Category: Vehicles

MIL-OSI Global: Trump speaking poorly of other presidents is uncommon, but not unheard of, in American presidential history

Source: The Conversation – USA – By Peter Kastor, Professor of History & American Culture Studies, Washington University in St. Louis

While most former presidents do not speak out about their successors after they leave the White House, Donald Trump is not the first president to criticize his former political opponents while in office. Trigger Photo/Getty Images Plus

Former presidents don’t criticize their successors in public.

Or do they?

Former Presidents Bill Clinton, Barack Obama and Joe Biden have all criticized President Donald Trump in recent months.

In April 2025, Obama, for example, spoke about the importance of preserving the international order, meaning the system of rules, norms and institutions that have been active since World War II. He said: “And this is an important moment, because in the last two months, we have seen a U.S. government actively try to destroy that order and discredit it. And the thinking, I gather, is that somehow, since we are the strongest, we’re going to be better off if we can just bully people into doing whatever we want.”

Biden also offered his own negative comments on April 15: “In fewer than 100 days, this new administration has done so much damage,” he said in his first public remarks since leaving office.

Some commentators have called these former presidents’ remarks “unprecedented.”

Many Americans are accustomed to former presidents not speaking about – let alone criticizing – the current president.

As a scholar of the presidency, I know that most presidents stay quiet about their successors, regardless of what the current president does or says. They do this to avoid undermining both their own reputations as well as the stability of the presidency itself.

But I am also struck by the fact that this tradition is not as entrenched as former presidents might claim or as many Americans believe.

President Jimmy Carter and his Republican challenger, Ronald Reagan, shake hands as they meet on a debate stage in 1980.
Bettmann/Contributor/Getty Images

Presidents who bucked the norm

President George Washington established the precedent that presidents retire after two terms and steer clear of public statement. John Quincy Adams, the sixth U.S. president, established a different model.

After Adams lost his bid for reelection in 1828 to Andrew Jackson, he served in the House of Representatives from 1831 through 1848. Congress is an unusual perch for a former president, but it’s a place where criticizing sitting presidents and their policies is part of the job. Adams had plenty of criticism there for his successors, including Jackson and James K. Polk.

Nearly half a century later, President Teddy Roosevelt was disappointed that his hand-picked successor, William Howard Taft, failed to live up to Roosevelt’s vision of reform. Roosevelt went from criticizing Taft privately in political circles to campaigning against him publicly in 1912, aiming to win a nonconsecutive second term. Democrat Woodrow Wilson eventually won that election, beating out Taft and Roosevelt.

Richard Nixon, who, in 1974, became the only president to resign from office, wrote a series of books in the 1980s and 1990s that sought to redeem his own sullied image by casting himself as a visionary statesman. Nixon’s books also included plenty of unsolicited advice – and implicit criticism – for Democratic and Republican presidents alike.

Before becoming the beloved elder statesman of the former presidents club in 1980, Jimmy Carter earned the ire of his successors for his outspokenness. He said that President Ronald Reagan’s administration was an “aberration on the political scene” and said that one of Clinton’s political pardons was “disgraceful.”

With the exception of Roosevelt, these former presidents who criticized their successors all felt they had something to prove. Anxious to redeem their legacies, they did not retire quietly.

A healthy foray into retirement

So why don’t we all know these stories, and instead believe that past presidents simply keep their mouths shut?

Americans have long treated presidential retirement as a symbol of a healthy democracy. And that story of retirement emphasizes how former presidents often leave politics behind them.

The trajectory of presidents finding peace and contentment in retirement, surrounded by friends and family, is an appealing way for presidential biographers to end a story. These stories have included narratives about Harry Truman taking a cross-country road trip only months after leaving the White House in 1953, and George W. Bush taking up painting.

In reality, former presidents have led complex lives of happiness and loss, withdrawal and engagement. The energy and ambition that brought them to the White House often make retirement difficult. And, over the long history of the presidency, former presidents have become increasingly public figures.

Former Presidents Bill Clinton, left, George W. Bush and Barack Obama are seen with Hillary Clinton and Laura Bush at the inauguration of Donald Trump on Jan. 20, 2025, in Washington.
Chip Somodevilla/Getty Images

A shifting role

Another important factor in the growing prominence of former presidents is how their roles have recently changed.

Beginning in the 1990s, former presidents and first ladies tried to publicly show friendship and agreement with their counterparts.

George H.W. Bush and Clinton, for example, teamed up to raise money for disaster relief after the 2004 Indian Ocean tsunami in South and Southeast Asia. In 2017, Bush’s son George W. Bush, himself a former president by that time, called Clinton his “brother with a different mother.”

Former first lady Michelle Obama and Barack Obama have publicly thanked George W. Bush and Laura Bush for helping their family adjust to life in the White House. Michelle Obama has also become known for her personal friendship with George W. Bush.

And as medical advances enabled former presidents to live longer than ever, the relationships within a growing former presidents club became the subject of books, movies and television segments.

All of these stories had the same message – that all presidents are committed to their country. Likewise, the amiable relationship between former and sitting presidents shows that if party leaders could overcome partisanship in the name of unity and friendship, so too could other Americans.

In a remarkable moment, for example, three presidents from two different parties – Clinton, George W. Bush and Obama – came together for a video before Biden’s 2021 inauguration to call for unity in a moment of crisis.

Following the Jan. 6, 2021, Capitol attack, they used their connection as presidents to tell a national story. As Bush said, “Well, I think the fact that the three of us are standing here talking about a peaceful transfer of power speaks to the institutional integrity of our country.”

“America’s a generous country, people of great hearts. All three of us were lucky to be the president of this country,” Bush continued.

The Republican former president looked at the Democrats on either side of him and smiled.

Presidents Barack Obama, George W. Bush and Bill Clinton speak together in 2021.

A new kind of presidential relations

While friendships between presidents became more common in the 1990s and 2000s, Clinton and especially Trump were doing something different by the 2016 election.

In 2016, Clinton became an active partisan in support of his wife, Hillary Clinton, during her unsuccessful bid for president.

Both Clintons remained public critics of Trump long after he assumed office in 2017.

For his part, Trump as a politician and then president immediately dismissed the notion of friendship with his predecessors and former competitors. He was quick to condemn Hillary Clinton – and especially Obama – in the early years of his first presidency.

No sooner did Trump lose the 2020 election than he was heaping public scorn on Biden with an energy that only increased after Trump entered the 2024 race.

Trump’s criticism of Biden did not stop after his 2024 victory, with the White House issuing statements like a pledge “to turn back the economic plague unleashed by the Biden Administration.”

Trump has escalated attacks on other presidents. But he was not the first to criticize his successors or predecessors.

Peter Kastor 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. Trump speaking poorly of other presidents is uncommon, but not unheard of, in American presidential history – https://theconversation.com/trump-speaking-poorly-of-other-presidents-is-uncommon-but-not-unheard-of-in-american-presidential-history-255568

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: FDR united Democrats under the banner of ‘liberalism’ − but today’s Democratic Party has nothing to put on its hat

Source: The Conversation – USA – By Kevin M. Schultz, Professor of History, University of Illinois Chicago

President Franklin D. Roosevelt, left, popularized the term ‘liberal’; President Lyndon Johnson may have caused its demise. FDR: AFP/Getty; LBJ: Bettmann/Getty

If Donald Trump has taught Americans anything, it’s that political parties can shift positions on any number of issues and retain strong support. Republicans had once been aggressive Cold Warriors, standing shoulder to shoulder with allies against Russia, but now they are isolationists. They once favored so-called “free markets,” but now they support tariffs. And they once supported cutting budget deficits, but now they balloon those deficits with tax cuts.

Same party, different policies.

This accords with recent scholarship showing that American political parties don’t have much ideological coherence around concepts such as “freedom” or “equality” but instead are more like social groups with strong communal bonds such as common sympathies and common enemies.

It turns out that political parties are mostly just people rooting for their side, the way you might support a sports team. It doesn’t matter whether your team changes tactics. You still root for them.

People do switch allegiances, but it often takes a traumatic event to stop seeing fellow partisans as good, reasonable people.

Republicans right now have strong tribal belonging that begins and ends with a single question: Do you support President Trump? They have a banner to march under: MAGA. And a song: “God Bless the U.S.A.” They live, laugh and love to own the libs. Their signs and symbols are simple and amusing. And they are effective.

The Democrats have nothing. No leader, no banner to march under, no signs and no symbols.

They used to.

In 1960, scholar Charles Frankel dived into the meaning of the politically important word ‘liberal’ in a commentary for The New York Times.
New York Times archive

The liberal past

In the past, Democrats had a word to describe their sensibility: “liberal.” But now: RIP, liberal. No one, it seems, wants to be a liberal anymore.

In my research on uses and abuses of the word liberal, I discovered that liberalism is a relatively new word in American politics, really starting only in 1932.

That year, presidential candidate Franklin D. Roosevelt was searching for a way to fend off Republican accusations that his New Deal was “socialism,” a word with radical connotations.

Liberalism as a word predates FDR’s usage, but he redefined it to signify the government regulation of capitalism and the use of the state to provide citizens with basic economic security.

When in 1932 FDR accepted the nomination for president, he declared the Democratic Party “the bearer of liberalism,” by which he meant undertaking “planned action” while fighting for “the greatest good to the greatest number of our citizens.”

FDR pitted his liberalism against his opponents, whom he labeled “conservatives.” The U.S. has had the liberal-conservative divide ever since.

FDR’s successor, Democrat Harry Truman, recognized the power of the term, extravagantly claiming, “The liberal faith is the political faith of the great majority of Americans.”

President John F. Kennedy gloried in the word, too, defining a liberal as “someone who welcomes new ideas without rigid reactions, someone who cares about the welfare of the people.”

In 1960, philosopher Charles Frankel argued that liberalism as defined by FDR was a banner under which every Democrat marched, concluding that “anyone who today identifies himself as an unmitigated opponent of liberalism … cannot aspire to influence on the national political scene.”

Shifting meanings

Not for long.

For one thing, in the 1950s the word shifted meaning to better accord with the times, as it had done several times in the past. During the post-World War II economic expansion, “a large part of the New Deal public,” historian Richard Hofstadter wrote in 1954, “have become home-owners, suburbanites and solid citizens.”

Liberals therefore shifted liberalism. No longer were liberals solely about providing jobs and Social Security. They also demanded increased access to higher education, medical care and civil rights, and the elevation of popular culture.

In 1956, future presidential adviser Arthur Schlesinger Jr. called this shift one from “quantitative” to “qualitative liberalism.”

President Lyndon Johnson put this into effect in the mid-1960s. Johnson developed anti-poverty programs such as Head Start, but he also created cultural programs such as PBS, expanded civil rights and passed Medicare and Medicaid.

“We are a great and liberal and progressive democracy,” Johnson declared in 1966.

But Johnson’s qualitative liberalism came with costs. The programs expanded the federal bureaucracy, which by the late 1960s became noted for being ineffective and overly regulatory.

Civil rights laws were perceived as threatening to the white working class. And Johnson’s liberalism became wedded to the war in Vietnam, where by 1969 more than 500,000 Americans were fighting to protect liberalism from the supposedly creeping arms of communism.

Soon, the knives were out for liberals.

3 lines of attack

First, right-wing thinkers had already begun to portray liberals as little more than quasi-communists pushing for civil rights beyond most Americans’ desires.

In 1955, conservative impresario William F. Buckley Jr. founded the magazine National Review to create “a responsible dissent from the Liberal orthodoxy.” He titled his 1959 book “Up from Liberalism” and spent 217 of the book’s 229 pages attacking liberals.

Then leftist thinkers took their shot, imagining liberals as little more than beards for capitalism and foreign policy hawks.

Left-wing novelist Norman Mailer summed up this sentiment in 1962, writing, “I don’t care if people call me a radical, a rebel, a red, a revolutionary, an outsider, an outlaw, a Bolshevik, an anarchist, a nihilist or even a left conservative, but please don’t ever call me a liberal.”

Left-wing author Norman Mailer said in 1962 that people could call him a Bolshevik, an anarchist, a nihilist, ‘but please don’t ever call me a liberal.’
Fred Stein Archive/Archive Photos/Getty Images

Civil rights advocates took their turn, seeing liberals as halfway friends, unwilling to fully embrace equality. Historian Lerone Bennett Jr. wished liberals “a fond farewell” in 1964. In that same year, writer James Baldwin called white liberals an “affliction.”

With attacks coming from multiple sides, by the 1970s Democrats ran from the label. And without defenders, enemies redefined liberals, first as out-of-touch elitists, then as allies of corporations ignoring the demands of working people, and eventually, today, as woke snowflakes.

In 2009, political scientists examining a hundred years of polling data found that, starting in the mid-1960s, decreasing numbers of Americans referred to themselves as liberal. And because partisanship is a social dynamic, when the club began to shrink, the researchers wrote, it turned into “a spiral in which ‘liberal’ not only is unpopular, but becomes ever more so.”

The researchers also found that most Americans still supported “‘liberal’ public policies” such as “redistribution, intervention in the economy, and aggressive governmental action to solve social problems.” Americans, apparently, just hated the label.

“Owning the libs” has been the glue keeping together the Republican Party ever since.

From ‘abundance’ to ‘Waymo’

Democrats are now searching for a new label. What can replace liberalism?

New York Times columnist Ezra Klein and Derek Thompson, who writes for The Atlantic, have proposed “abundance liberalism.” Other New York Times writers have also been busy envisioning this future. Reporter and editor David Leonhardt suggested “democratic capitalism.” Columnist Thomas Friedman improbably went with “Waymo Democrat,” referring to self-driving Waymo cars as a placeholder for an embrace of technological innovation.

More realistically, political analyst E.J. Dionne and historian James Kloppenberg are writing a history of “social democracy” as a potential rallying cry for Democrats, pointing to its use by the most popular politician in America, Bernie Sanders.

Whatever emerges, it’s helpful to remember that before 1932, hardly anyone in the U.S. used the word “liberal” to describe any kind of politics. Now, without finding a new emblem to rally behind, Democrats may be doing little more than battling that other neologism: MAGA.

Kevin M. Schultz 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. FDR united Democrats under the banner of ‘liberalism’ − but today’s Democratic Party has nothing to put on its hat – https://theconversation.com/fdr-united-democrats-under-the-banner-of-liberalism-but-todays-democratic-party-has-nothing-to-put-on-its-hat-255362

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: Recycling asphalt pavement can help the environment − now scientists are putting the safety of recycled pavement to the test

Source: The Conversation – USA – By Jingtao Zhong, Ph.D. Student in Civil Engineering, University of Tennessee

The composition of the asphalt mixture making up a road can determine how safe it is for cars to drive on. Tarik Seker/iStock via Getty Images Plus

More than 90% of paved roads in the U.S. are made of asphalt, which is constructed with nonrenewable materials such as petroleum. One way to make paving more sustainable is to recycle old pavement. When roads break down and need repaving, transportation agencies can recycle their old pavement into a reusable material called reclaimed asphalt pavement, or RAP. This method reduces carbon emissions and conserves natural resources.

