and is cautious not to appear part of a trilateral alliance.

Behind this strategy is a desire on behalf of China to maintain stable relations with the U.S., Europe and key Asian neighbors like Japan and South Korea. Doing so may be the best way for Beijing to protect its economic and diplomatic interests.

China is also concerned that with Russian support in nuclear and missile technologies, Pyongyang may act more provocatively — through renewed nuclear tests or military clashes with South Korea. And this would only destabilize the region and strain China’s ties with the West.

A defiant and provocative Pyongyang

The timing of the alleged spy drama may offer further clues regarding the state of relations.

It came [just a day after] North Korea officially confirmed it had deployed troops to aid the Russian war effort. It also announced plans to erect a monument in Pyongyang honoring its soldiers who died in the Ukraine war.

The last spy case like this was in June 2016 when Chinese authorities arrested a North Korean citizen in the border city of Dandong. It reportedly followed Pyongyang informing China that it would permanently pursue its nuclear weapons program.

The China-North Korea relationship deteriorated further when North Korea successfully tested a hydrogen bomb in September 2016, prompting Beijing to back U.N. Security Council sanctions against Pyongyang.

Again, this time North Korea shows little sign of bending to China’s will.
On April 30, Kim oversaw missile launches from North Korea’s first 5,000-ton destroyer, touted as its most heavily armed warship.

None of which will help ease Beijing’s concerns. While China still sees Pyongyang as a critical buffer against U.S. influence in Northeast Asia, an increasingly provocative North Korea, fueled by a growing relationship with Russia, is starting to look less like a strategic asset — and more like a liability.

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

– ref. North Korean spy drama in China may signal Beijing’s unease over growing Pyongyang-Moscow ties – https://theconversation.com/north-korean-spy-drama-in-china-may-signal-beijings-unease-over-growing-pyongyang-moscow-ties-255698

MIL OSI – Global Reports –

May 8, 2025

MIL-OSI: Intermex Reports First-Quarter Results

Source: GlobeNewswire (MIL-OSI)

Company to Host Conference Call Today at 9 a.m. ET

MIAMI, May 07, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), one of the nation’s leading global omnichannel money transfer services to Latin America and the Caribbean, today reported financial and operating results for the first quarter of 2025.

Financial performance highlights for the first quarter of 2025:

Revenues of $144.3 million
Net income of $7.8 million
Diluted EPS of $0.25
Adjusted Diluted EPS of $0.35
Adjusted EBITDA of $21.6 million

Bob Lisy, Chairman, President, and CEO of Intermex, stated “Intermex’s first quarter results reflect the strength and discipline of the Intermex business model, despite an economic and political backdrop that was difficult to anticipate. Year-over-year volume growth reflects our highly resilient consumer base and our ability to serve them effectively through our omnichannel strategy.”

First Quarter 2025 Financial Results (all comparisons are to the First Quarter 2024)
Year over year volumes grew at 3.7%, however total revenues for the Company were down 4.1% to $144.3 million. This was driven by a shift in retail consumer sending behavior as consumers sent fewer transactions, but in larger amounts transferred per transaction in the quarter. The reduction in service fees from lower transactions was partially offset by an increase in revenue primarily related to growth in digital channels. The Company’s user base generated 12.8 million money transfer transactions, down 5.2% from last year. The total principal amount transferred for the period was $5.6 billion, an increase of 3.7%.

The Company reported net income of $7.8 million, a decrease of 35.5%. Diluted earnings per share were $0.25, a decrease of 28.6%. The decreases in net income and diluted earnings per share were driven primarily by the items noted above for revenues, partly offset by lower services charges from agents and banks. It is worth noting that while revenue was down from lower transactions, the higher year over year volume offset much of the interest and banking expense reductions that would otherwise typically be captured with a lower number of transactions. Lower income tax provision also positively impacted net income. Diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchase activity.

Adjusted net income totaled $10.9 million, a decrease of 25.9%. Adjusted diluted earnings per share totaled $0.35, a decrease of 18.6%. Adjusted net income and adjusted diluted earnings per share were impacted by the items noted above, adjusted for certain items detailed in the reconciliation tables below following the unaudited condensed consolidated financial statements. Adjusted diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchases.

