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Conversable Economist

04.03.2025

Debt Risks Rising for Low- and Middle-income Countries - Conversable Economist

One of the puzzles of international macroeconomics is that if capital has diminishing returns, then it seems plausible that capital should flow from capital-rich high-income countries to capital-poor low-income countries. After all, the potential returns to capital investment should presumably be high in a capital-poor environment. However, for some decades now, net capital inflows have

Business Today | Latest Stock Market and Economy News India

08.03.2025

Foxconn will receive Rs 6,970 cr in incentives for iPhone unit, CM Siddaramaiah announces in state Budget - Foxconn will receive Rs 6,970 cr in incentives for iPhone unit, CM Siddaramaiah announces in state Budget BusinessToday

Foxconn has established a mobile phone manufacturing plant in the Devanahalli Industrial Area. The company will benefit from an incentive of Rs 6,970 crore under the ESDM policy, the state offers incentives such as a 25% capital investment subsidy for land.

The Skincare Saviour | Scottish/UK Skincare Blog

13.03.2025

Trust & Will Secures Another $25M in Venture Capital Investments

Moderne Ventures led the funding round, which included additional participation by Northwestern Mutual Future Ventures and UBS Next.

ForexTV

18.03.2025

Cabka shows resilience in 2024 despite challenging markets - ForexTV

PRESS RELEASE Online investor presentation and Q&A at 10.30 CET on 18 March 2025 via:OnlineSeminar | Cabka N.V. Full Year 2024 Preliminary results Amsterdam, Netherlands - 18 March 2025 - Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announces its preliminary non-audited 2024 full year results. Cabka shows resilience in 2024 despite challenging markets Key financial developments 2024 Sales of €181.9 million, 8% lower than prior year (2023: €196.9 million).Gross profit margin significantly improved with 3pp to 50.9% (2023: 48.3%)Operational EBITDA decreased to €20.5 million in 2024 (2023: €24.4 million), reflecting a margin deterioration of 1pp to 11.3% (2023: 12.4%).Net Income from operations declined to €-4.5 million (2023: €2.3 million), driven by lower sales.Net Working Capital at €26.5 million or 14.6% of sales (2023: €27.1 million, or 13.7% of sales), the movement was the result of a decrease in our trade receivables, partially offset by an increase in inventories and a decrease in trade payables.Net debt amounted to €72.0 million including lease obligations (2023: €56.8 million),Total CAPEX of €18.7 million (2023: €30.9 million); which includes investments in maintenance & replacement CAPEX amounting to €7.7 million, or 4% of sales.In August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants.Dividend: In light of the challenging market conditions and financial headwinds, the company proposed not to pay a dividend for the financial year of 2024. Cabka CEO Alexander Masharov, commented: “2024 was a transformative year for Cabka, in which we made significant progress in our strategic efforts to rebuild and reinforce our foundation, with increased global economic uncertainty and shifting geopolitical landscapes. We enhanced our operational gross margin by refocusing on our in-house production capabilities, the introduction of new raw material processing technology in the US, increased automation and robotization at our plants, and a gradual shift towards higher value-add products. In addition, our Portfolio Business made solid progress with our European and US operations showing close to double digit growth rates, after implementing intentional price reductions and strengthening our sales force. In other segments, ECO delivered robust growth, and European Customized Solutions business remained resilient. However, US Customized Solutions and Contract Manufacturing declined substantially due to weak end market demand. We foresee market circumstances to remain challenging with our customers continuing to be cautious with their capex spending. Under these circumstances we expect sales and EBITDA in 2025 to be at least at the same level as 2024. Our strategy for 2025 focuses on cash generation, operational excellence and investments in next-generation solutions. We aim to build a stronger and more resilient Cabka.” Business Segments and Geographical Markets PortfolioEU Portfolio sales grew by 8% year-over-year, driven by securing new contracts. Meanwhile, US portfolio sales grew by 10% due to the successful commercial strategy to regain market share, as we strengthened our sales force in the region. Customized SolutionsEU Customized Solutions remained resilient to market conditions, primarily driven by co-development programs launched during the year with key customers, while US Customized Solutions faced significant