Nearly 95% of new asphalt pavement projects in the U.S. incorporate RAP.

However, researchers don’t know as much about the long-term safety and durability of RAP as they do about new pavement.

So, can engineers make roads more sustainable without compromising safety? As civil engineering researchers at the University of Tennessee, Knoxville, we’re working with our state’s transportation department to help answer this question.

RAP and friction

Asphalt pavement is composed of asphalt binder and aggregates. Asphalt binder is typically sticky and black petroleum-based material that acts as glue, holding the pavement together.

Aggregates are solid materials, such as crushed stone, gravel or sand. The pavement manufacturers coat these aggregates with asphalt to bind them together and create a durable road surface. But both of these materials are nonrenewable.

One way to reduce the demand for new aggregates is by recycling old pavement. Contractors use a milling machine to grind up the existing pavement surface. The milled material is then reused: The old aggregates and asphalt binder from the road become part of the new mixture. These old materials are often blended with new binder and additional aggregates to make sure they can perform well.

Why study RAP’s properties?

One challenge with using RAP is that its properties vary significantly. RAP typically look black, since they are fully coated in asphalt. Researchers have a hard time visually inspecting them to identify the aggregate types, shapes or textures. But we developed testing procedures to measure these properties.

The road’s ability to grip the tires, known as skid resistance, keeps vehicles from skidding or hydroplaning during wet conditions. Skid resistance is typically quantified by measuring a coefficient of friction between the tire and the pavement surface.

Pavement friction is the force that resists the motion between a vehicle’s tire and the pavement’s surface. More friction means a vehicle is less likely to skid.

Understanding RAP’s skid resistance-related properties is important because these attributes affect how safe the pavement is, especially when it’s wet.

Nearly 75% of weather-related accidents occur on wet pavement. At low speeds, most of the skid resistance between a tire and the pavement comes from the texture of the aggregates.

Most friction research has tested new aggregates. RAP needs to maintain good frictional properties to be as safe as the original, but until now, researchers haven’t fully investigated whether it does.

How we study RAP’s properties

Our research team developed a two-step process to better understand RAP’s safety performance. First, we extract the aggregates from the RAP. Then, we measure the frictional properties of those aggregates, since they play a key role in pavement skid resistance.

To remove the black asphalt coating and expose the actual surface of the aggregates, we use two simple methods. The first is a mechanical method, where we crush the RAP using a hammer to expose the surface inside. The second is a chemical procedure, where we use a solvent to dissolve asphalt and leave the aggregates for further testing.

Once we’ve cleaned the aggregates, we analyze their chemical composition and see how it relates to friction. One factor we look for is the hardness of the minerals in the aggregate. Harder minerals, such as silica, provide better friction as they keep their texture better over time instead of wearing down under traffic.

We also use an aggregate image measurement system, which takes high-resolution images and analyzes the shape, angularity − the sharpness of the aggregate particles − and surface texture of the aggregates. These properties relate directly to skid resistance.

Understanding the frictional properties of RAP − and, specifically, how silica content affects skid resistance − helps engineers determine whether an RAP mixture is safe for a road’s curves or intersections. These insights can guide how much RAP transportation departments can use, and where, without compromising safety. We hope our research will lead to solutions that reduce carbon emissions, conserve natural resources and keep roads safe over time.

Jingtao Zhong receives funding from the Tennessee Department of Transportation (State project number RES2023-15).

Baoshan Huang receives funding from the Tennessee Department of Transportation (State project number RES2023-15).

– ref. Recycling asphalt pavement can help the environment − now scientists are putting the safety of recycled pavement to the test – https://theconversation.com/recycling-asphalt-pavement-can-help-the-environment-now-scientists-are-putting-the-safety-of-recycled-pavement-to-the-test-252348

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: Russia looks to frame war as an inevitable part of life on Victory Day

Source: The Conversation – UK – By Jennifer Mathers, Senior Lecturer in International Politics, Aberystwyth University

Russia celebrates the 80th anniversary of the Soviet victory in the second world war on May 9. But while the cameras will focus on the assembled ranks of elderly war survivors watching the military parade in Red Square, Moscow, the focus of senior officials is on Russia’s children and young people.

Patriotism in Vladimir Putin’s Russia is built on exaggerated respect for key moments in the country’s history. These moments have been chosen to create a specific story about Russia. This is a story about Russia’s military might, the ability of its citizens to endure almost unimaginable suffering for the motherland, and the inevitability of victory over its enemies.

Victory Day gives the Kremlin a chance to retell that story. It also allows the state to assure Russians that they, like their ancestors, will be victorious in the so-called “special military operation” in Ukraine. Moscow describes this war as the modern-day equivalent of the fight against Nazi Germany.

With fewer witnesses to that historic victory still alive, the Kremlin’s ability to manipulate society by drawing on this important memory depends on the willingness of the next generation to embrace the state’s official history. And Russian political figures are worried that young people nowadays are disconnected from their heritage.

A poll conducted in December 2022 by the Russian Public Opinion Research Centre found that 76% of Russians aged 14 to 24 believe they have a good understanding of the history of their country. But the results of an alternative poll from June 2023 show that 70% of Russia’s young people do not know enough about their nation’s history.

Vladimir Medinsky, the chairman of the Interdepartmental Commission of Historical Education of Russia, reflected on the issue at a forum on how to interest young people in Russian history in 2023. He said: “What needs to be done to make our children interested in history? To make interesting historical performances, to make historical films.”

Russia’s leaders seek to address this perceived disconnect through military patriotic education. This is a system of surrounding children and young people with state-approved messages about Russia’s historic military victories and the role of its armed forces in making their country respected – and feared – around the world.

These messages are conveyed through textbooks and in lessons at school. But one of the challenges for the Russian state is finding ways of making this material attractive enough for young people to want to engage with it.

Putin himself has indicated that he understands this challenge. At a meeting with the Russian non-profit society Znaniye (Knowledge) on April 30, the Russian president argued that “it is crucial to have both an opportunity and skills to communicate the truth about past years and decades: sincerely, compellingly and – if I may say so – in a way that truly resonates”.

Patriotic youth groups are an important vehicle for delivering military patriotic education in fun and exciting ways. These groups organise activities including games and competitions, as well as more immersive activities such as role-playing and re-enactments. These activities are designed to create a deeper engagement with the events of the past.

One group, Victory Volunteers, emphasises collecting personal accounts from war veterans to add to the historical record. It also actively brings young people and war veterans together so that the heroes of future wars can be inspired by real-life stories of wartime heroism.

Listening to these first-hand testimonials is intended to enable young people to deepen their understanding of the experience of war, including its hardships and tragedies.

Yunarmiya (Young Army) is probably Russia’s best-known military patriotic youth group. It works with young people to develop their appreciation of history. But its focus on dressing its members in uniforms and training them in practical military skills has captured the attention of the world’s media.

These skills include military-style activities such as marching in formation, learning how to assemble and disassemble weapons, and how to fire them.

The Russian state also supports military patriotic education through the presidential grants fund. Hundreds of charities, youth groups and local societies apply to the fund twice a year, with the winners reportedly chosen by Putin himself.

Many of the successful applications involve activities to raise young people’s awareness of historical memory, especially the memory of war.

In 2022, for example, the historical reconstruction club Volnitsa received funding to organise a memorial march “in the footsteps of the winners” to mark the 80th anniversary of the liberation of the Bogucharsky region of Russia (near the border with Ukraine) from Nazi occupation.

The successful application emphasised the emotional intensity of the reenactment and its educational effects on young participants.

Events like the 80th anniversary of Victory Day have a significance for the Kremlin that goes beyond the speeches, parades and pageantry of the day itself. They are part of an effort by the Russian state to shape the expectations and behaviour of the next generation of its citizens.

By encouraging young people to feel a personal connection to Russia’s history of war, Moscow hopes to ensure that society will regard war as an inevitable part of life. The scale of this effort suggests that Putin and other senior officials anticipate the need for a society willing to make sacrifices so that Russia can achieve victories in future wars.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Russia looks to frame war as an inevitable part of life on Victory Day – https://theconversation.com/russia-looks-to-frame-war-as-an-inevitable-part-of-life-on-victory-day-255751

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI: Micropolis Unveils Advanced Border Control Robots at Airport Show 2025 in Dubai
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, May 08, 2025 (GLOBE NEWSWIRE) — Micropolis Holding Co. (“Micropolis” or the “Company”) (NYSE: MCRP), a pioneer in unmanned ground vehicles and AI-driven security solutions, today unveiled new specialized border control versions of its M1 and M2 robotic mobility platforms at the Airport Show 2025, the region’s leading annual event dedicated to the airports industry, being held on May 6-8 in Dubai. These cutting-edge autonomous vehicles were presented to the UAE National Guard as part of a new pilot initiative aimed at enhancing national border protection capabilities.

Micropolis is working closely with the UAE National Guard, the official entity overseeing border control across the Emirates, to evaluate the deployment of robotic patrol systems designed to operate in high-security zones, including airports and land checkpoints. These robots are equipped with advanced surveillance sensors, AI-driven behavior analysis, and autonomous navigation systems, enabling them to detect, deter, and report potential threats with minimal human intervention.

“This marks a pivotal milestone in our defense and homeland security initiatives,” said Fareed Aljawhari, CEO of Micropolis Holding Co. “By integrating robotics into border control operations, we are reshaping the future of national security with intelligent, scalable, and fully autonomous technology.”

Robotic Platform Highlights:
- M01 – Designed for open road operations with speeds ranging between 40-47 km/h, making it ideal for faster-paced environments and longer-distance travel.
- M02 – Crafted for more enclosed settings with a speed range of 10 to 15 km/h, making it ideal for safe, low-speed operations in pedestrian-rich areas.
The launch comes at a time when governments and security agencies worldwide are increasingly turning to AI-powered systems to improve operational efficiency and reduce dependency on manual surveillance. The Airport Show 2025, a globally recognized event for aviation and security technologies, served as the ideal platform for introducing this innovation to key defense and aviation stakeholders.

Micropolis continues to expand its global footprint in the security, defense, and smart mobility sectors. The Company remains committed to pioneering autonomous technologies that address some of the world’s most pressing security challenges.

About Micropolis Holding Co.
Micropolis is a UAE-based company specializing in the design, development, and manufacturing of unmanned ground vehicles (UGVs), AI systems, and smart infrastructure for urban, security, and industrial applications. The Company’s vertically integrated capabilities cover everything from mechatronics and embedded systems to AI software and high-level autonomy.

For more information please visit www.micropolis.ai.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Micropolis’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
Valter@KCSA.com

Media Contact:
Jessica Starman
media@elev8newmedia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b68b867-8839-45a1-8a1f-273572319218

The MIL Network –
May 9, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.2 billion
Operating Margin of 32.4% for the First Quarter
First Quarter Earnings of $0.81 per Share versus $0.64 per Share in the First Quarter of 2024
$175.4 million in Cash, Cash Equivalents, Seed Capital, and Investments, and No Debt
Entered Partnership with Keeley on May 1st of 4 Open-End Funds and ~500 Separately Managed Accounts from Keeley-Teton, Adding Close to $1.0 billion in AUM
Opened an office in Zurich, Switzerland

GREENWICH, Conn., May 08, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended March 31, 2025.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
U.S. GAAP
Revenue	$	57,328		$	59,262		$	56,945
Expenses		38,735			42,130			41,597
Operating income		18,593			17,132			15,348
Non-operating income		1,220			3,452			4,372
Net income		18,271			15,269			15,810
Diluted earnings per share	$	0.81		$	0.64		$	0.64
Operating margin		32.4	%		28.9	%		27.0	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	March 31, 2025		March 31, 2024
Investment advisory and incentive fees
Funds	$	38,681	$	37,270
Institutional and Private Wealth Management		15,101		15,196
SICAV		4		6
Total	$	53,786	$	52,472
Distribution fees and other income		3,542		4,473
Total revenue	$	57,328	$	56,945

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The decrease in Institutional and Private Wealth Management revenues was primarily the result of lower beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	March 31, 2025		March 31, 2024
Compensation	$	26,616	$	28,554
Management fee		2,202		2,191
Distribution costs		5,138		5,950
Other operating expenses		4,779		4,902
Total expenses	$	38,735	$	41,597

The lower compensation expense in the first quarter of 2025 when compared to the prior year quarter reflected $2.8 million of waived compensation partially offset by increased fixed compensation of $0.2 million and increased variable compensation of $0.6 million.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.4% for the first quarter of 2025 compared with 27.0% for the first quarter of 2024.

Non-Operating Income

(In thousands)	Three Months Ended
	March 31, 2025			March 31, 2024
Gain/(loss) from investments, net	$	(110	)	$	1,632
Interest and dividend income		1,622			3,033
Interest expense (a)		(292	)		(293	)
Total non-operating income	$	1,220		$	4,372

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $3.2 million for the quarter, reflecting the mark-to-market net loss on our investment portfolio for the quarter and a decrease in interest and dividend income.

Other Financial Highlights

The effective income tax rate (“ETR”) for the first quarter of 2025 was 7.8% versus 19.8% for the first quarter of 2024. The ETR for the first quarter of 2025 consisted of the statutory Federal tax rate of 21% offset by a net state income credit rate of 13.2%, relating to the release of an uncertain tax position accrual as a result of a settlement with New York State whereby the Company gave up the right to a refund in exchange for the closing of the audit years 2007-2014.

Cash, cash equivalents, and investments were $175.4 million with no debt at March 31, 2025.

Growth Initiatives: Lift-outs, Partnerships, Joint Ventures, New Markets

Partnership with Keeley management will enhance our research and portfolio teams for small and mid-cap focused assets

On May 1, 2025, Gabelli completed partnership with the Keeley family for the management contracts of 4 open-end funds and approximately 500 separately managed accounts from Teton Advisors, LLC, adding close to $1.0 billion of AUM. The current Chicago-based Keeley research, portfolio management, and client service teammates have joined Gabelli and continue to manage and service these AUM. Our history with the Keeley founder, John L. Keeley, Jr., goes back to before the founding of our enterprise from the mid-1960s when John L. Keeley, Jr. and our Executive Chairman were both sell side analysts. Both firms are privileged to continue our shared focus on a client first culture.

Opened Zurich office with lift-out of research and sales teammates.

Assets Under Management

(In millions)	As of
	March 31, 2025		December 31, 2024		March 31, 2024

Mutual Funds	$	7,959	$	8,078	$	8,235
Closed-end Funds		7,365		7,344		7,313
Institutional & PWM (a) (b)		10,182		10,700		11,146
SICAV		9		9		9
Total Equities		25,515		26,131		26,703

100% U.S. Treasury Money Market Fund		5,638		5,552		4,965
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,670		5,584		4,997
Total Assets Under Management	$	31,185	$	31,715	$	31,700

(a) Includes $206, $242, and $345 of AUM subadvised for Teton Advisors, Inc. at March 31, 2025,
December 31, 2024, and March 31, 2024, respectively.
(b) Includes $233, $237, and $225 of 100% U.S. Treasury Money Market Fund AUM at March 31, 2025,
December 31, 2024, and March 31, 2024, respectively.