Adjusted EBITDA decreased 15.0% to $21.6 million, attributable to the same items noted above, partially offset by the higher net effect of the adjusting items detailed in the reconciliation tables below following the unaudited condensed consolidated financial statements.

Adjusted and other non-GAAP measures discussed above and elsewhere in this press release are defined below under the heading, Non-GAAP Measures.

Other Items
The Company ended the first quarter of 2025 with $151.8 million in cash and cash equivalents. Net Free Cash Generated for the first quarter of 2025 was $10.3 million, up from the first quarter of 2024. Year-over-year Net Free Cash Generated primarily reflects the investments in assets placed into service as a result of the Company’s move to the new U.S. headquarters facility in the first quarter of 2024, partially offset by the decrease in net income.

The Company incurred $1.2 million in transaction costs for the first quarter, primarily legal and professional fees incurred in relation to its previously announced evaluation of strategic alternatives. In addition, the Company incurred restructuring costs of approximately $0.3 million primarily related to the Company’s foreign operations.

The Company repurchased 367,873 shares of its common stock for $5.0 million during the first quarter of 2025 through its underlying share repurchase program and a privately-negotiated transaction.

Guidance
Based on our first quarter 2025 financial results and the underlying market dynamics we have observed to date, the Company is revising its previously issued full-year guidance below. Current levels of uncertainty and volatility affecting market conditions and consumer behavior, have increased the difficulty of reliably forecasting short-term results. Moreover, as previously announced, the Company is in the process of executing on a long-term strategy of investing in its digital business offerings to increase their contribution to the Company’s revenue and to increase its profitability. Accordingly, the Company is discontinuing issuing quarterly guidance.

Full-year 2025:
•Revenue of $634.9 million to $654.2 million.
•Diluted EPS of $1.53 to $1.65.
•Adjusted Diluted EPS of $1.86 to $2.02.
•Adjusted EBITDA of $103.6 million to $106.8 million.

Non-GAAP Measures
Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Net Free Cash Generated, each a Non-GAAP financial measure, are the primary metrics used by management to evaluate the financial performance of our business. We present these Non-GAAP financial measures because we believe they are frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Furthermore, we believe they are helpful in highlighting trends in our operating results, because certain of such measures exclude, among other things, the effects of certain transactions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.

Adjusted Net Income is defined as Net Income adjusted to add back certain charges and expenses, such as non-cash amortization of certain intangible assets resulting from business and asset acquisition transactions, non-cash compensation costs, and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

Adjusted Earnings per Share – Basic and Diluted is calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding (basic and diluted).

Adjusted EBITDA is defined as Net Income before depreciation and amortization, interest expense, income taxes, and adjusted to add back certain charges and expenses, such as non-cash compensation costs and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.

Net Free Cash Generated is defined as Net Income before provision for credit losses and depreciation and amortization adjusted to add back certain non-cash charges and expenses, such as non-cash compensation costs, and reduced by cash used in investing activities and servicing of our debt obligations.

Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Net Free Cash Generated are non-GAAP financial measures and should not be considered as an alternative to operating income, net income, net income margin or earnings per share, as a measure of operating performance or cash flows, or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

Reconciliations of Net Income, the Company’s closest GAAP measure, to Adjusted Net Income, Adjusted EBITDA, and Net Free Cash Generated, as well as a reconciliation of Earnings per Share (Basic and Diluted) to Adjusted Earnings per Share (Basic and Diluted) and Net Income Margin to Adjusted EBITDA Margin, are outlined in the tables below following the condensed consolidated financial statements. A quantitative reconciliation of projected Adjusted EBITDA and Adjusted Diluted EPS to the most comparable GAAP measure is not available without unreasonable efforts because of the inherent difficulty in forecasting and quantifying the amounts necessary under GAAP guidance for operating or other adjusted items including, without limitation, costs and expenses related to acquisitions and other transactions, share-based compensation, tax effects of certain adjustments and losses related to legal contingencies or disposal of assets. For the same reasons, we are unable to address the probable significance of the unavailable information.