challenges due to adverse market conditions, as key customers refrained from further capital expenditures, resulting in a significant decline of €13.4 million. Contract ManufacturingWeak demand in our customer end markets led to a sales decline of €11.4 million, which includes an impact of €1.1 million attributed by the exit of the PVC business (Non-RTP legacy products). ECO BusinessECO delivered robust growth of sales growth of 4% year-over-year. DividendGiven the challenging market conditions and financial headwinds experienced throughout 2024, we have thoroughly reassessed our capital allocation strategy to ensure long-term business sustainability and growth. As a result, we have decided not to pay a dividend for the financial year 2024. This decision underscores our commitment to maintaining financial stability, strengthening our balance sheet, and ensuring sufficient cash generation to support ongoing operational and strategic initiatives. While we acknowledge the importance of shareholder returns, the current financial climate necessitates a prudent approach to capital distribution. After evaluating with the Supervisory Board and consulting major shareholders, the company decided not to pay a dividend for 2024. Outlook 2025Market circumstances remain challenging given the current macro environment, with our customers remaining cautious with their capex spending. Nevertheless, we expect a continued shift towards reusable plastic packaging as a result of the recently adopted Packaging & Packaging Waste Regulation (PPWR) legislation and other legislative requirements. Combined with our integrated approach to circularity we expect to gain market share. We have implemented a cash saving and operational excellence program program, SHIFT, which is designed to reduce our cost base and increase our operational excellence. Capital expenditures will be below last year and will focus on next generation solutions. We expect sales and EBITDA in 2025 to be at least at the same level as 2024. Guidance 2030Cabka reiterates its guidance for high single-digit sales CAGR, aiming to outperform market growth in order to reach €300 million in revenues by 2030. The company targets an EBITDA margin of 15-17%, with annual CAPEX spending of less than €20 million, split equally between growth and replacement & maintenance. Net working capital is expected to be approximately 20% of sales, and the pay-out ratio of net profit is projected to be around 30-35%. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited1 in € million20242023 (restated)2Change Revenues 181.9 196.9(8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding3 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs4 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US5 (4.1) — Net result reported IFRS (9.8) (1.5) COMPREHENSIVE OVERVIEW 2024 Sales performance Full-year sales for 2024 amounted to €181.9 million, reflecting an 8% decrease compared to the previous year (2023: €196.9 million). From the 8% decline, 4% was due to the intentional price reductions we implemented in our customer pricing strategy during the year, passing on the benefits of declining raw material and energy prices to our customers. The remaining decline was the result of lower volumes in our US Customized Solutions and continued soft demand in our Contract Manufacturing segment. In Europe, our Portfolio business grew by 8% year-over-year, reaching €77.5 million (2023: €71.6 million6). The customized solutions business in Europe remained relatively resilient to market conditions, showing a €0.2 decrease in revenue to €34.5 million compared to €34.7 million4 in 2023. Contract Manufacturing (both strategic and non-strategic business) experienced very weak demand throughout the year. This led to a sales decline of €11.4 million, bringing total sales to €18.3 million (2023: €29.7 million). In the US, our Portfolio business demonstrated notable growth, increasing by 10% year-over-year to €19.9 million in 2024. This growth underscores the success of our commercial strategy to regain market share, as we strengthened our sales force in the region. Conversely, the Customized Solutions segment faced significant challenges due to adverse market conditions, where key customers refrained from committing to further capital expenditures for the time being, resulting in a significant decline of €13.4 million in sales. Lastly, the ECO business delivered robust growth of 4% year-over-year, resulting in €26.3 million sales in 2024 (2023: €25.3 million). Cost developmentsIn 2024, the company achieved a significant improvement in its operational gross margin, which increased with 3pp to 50.9%, compared to 48.3%7 in 2023. Throughout 2024, the company maintained a strong emphasis on its internal production capacity and strategic cost management across all segments. With