Assets under management on March 31, 2025 were $31.2 billion, a decrease of 1.6% from the $31.7 billion on December 31, 2024. The quarter’s decrease consisted of net outflows of $0.7 billion, and distributions, net of reinvestments, of $0.1 billion partially offset by net market appreciation of $0.3 billion.

Mutual Funds

Assets under management in Mutual Funds on March 31, 2025 were $8.0 billion, a decrease of 1.2% from the $8.1 billion at December 31, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $4 million;
Net outflows of $199 million; and
Net market appreciation of $84 million.

Closed-end Funds

Assets under management in Closed-end Funds on March 31, 2025 were $7.4 billion, an increase of 1.4% from the $7.3 billion on December 31, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $138 million;
Net outflows of $40 million, including the redemption of $37 million of preferred shares, and the repurchase of $11 million of common stock partially offset by the issuance of $8 million preferred shares; and
Net market appreciation of $199 million.

Institutional & PWM

Assets under management in Institutional & PWM on March 31, 2025 were $10.2 billion, a decrease of 4.7% from the $10.7 billion on December 31, 2024. The quarterly change was due to:

Net outflows of $481 million; and
Net market depreciation of $37 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on March 31, 2025, unchanged from $9 million at December 31, 2024.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on March 31, 2025 were $5.6 billion unchanged from the $5.6 billion at December 31, 2024.

The Gabelli Gold Fund – Up 32% For 1^stquarter of 2025

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 1^st quarter 2025 performance:

The gold price performed strongly in the first quarter of 2025, building on its gains over the past two years. Gold ended the quarter at $3,124 per ounce for a gain of about $500 per ounce or 19.0%. Gold mining equities returned in excess of 30%, outperforming the gold price by over fifty percent. Until recently, the gold price has appreciated largely due to overseas central bank buying. However, more recently, investors have been adding to their gold holdings. This is evidenced by the rise in ounces of gold held by all the gold bullion ETFs. During the first quarter, gold ETFs added over 5m ounces to 88.0m ounces, which amounts to about $15bn. Unsurprisingly, in a strong quarter for gold stocks, our larger holdings were the top contributors to performance. The biggest contributor was Agnico Eagle, our largest holding, which appreciated by 39.1% and added 3.5% to performance. Other leading contributors were Newmont, Kinross, and Alamos. In terms of stock price performance, some of our smaller producers and development companies dominated. In this environment, gold should perform well and gold equities, that are over twenty five percent lower than their 2011 high, offer an opportunity for significant capital gains and income.

Assets Under Administration

(In millions)	As of
	March 31, 2025		December 31, 2024		March 31, 2024

Teton-Keeley Funds (a)	$	750	$	809	$	952
SICAV		401		408		580
Total Assets Under Administration	$	1,151	$	1,217	$	1,532

(a) Includes $206, $242 and $345 of AUM subadvised for Teton Advisors, Inc. at
March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

AUA on March 31, 2025 were $1.2 billion, unchanged from the $1.2 billion at December 31, 2024.

Return to Shareholders

During the first quarter of 2025, Gabelli returned $14.1 million to shareholders in the form of the repurchase of 499,710 shares for $12.3 million at an average investment of $24.27 per share and a regular quarterly dividend of $0.08 per share totaling $1.8 million. From April 1, 2025 to May 7, 2025, the Company has repurchased 19,213 shares at an average price of $20.90 per share for an aggregate purchase price of approximately $0.4 million.

On May 7, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, which is payable on June 24, 2025 to class A and class B shareholders of record on June 10, 2025.

Balance Sheet Information

As of March 31, 2025, cash, cash equivalents, and U.S Treasury Bills were $103.5 million and investments were $71.9 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $116.5 million and investments of $66.3 million as of December 31, 2024. As of March 31, 2025, stockholders’ equity was $141.6 million compared to $137.3 million as of December 31, 2024. The increase in stockholders’ equity resulted from $18.3 million in net income offset partially by the payment of $1.8 million in dividends and $12.3 million of stock buybacks.

Symposiums/Conferences

On February 27^th, we hosted our 35^th Annual Pump, Valve & Water Systems Symposium. The symposium focused on themes crucial to this industry, including infrastructure spending, resource security, conservation, and M&A.
On March 20^th, we hosted our 16^th Annual Specialty Chemicals Symposium. The symposium featured presentations from senior management of leading specialty chemicals companies, with a focus on pricing power, margin recovery, interest rates, destocking, global supply chain, global demand trends, and the M&A environment.
On May 2nd, GAMCO hosted its 19th annual Omaha Research Trip in conjunction with the Berkshire Hathaway Annual Meeting. This Value Investor Conference attracted a record number of participants with Gabelli portfolio managers anchoring panels with noted Berkshire experts and regional CEOs.

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli (OTCQX: GAMI), established in 1977 and incorporated under the laws of Delaware, is a widely-recognized provider of investment advisory services to 24 open-end funds, 13 United States closed-end funds and one United Kingdom limited investment company, 5 actively managed exchange traded funds, one société d’investissement à capital variable, and approximately 1,400 institutional and private wealth management investors principally in the U.S. The Company’s revenues are based primarily on the levels of assets under management and fees associated with the various investment products.

In 1977, Gabelli launched its well-known All Cap Value equity strategy, Gabelli Value, in a separate account format and in 1986 entered the mutual fund business. Today, Gabelli offers a diverse set of client solutions across asset classes (e.g. Equities, Debt Instruments, Convertibles, non-market correlated Merger Arbitrage), regions, market capitalizations, sectors (e.g. Gold, Utilities) and investment styles (e.g. Value, Growth). Gabelli serves a broad client base, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Money Market Fund

Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Gold

Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of March 31, 2025, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Revenue:
Investment advisory and incentive fees	$	53,786		$	55,502		$	52,472
Distribution fees and other income		3,542			3,760			4,473
Total revenue		57,328			59,262			56,945
Expenses:
Compensation		26,616			28,839			28,554
Management fee		2,202			2,287			2,191
Distribution costs		5,138			5,634			5,950
Other operating expenses		4,779			5,370			4,902
Total expenses		38,735			42,130			41,597
Operating income		18,593			17,132			15,348
Non-operating income:
Gain/(loss) from investments, net		(110	)		644			1,632
Interest and dividend income		1,622			3,090			3,033
Interest expense		(292	)		(282	)		(293	)
Total non-operating income		1,220			3,452			4,372
Income before provision for income taxes		19,813			20,584			19,720
Provision for income taxes		1,542			5,315			3,910
Net income	$	18,271		$	15,269		$	15,810

Earnings per share attributable to common
stockholders:
Basic	$	0.81		$	0.64		$	0.64
Diluted	$	0.81		$	0.64		$	0.64

Weighted average shares outstanding:
Basic		22,632			23,971			24,808
Diluted		22,632			23,971			24,808

Shares outstanding		22,431			22,930			24,585

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	March 31,		December 31,		March 31,
		2025		2024		2024
Assets
Cash and cash equivalents	$	53,596	$	17,254	$	65,467
Short-term investments in U.S. Treasury Bills		49,900		99,216		99,073
Investments in securities		43,117		36,855		30,351
Seed capital investments		28,772		29,452		26,184
Receivable from brokers		3,030		3,103		1,111
Other receivables		20,062		21,246		23,576
Deferred tax asset and income tax receivable		9,420		8,042		8,384
Other assets		10,207		9,509		9,614
Total assets	$	218,104	$	224,677	$	263,760

Liabilities and stockholders’ equity
Income taxes payable	$	9,902	$	193	$	3,464
Compensation payable		26,915		40,633		25,100
Accrued expenses and other liabilities		39,713		46,546		45,910
Total liabilities		76,530		87,372		74,474

Stockholders’ equity		141,574		137,305		189,286
Total liabilities and stockholders’ equity	$	218,104	$	224,677	$	263,760

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
	Three Months Ended									% Changed From
	March 31,			December 31,			March 31,			December 31,		March 31,
	2025			2024			2024			2024		2024
Equities:
Mutual Funds
Beginning of period assets	$	8,078		$	8,440		$	7,973
Inflows		190			211			176
Outflows		(389	)		(420	)		(432	)
Net inflows (outflows)		(199	)		(209	)		(256	)
Market appreciation (depreciation)		84			(126	)		523
Fund distributions, net of reinvestment		(4	)		(27	)		(5	)
Total increase (decrease)		(119	)		(362	)		262
Assets under management, end of period	$	7,959		$	8,078		$	8,235		-1.5	%	-3.4	%
Percentage of total assets under management		25.5	%		25.5	%		26.0	%
Average assets under management	$	8,176		$	8,447		$	7,965		-3.2	%	2.6	%

Closed-end Funds
Beginning of period assets	$	7,344		$	7,459		$	7,097
Inflows		8			212			41
Outflows		(48	)		(43	)		(103	)
Net inflows (outflows)		(40	)		169			(62	)
Market appreciation (depreciation)		199			(155	)		404
Fund distributions, net of reinvestment		(138	)		(129	)		(126	)
Total increase (decrease)		21			(115	)		216
Assets under management, end of period		7,365		$	7,344		$	7,313		0.3	%	0.7	%
Percentage of total assets under management		23.6	%		23.2	%		23.1	%
Average assets under management	$	7,505		$	7,610		$	7,060		-1.4	%	6.3	%

Institutional & PWM
Beginning of period assets	$	10,700		$	10,984		$	10,738
Inflows		120			62			66
Outflows		(601	)		(407	)		(428	)
Net inflows (outflows)		(481	)		(345	)		(362	)
Market appreciation (depreciation)		(37	)		61			770
Total increase (decrease)		(518	)		(284	)		408
Assets under management, end of period	$	10,182		$	10,700		$	11,146		-4.8	%	-8.6	%
Percentage of total assets under management		32.7	%		33.7	%		35.2	%
Average assets under management	$	10,772		$	11,085		$	10,798		-2.8	%	-0.2	%

SICAV
Beginning of period assets	$	9		$	9		$	631
Inflows		–			–			–
Outflows		–			–			(2	)
Net inflows (outflows)		–			–			(2	)
Market appreciation (depreciation)		–			–			–
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		–			–			(622	)
Assets under management, end of period	$	9		$	9		$	9		0.0	%	0.0	%
Percentage of total assets under management		0.0	%		0.0	%		0.0	%
Average assets under management	$	9		$	9		$	10		0.0	%	-10.0	%

Total Equities
Beginning of period assets	$	26,131		$	26,892		$	26,439
Inflows		318			485			283
Outflows		(1,038	)		(870	)		(965	)
Net inflows (outflows)		(720	)		(385	)		(682	)
Market appreciation (depreciation)		246			(220	)		1,697
Fund distributions, net of reinvestment		(142	)		(156	)		(131	)
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		(616	)		(761	)		264
Assets under management, end of period	$	25,515		$	26,131		$	26,703		-2.4	%	-4.4	%
Percentage of total assets under management		81.8	%		82.4	%		84.2	%
Average assets under management	$	26,462		$	27,151		$	25,833		-2.5	%	2.4	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
	Three Months Ended									% Changed From
	March 31,			December 31,			March 31,			December 31,		March 31,
	2025			2024			2024			2024		2024
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets	$	5,552		$	5,268		$	4,615
Inflows		1,372			1,656			1,605
Outflows		(1,341	)		(1,440	)		(1,315	)
Net inflows (outflows)		31			216			290
Market appreciation (depreciation)		55			68			60
Total increase (decrease)		86			284			350
Assets under management, end of period	$	5,638		$	5,552		$	4,965		1.5	%	13.6	%
Percentage of total assets under management		18.1	%		17.5	%		15.7	%
Average assets under management	$	5,552		$	5,415		$	4,832		2.5	%	14.9	%

Institutional & PWM Fixed Income
Beginning of period assets	$	32		$	32		$	32
Inflows		–			–			–
Outflows		–			–			–
Net inflows (outflows)		–			–			–
Market appreciation (depreciation)		–			–			–
Total increase (decrease)		–			–			–
Assets under management, end of period	$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management		0.1	%		0.1	%		0.1	%
Average assets under management	$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets	$	5,584		$	5,300		$	4,647
Inflows		1,372			1,656			1,605
Outflows		(1,341	)		(1,440	)		(1,315	)
Net inflows (outflows)		31			216			290
Market appreciation (depreciation)		55			68			60
Total increase (decrease)		86			284			350
Assets under management, end of period	$	5,670		$	5,584		$	4,997		1.5	%	13.5	%
Percentage of total assets under management		18.2	%		17.6	%		15.8	%
Average assets under management	$	5,584		$	5,447		$	4,864		2.5	%	14.8	%

Total AUM
Beginning of period assets	$	31,715		$	32,192		$	31,086
Inflows		1,690			2,141			1,888
Outflows		(2,379	)		(2,310	)		(2,280	)
Net inflows (outflows)		(689	)		(169	)		(392	)
Market appreciation (depreciation)		301			(152	)		1,757
Fund distributions, net of reinvestment		(142	)		(156	)		(131	)
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		(530	)		(477	)		614
Assets under management, end of period	$	31,185		$	31,715		$	31,700		-1.7	%	-1.6	%
Average assets under management	$	32,046		$	32,598		$	30,697		-1.7	%	4.4	%


Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/fdf70333-2c19-43f2-ac7e-f41e523355c5

https://www.globenewswire.com/NewsRoom/AttachmentNg/14973722-0885-4fca-8e88-5fad950be53c

The MIL Network –

May 9, 2025

MIL-OSI: Advancements In Drone Technology Opening Up New Applications as Market Size Estimated to Reach $57 Billion by 2028

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drone services are progressively replacing legacy services in the commercial sector, such as aerial surveys, filmography, and search and rescue operations. They offer the advantages of prolonged operation, remote control by human operators, or autonomous functioning by onboard computers. The increasing adoption of drone services across various civil and commercial applications can be attributed to their extended endurance and cost-effectiveness. Furthermore, the integration of advanced technologies like artificial intelligence, IoT (Internet of Things), and cloud computing into drone services is expected to further boost their demand across various sectors. A report from MarketsAndMarkets said that the Global Drone Services Market Size is estimated to reach USD 57.8 billion by 2028, growing at a CAGR of 27.7% during the forecast period. The report continued: “The drone market size continues to expand as the drone services industry evolves, offering a diverse range of services for both remotely controlled and autonomously flown drones. This industry integrates software-controlled flight plans into drones’ embedded systems, making it a critical component in sectors like agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure. The demand for these services, which includes tasks such as search and rescue, package delivery, industrial inspections, imaging, and healthcare supply distribution to remote areas, significantly contributes to the growing drone market size.”   Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Teledyne Technologies Incorporated (NYSE: TDY), ParaZero Technologies Ltd. (NASDAQ: PRZO), Safe Pro Group Inc. (NASDAQ: SPAI), Unusual Machines, Inc. (NYSE American: UMAC).