Investor and Analyst Conference Call / Presentation
Intermex will host a conference call and webcast presentation at 9:00 a.m. Eastern Time today. Interested parties are invited to join the discussion and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

Safe Harbor Compliance Statement for Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views concerning certain events that are not historical facts but could have an effect on our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, projected results of operations, restructuring initiatives and expectations for the Company. These statements may include and be identified by words or phrases such as, without limitation, “would,” “will,” “should,” “expects,” “believes,” “anticipates,” “continues,” “could,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “forecasts,” “intends,” “assumes,” “estimates,” “approximately,” “shall,” “our planning assumptions,” “future outlook,” “currently,” “target,” “guidance,” and similar expressions (including the negative and plural forms of such words and phrases). These forward-looking statements are based largely on information currently available to our management and our current expectations, assumptions, plans, estimates, judgments, projections about our business and our industry, and macroeconomic conditions, and are subject to various risks, uncertainties, estimates, contingencies, and other factors, many of which are outside our control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows, and liquidity. Such factors include, among others: changes in immigration laws and their enforcement, including any adverse effects on the level of immigrant employment, earning potential and other commercial activities; our success in expanding customer acceptance of our digital services and infrastructure, as well as developing, introducing and marketing new digital and other products and services; new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; loss of, or reduction in business with, key sending agents; our ability to effectively compete in the markets in which we operate; economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as volatility in market interest rates; international political factors, including ongoing hostilities in Ukraine and the Middle East, political instability, tariffs, including the effects of tariffs on domestic markets and industrial activity and employment, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to operate; volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; consumer confidence in our brands and in consumer money transfers generally; expansion into new geographic markets or product markets; our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile devices applications; the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers, sending agents or digital partners; our ability to maintain favorable banking and paying agent relationships necessary to conduct our business; bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; changes to banking industry regulation and practice; credit risks from our agents, digital partners and the financial institutions with which we do business; our ability to recruit and retain key personnel; our ability to maintain compliance with applicable laws and regulatory requirements, including those intended to prevent use of our money remittance services for criminal activity, those related to data and cybersecurity protection, and those related to new business initiatives; enforcement actions and private litigation under regulations applicable to money remittance services; changes in tax laws in the countries in which we operate; our ability to protect intellectual property rights; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; public health conditions, responses thereto and the economic and market effects thereof; the use of third-party vendors and service providers; weakness in U.S. or international economic conditions; and other economic, business, and/or competitive factors, risks and uncertainties, including those described in the “Risk Factors” and other sections of periodic reports and other filings that we file with the Securities and Exchange Commission. Accordingly, we caution investors and all others not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date such statement is made and we undertake no obligation to update any of the forward-looking statements.

About International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile apps; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

Alex Sadowski
Investor Relations Coordinator
ir@intermexusa.com
tel. 305-671-8000

Condensed Consolidated Balance Sheets

	March 31,		December 31,
(in thousands of dollars)		2025		2024
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	151,764	$	130,503
Accounts receivable, net of allowance of $4,095 and $3,546, respectively		131,026		107,077
Prepaid wires, net		32,577		49,205
Prepaid expenses and other current assets		10,561		10,998
Total current assets		325,928		297,783

Property and equipment, net		52,603		50,354
Goodwill		55,195		55,195
Intangible assets, net		26,058		26,847
Deferred tax asset, net		18		—
Other assets		30,787		32,198
Total assets	$	490,589	$	462,377

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	23,410	$	19,520
Wire transfers and money orders payable, net		115,081		85,044
Accrued and other liabilities		47,977		47,434
Total current liabilities		186,468		151,998

Long-term liabilities:
Debt, net		147,385		156,623
Lease liabilities, net		17,493		18,582
Deferred tax liability, net		—		250
Total long-term liabilities		164,878		175,455

Stockholders’ equity:
Total stockholders’ equity		139,243		134,924
Total liabilities and stockholders’ equity	$	490,589	$	462,377

Condensed Consolidated Statements of Income

	Three Months Ended March 31,
(in thousands of dollars, except for per share data)		2025		2024
	(Unaudited)
Revenues:
Wire transfer and money order fees, net	$	120,167	$	126,921
Foreign exchange gain, net		20,181		20,346
Other income		3,962		3,145
Total revenues		144,310		150,412

Operating expenses:
Service charges from agents and banks		93,788		97,934
Salaries and benefits		18,288		18,106
Other selling, general and administrative expenses		10,989		9,953
Provision for credit losses		2,066		1,595
Restructuring costs		306		—
Transaction costs		1,169		10
Depreciation and amortization		3,629		3,228
Total operating expenses		130,235		130,826