the US plant fully operational since the second half of 2023, we were able to refocus on our in-house production capabilities. The introduction of a new raw material processing technology in the US, coupled with increased automation and robotization at our plants, and a gradual shift towards higher value-add products, collectively contributed to the margin improvement. Operating expenses remained relatively stable compared to last year, with the main increase noted in personnel costs. This increase was driven by the expansion of our sales force, with key vacancies filled towards the end of 2023, and the impact of inflation on personnel costs. Depreciation and amortization increased by 18% to €20.2 million, primarily attributable to the capitalization of assets we installed to reopen and expand our plant in the US. EBITDAThe company reported an operational EBITDA of €20.5 million for the full year of 2024, which is €3.9 million lower compared to last year (2023: €24.4 million2). The reduction in EBITDA is predominantly attributable to the decrease in sales for the year, followed by inflationary pressures on our fixed cost base. Debt FacilityIn August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants until end of Q2 2025. Net Working Capital Net Working Capital (NWC) position remained well within our medium-term guidance, amounting to €26.5 million or 14.6% of sales as per 31 December 2024. This is mostly in line with the previous year’s position which was €27.1 million or 13.7% of sales as per December 2023. NWC showed a small movement of €0.6 million in 2024. The positive movement is the result of an €8.0 decrease in trade receivables, partially offset by a €4.2 million increase in inventories and a decrease in trade payables of €3.5 million. The increase in inventory value during 2024 related to the optimization of idle production capacity during the periods of lower demand. Recognizing the shift in customer demand in shorter order cycles, the company took a proactive decision to build up inventory. This decision ensured that we can fulfil customer orders promptly and efficiently, meeting their expectations for timely stock availability in the upcoming period. The decrease in trade payables was mainly due to final settlements made towards machinery and equipment installed in our US plant, which were committed during 2022. The significant decrease in trade receivables at the end of 2024 resulted from the factoring implemented in December. Cash flows and cash positionCash flows from operating activities amounted to €16.2 million (2023: €27.2 million). Cash flows used in investing activities amounted to €18.0 million (2023: €30.7 million) of which €18.7 million was related to capital investments in property, plant and equipment and intangible assets (2023: €30.9 million). Cabka disposed of certain assets contributing €0.3 million of cash during 2024. In addition, interest earned on short term deposits amounted to €0.4 million. Cash flows from financing activities amounted to €0.6 million (2023: €-11.1 million). Main cash inflow resulted from the funding receipt out of the debt facility amounting to €15.5 million (2023: nil). This inflow was almost completely offset by the repayment of debt facilities and interest totaling €-6.8 million (2023: €-7.2 million), followed by the settlement of lease facilities in 2024 amounting to €-4.4 million (2023: €-2.7 million) and dividend payments of €-3.7 million (2023: €-1.2 million). The total cash balance at 31 December 2023 was €4.4 million (31 December 2023: €7.3 million). CAPEX Total CAPEX for 2024 amounted to €18.7 million (2023: €30.9 million). Included in this total is investments in maintenance & replacement CAPEX amounting to €9.4 million. Excluding the US investments related to the flood, maintenance & replacement CAPEX was €7.7 million, or 4% of total sales. Total investment in 2024 for our St. Louis plant to reopen and expand, amounted to €1.7 million (2023: €12.1 million). In our ECO business we invested €1.7 million (2023: €2.3 million). ESGCabka is committed to making a positive impact with its operations and ultimately with the product it supplies to the market. We are the circularity leader in the RTP industry, with 88% of our raw material intake coming from recycled materials in 2024, 100% of products being reusable with take-back clauses for recycling, and with supporting the collection of additional plastics for recycling. For comparison, the average plastic waste recycling rate for Europe in 2021 was only at 14% targeting to get to 33% by 20308. For its management of ESG topics, Cabka achieved “gold” status in the EcoVadis assessment for the second year in 2024. The Gold rating from EcoVadis is a testament to Cabka’s commitment and excellence across the various sustainability categories and demonstrates the