MarketsAndMarkets added: “In terms of market segmentation, drone services are categorized by the type of service provided, including platform services (further divided into flight piloting and operation, data analysis, and data processing), maintenance, repair, and operations (MRO), and simulation and training. The application-based segmentation encompasses inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue. The industry-based segmentation covers a wide spectrum of sectors, including construction and infrastructure, agriculture, utility, oil & gas, mining, defense and law enforcement, media and entertainment, scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing. These industries rely heavily on drones for functions like inspection, monitoring, and photography, further driving the drone market size.”

ZenaTech (NASDAQ:ZENA) ZenaDrone Tests Proprietary Camera Enabling IQ Nano Drone Swarms for US Defense Applications and Blue UAS Submission – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, announces that its subsidiary ZenaDrone is testing a new proprietary specialized camera that enables more efficient indoor applications such as inventory and security management, when utilizing IQ Nano drone swarms for commercial and US defense applications. The new camera prototype developed by its Taiwan component manufacturing subsidiary, Spider Vision Sensors, in collaboration with its certified electronics manufacturing partner, Suntek Global, will enable faster and more precise collection of data including multiple bar codes simultaneously scanned by multiple drones in a drone swarm. The company plans to apply for Blue UAS (Unmanned Aerial Systems) certification that lists and validates drones for military and government use.

“Our Spider Vision Sensors subsidiary in collaboration with Suntek Global, has helped us speed up development of customized and specialized cameras required for our innovative drone swarm applications for commercial and defense customers. This partnership will continue to be invaluable as we develop our NDAA-compliant supply chain and received Blue UAS certification which will allow military and federal agencies to directly purchase our drones.,” said CEO Shaun Passley, Ph.D.

Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection. ZenaDrone is also engaged in a paid trial which includes developing drone swarm applications for inventory management and security applications with a multinational auto parts manufacturer customer.

A drone swarm is a coordinated group of autonomous drones that communicate and work together using AI and real-time data sharing, to perform tasks collaboratively without direct human control. Drone swarms enhance efficiency, accuracy, automation, and performance compared to a single drone. Autonomous drones can rapidly scan thousands of bar codes or RFID tags per second with high accuracy, providing real-time visibility into inventory without disrupting workflows. A drone swarm can also cover more ground simultaneously, dramatically reducing inventory audit times and manual labour while providing near-total inventory visibility.

An AI drone swarm for indoor security and surveillance enhances coverage, response time, and efficiency by autonomously patrolling large areas, detecting threats, and providing real-time situational awareness. Unlike stationary cameras or human patrols, drone swarms can dynamically adapt to security breaches, track intruders, and coordinate movements to eliminate blind spots. AI-driven analytics enable them to identify anomalies, recognize faces, and detect unauthorized activity with high precision, reducing false alarms and improving security decision-making. Their autonomous nature minimizes human labor costs while ensuring 24/7 monitoring in complex environments like warehouses, data centers, or commercial facilities.

The ZenaDrone IQ Nano is available in 10×10 and 20×20-inch sizes, designed to perform regular and frequent inspections such as bar code or RFID scanning, facility maintenance inspections, security monitoring, 3D indoor mapping and other applications inside a warehouse, distribution, or plant facility. It is designed for autonomous use featuring integrated sensors, high-quality cameras, data collection and analysis including AI methodologies. Weighing 1.5kg and with a flight time of at least 20 minutes before utilizing the automatic battery recharging station, it is designed for hovering stability and safety with obstacle avoidance capabilities.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

In Additional ZENA News: ZenaTech’s (NASDAQ:ZENA) Expands Ireland Office Offering Drone as a Service (DaaS) Including Precision Agriculture to a European Market Growing at 28.6% Annually – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, announces it will be expanding operations and opening a new, larger office and its European Headquarters in Dublin, Ireland. The new hub will facilitate the Company’s drone sales and DaaS drone services — including precision agriculture solutions — to a growing UK and European market. The Company anticipates the official grand opening during the summer of 2025.

Strategically located near Dublin Airport and accessible via all major motorways, the new office location will serve a growing customer base in Ireland and enable growth across Europe, catering to agriculture as well as construction, renewable energy — including wind and solar farms — golf courses, racecourses, and warehouse and logistics.

“Expanding our Dublin office and establishing a European HQ marks a new chapter in our strategy to scale our drones and DaaS offerings globally while servicing the fastest growing agricultural drone markets located in Europe. Our AI-powered drone solutions are designed to boost crop yields while reducing operational costs and provide smart, data-driven insights — empowering crop monitoring and health assessment, nutrient and resource optimization, and profitability,” said CEO Shaun Passley, Ph.D.

The European agricultural drone market was valued at approximately USD 4.6 billion in 2023 and is projected to reach USD 43.23 billion by 2032, growing at a compound annual growth rate (CAGR) of 28.58% according to Market Data Forecast . This growth is fueled by the adoption of drones for crop spraying, mapping, pest control, seeding, and remote sensing, which enhance productivity and resource efficiency in farming. Growth is also supported by favorable European government policies and a strong focus on sustainable farming practices.    Continued… Read this full release by visiting: https://www.zenatech.com/newsroom/

Other recent developments in the drone industry include:

Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE: TDY), has recently announced a number of upgrades to its Black Hornet® 4 Personal Reconnaissance System to further boost operational effectiveness for warfighters. The enhanced features are being showcased at the Special Operations Forces (SOF) Week annual conference at the Tampa Convention Center, May 6 to May 8.

In development over the past year, the series of improvements include a 50% increase in Black Hornet’s radio communications range from two to three kilometers (in optimal conditions). The BH4’s new Android tablet, part of the ground control station, now has up to twice the battery life, plus a battery heater for charging in cold temperatures. The new tablet also features improved ergonomics, making it easier to use while wearing gloves.

Black Hornet 4 can operate in 25-knot winds and rain, and extensive testing was performed to validate its already rugged endurance capabilities. The drone itself is now IP-52 rated, able to withstand 7.6 mm of rain per hour while in flight, while the ground control station boasts an IP-54 rating.

Unusual Machines, Inc. (NYSE American: UMAC), a United States based manufacturer and distributor of drone parts recently has successfully closed a confidentially marketed public offering for the sale of 8,000,000 shares of the Company’s Common Stock at the offering price of $5.00 per share (the “Offering”) resulting in gross proceeds of $40 million, before deducting placement agent fees and other offering expenses. The Offering closed on May 7, 2025.

Allan Evans, the Company’s Chief Executive Officer and other members of the Company’s Board of Directors and all members of the Company’s advisory board purchased shares in the Offering on the same terms as the other investors. “We are overwhelmed by the level of support from everyone involved in the process,” said Allan Evans “This raise is absolutely a case of everyone putting their money behind accelerating American manufacturing for drones”.

ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced that it has received a new order for dozens of units of its innovative SafeAir™ M4 system. The order was placed by a prominent European drone distributor that serves a wide range of commercial, public safety, and enterprise drone operators across the region.

The SafeAir™ M4, ParaZero’s next-generation autonomous parachute recovery system, is designed for seamless integration with DJI’s Matrice 4 series. It features a newly developed deployment mechanism with real-time telemetry and is designed and expected to comply with the highest European regulatory standards to enable safe flight in urban areas throughout the EU.

Safe Pro Group Inc. (NASDAQ: SPAI), a leading provider of artificial intelligence (AI)-driven security solutions, recently announced it has successfully completed multiple demonstrations of its patented Safe Pro Object Threat Detection (SPOTD) technology to various branches of the U.S. Department of Defense. Following these briefings, the Company commenced the integration of its SPOTD technology onto the Win-TAK platform, part of the U.S. Army’s Tactical Assault Kit (TAK) software ecosystem.

As a result of these successful demonstrations, the Company is accelerating additional development efforts that seek to integrate the Company’s SPOTD technology into the full TAK software ecosystem which includes the U.S. Army’s ATAK (Android Tactical Assault Kit or ATAK) platform. Integration of SPOTD into ATAK is designed to allow detections of small explosive threats instantly identified in drone-based imagery by the Company’s AI technology to be quickly pushed across potentially hundreds of thousands of soldier-carried and vehicle-mounted wireless connected devices widely utilized by the U.S. Armed Forces.

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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SOURCE: FN Media Group

The MIL Network –

May 9, 2025
MIL-OSI: Consumer Portfolio Services Deploys AI-Powered Servicing Platform from Salient to Advance Collections Strategy

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, NV, May 08, 2025 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”), a leader in providing indirect automobile financing to consumers, today announced the deployment of a next-generation AI-powered servicing and collections platform developed in partnership with Salient, a leading provider of AI voice agent solutions tailored for the automotive industry.

As Consumer Portfolio Services continues to scale its loan portfolio and optimize servicing operations, Salient’s AI platform is expected to play a key role in accelerating collections and improving repayment consistency, which should improve credit performance over time. The platform leverages conversational AI voice agents to automate borrower outreach across key servicing functions, including payment collection, due date adjustments, payoff management, and insurance verification, allowing CPS to redeploy human agents to focus on more complex cases. Salient’s platform has demonstrated a more than 60% reduction in handle times and improved customer response rates in previous implementations, positioning CPS to benefit from similar efficiency gains as it integrates the technology in 2025.

“Our progress in scaling efficiently is supported by strategic investments in advanced AI automation,” said Mike Lavin, Chief Operating Officer of CPS. “By leveraging Salient’s voice AI agents to handle routine servicing tasks, we can free up our human agents to focus on higher-value and more complex customer interactions, strengthening our overall servicing and collections strategy. Salient’s technology enables us to execute collections strategies with greater precision and speed, improving repayment consistency, which should strengthen cash flow and credit performance over time. As we continue to expand our portfolio and originations, this integration reinforces the strength of our servicing platform while ensuring strict regulatory compliance.”

Salient’s AI platform has processed over $1 billion in transactions and is built specifically for the automotive lending industry. The platform ensures compliance with key lending regulations, including FDCPA, FCRA, UDAAP, and CFPB guidelines, while maximizing customer outreach effectiveness. By automating outreach and borrower interactions, the platform enhances customer responsiveness and regulatory adherence.

CPS recently reported strong loan origination growth, with a 52% year-over-year increase in new auto loan originations for the fourth quarter of 2024 and a total portfolio balance reaching a company record $3.6 billion. As CPS enters 2025 with momentum, leveraging AI-driven servicing solutions is expected to support continued efficiency gains and may contribute to further improvements in loan performance, reductions in servicing costs, and enhancements in overall portfolio profitability.

About Consumer Portfolio Services:
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

About Salient
Designed specifically for the consumer finance sector, Salient is a cutting-edge generative AI platform crafted to revolutionize customer-lender interactions. With its innovative technology solutions, Salient seamlessly automates vital operational processes across voice, text, and email channels, delivering a more streamlined and efficient communication experience for clients. Launched in 2023, Salient has interacted millions of US consumer, collected over $1 billion, and is backed by top tier venture capital firms, including Andreessen Horowitz, Y Combinator, Matrix Partners, and General Catalyst, alongside leaders from Tesla, Stripe, and Airtable. This platform promises to set new standards in the way automotive finance is approached and managed.

Company Contact
Danny Bharwani
Chief Financial Officer
949-753-6811

Investor Relations Contact
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
CPSS@gateway-grp.com

The MIL Network –

May 9, 2025

MIL-OSI: Form 8.3 – [GLOBALDATA PLC – 07 05 2025] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	GLOBALDATA PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	07 MAY 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.01p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	11,102,260	1.3765
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	11,102,260	1.3765

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
0.01p ORDINARY	PURCHASE	5,450	183.25p
0.01p ORDINARY	PURCHASE	11,000	183.75p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	08 MAY 2025
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

May 9, 2025

MIL-OSI: KH Group: Indoor Group updated its financing agreement

Source: GlobeNewswire (MIL-OSI)

KH Group Plc
Press Release 8 May 2025 at 3:00 pm EEST

KH Group: Indoor Group updated its financing agreement

KH Group’s subsidiary Indoor Group has updated its agreement with the financing provider. In accordance with the updated agreement the financing provider will not demand the repayment of loans, provided that certain conditions are met. The validity of the agreement has been extended until 31 August 2025.

The parties have engaged in negotiations on the terms of validity of Indoor Group’s financing for the duration of the sale process. Due to a breach of covenants on 30 September 2024, there is uncertainty in Indoor Group’s financing. The financing provider has the right to demand repayment of the loans at the expiration of the agreement, which may have an impact on Indoor Group’s ability to continue as a going concern. Indoor Group’s financing situation does not have immediate impacts on KH Group’s continuing operations, as the Group companies have ring-fenced financing.

KH GROUP PLC

Further information:
CEO Ville Nikulainen, tel. +358 40 045 9343

Distribution:
Major media
www.khgroup.com

KH Group Plc is a Nordic conglomerate operating in the business areas of KH-Koneet, Nordic Rescue Group and Indoor Group. We are a leading supplier of construction and earth-moving equipment, rescue vehicle manufacturer as well as furniture and interior decoration retailer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

The MIL Network –

May 9, 2025
MIL-OSI United Kingdom: Help us improve Park and Ride sites across York
Source: City of York

Published Thursday, 8 May 2025

City of York Council has today begun a month-long public consultation to help inform the design of future improvements at five of York’s Park and Ride sites.
The planned works aim to attract new customers to use the Park & Ride, and will provide more accessible, easier to use facilities and greater transport options such as improved cycling parking. Five of York’s six Park and Ride sites are included in the project; Poppleton Bar, Grimston Bar, Askham Bar, Rawcliffe Bar and Monks Cross. The Designer Outlet Park and Ride site is not owned by the council, so will not be affected by the planned upgrades.

The changes proposed include:

The introduction of overnight car parking at Rawcliffe Bar and Askham Bar Park and Ride sites to support the city’s residents and visitors, plus our thriving overnight economy.

Better located dedicated parking for oversized vehicles at Askham Bar, Rawcliffe Bar and Grimston Bar (daytime only). A new building will also be delivered to replace outdated facilities at Grimston

Improvements to the accessibility of the sites and parking areas; new waiting facilities, lighting, pathways, refurbished toilets including Changing Places facilities

Improved facilities for multi-modal trips. The improvements included will vary by site (e.g. long-distance bus and coach routes, car club vehicles, improved cycle parking and lockers).

Overnight parking will offer greater flexibility to both residents taking trips away from York (e.g. using Park and Ride to connect to train services for commuting or a weekend away) as well as visitors coming into the city for overnight stays. It will be offered at Askham Bar and Rawcliffe Bar – chosen because they are most easily reached from major towns and cities such as Leeds.

Some of the main principles of offering overnight parking are:

Drivers will have access to their cars 24 hours a day, so you can drop off or collect your car at any time

Offering a viable option for longer stays that avoids the need to drive into and pay for parking in the city centre, helping reduce congestion

The sites will have improved CCTV, security and lighting

Bus services won’t be running through the night. Taxis or cycles can be used to get to either site and collect your car during hours when buses aren’t running

The service will not be offered to vehicles higher than a small van – so will not be available for campervans or caravans. No facilities will be offered and no one will be able to stay in their vehicle overnight.