Operating income		14,075		19,586

Interest expense		2,700		2,702

Income before income taxes		11,375		16,884

Income tax provision		3,606		4,778

Net income	$	7,769	$	12,106

Earnings per common share:
Basic	$	0.25	$	0.36
Diluted	$	0.25	$	0.35

Weighted-average common shares outstanding:
Basic		30,587,949		33,675,441
Diluted		30,831,633		34,188,814

Reconciliation from Net Income to Adjusted Net Income

	Three Months Ended March 31,
(in thousands of dollars, except for per share data)		2025			2024
	(Unaudited)

Net Income	$	7,769		$	12,106

Adjusted for:
Share-based compensation (a)		2,112			2,153
Restructuring costs (b)		306			—
Transaction costs (c)		1,169			10
Other charges and expenses (d)		327			437
Amortization of intangibles (e)		711			977
Income tax benefit related to adjustments (f)		(1,466	)		(1,012	)
Adjusted Net Income	$	10,928		$	14,671

Adjusted earnings per common share:
Basic	$	0.36		$	0.44
Diluted	$	0.35		$	0.43

(a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.

(b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans.

(c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives.

(d) Represents primarily loss on disposal of fixed assets.

(e) Represents the amortization of certain intangible assets that resulted from business and asset acquisition transactions.

(f) Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.

Reconciliation from Basic Earnings per Share to Adjusted Basic Earnings per Share

	Three Months Ended March 31,
		2025			2024
	(Unaudited)
Basic Earnings per Share	$	0.25		$	0.36
Adjusted for:
Share-based compensation		0.07			0.06
Restructuring costs		0.01			—
Transaction costs		0.04			NM
Other charges and expenses		0.01			0.01
Amortization of intangibles		0.02			0.03
Income tax benefit related to adjustments		(0.05	)		(0.03	)
Adjusted Basic Earnings per Share	$	0.36		$	0.44

NM—Amount is not meaningful

The table above may contain slight summation differences due to rounding

Reconciliation from Diluted Earnings per Share to Adjusted Diluted Earnings per Share

	Three Months Ended March 31,
		2025			2024
	(Unaudited)
Diluted Earnings per Share	$	0.25		$	0.35
Adjusted for:
Share-based compensation		0.07			0.06
Restructuring costs		0.01			—
Transaction costs		0.04			NM
Other charges and expenses		0.01			0.01
Amortization of intangibles		0.02			0.03
Income tax benefit related to adjustments		(0.05	)		(0.03	)
Adjusted Diluted Earnings per Share	$	0.35		$	0.43

NM—Amount is not meaningful

The table above may contain slight summation differences due to rounding

Reconciliation from Net Income to Adjusted EBITDA

	Three Months Ended March 31,
(in thousands of dollars)		2025		2024
	(Unaudited)
Net Income	$	7,769	$	12,106

Adjusted for:
Interest expense		2,700		2,702
Income tax provision		3,606		4,778
Depreciation and amortization		3,629		3,228
EBITDA		17,704		22,814
Share-based compensation (a)		2,112		2,153
Restructuring costs (b)		306		—
Transaction costs (c)		1,169		10
Other charges and expenses (d)		327		437
Adjusted EBITDA	$	21,618	$	25,414

(a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.

(b) Represents primarily severance, write-off of assets and legal and professional fees related to the execution of restructuring plans.

(c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives.

(d) Represents primarily loss on disposal of fixed assets.

Reconciliation from Net Income Margin to Adjusted EBITDA Margin

	Three Months Ended March 31,
	2025		2024
	(Unaudited)
Net Income Margin	5.4	%	8.0	%
Adjusted for:
Interest expense	1.9	%	1.8	%
Income tax provision	2.5	%	3.2	%
Depreciation and amortization	2.5	%	2.1	%
EBITDA Margin	12.3	%	15.2	%
Share-based compensation	1.5	%	1.4	%
Restructuring costs	0.2	%	—	%
Transaction costs	0.8	%	—	%
Other charges and expenses	0.2	%	0.3	%
Adjusted EBITDA Margin	15.0	%	16.9	%