significant progress that has been made in one year, moving Cabka to the top 5% of rated companies, and placing it amongst the top 2% in the plastic products industry. Cabka participated for the second time in the assessment by the Carbon Disclosure Program (CDP), a non-profit organization that runs a global disclosure system for companies on climate impacts. Cabka was able to hold its B score on a scale from A to D-, with A being best practice. The B score reflects the importance Cabka gives to climate issues and proves that we are well on track with other European businesses on the topic. In 2024, Cabka continued to work on implementing new ESG-related legislation in its ESG strategy and will publish its first CSRD-compliant ESG statement in the 2024 Integrated Annual Report, following an extensive stakeholder analysis and re-assessment of material impacts, risks, and opportunities. In addition, we are currently focusing on the PPWR and national regulations related to packaging, which will play a crucial role in shaping the future of the packaging industry. Cabka closely follows the regulatory process and will proactively handle the secondary legislation framework upon its establishment in the coming months and years to further inform our strategies. Share price On 31 December 2024 the Cabka shares closed at € 2.10. Cabka share capital per 31 December 2024SharesISIN Ordinary Shares issued24,710,600 CABKA / NL00150000S7Ordinary Shares in treasury 15,994,378 DSC2S / NL00150002R5 Total Ordinary Shares40,704,978 Special Shares 97,778 Total shares40,802,756 Tax positionsDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management’s assessment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits. Management reassessed the deferred tax asset which was accumulated in the US including the effects of the devastating flooding of 2022. The company adopts a conservative stance by only recognizing a deferred asset where there is a high degree of certainty regarding the future profits. Management decided based on the strict guidelines from IFRS and out of prudence to reduce the deferred tax asset. This adjustment has no impact on the fiscal position of the company as it aims for building a growing and profitable US operation. At the moment of publication of this preliminary unaudited financial results report, the assessment of current and deferred tax positions has not been fully finalized and might be revised ahead of the publication of the Annual Report 2024. Relevant events after 31 December 2024After the balance sheet date of December 31, 2024, there have been no significant events. Financial Calendar 2025 April 15 Publication Annual Report 2024 and Trading Update 2025Q1 May 29 Annual General Meeting of Shareholders August 12 Half-Year Results and Half-Year Report 2025 October 21 Trading Update 2025Q3 For more information, please contact:Nadia Lubbe, Investor & Press contactIR@cabka.com, or n.lubbe@cabka.com;+49 152 243 254 79www.investors.cabka.comCommercial contact: info@cabka.com www.cabka.com About CabkaCabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable transport packaging (RTP), like pallets- and large container solutions enhancing logistics chain sustainability. ECO product are mainly construction and road safety products produced exclusively out of post-consumer waste. Cabka is leading the industry in its integrated approach closing the loop from waste, to recycling, to manufacturing. Backed by its own innovation center it has the rare industry knowledge, capability, and capacity of making maximum use bringing recycled plastics back in the production loop at attractive returns. Cabka is fully equipped to exploit the full value chain from waste to end-products. Cabka is listed at Euronext Amsterdam as of 1 March 2022 under the CABKA ticker with international securities identification number NL00150000S7. DisclaimerAll results in the press release are based on regular operations excluding extraordinary items, unless mentioned otherwise. The qualification extraordinary item is a management accounting term to indicate this is not part of regular operations. The financial statements in the appendix are based on IFRS and do not distinguish between operational or extraordinary items. See appendix I. for definitions of operational items by management. The content of this press release may include statements that are, or may be deemed to be, ‘’forward-looking statements’’. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ‘’believes’’, ‘’estimates’’, ‘’plans’’, ‘’projects’’, ‘’anticipates’’, ‘’expects’’, ‘’intends’’, ‘’may’’, ‘’will’’ or ‘’should’’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth, or strategies. Readers are cautioned that any forward-looking statements are not guarantees of future performance. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. The Company undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law. This document contains information that qualifies as inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 on market abuse. FINANCIAL OVERVIEW APPENDIX I. Definitions of operational items by management Gross Margin Gross Profit divided by Revenue EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization is an important measurement of the Company's financial performance before taking the cost of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational efficiency and enable a more accurate and relevant comparison between peer companies.EBIT or Earnings Before Interest and Taxes, is a measure of a company's profitability that excludes interest expenses and tax payments. It represents the company's core, recurring business income before the impact of its capital structure and tax obligations. EBIT is also known as operating income and is calculated as revenue minus operating expenses, excluding interest and taxes.Gross Profit Profit as Revenue for the period plus changes in inventory and other operating income for the period, minus raw material costs, energy costs and purchased services Maintenance and Replacement Capital Expenditures The expenses incurred by the company that are related to the maintenance and replacements of assets like plants, machinery and buildings Maintenance and Replacement Capital Expenditures as a percentage of revenue: Maintenance and Replacement Capital Expenditures divided by Revenue Net Working Capital Trade accounts receivables plus inventories net of trade accounts payables Net Working Capital as percentage of revenue Net Working Capital divided by Revenue.Net Income from operations Net Income reported for the period, being adjusted for non-operational activities.Non-operational Indicates that this is not part of regular operational activities.Operational EBITDA Net Result reported for the period, adjusted for non-operational activities, before depreciation and amortization, interest expenses and income, taxes and share option plan accruals II. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited Condensed income statement bridge operational to IFRS9 in € million20242023 (restated)10Change Revenues 181.9 196.9 (8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding11 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs12 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US13 (4.1) — Net result reported IFRS (9.8) (1.5) III. Condensed consolidated statement of profit and loss 2024 preliminary unaudited Condensed statement of profit and loss in € million 20242023 (restated)14 Revenues 181.9 196.9 Change in inventories of finished goods and work in progress 1.9 (7.4)Other operating income items 8.7 9.0Total Operating income 192.4 198.6 Material expenses / expenses for purchased services (99.8) (106.6)Personnel expenses (44.9) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (20.2) (17.1)Other operating expenses (29.2) (29.4)Total Operating expenses (194.1) (195.6) Interest income 1.9 0.6Interest expenses (5.9) (4.7)Financial Result (4.1) (4.1) Result before taxes (5.7) (1.2) Income tax expense (4.1) (0.3)Net Result (9.8) (1.5) IV. Consolidated Balance Sheet 2024 preliminary unaudited Consolidated Balance Sheet in € million 12.31.2024 12.31.2023 ASSETS Non-current assets Intangible assets 2.7 2.8 Property, plant and equipment 83.9 80.8 Right of Use assets 11.6 10.2 Long-term financial assets 0.1 0.1 Other long-term assets — — Deferred tax assets 9.7 8.0 108.1 101.9 Current Assets Inventories 36.2 32.1 Trade receivables 19.5 27.6 Short-term financial assets — — Other short-term assets 9.1 12.6 Cash and cash equivalents 4.4 7.3 69.3 79.5 177.3 181.4 LIABILITIES Equity Share capital 0.4 0.4 Treasury shares (0.2) (0.2) Share premium 74.0 77.7 Other reserves 6.9 7.8 Retained earnings (19.3) (13.6) Foreign currency translation reserve (1.4) (1.4) 60.5 70.7 Non-current liabilities Long-term financial liabilities 38.9 43.3 Other long-term liabilities 0.5 — Deferred tax liabilities — 0.1 39.4 43.3 Current liabilities Short-term financial liabilities 37.5 20.8 Provisions 0.8 0.8 Contract liabilities 3.1 4.4 Trade payables 29.0 32.6 Other short-term liabilities 7.0 8.7 77.5 67.3 177.3 181.4 V. Condensed consolidated statement of cash flow 2024 preliminary unaudited Consolidated statement of cash flow in € million20242023 Cash flows from operating activities Net result after tax (9.8) (1.5) Adjustments for: Amortization/depreciation of intangible and tangible fixed assets 20.2 17.1(Loss) on disposal/profit on sale of property, plant & equipment (0.3) 1.4Share-based payment expense (0.3) 0.5Other non-cash transactions (0.1) — Finance income (1.3) (0.3)Finance expenses 4.8 4.2Income tax expenses 4.1 0.3Net foreign exchange differences 0.6 0.3 Changes in working