The project is fully funded by the UK Government’s Bus Service Improvement Plan (BSIP). York was allocated over £17m to improve the city’s bus network and £4m of this has been allocated to improving the Park and Ride sites. Alongside the Park and Ride project, BSIP funding is being used to deliver an on-going programme of works to install new real-time information screens across the city and surrounding villages; improved lighting and shelters, plus reducing fares for young people to just £1.

Last year saw a considerable increase in Park and Ride usage, with over 4.5m passenger journeys – the highest number since the Covid pandemic.

Cllr Kate Ravilious, Executive Member for Transport at City of York Council, said:

“York’s Park and Ride is already a huge success story, offering excellent services for York’s residents, commuters and visitors. This project will increase transport options for everyone, making the sites themselves more accessible, encouraging even greater use. By introducing overnight parking at two sites we will offer a convenient alternative to driving and parking in the city centre, helping to reduce traffic congestion, improve bus reliability and free up the roads for those who need to drive.

“I’d encourage everyone, whether you live in York or further afield, and whether you use the Park and Ride or not, to feedback on our proposals and help us maximise the benefits of the Park & Ride site upgrades”.

The consultation is open between Thursday 8 May and Monday 9 June.

To take part people can:

Read and complete the online survey at ourbigconversation.york.gov.uk

Email us at ourbigconversation@york.gov.uk, or write to us via freepost: Park and Ride Consultation, Freepost RTEG-TYYU-KLTZ, City of York Council, West Offices, Station Rise, York, YO1 6GA

Phone customer services on 01904 551550 and they will pass a message to the project team

To find out more visit ourbigconversation.york.gov.uk
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Russia: Huawei to Unveil First HarmonyOS-Based PC Lineup on May 19

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

SHENZHEN, May 8 (Xinhua) — Chinese tech giant Huawei on Thursday said it will launch its first line of personal computers (PCs) based on its HarmonyOS operating system on May 19.

The upcoming release marks a significant expansion of the HarmonyOS ecosystem across the smartphones and tablets it already supports.

By launching computers equipped with the country’s first domestically produced operating system for the general public, Huawei is set to challenge the long-standing dominance of Microsoft Windows and Apple macOS in the personal computer market.

Huawei’s HarmonyOS-based computers are one of the company’s R&D achievements over the past 5 years. Huawei emphasized that HarmonyOS includes robust security features, including a dedicated encryption security chip, secure access mechanisms, and encrypted data exchange.

Huawei said the new computers will enable seamless interaction between Huawei-branded devices, allowing users to control and navigate between the screens of their phones, tablets and computers using a keyboard and mouse.

HarmonyOS, or Hongmeng in Chinese, is an open-source operating system designed for a variety of devices and scenarios, including smart screens, tablets, wearables, and cars. It was first launched in August 2019.

According to insiders, Huawei will have to put more effort into attracting users in the initial marketing phase, as the mainstream Windows and macOS operating systems offer a more mature and rich application ecosystem in the existing market.

Huawei HarmonyOS-based computers support connectivity with over 1,000 external devices and currently have over 150 dedicated PC apps and over 300 ecosystem-compatible apps. -0-

MIL OSI Russia News –

May 9, 2025
MIL-OSI USA: Neag School Class of 2025 Student Profile: Alexis Hastings

Source: US State of Connecticut

Editor’s Note: As Commencement approaches, we are featuring some of our Neag School Class of 2025 graduating students over the coming days.

Major: BS, Sport Management
Hometown: Holly Springs, North Carolina

Q: Why did you choose UConn?

A: I committed to come to UConn without ever stepping foot on campus. I had a virtual visit, and although the campus is beautiful with state-of-the-art athletic facilities, the culture was most captivating. UConn had exactly what I was looking for and more. From an academic standpoint, it had the major that I was looking for. From an athletics standpoint, I valued the desire to bring a softball championship back to Storrs and honor its great history. In my first conversation with the head coach, I knew immediately that she cared about recruiting great people as we talked about everything other than softball. Not only did I want to play at a high level while earning a degree, but I wanted to be a coach in becoming the best player and person I could be.

Q: What’s your major or field of study, and what drew you to it?

A: Sport Management. What drew me to the program was their mission statement. “Our mission is to graduate scholar-practitioners and researchers who have the knowledge, skills, and values to lead the sports industry in the 21st century and who envision sport as a vehicle for positive social outcomes.” Sport was a big part of my development, and I wanted to be a part of and learn from the best of the best, as UConn Athletics has a rich history of competitive excellence.

Q: Did you have a favorite professor or class?

A: My favorite class was Sport-Based Youth Development, taught by Justin Evanovich. Part of this course is partnered with UConn Husky Nutrition and Sport, which is a unified approach to addressing state-level SNAP-Ed goals and objectives while leveraging the strengths and expertise of each agency and honoring Husky Nutrition and Sport’s core values: Relevancy, Relationships, and Representation.

Q: What activities were you involved in as a student?

A: Captain of the UConn softball team; Athletes in Action, a Christian ministry on campus that serves athletes in their walk with Christ; Goal line project, supports the academic and personal development of elementary and middle school students in the surrounding communities; Team IMPACT matches children facing serious illness and disability with college sports teams, creating a long-term, life-changing experience for everyone involved; alumni committee for the UConn softball team – building a bridge between all those who came before us and laying the foundation of the program; and UConn game day operations – student assistant for game day operations and faculty management.

Q: What’s one thing that surprised you about UConn?

A: How pretty the campus was! Again, I never came on a visit, so when I arrived for the first time, I came through the main entrance by Horsebarn Hill and thought, “What are those cows?!!”

Q: What are your plans after graduation/receiving your degree?

A: I will be pursuing a master’s degree in Higher Education and Student Affairs at UConn and working as a graduate assistant for the Office of Institutional Equity/Title IX.

Q: How has UConn prepared you for the next chapter in life?

A: Professionally, I have had many opportunities to network and grow my skills, as well as attend conferences and forums.

Professionally, I have had many opportunities to network and grow my skills, as well as attend conferences and forums. &#8212 Alexis Hastings

Q: Any advice for incoming students?

A: The time you put into your classes and studies will prepare you for the future. After all, you are spending money on being here. Make the most of it. Get involved, meet so many people, journal your journey, and enjoy every moment because it goes by fast.

Q: What’s one thing everyone should do during their time at UConn?

A: Yoga on Horsebarn Hill, go to the Dairy Bar, watch a UConn softball game, rent a paddleboard from the UConn Rec Center, and go to Mansfield Hollow State Park.

Q: What will always make you think of UConn?

A: March Madness and navy blue.

MIL OSI USA News –

May 9, 2025
MIL-OSI Europe: Press release – CO2 emissions: EP adopts flexibility measures for carmakers

Source: European Parliament

On Thursday, Parliament adopted a targeted change to CO2 emission performance standards for new cars and vans.

With 458 votes for, 101 against and 14 abstentions, MEPs supported the Commission’s proposal to support Europe’s automotive sector, which is experiencing the impact of rapid technological changes and increasing competition.

The proposed change offers manufacturers the possibility to comply with their obligations for the years 2025, 2026 and 2027 by averaging their performance over the three-year period, rather than each individual year. This approach would allow them to balance any excess annual emissions by outperforming the target in subsequent year(s).

The current rules set annual targets, covering five-year periods, for reducing average CO2 emissions from new cars and vans across the EU fleet. From 2025, an annual CO2 emission reduction target of 15% compared to 2021 values will be in application for the 2025-2029 period.

Next steps

To speed up its adoption, Parliament agreed on Tuesday to deal with the file under its urgent procedure. To enter into force, the draft law now requires formal approval by the Council, which endorsed the same text on 7 May 2025.

Background

The proposal is part of the Commission’s industrial action plan for the European automotive sector, announced on 5 March 2025. It followed the strategic dialogue on the future of the automotive industry launched by Commission President Ursula von der Leyen on 30 January 2025, which involved an open public consultation and discussions with industry and stakeholders to address the most pressing challenges facing the sector.

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 Security: Met Police continues clampdown on tool theft across London

Source: United Kingdom London Metropolitan Police

Met officers have seized around half a million pounds worth of suspected stolen tools following a proactive policing operation at a car boot sale in east London.

Local officers made six arrests and recovered around 1,500 tools worth £150,000 at the Warren Farm Bonzer Boot Sale in Romford. A further 159 tools were seized during another search at a property in Hackney.

The intelligence-led activity was carried out in response to concerns from tradespeople about tool theft and is part of the Met’s continued focus on tackling the crimes that matter most to Londoners.

Inspector Mark Connolly, from the Met’s Havering Safer Neighbourhood Team who led the operation, said:

“We know tool theft has a significant impact on tradespeople and we’re working hard across the Met to tackle it through targeted operations like this and prevention, such as holding tool marking events and issuing advice on keeping vehicles secure.

“While victims have their livelihoods disrupted, organised crime groups are making huge sums of money from selling on suspected stolen tools and we won’t stand for it.

“This is the second operation of this kind we’ve carried out over the past month and we will continue to take action against those who make the lives of Londoners a misery through this type of offending.”

Among the items recovered were three surveillance systems used to monitor earth and infrastructure movements each worth more than £30,000, a device used to measure ground depth worth around £20,000, and a motorised heist worth £17,000.

Met officers were also joined by partners including Havering Council’s trading standards team at the operation on Thursday, 1 May.

Councillor Ray Morgon, Leader of Havering Council, added:

“This is once again excellent work from our trading standards team working in partnership with police and other partners.

“Illegal and harmful products have been taken off the streets in our borough as a result of this operation. I know there has been a lot of work to get this result, so I thank everyone involved.

“It’s our aim to help keep our residents safe and we want to continue to crackdown on a crime that is often hiding in plain sight in venues such as car boot sales and our town centres. That is why we will continue to take the strongest action we can against those trying to sell these harmful and illegal products and work with the police to bring them to justice.”

Four men and two women, aged between 25 and 60 and from Hackney, Newham and Kent, were arrested on suspicion of handling stolen goods. They have since been bailed while officers carry out further enquiries.

Tradesperson and social media influencer Shoaib Awan, widely known as The Gas Expert, said:

“As a tradesperson who has invested years in education, training and building a business, repeated incidents of tool theft are not only demoralising, but financially crippling, and is forcing many to walk away from their respective trades.

“I fully support the great work the Met Police is doing to crack down on this type of illegal activity and I’ll continue to work with them alongside our partners to bring down the organised crime groups and people who have a complete disregard for the law and their victims.”

The activity is part of the Met’s continued crackdown on tool theft which last month resulted in around £50,000 worth of suspected stolen tools being recovered from a car boot sale in Rainham.

Officers will work over the coming weeks to identify the tools and trace their original owners.

Any tradespeople or those in possession of power tools are advised to mark their property, take photographs, and record serial numbers so that, in the event of theft, officers have more chance of returning property.

If you suspect anyone of selling stolen or counterfeit goods, you can report this to us online or anonymously to the independent charity Crimestoppers by calling 0800 555 111.

MIL Security OSI –

May 8, 2025
MIL-OSI: OTC Markets Group Welcomes Zoomcar Holdings, Inc. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Zoomcar Holdings, Inc. (OTCQX: ZCAR) (“Zoomcar”), leading marketplace for self-drive car sharing in India, has qualified to trade on the OTCQX® Best Market. Zoomcar previously traded on NASDAQ.

Zoomcar begins trading today on OTCQX under the symbol “ZCAR.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

About Zoomcar
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for self-drive car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

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OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

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: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

Source: GlobeNewswire (MIL-OSI)

Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
Currently, tariffs have not had a significant direct impact on Himax’s business
Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

“The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

“Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

First Quarter 2025 Financial Results

Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

Balance Sheet and Cash Flow

Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

Outstanding Share

As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million.

Q2 2025 Outlook

On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.

Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

Display Driver IC Businesses

LDDIC

In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

SMDDIC

Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

Non-Driver Product Categories

Q2 non-driver IC revenues are expected to increase low teens sequentially.

Timing Controller (Tcon)

Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

WiseEye™ Ultralow Power AI Sensing

On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

Wafer Level Optics (WLO)

In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

LCoS

On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

Second Quarter 2025 Guidance
Net Revenue:	Decline 5.0% to Increase 3.0% QoQ
Gross Margin:	Around 31.0%, depending on final product mix
Profit:	8.5 cents to 11.5 cents per diluted ADS

HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL
DATE:	Thursday, May 8, 2025
TIME:	U.S. 8:00 a.m. EDT
	Taiwan 8:00 p.m.

Live Webcast (Video and Audio):	http://www.zucast.com/webcast/tUOBrqcV
Toll Free Dial-in Number (Audio Only):	Hong Kong 2112-1444
	Taiwan 0080-119-6666
	Australia 1-800-015-763
	Canada 1-877-252-8508
	China (1) 4008-423-888
	China (2) 4006-786-286
	Singapore 800-492-2072
	UK 0800-068-8186
	United States (1) 1-800-811-0860
	United States (2) 1-866-212-5567
Dial-in Number (Audio Only):
	Taiwan Domestic Access 02-3396-1191
	International Access +886-2-3396-1191
Participant PIN Code: 3300508 #

If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

About Himax Technologies, Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

http://www.himax.com.tw

Forward Looking Statements
Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Company Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

-Financial Tables-

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Profit or Loss
(These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
(Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)

	Three Months Ended March 31,						3 Months Ended December 31,
	2025			2024			2024

Revenues
Revenues from third parties, net	$	215,095		$	207,544		$	237,182
Revenues from related parties, net		38			6			41
		215,133			207,550			237,223

Costs and expenses:
Cost of revenues		149,581			146,805			164,963
Research and development		34,987			39,664			37,584
General and administrative		5,557			5,890			5,711
Sales and marketing		5,202			5,162			5,886
Total costs and expenses		195,327			197,521			214,144

Operating income		19,806			10,029			23,079

Non operating income (loss):
Interest income		2,312			2,524			2,042
Changes in fair value of financial assets at fair value through profit or loss		(17	)		(7	)		1,245
Foreign currency exchange gains, net		345			941			690
Finance costs		(903	)		(1,018	)		(964	)
Share of losses of associates		(742	)		(221	)		(360	)
Other gains		3,205			–			–
Other income		17			29			60
		4,217			2,248			2,713
Profit before income taxes		24,023			12,277			25,792
Income tax expense		3,841			–			761
Profit for the period		20,182			12,277			25,031
Loss (profit) attributable to noncontrolling interests		(195	)		221			(423	)
Profit attributable to Himax Technologies, Inc. stockholders	$	19,987		$	12,498		$	24,608

Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.072		$	0.141
Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.071		$	0.140

Basic Weighted Average Outstanding ADS		174,913			174,724			175,008
Diluted Weighted Average Outstanding ADS		175,072			175,026			175,146

Himax Technologies, Inc.
IFRS Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in Thousands of U.S. Dollars)