The table above may contain slight summation differences due to rounding

Reconciliation of Net Income to Net Free Cash Generated

	Three Months Ended March 31,
(in thousands of dollars)		2025			2024
	(Unaudited)

Net income for the period	$	7,769		$	12,106

Depreciation and amortization		3,629			3,228
Share-based compensation		2,112			2,153
Provision for credit losses		2,066			1,595
Cash used in investing activities		(5,313	)		(13,480	)
Term loan pay downs		—			(1,641	)

Net Free Cash Generated during the period	$	10,263		$	3,961

The MIL Network –

May 8, 2025

MIL-OSI: Greystone Housing Impact Investors Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., May 07, 2025 (GLOBE NEWSWIRE) — On May 7, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months ended March 31, 2025.

Financial Highlights

The Partnership reported the following results as of and for the three months ended March 31, 2025:

Net income of $0.11 per Beneficial Unit Certificate (“BUC”), basic and diluted
Cash Available for Distribution (“CAD”) of $0.31 per BUC
Total assets of $1.54 billion
Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.18 billion

The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized losses on the Partnership’s interest rate derivative positions. Unrealized losses of approximately $3.9 million are included in net income for the three months ended March 31, 2025. Unrealized losses are a result of the impact of decreased market interest rates on the calculated fair value of the Partnership’s interest rate derivative positions. Unrealized gains and losses do not affect our cash earnings and are added back to net income when calculating the Partnership’s CAD. The Partnership received net cash from its interest rate derivative positions totaling approximately $847,000 during the first quarter.

In March 2025, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on April 30, 2025, to BUC holders of record as of the close of trading on March 31, 2025.

Management Remarks

“We continue to evaluate investment opportunities despite continuing market volatility,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “Our successful Series B Preferred Units issuance provides low-cost, non-dilutive capital for us to deploy into accretive investment opportunities. In addition, the dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful tool for us to serve our affordable housing developer relationship base.”

Recent Investment and Financing Activity

The Partnership reported the following updates for the first quarter of 2025:

Advanced funds on MRB and taxable MRB investments totaling $21.5 million, offset by an MRB redemption of approximately $10.4 million.
Advanced funds on GIL and taxable GIL investments totaling $39.1 million.
GIL, taxable GIL, and property loan redemptions and paydowns totaling approximately $102.7 million.
Advanced net funds to joint venture equity investments totaling $5.6 million.
Received proceeds of $14.2 million upon sale of Vantage at Tomball, inclusive of return of capital and accrued preferred return.
Issued $20 million Series B Preferred Units with an annual distribution rate of 5.75% to an existing investor.

In May 2025, the managing member of Vantage at Helotes sold the property to a governmental entity who in turn leased the property to a non-profit entity. That non-profit entity financed its purchase of the leasehold interest by issuing tax-exempt and taxable bonds. The Partnership received gross proceeds of approximately $17.1 million, inclusive of the return of capital contributions and accrued preferred return. The Partnership expects to recognize investment income of approximately $1.8 million and a gain on sale of approximately $163,000 in the second quarter of 2025, before settlement of final proceeds and expenses. The Partnership expects to recognize approximately $0.08 of net income per BUC, basic and diluted, and CAD per BUC, based on the number of BUCs outstanding on the date of sale.

Investment Portfolio Updates

The Partnership announced the following updates regarding its investment portfolio:

All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of March 31, 2025
The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates.
Six joint venture equity investment properties have completed construction, with three properties having previously achieved 90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

Earnings Webcast & Conference Call

The Partnership will host a conference call for investors on Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s First Quarter 2025 results.

For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=a4hicNZA

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Safe Harbor Statement

Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; any effects on our business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.