capital: Increase (-) / decrease (+) of inventories (4.2) 9.7Increase (-) / decrease (+) trade receivables and other current assets 11.6 0.3Increase (+) / decrease (-) of trade payables and other current liabilities (7.4) (3.6)Cash generated/(utilized) from operations 17.8 28.4 Income taxes paid (1.6) (1.2)Net cash from/(used in) operating activities 16.2 27.2 Cash flow from investing activities Cash outflow for investment in intangible assets (0.6) — Cash inflow from sale of intangible assets — — Cash inflow from sale of property, plant and equipment 0.3 0.7Cash outflow for investment in property, plant and equipment (18.1) (31.6)Interest received on cash and equivalents 0.4 0.2Net cash from/(used in) investing activities (18.0) (30.7) Cashflow from financing activities Cash inflow from sale of treasury shares — 0.1Cash outflow for dividend payments (3.7) (1.2)Cash outflow for the repayment of liabilities to banks (2.3) (3.3)Cash inflow from receipt of liabilities to banks 15.5 — Cash outflow for the repayment of lease liabilities (2.9) (2.5)Cash inflow from rental purchase liabilities 0.7 2.5Cash outflow for the repayment of rental purchase liabilities (2.2) (2.7)Interest paid (4.5) (3.9)Net cash from/(used in) financing activities 0.6 (11.1) Changes in cash and cash equivalents (1.2) (14.6)Cash and cash equivalents at the beginning of the period 7.3 21.0Net foreign exchange difference (0.1) 0.1Effect of changes in foreign exchange rates (1.6) 0.7Cash and cash equivalents at the end of the period 4.4 7.3 VI. Restatement as a result of material reclassification As previously disclosed in the interim report for the first half year of 2024, the company performed a comprehensive reassessment on the classification of certain costs within our financial statements, in order to enhance the transparency and accuracy of our financial reporting. As a result of this reassessment, the company made two reclassifications in the statement of profit and loss. These reclassifications were deemed necessary to better represent the financial results of our operations. Transportation cost related to finished goods sold, previously included within operating expenses, has been reclassed to expenses for materials, energy and purchased services, given that these costs better reflect the direct costs involved in production and sale of our goods. In addition, gains related to FX, previously included within other operating income, have been reclassed to financial income, and losses related to FX, previously included within operating expenses, have been reclassed to financial expenses. These reclassifications have been adjusted in the 2023 comparative years disclosed in condensed consolidated financial statements for the year 2024. These restatements did not impact the company statement of profit or loss nor equity. The impact of the restatement is disclosed in the table below: Condensed statement of profit and loss (extract) in Euro million2023Restatement2023 (restated) Revenue 196.9 196.9 Change in inventories of finished goods and work in progress (7.4) (7.4)Other operating income 9.3 (0.3) 9.0Total Operating income 198.9 (0.3) 198.6 Material expenses / expenses for purchased services (102.2) (4.4) (106.6)Personnel expenses (42.6) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (17.1) (17.1)Other operating expenses (34.3) 4.9 (29.4)Total Operating expenses (196.2) 0.5 (195.6) Finance income 0.3 0.3 0.6Finance expenses (4.2) (0.5) (4.7)Net Financial Result (3.9) (0.3) (4.1) Result before taxes (1.2) — (1.2) Income tax expense (0.3) (0.3)Result for the period (1.5) — (1.5) 1 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to VI provide integral IFRS statements without this distinction. 2 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 3 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 4 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.5 Refer to tax positions on page 6.6 Prior year segmentation has been updated to align with the updated segmentation of certain customer products, as a result, prior year revenue for Portfolio Europe increased by €3.6 million compared to the published numbers over 2023, and Customized Solutions Europe decreased with the same amount.7 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 8 Systemiq April 2022 report Reshaping plastics. Pathway to a circular climate neutral plastics system in Europe 9 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to V provide integral IFRS statements without this distinction. 10 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 11 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 12 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.13 Refer to tax positions on page 6.14 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. Attachment 20250318 Cabka 2024FY preliminary results release v2