	March 31, 2025			March 31, 2024			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	275,445		$	261,702		$	218,148
Financial assets at amortized cost		2,286			14,334			4,286
Financial assets at fair value through profit or loss		3,253			1,380			2,140
Accounts receivable, net (including related parties)		217,549			212,326			236,813
Inventories		129,867			201,872			158,746
Income taxes receivable		717			1,003			726
Restricted deposit		503,700			453,000			503,700
Other receivable from related parties		11			136			13
Other current assets		37,760			60,051			43,471
Total current assets		1,170,588			1,205,804			1,168,043
Financial assets at fair value through profit or loss		23,524			21,635			23,554
Financial assets at fair value through other comprehensive income		29,985			1,889			28,226
Equity method investments		8,061			3,173			8,571
Property, plant and equipment, net		120,538			128,938			121,280
Deferred tax assets		20,872			10,440			21,193
Goodwill		28,138			28,138			28,138
Other intangible assets, net		619			851			636
Restricted deposit		30			31			31
Refundable deposits		215,271			221,886			221,824
Other non-current assets		17,854			20,728			18,025
		464,892			437,709			471,478
Total assets	$	1,635,480		$	1,643,513		$	1,639,521
Liabilities and Equity
Current liabilities:
Short-term unsecured borrowings	$	602		$	–		$	–
Current portion of long-term unsecured borrowings		6,000			6,000			6,000
Short-term secured borrowings		503,700			453,000			503,700
Accounts payable (including related parties)		105,610			117,234			113,203
Income taxes payable		12,785			11,071			9,514
Other payable to related parties		–			92			–
Contract liabilities-current		5,176			14,739			10,622
Other current liabilities		50,443			116,558			63,595
Total current liabilities		684,316			718,694			706,634
Long-term unsecured borrowings		27,000			33,000			28,500
Deferred tax liabilities		557			499			564
Other non-current liabilities		7,489			14,823			7,496
		35,046			48,322			36,560
Total liabilities		719,362			767,016			743,194
Equity
Ordinary shares		107,010			107,010			107,010
Additional paid-in capital		115,722			114,982			115,376
Treasury shares		(5,546	)		(5,157	)		(5,546	)
Accumulated other comprehensive income		7,874			(94	)		8,621
Retained earnings		684,587			653,007			664,600
Equity attributable to owners of Himax Technologies, Inc.		909,647			869,748			890,061
Noncontrolling interests		6,471			6,749			6,266
Total equity		916,118			876,497			896,327
Total liabilities and equity	$	1,635,480		$	1,643,513		$	1,639,521

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
	Three Months Ended March 31,						Three Months Ended December 31,
	2025			2024			2024

Cash flows from operating activities:
Profit for the period	$	20,182		$	12,277		$	25,031
Adjustments for:
Depreciation and amortization		5,156			5,471			5,564
Share-based compensation expenses		100			358			103
Losses (gains) on disposals of property, plant and equipment, net		(3,205	)		–			4
Changes in fair value of financial assets at fair value through profit or loss		17			7			(1,245	)
Interest income		(2,312	)		(2,524	)		(2,042	)
Finance costs		903			1,018			964
Income tax expense		3,841			–			761
Share of losses of associates		742			221			360
Inventories write downs		4,444			4,353			4,037
Unrealized foreign currency exchange losses (gains)		441			(868	)		(159	)
		30,309			20,313			33,378
Changes in:
Accounts receivable (including related parties)		13,083			15,704			(27,302	)
Inventories		24,435			11,083			29,675
Other receivable from related parties		2			(67	)		9
Other current assets		(978	)		2,298			2,502
Accounts payable (including related parties)		(7,250	)		13,202			(7,706	)
Other payable to related parties		–			(20	)		1
Contract liabilities		735			1,192			6
Other current liabilities		(3,763	)		(7,780	)		2,508
Other non-current liabilities		71			514			71
Cash generated from operating activities		56,644			56,439			33,142
Interest received		438			854			3,513
Interest paid		(835	)		(936	)		(1,047	)
Income tax paid		(200	)		391			(191	)
Net cash provided by operating activities		56,047			56,748			35,417

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(5,221	)		(2,699	)		(3,222	)
Acquisitions of intangible assets		(52	)		(118	)		–
Acquisitions of financial assets at amortized cost		–			(2,439	)		(2,286	)
Proceeds from disposal of financial assets at amortized cost		2,000			500			10,289
Acquisitions of financial assets at fair value through profit or loss		(6,160	)		(7,488	)		(6,807	)
Proceeds from disposal of financial assets at fair value through profit or loss		5,017			8,163			3,722
Acquisitions of financial assets at fair value through other comprehensive income		(2,500	)		–			–
Acquisition of a subsidiary, net of cash paid		–			–			(5,416	)
Proceeds from capital reduction of investment		–			–			338
Acquisitions of equity method investment		–			–			(1,236	)
Decrease (increase) in refundable deposits		10,283			22,217			(8	)
Net cash provided by (used in) investing activities		3,367			18,136			(4,626	)

Cash flows from financing activities:
Purchase of treasury shares		–			–			(832	)
Prepayments for purchase of treasury shares		–			–			(2,168	)
Proceeds from issuance of new shares by subsidiaries		–			71			–
Proceeds from short-term unsecured borrowings		612			–			–
Repayments of long-term unsecured borrowings		(1,500	)		(1,500	)		(1,500	)
Proceeds from short-term secured borrowings		484,300			447,100			461,400
Repayments of short-term secured borrowings		(484,300	)		(447,100	)		(461,400	)
Payment of lease liabilities		(1,448	)		(1,148	)		(1,340	)
Guarantee deposits received (refunded)		–			(1,868	)		219
Net cash used in financing activities		(2,336	)		(4,445	)		(5,621	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		219			(486	)		(1,161	)
Net increase in cash and cash equivalents		57,297			69,953			24,009
Cash and cash equivalents at beginning of period		218,148			191,749			194,139
Cash and cash equivalents at end of period	$	275,445		$	261,702		$	218,148

The MIL Network –

May 8, 2025

MIL-OSI: AMG and Qualitas Energy Announce Partnership
Source: GlobeNewswire (MIL-OSI)
- AMG to invest in Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition with more than €3.5 billion in AUM
- Qualitas Energy has a distinctive competitive position given its opportunistic value-add approach, vertically integrated industrial platform, and strategically tailored, market-specific solutions
- Partnership will expand AMG’s participation in private markets and alternatives more broadly
WEST PALM BEACH, FL, and MADRID, May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Qualitas Energy, a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition, and sustainable infrastructure.

Under the terms of the agreement, Qualitas Energy’s management team will retain majority ownership and continue to lead the organization’s day-to-day operations, maintaining investment, strategic, and operational independence. As part of the transaction, Qualitas Energy’s Executive Chairman Iñigo Olaguíbel and Chief Executive Officer Oscar Pérez, along with other members of the senior management team, will enter into additional long-term commitments with Qualitas Energy, reinforcing their alignment with the business and its investors.

Qualitas Energy has a long-term track record of excellent investment performance. Founded in 2006, the firm invests globally with a focus on Europe, where the heightened importance of energy security is driving demand for investments into renewable energy sources. Led by Mr. Olaguíbel and Mr. Pérez, the firm has raised approximately €5 billion in capital across six funds and co-investment opportunities, which has been deployed to invest in solar, wind, batteries and storage, hydroelectric power, and renewable natural gas.

“We are pleased to partner with Qualitas Energy, a global infrastructure manager specializing in energy transition with a two-decade track record of delivering strong returns for clients,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “Given the increasing focus on energy independence and security in Europe, along with the firm’s distinctive approach, vertically integrated industrial platform, and locally based teams with deep knowledge of their respective geographies, Qualitas Energy is well-positioned to build on its business momentum. I am delighted to welcome Iñigo, Oscar, and their partners to our Affiliate group.”

“We are excited to partner with AMG as we continue to build an enduring multi-generational firm,” said Iñigo Olaguíbel, Managing Partner and Executive Chairman of Qualitas Energy. “We selected AMG because of its long-term orientation and reputation as a collaborative partner. Through AMG’s unique approach, Qualitas Energy will maintain our independence, preserve our unique culture, and gain access to a broad range of proven strategic capabilities to advance our long-term objectives.”

“As part of its strategic evolution, Qualitas Energy is focused on becoming the asset manager at the forefront of energy transition investing,” added Oscar Pérez, Managing Partner and Chief Executive Officer of Qualitas Energy. “We aim to continue expanding our investment capacity, and our partnership with AMG will enhance our ability to achieve that goal.”

The terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

About AMG

AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

About Qualitas Energy

Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio/FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund I. Qualitas Energy’s existing portfolio currently comprises over 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.2 million homes and has successfully avoided the emission of 1 million metric tons of CO2 equivalent. The Qualitas Energy team consists of approximately 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh. Please visit www.qualitasenergy.com for further information.

Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

Media contacts

AMG Media & Investor Relations
Patricia Figueroa
(617) 747-3300
ir@amg.com
pr@amg.com

Qualitas Energy
Henar Hernández
henar.hernandez@qenergy.com
+34 697 11 68 72

Headland Consultancy
qualitas@headlandconsultancy.com
+44 7435 546304
+44 7311 369929

The MIL Network –
May 8, 2025

MIL-OSI: AMG Reports Financial and Operating Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

New partnerships with Verition Fund Management and Qualitas Energy, together with Q1 investment in NorthBridge Partners, further diversify AMG’s business and broaden its participation in alternatives, in line with its growth strategy
Affiliate Peppertree Capital Management to be acquired, marking culmination of AMG investment and a successful outcome for all stakeholders
Strong net client cash inflows in alternatives of approximately $14 billion, driven by both liquid alternatives and private markets
Repurchased approximately $173 million in common stock in the first quarter

WEST PALM BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the first quarter of 2025.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“In the first quarter, AMG reported Economic Earnings per share of $5.20, reflecting the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy. AMG’s focus on investing in areas of secular demand has enhanced the Company’s long-term growth prospects, and, together with our business strength and momentum, has positioned us to capitalize on the current market environment.

“AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate our unique partnership model and is highly valued by prospective Affiliates. Since the beginning of the year, we have announced three new partnerships with firms managing alternative strategies. In February, we announced an investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets. More recently, we announced two additional new partnerships with high-quality firms that have outstanding track records of performance across nearly two decades: Verition Fund Management, a premier global multi-strategy investment firm, and Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition. These new partnerships enhance AMG’s exposure to secular growth areas and accelerate the evolution of our business profile, increasing our participation in liquid alternatives and private markets.

“Given the diversity of our business and the quality of our Affiliates, along with our unique partnership structure, our strong capital position, and our overall financial flexibility, AMG is well-positioned to execute our strategy across all stages of a market cycle, and we are confident in our ability to create meaningful incremental shareholder value over time.”

FINANCIAL HIGHLIGHTS	Three Months Ended
(in millions, except as noted and per share data)	3/31/2024			3/31/2025
Operating Performance Measures
AUM (at period end, in billions)	$	699.4		$	712.2
Average AUM (in billions)		680.0			712.1
Net client cash flows (in billions)		(3.7	)		(0.4	)
Aggregate fees		1,471.6			1,270.4
Financial Performance Measures
Net income (controlling interest)	$	149.8		$	72.4
Earnings per share (diluted)⁽¹⁾		4.14			2.20
Supplemental Performance Measures⁽²⁾
Adjusted EBITDA (controlling interest)	$	259.8		$	228.2
Economic net income (controlling interest)		186.7			158.7
Economic earnings per share		5.37			5.20

For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

Capital Management
During the first quarter of 2025, the Company repurchased approximately $173 million in common stock. The Company also announced a first-quarter cash dividend of $0.01 per share of common stock, payable June 2, 2025 to stockholders of record as of the close of business on May 19, 2025.

About AMG
AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

Conference Call, Replay, and Presentation Information
A conference call will be held with AMG’s management at 12:00 p.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13753083. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

Investor and Media Relations: Patricia Figueroa
+1 (617) 747-3300
ir@amg.com
pr@amg.com

Financial Tables Follow

ASSETS UNDER MANAGEMENT – STATEMENT OF CHANGES (in billions)

	Alternatives						Differentiated Long-Only
BY STRATEGY – QUARTER TO DATE	Private Markets			Liquid Alternatives			Equities			Multi-Asset & Fixed Income			Total
AUM, December 31, 2024	$	135.4		$	140.7		$	316.2		$	115.6		$	707.9
Client cash inflows and commitments		3.5			15.9			8.8			4.8			33.0
Client cash outflows		(0.1	)		(5.7	)		(22.5	)		(5.1	)		(33.4	)
Net client cash flows		3.4			10.2			(13.7	)		(0.3	)		(0.4	)
New investments		1.7			—			—			—			1.7
Market changes		0.4			2.4			(2.0	)		(0.3	)		0.5
Foreign exchange		0.3			1.5			1.7			0.2			3.7
Realizations and distributions (net)		(0.9	)		(0.0	)		(0.1	)		(0.1	)		(1.1	)
Other		—			0.0			0.0			(0.1	)		(0.1	)
AUM, March 31, 2025	$	140.3		$	154.8		$	302.1		$	115.0		$	712.2

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per share data)	3/31/2024			3/31/2025
Consolidated revenue	$	499.9		$	496.6

Consolidated expenses:
Compensation and related expenses		240.4			230.3
Selling, general and administrative		91.7			94.7
Intangible amortization and impairments		7.3			83.3
Interest expense		29.9			34.1
Depreciation and other amortization		3.0			2.8
Other expenses (net)		9.0			11.7
Total consolidated expenses		381.3			456.9

Equity method income (net)⁽³⁾		117.5			75.3
Investment and other income		18.0			11.6
Income before income taxes		254.1			126.6

Income tax expense		55.4			27.4
Net income		198.7			99.2

Net income (non-controlling interests)		(48.9	)		(26.8	)
Net income (controlling interest)	$	149.8		$	72.4

Average shares outstanding (basic)		32.8			29.2
Average shares outstanding (diluted)		40.1			32.6

Earnings per share (basic)	$	4.56		$	2.48
Earnings per share (diluted)⁽¹⁾	$	4.14		$	2.20

RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES⁽²⁾

	Three Months Ended
(in millions, except per share data)	3/31/2024			3/31/2025
Net income (controlling interest)	$	149.8		$	72.4
Intangible amortization and impairments		25.6			85.8
Intangible-related deferred taxes		16.3			(0.7	)
Other economic items		(5.0	)		1.2
Economic net income (controlling interest)	$	186.7		$	158.7

Average shares outstanding (adjusted diluted)		34.8			30.5
Economic earnings per share	$	5.37		$	5.20

Net income (controlling interest)	$	149.8		$	72.4
Interest expense		29.9			34.1
Income taxes		57.4			30.3
Intangible amortization and impairments		25.6			85.8
Other items		(2.9	)		5.6
Adjusted EBITDA (controlling interest)	$	259.8		$	228.2

See Notes for additional information.