GREYSTONE HOUSING IMPACT INVESTORS LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	For the Three Months Ended March 31,
	2025			2024
Revenues:
Investment income	$	21,878,167		$	19,272,345
Other interest income		2,288,165			3,003,838
Other income		958,825			94,471
Total revenues		25,125,157			22,370,654
Expenses:
Provision for credit losses		(172,000	)		(806,000	)
Depreciation		3,542			5,967
Interest expense		14,134,816			13,803,935
Net result from derivative transactions		3,036,137			(6,267,664	)
General and administrative		4,570,261			4,930,388
Total expenses		21,572,756			11,666,626
Other income:
Gain on sale of investments in unconsolidated entities		5,220			50,000
Earnings (losses) from investments in unconsolidated entities		(233,334	)		(106,845	)
Income before income taxes		3,324,287			10,647,183
Income tax benefit		(2,733	)		(1,198	)
Net income		3,327,020			10,648,381
Redeemable Preferred Unit distributions and accretion		(760,679	)		(767,241	)
Net income available to Partners	$	2,566,341		$	9,881,140

Net income available to Partners allocated to:
General Partner	$	25,611		$	98,311
Limited Partners – BUCs		2,483,685			9,725,097
Limited Partners – Restricted units		57,045			57,732
	$	2,566,341		$	9,881,140
BUC holders’ interest in net income per BUC, basic and diluted	$	0.11		$	0.42		*
Weighted average number of BUCs outstanding, basic		23,171,226			23,000,754		*
Weighted average number of BUCs outstanding, diluted		23,171,226			23,000,754		*

*	The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis.

Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution

The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 22 to the Partnership’s condensed consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months ended March 31, 2025 and 2024 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 22 of the condensed consolidated financial statements on a retroactive basis for all periods presented):

	For the Three Months Ended March 31,
	2025			2024
Net income	$	3,327,020		$	10,648,381
Unrealized (gains) losses on derivatives, net		3,883,196			(4,604,215	)
Depreciation expense		3,542			5,967
Provision for credit losses ⁽¹⁾		(172,000	)		(806,000	)
Amortization of deferred financing costs		381,334			367,418
Restricted unit compensation expense		234,047			332,321
Deferred income taxes		1,227			2,998
Redeemable Preferred Unit distributions and accretion		(760,679	)		(767,241	)
Tier 2 income allocable to the General Partner ⁽²⁾		–			–
Recovery of prior credit loss ⁽³⁾		(16,967	)		(17,155	)
Bond premium, discount and acquisition fee amortization, net of cash received		25,220			(40,475	)
(Earnings) losses from investments in unconsolidated entities		233,334			106,845
Total CAD	$	7,139,274		$	5,228,844

Weighted average number of BUCs outstanding, basic		23,171,226			23,000,754
Net income per BUC, basic	$	0.11		$	0.42
Total CAD per BUC, basic	$	0.31		$	0.23
Cash Distributions declared, per BUC	$	0.37		$	0.368
BUCs Distributions declared, per BUC ⁽⁴⁾	$	–		$	0.07

⁽¹⁾	The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date.

⁽²⁾	As described in Note 22 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner. There was no Tier 2 income for the three months ended March 31, 2025 and 2024.

⁽³⁾	The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.

⁽⁴⁾	The Partnership declared the distribution completed on April 30, 2024 in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of March 28, 2024.

MEDIA CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

INVESTOR CONTACT:
Andy Grier
Investors Relations
402-952-1235

The MIL Network –

May 8, 2025

MIL-OSI Global: By VE Day in 1945, Stalin had got what he wanted in Poland – now Putin may get what he wants in Ukraine

Source: The Conversation – UK – By Wendy Webster, Professor of Modern Cultural History, University of Huddersfield

Sell out: most Polish people felt they had been abandoned by their allies in the US and Great Britain at the Yalta Conference. US government

As Britain celebrated Victory in Europe (VE) Day on May 8 1945, the Polish airmen of RAF 305 Bomber Squadron captured a starkly different sentiment in their diary. “‘Victory!’ every Anglo-Saxon says in greeting instead of the traditional ‘Hello!’. The word ‘Victory!’ is devoid of meaning, power and any sense today only for the Poles.”

Despite their critical contributions to the allied war effort, from the Battle of Britain to Monte Cassino, Polish forces felt isolated and betrayed, their hopes of a free Poland crushed by the Yalta agreement. On that first VE Day, many Poles who fought with the allied forces recorded feeling sad, isolated or bitter.

Tadeusz Szumowski, who served in the RAF in Britain found it almost impossible to join in the celebrations. He wrote in his diary: “Our war is lost, the war which we fought so hard and so long to win … It is a very long time since I felt so alone.”

A Polish soldier in Italy wrote: “The war is over – but not for us. The population of the greater part of the world are happy, in consequence; but we are sad. I am afraid that we have lost so many of our best men all for nothing.”

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences. Join The Conversation for free today.

What made “victory” devoid of meaning for Poles? In her study of Poland during the second world war, historian Halik Kochanski quotes the famed American journalist Martha Gellhorn, who reported from Italy: “All the Poles talk about Russia all the time. The soldiers gather several times a day around the car which houses the radio and listen to the news.”

Many of these soldiers came from eastern Poland, which was invaded by the Soviet Union in 1939. Along with their families, they had been deported to Siberia or Kazakhstan and came out only under a so-called “amnesty” after Russia entered the war on the allied side. Gellhorn reported: “They follow the Russian advance across Poland with agonized interest.”

As I found when researching my book about the diverse nationalities fighting alongside Britain in the second world war, Polish soldiers wrote about Russia all the time as well as talking about it. Their letters were censored and quoted in censorship reports.

As they watched the Russian advance and heard news of the Yalta agreement which consigned Poland to the Soviet sphere of influence, they express anger, fear, bitterness, desolation, a sense of loss and betrayal, shock, bewilderment.

The letters are striking for the many words which take on meanings that demonstrate a gulf that opens up, separating Poles from other allied soldiers. Victory belongs to others while Poles have gone down to a catastrophic defeat.

Russia, widely regarded as a valued ally, is the enemy of Poles. The Polish slogan “For our freedom and yours” is rewritten in one letter: “We are fighting for yours and our freedom, but now I think rather only for yours.” Another letter asks: “What are we fighting for if Poland is to be enslaved?”

Polish pilots of RAF 303 (Polish) Fighter Squadron during the second world war.
Imprial War Museum

Poles find it unbearable to be told that Russia is liberating Poland, using heavy irony. “The ‘liberation’ of Poland by our so-called Allies is causing us great anxiety. Probably my own home will soon be ‘liberated’.”

Another soldier cautions: “Never, never congratulate our people of Warsaw and Poland being ‘liberated’. This sounds like the most cruel irony and is deeply resented by every Pole. You could speak about a lamb being liberated from a bear by a tiger.”

The concept of “home” also acquires new meanings that are devoid of any association with pleasure or belonging. As the war ends, allied soldiers’ thoughts are increasingly about the prospect of returning home – but censors reported in 1944: “Thousands of letters written by Polish soldiers in the last days repeat as a cardinal topic that to Poland governed by communists they won’t return.”

One soldier writes: “It would be better to be killed here on the battlefield than to be alive in the new ‘Red Paradise’ in Poland.” Another writes: “There is no return for us to the Soviet republic of Poland which seems to be the newest invention of our Allies.”

Echoes of Yalta

The Yalta agreement of February 1945 between America, Britain and Russia, the “Big Three” powers, confirmed Poles’ worst fears. Censors report that in the soldiers’ letters, it “overshadows all other topics”, and has “evoked a terrible shock amongst the Polish troops … they find that they are lost and betrayed”.

One soldier writes: “For the last few days I have been in a state of dumb bewilderment. Occasionally I ask myself, ‘Can it be true?’ … I cannot believe that it has really happened.”

Another soldier writes to his “Britisher friend” about his feelings of betrayal: “When this morning we heard the news about the statements from the Big Three meeting we got deadly silent … We sacrificed most of all countries – more than you even. We trusted you so much, and what have we got. Our biger [sic] friend let us go down.”

Yalta is in Crimea – part of the territory annexed by Russia before its full-scale invasion of Ukraine in 2022. The Russian president, Vladimir Putin, has made it clear he will offer no concessions on Ukraine, which he has argued all along he sees as an inalienable part of Russia. This is a stark reminder of Yalta when Josef Stalin made concessions on other matters, but none on Poland.

Trump’s administration has offered Ukraine no security guarantees. Its framework to end the war will allow Russia to retain the territory it has seized. There are now echoes of what one Polish soldier wrote in 1945 of the Yalta agreement: “This business smells and no high-sounding words can disguise the stench of a bad deed.”