CONSOLIDATED BALANCE SHEETS

	Period Ended
(in millions)	12/31/2024			3/31/2025
Assets
Cash and cash equivalents	$	950.0		$	816.5
Receivables		409.7			581.7
Investments		595.6			592.8
Goodwill		2,504.9			2,512.5
Acquired client relationships (net)		1,777.8			1,703.9
Equity method investments in Affiliates (net)		2,246.6			2,159.5
Fixed assets (net)		57.6			56.9
Other assets		288.7			290.3
Total assets	$	8,830.9		$	8,714.1

Liabilities and Equity
Payables and accrued liabilities	$	639.1		$	665.7
Debt		2,620.2			2,620.7
Deferred income tax liability (net)		520.5			520.5
Other liabilities		402.4			442.1
Total liabilities		4,182.2			4,249.0

Redeemable non-controlling interests		350.5			366.1
Equity:
Common stock		0.6			0.6
Additional paid-in capital		733.1			667.8
Accumulated other comprehensive loss		(163.6	)		(175.7	)
Retained earnings		6,899.8			6,971.9
		7,469.9			7,464.6
Less: treasury stock, at cost		(4,124.6	)		(4,276.4	)
Total stockholders’ equity		3,345.3			3,188.2
Non-controlling interests		952.9			910.8
Total equity		4,298.2			4,099.0
Total liabilities and equity	$	8,830.9		$	8,714.1

Notes

(1)	Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.

	We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.

	We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.

	The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:

	Three Months Ended
(in millions)	3/31/2024		3/31/2025
Numerator
Net income (controlling interest)	$	149.8	$	72.4
Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes		13.0		(3.9	)
Interest expense on junior convertible securities, net of taxes		3.4		3.4
Net income (controlling interest), as adjusted	$	166.2	$	71.9
Denominator
Average shares outstanding (basic)		32.8		29.2
Effect of dilutive instruments:
Stock options and restricted stock units		2.0		1.3
Hypothetical issuance of shares to settle Redeemable non-controlling interests		3.6		0.4
Junior convertible securities		1.7		1.7
Average shares outstanding (diluted)		40.1		32.6

(2)	As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website atwww.sec.gov.

	Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

	Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

	Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.

	The following table provides a reconciliation of Average shares outstanding (adjusted diluted):

	Three Months Ended
(in millions)	3/31/2024		3/31/2025
Average shares outstanding (diluted)	40.1		32.6
Hypothetical issuance of shares to settle Redeemable non-controlling interests	(3.6	)	(0.4	)
Junior convertible securities	(1.7	)	(1.7	)
Average shares outstanding (adjusted diluted)	34.8		30.5

(3)	The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):

	Three Months Ended
(in millions)	3/31/2024			3/31/2025
Pre-tax equity method earnings	$	142.4		$	99.5
Equity method intangible amortization and impairments		(20.8	)		(18.6	)
Equity method income tax		(4.1	)		(5.6	)
Equity method income (net)	$	117.5		$	75.3

Forward-Looking Statements and Other Matters

Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

The MIL Network –

May 8, 2025

MIL-OSI USA: News Release: HAWAIʻI STATE COMMISSION ON THE STATUS OF WOMEN MOBILIZES TO STRENGTHEN STATE PROTECTIONS FOR WOMEN AND GIRLS
Source: US State of Hawaii

News Release: HAWAIʻI STATE COMMISSION ON THE STATUS OF WOMEN MOBILIZES TO STRENGTHEN STATE PROTECTIONS FOR WOMEN AND GIRLS

Posted on May 7, 2025 in Latest Department News, Newsroom

HAWAIʻI STATE COMMISSION ON THE STATUS OF WOMEN MOBILIZES

TO STRENGTHEN STATE PROTECTIONS FOR WOMEN AND GIRLS

FOR IMMEDIATE RELEASE

May 07, 2025

HONOLULU – The Hawaiʻi State Commission on the Status of Women (HSCSW) is announcing its ongoing commitment to protect women from harmful and regressive policies implemented by the current federal administration. Policies that are actively threatening women’s rights and well-being impact four critical areas: education, economic security, healthcare and workplace equity. Research has shown that everyday instances of sexism can negatively affect women at all levels, including matters of physical and mental health.

“The Hawaiʻi State Commission on the Status of Women unequivocally opposes the federal administration’s assault on women’s rights and opportunities,” said Jennifer Stotter, HSCSW chair. “We are witnessing deliberate attempts to roll back hard-won protections in education, economic security, healthcare access and workplace equity. Our commission is taking decisive action to ensure that federal policies designed to marginalize women will not succeed in Hawaiʻi.”

The commission is collaborating with state legislators, community organizations, healthcare providers, educational institutions and business leaders to develop a comprehensive framework that will strengthen state-level protections for women. This multifaceted approach includes exploring legislative options to offset federal funding reductions, expanding state programs and fostering public-private partnerships, as well as raising awareness of resources and legal rights.

The commission has identified specific federal actions of concern, including cuts to educational programs that support women and girls; rollbacks of workplace discrimination protections; restrictions on healthcare coverage affecting women’s comprehensive health needs, and systematic dismantling of diversity initiatives that have been instrumental in advancing women in the workforce. In response, the commission is working with state agencies and community organizations to develop countermeasures that preserve these essential protections.

“While the federal administration continues to target policies that support women’s advancement, Hawaiʻi will stand firm in its commitment to gender equity,” said HSCSW Executive Director Llasmin Chaine. “These federal actions represent a coordinated effort to undermine women’s rights, but we are equally determined to maintain the progress we’ve made and continue moving forward. No woman in Hawaiʻi should lose opportunities or protections because of regressive federal policies.”

Key areas of commission focus include:
- Expanding childcare subsidies and family leave policies
- Creating state-level protections for equal pay
- Strengthening safety net programs for immigrants and other vulnerable populations
- Preserving Title IX protections against discrimination and sexual violence
- Supporting diversity, equity and inclusion initiatives that aim to undo the effects of past discrimination (e.g., by combating biases, eliminating unjustifiable barriers and cultivating pluralism) in education, public and private sectors
- Ensuring comprehensive healthcare access includes reproductive and maternal health services
- Reinforcing anti-discrimination protections in employment
- Enhancing sexual harassment prevention and reporting mechanisms
- Promoting women in leadership positions across industries
Local advocacy efforts have been successful in addressing the harmful and abrupt withholding of Hawaiʻi’s Title X federal family planning grant funds by U.S. HHS on March 31, with the Hawaiʻi State Senate and House budget committees approving a historic $6 million state investment in family planning services.

The Hawaiʻi State Commission on the Status of Women is a statewide feminist government agency that works toward equality for women and girls in the state by acting as a catalyst for positive change through advocacy, education, collaboration and program development. The commission’s website is the primary vehicle for ongoing information sharing and collaboration.

How you can support women’s rights:
- Engage in microfeminism, attend local rallies and sign-waving events, or share discrimination reporting information.
  - Hawai‘i Civil Rights Commission (HCRC) enforces state laws prohibiting discrimination in employment, housing, public accommodations, and access to state and state-funded services. The HCRC receives, investigates, conciliates, and adjudicates complaints of discrimination. Website, Office: 808-586-8636, [email protected].
- Write a Letter to the Editor for the Star-Advertiser or a Community Voice for Civil Beat.
- Write to your local news outlets.
- Lobby your state or federal legislative representatives.
- Attend an upcoming State Commission on the Status of Women meeting or your County’s committee meeting (Hawaiʻi, Honolulu, Kauaʻi, or Maui). The next HSCSW meeting is Monday, May 12, 2025, at 10:00 a.m. You can also submit testimony about any agenda item or any issue you would like to bring to the commissioners’ attention.
If you have been negatively impacted by recent federal actions, despite your protected rights as a woman and would like to share your experience to expand the commission’s strategic efforts, please reach out via email to [email protected].

# # #

Media Contacts:

Llasmin Chaine

HSCSW Executive Director

Email: [email protected]

Amanda Stevens

Department of Human Services

Public Information Officer

Email: [email protected]

MIL OSI USA News –
May 8, 2025

MIL-OSI: Hut 8 Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

Earnings Release Highlights

Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

“The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

“Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

“Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

First Quarter 2025 Highlights

Power

Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

Digital Infrastructure

Generated $1.3 million in first quarter revenue from CPU Colocation.
Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

Compute

Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

Capital Strategy and Balance Sheet

Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

Key Performance Indicators

	Three Months Ended
	March 31,
	2025		2024
Cost to mine a Bitcoin (excluding hosted facilities)⁽¹⁾	$	58,757	$	20,419
Cost to mine a Bitcoin⁽²⁾	$	58,757	$	24,594
Weighted average revenue per Bitcoin mined⁽³⁾	$	92,224	$	51,769
Number of Bitcoin mined⁽⁴⁾		167		716
Energy cost per MWh	$	51.71	$	40.06
Hosting cost per MWh	$	—	$	68.72
Energy capacity under management (mining)⁽⁵⁾		665 MW		884 MW
Total energy capacity under management⁽⁶⁾		1,020 MW		1,239 MW
Number of Bitcoin in strategic reserve⁽⁷⁾		10,264		9,102

⁽¹⁾	^{Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.}
⁽²⁾	^{Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.}
⁽³⁾	^{Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.}
⁽⁴⁾	^{Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.}
⁽⁵⁾	^{Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.}
⁽⁶⁾	^{Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.}
⁽⁷⁾	^{Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.}

Select First Quarter 2025 Financial Results

Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

All financial results are reported in U.S. dollars.

Conference Call

The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

Analyst Coverage

A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

Adjusted EBITDA

In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.


Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited in USD thousands, except share and per share data)

	Three Months Ended
	March 31,
		2025		2024
Revenue:
Power	$	4,380		$	9,938
Digital Infrastructure		1,317			5,844
Compute		16,118			32,138
Other		—			3,821
Total revenue		21,815			51,741

Cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power		3,628			3,633
Cost of revenue – Digital Infrastructure		1,559			4,629
Cost of revenue – Compute		13,472			17,686
Cost of revenue – Other		—			2,199
Total cost of revenue		18,659			28,147

Operating expenses (income):
Depreciation and amortization		14,899			11,472
General and administrative expenses		21,059			19,999
Losses (gains) on digital assets		112,394			(274,574	)
Loss (gain) on sale of property and equipment		2,454			(190	)
Total operating expenses (income)		150,806			(243,293	)
Operating (loss) income		(147,650	)		266,887

Other income (expense):
Foreign exchange gain (loss)		9			(2,399	)
Interest expense		(7,469	)		(6,281	)
Asset contribution costs		(22,780	)		—
Gain on derivatives		20,862			—
Gain on other financial liability		1,139			—
Equity in earnings of unconsolidated joint venture		1,365			4,522
Total other expense		(6,874	)		(4,158	)

(Loss) income from continuing operations before taxes		(154,524	)		262,729

Income tax benefit (provision)		20,205			(4,396	)

Net (loss) income from continuing operations	$	(134,319	)	$	258,333

Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)		—			(7,626	)

Net (loss) income		(134,319	)		250,707

Less: Net loss attributable to non-controlling interests		430			169
Net (loss) income attributable to Hut 8 Corp.	$	(133,889	)	$	250,876

Net (loss) income per share of common stock:
Basic from continuing operations attributable to Hut 8 Corp.	$	(1.30	)	$	2.90
Diluted from continuing operations attributable to Hut 8 Corp.	$	(1.30	)	$	2.76

Weighted average number of shares of common stock outstanding:
Basic		102,854,747			89,149,845
Diluted		102,854,747			93,696,683

Net (loss) income	$	(134,319	)	$	250,707
Other comprehensive (loss) income:
Foreign currency translation adjustments		1,187			(11,074	)
Total comprehensive (loss) income		(133,132	)		239,633
Less: Comprehensive loss attributable to non-controlling interest		431			134
Comprehensive loss (income) attributable to Hut 8 Corp.	$	(132,701	)	$	239,767

Adjusted EBITDA Reconciliation

	Three Months Ended
	March 31,
(in USD thousands)	2025			2024
Net (loss) income	$	(134,319	)	$	250,707
Interest expense		7,469			6,281
Income tax (benefit) provision		(20,205	)		4,396
Depreciation and amortization		14,899			11,472
Share of unconsolidated joint venture depreciation and amortization⁽¹⁾		5,485			5,349
Foreign exchange (gain) loss		(9	)		2,399
Losses (gains) on sale of property and equipment		2,454			(190	)
Gain on derivatives		(20,862	)		—
Gain on other financial liability		(1,139	)		—
Non-recurring transactions⁽²⁾		1,485			4,300
Asset contribution costs		22,780			—
Loss from discontinued operations (net of income tax of nil and nil, respectively)		—			7,626
Net loss attributable to non-controlling interests before taxes		473			169
Stock-based compensation expense		3,793			4,474
Adjusted EBITDA	$	(117,696	)	$	296,983

⁽¹⁾

^{Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.}

⁽²⁾

^{Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.}

Contacts

Hut 8 Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Public Relations
Gautier Lemyze-Young
media@hut8.com

The MIL Network –

May 8, 2025

MIL-OSI: P10 Reports First Quarter 2025 Earnings Results

Source: GlobeNewswire (MIL-OSI)

Record fundraising and deployments of over $1.4 Billion in Gross New Fee-Paying AUM

Increased Quarterly Dividend by 7%

Completed Acquisition of Qualitas Funds

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue: $67.7 million, a 2% increase year over year.
Fee-Related Revenue: $67.6 million, a 4% increase year over year.
Fee-Paying Assets Under Management: $26.3 billion, a 10% increase year over year.
GAAP Net Income: $4.7 million compared to $5.2 million in the prior year.
Fee-Related Earnings: $30.7 million compared to $30.7 million in the prior year.
Adjusted Net Income: $23.5 million compared to $25.4 million in the prior year.
Fully Diluted GAAP EPS: $0.04 compared to $0.04 in the prior year.
Fully Diluted ANI per share: $0.20 compared to $0.21 in the prior year.

A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

“In the first quarter, P10 raised and deployed over $1.4 billion in gross new fee-paying AUM, representing the best fundraising quarter in our history,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our record quarter is a true testament to the strength of our platform and what we are building here at P10. Additionally, we recently completed the acquisition of Qualitas Funds, significantly expanding our global presence. Looking ahead, we believe we are well positioned to meet our fundraising targets and further expand our client franchise by providing unrivaled access to investment opportunities.”

Stock Repurchase Program

In the first quarter, the Company repurchased 1,215,106 shares at an average price of $12.31 per share. The repurchase activity left approximately $28.5 million available under the repurchase authorization at the end of the first quarter.

Declaration of Dividend

The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, an increase of 7%, payable on June 20, 2025, to the holders of record as of the close of business on May 30, 2025.

Conference Call Details

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 8, 2025. All participants must register prior to joining the event.

To join and view the live webcast, please register here.
To join by telephone, please register here.

For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at www.p10alts.com.