Wendy Webster receives funding from the Arts and Humanities Research Council

– ref. By VE Day in 1945, Stalin had got what he wanted in Poland – now Putin may get what he wants in Ukraine – https://theconversation.com/by-ve-day-in-1945-stalin-had-got-what-he-wanted-in-poland-now-putin-may-get-what-he-wants-in-ukraine-255982

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Europe: Press release – EP TODAY – Wednesday 7 May
Source: European Parliament

Securing a just peace in Ukraine

At 9:00, MEPs, Commission President von der Leyen and Polish Minister for EU Affairs Szłapka will discuss how the EU can contribute to achieving a just, sustainable, and comprehensive peace deal for Ukraine. The debate is set to focus on the EU’s political, financial and military support for Ukraine, and its role in efforts to secure a peace settlement that preserves Ukraine’s sovereignty and territorial integrity and is based on international law.

Viktor ALMQVIST

(+32) 470 88 29 42

Snjezana KOBESCAK SMODIS

(+32) 470 96 08 19

@EP_ForeignAff

@EP_Defence

Parliament to mark the 80th anniversary of the end of World War II in Europe

To commemorate the end of World War II in Europe, a flag raising will take place on the WEISS esplanade at 10:30, followed by a wreath laying ceremony by Presidents Metsola and Costa and World War II veterans. At 11:30, President Metsola will address plenary, followed by statements by President Costa and three war veterans from Belgium and Poland.

Andreas KLEINER

(+32) 498 98 33 22

Estefania NARRILLOS

(+32) 498 98 39 85

@EuroParlPress

Parliament’s priorities for post-2027 long-term EU budget: vote on a resolution

At noon, MEPs are set to adopt a resolution outlining their vision and demands for the EU’s 2028-2034 budget. The draft text calls on the EU to deliver on the rising expectations of citizens for EU action and adopt a flexible post-2027 budget that reflects current geopolitical, economic, and environmental realities. A press conference with EP President Metsola and the two rapporteurs will take place at 14.00.

Eszter ZALÁN

(+32) 477 99 20 73

@EP_Budgets

In brief

Gas supply. In the early evening, MEPs and Commissioner Jørgensen will debate a proposal to prolong rules on gas storage refilling to address gas market speculation and bring down prices. The vote will take place on Thursday.

Iberian peninsula electricity blackout. In a debate at around 15:30, MEPs will discuss with Commissioner Jørgensen and Polish Minister Szłapka how to improve electricity grid resilience and interconnections in the wake of the recent blackout incident.

TikTok. MEPs and Commissioner McGrath will debate the fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms, from round 20:30.

Malta’s ‘golden passport’ scheme. In the late afternoon, Parliament, Commissioner McGrath and Polish Minister Szłapka will debate the follow-up to the EU Court of Justice verdict that Malta’s citizenship by investment programme is illegal.

Erdoğan/Cyprus. In the evening, plenary will assess the illegal visit of President Erdoğan to the occupied areas of Cyprus in a debate with Commissioner Várhelyi.

Increase in food prices. Earlier in the afternoon, MEPs will discuss with Commissioner Kadis and Polish Minister Szłapka how high levels of retail food prices are affecting European consumers.

Human rights. In the evening, Parliament will debate the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania; the return of Ukrainian children forcibly transferred and deported by Russia; and violations of religious freedom in Tibet. MEPs will vote on three separate resolutions on Thursday.

Votes

At noon, MEPs will vote, among other files, on:
- the management of the 2023 EU budget by the Commission and other EU institutions and agencies;
- the 2023 and 2024 reports on Türkiye, Serbia and Kosovo; and
- the European water resilience strategy.
Live coverage of the plenary session can be found on Parliament’s webstreaming site and on EbS+.

For detailed information on the session, please also see our newsletter.

Find more information regarding plenary.
MIL OSI Europe News –
May 8, 2025

Category: Ukraine

Prime Minister’s remarks at the London Defence Conference: 8 May 2025

Updates to this page

President Putin’s transparently cynical pauses do not create the conditions for talks on a lasting peace: UK statement to the OSCE

Updates to this page

Invasion of Ukraine

Press Release | 08-May-2025

Russia has acted to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction: UK statement at the UN Security Council

Updates to this page

Complex relationships

Limited alternatives

Beijing’s dilemma over North Korea

Pyongyang pals up with Putin

Why China is worried

A defiant and provocative Pyongyang

Echoes of Yalta