About P10

P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

Forward-Looking Statements

Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Use of Non-GAAP Financial Measures by P10

The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Key Financial & Operating Metrics

Fee-paying assets under management reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

P10 Investor Contact:
info@p10alts.com

P10 Media Contact:
Josh Clarkson
Taylor Donahue
pro-p10@prosek.com

Reconciliation of Non-GAAP Financial Measures

(Dollars in thousands except share and per share amounts)	Three Months Ended						% Change
	March 31, 2025			March 31, 2024			Q1’25 vs Q1’24
GAAP Net Income	$	4,696		$	5,243		-10%
Adjustments:
Depreciation & amortization		5,804			7,083		-18%
Interest expense, net		6,417			5,776		11%
Income tax expense		265			1,758		-85%
Non-recurring expenses		3,460			691		401%
Non-cash stock based compensation		5,855			5,945		-2%
Non-cash stock based compensation – acquisitions		710			771		-8%
Earn out related compensation		3,519			3,558		-1%
Non-Fee Related Income		(39	)		(84	)	-54%
Fee-Related Earnings	$	30,687		$	30,741		0%
Plus:
Non-Fee Related Income	$	39		$	84		-54%
Less:
Cash interest expense		(6,696	)		(5,406	)	24%
Cash income taxes, net of taxes related to acquisitions		(570	)		(19	)	2900%
Adjusted Net Income	$	23,460		$	25,400		-8%

Fully Diluted ANI per Share
Shares outstanding		110,907			115,129		-4%
Fully Diluted Shares outstanding		119,352			122,841		-3%
ANI per share	$	0.21		$	0.22		-4%
Fully Diluted ANI per share(1)	$	0.20		$	0.21		-5%

Fee-Related Revenue
Total Revenues	$	67,667		$	66,115		2%
Adjustments:
Non-Fee Related Revenue		(39	)		(1,108	)	-96%
Fee-Related Revenue	$	67,628		$	65,007		4%

Fee-Related Earnings Margin
Fee-Related Revenue	$	67,628		$	65,007		4%
Fee-Related Earnings	$	30,687		$	30,741		0%
Fee-Related Earnings Margin		45	%		47	%	N/A

(1) Fully Diluted ANI EPS calculations include the total of all shares of common stock, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.

Notes to Reconciliation of Non-GAAP Financial Measures

Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

We use Adjusted Net Income, or ANI, Fee-Related Revenues, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less actual cash paid for interest and federal and state income taxes.

In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for the following items:

Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
The cost of financing our business;
One-time expenses related to restructuring of the management team including placement/search fees;
Expenses related to one-time technical accounting matters;
Acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
The effects of income taxes;
Non-Fee Related Income.

Fee-Related Revenues is calculated as Total Revenues less Non-Fee Related Revenue.

Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.

Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenues.

Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.

The MIL Network –

May 8, 2025

MIL-OSI Australia: UPDATE: Serious Crime Squad – Rock Throwing Incident – Investigation Complete

Source: Northern Territory Police and Fire Services

Detectives from Serious Crime have identified and located 3 children in relation to a rock throwing incident in Ludmilla overnight.

Around 10:20pm, the Joint Emergency Services Communication Centre received a report that a brick had been thrown through a rear side window of a vehicle traveling outbound on Bagot Road near the entrance to Bagot Community.

The vehicle was carrying 4 occupants, with a woman suffering a serious injury to her eye.

Police have been investigating since the incident occurred and have now identified and located 3 children, aged 8, 9 and 11, who are believed to have been involved in the incident.

Police are engaging with the families of the children, along with the Department of Children and Families.

Police have also engaged with the victims of the rock throwing.

MIL OSI News –

May 8, 2025
MIL-OSI Australia: Charges – Six females indecently assaulted – Northern Suburbs

Source: Northern Territory Police and Fire Services

Strike Force Trident detectives have charged a male youth with multiple offences in relation to the indecent assault on six females within the Northern Suburbs.

On 30 April 2025, police arrested the youth, who is under the age of 15, in relation to two separate incidents that occurred at a hospital carpark in Tiwi. It is alleged the male youth indecently touched two women and was subsequently charged with two counts of Indecent touching or act and was remanded to appear in court on 7 May 2025.

Between the arrest and the youth’s court appearance, police connected the youth to four further assaults on females walking along the Nightcliff Foreshore.

About 6:30am on Thursday 17 April, police received reports of a male indecently assaulting a woman who was walking along the Foreshore. He fled the scene on foot before police arrival. A statement was provided with a description of the offender which was crucial in linking this occurrence to the following incidents that took place at the carpark later in the day.

About 11am on Tuesday 22 April, police received reports of an indecent assault on a female who was running along the Foreshore. The victim was able to flee to safety following the assault.

Around 6pm on Wednesday 23 April, police received reports that a male grappled with a female after indecently assaulting her along the Foreshore. The victim screamed for help and a passing vehicle noticed the struggle and immediately stopped to render assistance. The alleged offender fled the scene before police arrival.

About 7:20pm on Tuesday 29 April 2025, police received reports that whilst a female was walking along the Foreshore, a male grappled with her after appearing from behind. She was able to break free and observed that the male was naked at the time. The victim screamed for assistance and fled from the alleged offender.

Police seized evidence from the victims which returned a positive DNA match to the already arrested youth. Strike Force Trident detectives further charged the male youth with four counts of Indecent touching or act without consent and Attempt sexual intercourse without consent. He is remanded to appear in court on 20 May 2025.

Detective Senior Sergeant Burns said, “Thanks to the dedicated efforts of Strike Force Trident detectives, the youth was swiftly identified and taken into custody before he could harm anyone else.

“Strike Force Trident will continue to actively pursue those who pose a risk to public safety.

“The bravery of the victims to assist police is commendable and I encourage anyone affected by similar incidents to report them to police immediately.”

Anyone with information in relation to these incidents or have further information that could assist police in their investigation is urged to contact police on 131 444. Anonymous reports can be made via Crime Stoppers on 1800 333 000.

MIL OSI News –

May 8, 2025
MIL-OSI: MEXC Announces Listing of Shardeum (SHM) with 72,000 SHM and 150,000 USDT in Bonuses
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces that it will list Shardeum (SHM) in the Innovation Zone on May 8, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC has launched three exclusive events with a combined prize pool of 72,000 SHM and 150,000 USDT.

Shardeum is an EVM-compatible, autoscaling blockchain designed with dynamic state sharding to ensure permanently low gas fees while maintaining full decentralization and robust security. Shardeum is on a mission to facilitate an affordable blockchain ecosystem with sustainably low gas fees. The project has secured over $31 million in funding with backing from leading investors, including Struck Crypto, Arrington Capital, Big Brain Holdings, Spartan Group, Amber Group, Foresight Ventures, Jane Street, and more.

$SHM is the native token of the Shardeum ecosystem. It serves both utility and governance purposes, including fee payments, validator staking, and on-chain governance. It plays a vital role in the platform’s consensus mechanism, aligning incentives and securing the network to support sustainable Web3 innovation.

To celebrate the listing, MEXC has launched three events for users:
- Event 1: Shardeum (SHM) Launchpool – Stake USDT & MX to Share 63,360 SHM
From May 2, 11:00 to May 4, 11:00, 2025 (UTC), users can stake USDT or MX on MEXC Launchpool to earn a share of 63,360 SHM. This initiative provides early access to SHM through token staking.
- Event 2: Invite New Users & Share 8,640 SHM
Users can earn 8 SHM for each new user they invite who registers, deposits at least 100 USDT, and participates in the Launchpool event. Each participant can invite up to 20 users and earn a maximum of 160 SHM. Rewards will be distributed on a first-come, first-served basis.
- Event 3: Join Airdrop+ to Share 150,000 USDT
Users can participate in this event from May 2, 11:00 to May 16, 11:00, 2025 (UTC), and enjoy the following benefits:

Benefit 1: Deposit and share 72,000 USDT in Futures bonus (New user exclusive)
Benefit 2: Spot Challenge — Trade to share 10,000 USDT in Futures bonuses (For all users)
Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonuses (For all users)
Benefit 4: Invite new users and share 18,000 USDT in Futures bonuses (For all users)

MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. Moving forward, MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

For full event details and participation rules, please visit here.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
lucia.hu@mexc.com

Risk Disclaimer:

The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

Disclaimer: This press release is provided by the “MEXC”. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

Source

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21606df-d749-423b-9809-9b9656b88b57

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 Nations: UN road safety exhibition at the Palais des Nations to raise awareness about risk factors on the road and existing solutions

Source: United Nations Economic Commission for Europe

On the eve of the 8^th UN Road safety Week, the United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, with support of the Permanent Representation of Malaysia to the UN and International Organizations in Geneva, will launch the UN road safety exhibition. Taking place at the Palais des Nations, Geneva, on Friday, 9 May, the exhibition aims to raise awareness about the risk factors on the road and existing solutions that can improve road safety and save millions of lives worldwide.

In line with the main theme of the 8th UN Road Safety Week – making cycling and walking safe – the exhibition will feature the “Helmets for Hope” project, which consists of 17 helmets compliant with UN safety standards, and painted by refugees and artists from all over the world. This project is an initiative of the Secretariat of the Special Envoy, in collaboration with Artolution and with the support of Keep Fighting Foundation.

Motorcycle users are particularly vulnerable on the road. Wearing a helmet that complies with UN safety standards is a game changer. It can reduce the risk of death by over 6 times and reduce the risk of brain injury by up to 74% (WHO 2021). It is therefore urgent to promote the widespread use of UN certified helmets.

The exhibition will also feature 17 visuals of the UN-JCDecaux campaign #MakeASafety Statement, with the support of the International Olympic Committee. In addition, there will be vehicle safety demonstrations on the prevention and management of car crashes, including extinguishing battery fire, and a simulation test of driving tired and under influence.

The exhibition will be followed by a conversation on safe and sustainable mobility in the city, hosted by the Permanent Representation of Belgium to the United Nations and International Organizations in Geneva.

The silent pandemic on the road

The Special Envoy for Road Safety, Jean Todt, qualified road crashes as “The Silent Pandemic on the Road”. Every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years (WHO 2021). Two months after the Declaration of Marrakesh where Member States further engaged to accelerate the efforts to achieve the new Decade of Action for Road Safety, it is urgent to act together to achieve the goal of halving the number of the victims on the road by 2030.

“Road crashes are not a fatality. This is why this exhibition on road safety at the Palais des Nations is important for raising awareness about the risk factors on the road. It also demonstrates the importance of building a global partnership for achieving road safety SDG targets,” the Special Envoy noted.

Make a Safety Statement

The UN Global Campaign for Road Safety – #MakeASafetyStatement, in partnership with JCDecaux, is part of UN efforts to raise public awareness of life-saving initiatives on the road. By the end of 2025, the campaign will appear on billboards and in public places in 80 countries, thanks to a global partnership with JCDecaux. It will be broadcast in about 1,000 towns and cities in 30 languages.

Under the slogan #MakeASafetyStatement, the campaign brings together celebrities worldwide, such as Patrick Dempsey, Michelle Yeoh, Charles Leclerc, Didier Drogba, Teddy Riner, Kylie Minogue, Mick Schumacher or Naomi Campbell, to encourage users to adopt simple but effective rules to keep their roads safe. Olympic athletes also joined the campaign, thanks to the support of the International Olympic Committee (IOC).

With making walking and cycling safe in the focus of the 8^th UN road safety week, the Office of the Special Envoy has strengthened its collaboration with the International Union of Cyclists (UCI), thanks to the participation of Tadej Pogačar who is one of the champions of the MakeASafetyStatement campaign.

Towards zero victims on the road in Switzerland

According to the Swiss Federal Roads Office, road crashes caused 250 deaths in Switzerland in 2024, the highest figure since 2015. There were 47 deaths among motorcyclists with an increase among young people, 25 on electric bicycles, 20 among “conventional” cyclists, and 48 among pedestrians, the majority of whom were outside of pedestrian crossings.

Of the total, alcohol was the suspected primary cause in 34 cases (+31% year-on-year), ahead of speeding, with 33 cases, and then inattention or distraction. Among deaths in passenger car accidents, the sharpest increase was observed among those aged 25 to 34 and those aged 75 and over.

However, the number of people seriously injured decreased. Switzerland is one of the countries that has invested in road safety with zero tolerance, and has achieved a road fatality rate of 2 per 100,000 inhabitants (compared to 6.5/100,000 in Europe and 19.5/100,00 in Africa (WHO 2021). The country can therefore show good practices that could be implemented in other countries.

Risk factors that are often neglected

Only 7 countries in the world have laws that comply with WHO best practices for all the risk factors (France, Greece, Hungary, Italy, Luxembourg, Portugal, Sweden) on speeding, driving under the influence or distracted driving, use of UN-standard motorbike helmets, and use of seatbelts and child restraints as regulated by UNECE.

For example, safety-belts remain the best vehicle safety device to protect passengers from being severely injured in a crash or being ejected from the vehicle. Over the past several decades regulation and consumer demand have led to increasingly safe cars in higher income countries, in turn leading to fewer road fatalities. For example, in the UNECE region, total road fatalities decreased by 25% in between 2000 and 2010, and by 15% in the period 2010-2019. In particular, this drop was more significant among car occupants (UNECE 2024).

Malaysia supports the UN Decade of Action for Road Safety

One study by the Malaysian Institute of Road Safety Research (MIROS) revealed that many young riders in Malaysia begin as early as the age of 12, often without licenses or proper training. These insights have helped Malaysia shape more targeted interventions, because when we understand the behaviour, we are better positioned to implement solutions that are both smart and achievable.

In support of this, Malaysia continues to prioritise helmet use among young motorcyclists. In addition to education and awareness campaigns in schools and rural areas, Malaysia introduced a Helmet Exchange Programme that allows riders to swap old or non-compliant helmets for new, safety-certified ones. This effort is vital as motorcyclists account for over 60% of road traffic fatalities in Malaysia, with the highest risk group being those aged 16 to 20. By improving access, building awareness, and fostering behavioural change, we aim to instill a culture of safety from early age.

Malaysia firmly embraces the vision of the UN Decade of Action, to reduce road traffic fatalities by 50% by 2030. To this end, Malaysia continues to work closely with key road safety stakeholders, including the WHO.

Learn more about the programme of the exhibition here.

MIL OSI United Nations News –

May 8, 2025
MIL-OSI China: Huawei to launch first HarmonyOS-powered PCs on May 19

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

Chinese tech giant Huawei announced on Thursday that it will launch its first line of personal computers (PCs) powered by its HarmonyOS operating system on May 19.

The upcoming release marks a significant expansion of Huawei’s HarmonyOS ecosystem, which already powers its smartphones and tablets.

By launching computers equipped with the country’s first homegrown operating system for the general public, Huawei seeks to challenge the long-standing dominance of Microsoft’s Windows and Apple’s macOS in the PC market.

Huawei’s HarmonyOS-powered computers are the result of five years of research and development. The company emphasizes that the system incorporates strong security features, including a dedicated security chip for encryption, secure access mechanisms and encrypted data sharing.

Huawei said the new computers will enable seamless interaction across Huawei devices, allowing users to control and move between the screens of their phones, tablets and computers with a keyboard and mouse.

HarmonyOS, or Hongmeng in Chinese, is an open-source operating system designed for various devices and scenarios, including intelligent screens, tablets, wearables and cars. It was first launched in August 2019.

Analysts said that Huawei will have to work harder to attract users in the initial periods, as the mainstream Windows and macOS operating systems offer more mature applications.

Huawei said its HarmonyOS-powered computers support connectivity with over 1,000 external devices and currently have more than 150 dedicated PC applications and over 300 ecosystem-compatible applications.

MIL OSI China News –

May 8, 2025

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