ForexTV

31.03.2025

Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024 - ForexTV

Restated previous financial statements and non-reliance to the extent set out in this announcement Details of investor and analyst presentation Record Profit, Stable Production and Exploration Success ST HELIER, Jersey, March 31, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the year ended December 31, 2024 (the "Year"). Caledonia also announces the restatement of previous financial statements due to an error that was identified in the accounting interpretation related to the calculation of deferred tax liabilities of Blanket Mine (“Blanket”). The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. Further information on the financial and operating results for the Year and the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the restatement, can be found in the Management Discussion and Analysis ("MD&A"), and the Consolidated Audited Financial Statements (“Financial Statements”), which are available on the Company's website and are being filed on SEDAR+ and EDGAR. Financial Highlights Gross revenue of $183.0 million, up from $146.3 million in 2023, reflecting higher gold prices.Record gross profit of $77.0 million, up 86% from 2023 driven by a combination of higher gold prices and lower production costs at the Bilboes oxide mine (2023: $41.5 million).Net attributable profit of $17.9 million (2023: net loss of $7.9 million).Substantially stronger operating cash flow of $42.0 million compared to $14.8 million in 2023.Basic IFRS earnings per share (“EPS”) of 91.2 cents (2023: loss per share of 43.6 cents).Adjusted EPS1 of 125.2 cents (2023: loss per share of 10.3 cents).Net cash and cash equivalents improved to negative $8.7 million (31 December 2023: negative $11.0 million).As set out in news releases issued on March 24 and 28, 2025, Caledonia has declared a quarterly dividend of 14 cents per share, payable on April 17, 2025. Operating Highlights Blanket performed well with gold production of 76,656 ounces (2023: 75,416 ounces), within guidance.Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050 ounces), reflecting the decision to place the mine on care and maintenance from September 30, 2023.Consolidated average realised gold price per ounce2 of $2,347 (2023: $1,910).On-mine cost per ounce2 of $1,073 (2023: $1,097).All-in sustaining cost (AISC)2 per ounce of $1,506 (2023: $1,499).In May 2024, the Company announced a 63% increase in measured and indicated mineral resources and a 26% increase in inferred mineral resources at Blanket.Encouraging results announced in November 2024 from the initial exploration programme at Motapa with more exploration work planned at the site in 2025. ______________________________1 Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of the MD&A2 Non-IFRS measures such as “On-mine cost per ounce”, “All-in sustaining cost per ounce”, “average realised gold price per ounce” and “adjusted EPS” are used throughout this announcement. Refer to section 3.2 of the MD&A for a discussion of non-IFRS measures. Update on Bilboes Feasibility Study As announced on March 27, 2025, Caledonia, with the support of DRA Projects (Pty) Ltd and other technical consultants, has been making good progress on the Feasibility Study (“FS”) for the Bilboes project. While the FS was initially targeted for completion in Q1 2025, the Company has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements. Key areas of optimisation currently under review include: Engaging with the authorities to explore the potential sale of concentrate, which could significantly reduce upfront capital expenditures by deferring the capital expenditure on a BIOX processing circuit, at least in the first few years of production;Evaluating the potential relocation of the Tailings Storage Facility to a more efficient site, including on Caledonia’s Motapa property adjacent to Bilboes, where the topography could lead to lower initial construction costs; andIncorporating near-term opportunities at Motapa into the FS, following encouraging exploration results in 2024 and the additional exploration and development work planned at Motapa this year. In addition, Caledonia continues to assess near-term revenue opportunities across its portfolio. In particular, high-grade mineralisation recently identified at Blanket could make a meaningful contribution to the initial capital requirements for Bilboes, providing further flexibility around funding. The board remains fully committed to maximising shareholder value: this means ensuring that Bilboes is optimised both technically and financially, while continuing discussions with funding partners and relevant authorities in Zimbabwe. The optimisation work is advancing well, and the Company will provide a further update on the expected timing of the FS in due course. Board and Management Changes On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined the board as independent non-executive directors.As previously announced on February 19, 2025 and March 21, 2025, Mr. Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross Jerrard.Mr. Johan Holtzhausen is not putting himself forward for reappointment as a director at the next annual general meeting in May 2025. Ms. Tariro Gadzikwa will take over as chair of the Audit Committee provided she is reappointed as a director at the annual general meeting. Strategy and Outlook Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million for the Bilboes and Motapa projects.Strong start to 2025 with 11,782 ounces produced at the end of February.Caledonia’s strategic focus remains on: Maintaining stable production at Blanket while investing in modernising operations to improve efficiency;Continuing to optimise Bilboes to maximise net present value per share;Continued exploration activities at Blanket and Motapa; andBecoming a multi-asset, Zimbabwe-focused gold producer. Mark Learmonth, Chief Executive Officer, commented: “2024 was a year of significant progress for Caledonia, both financially and operationally. We delivered solid gold production at Blanket, achieving 76,656 ounces, towards the upper end of our guidance. Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows. “Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders. We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements. We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence. “Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer that delivers sustainable value for shareholders and respective stakeholders. I would like to thank our team and shareholders for your continued support, and I look forward to another year of progress and growth.” Restated previous financial statements In preparation of the Financial Statements, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. The restatement of financial statements due to this error is summarised below and is qualified in its entirety by the more comprehensive disclosure relating to the restatement in Caledonia’s MD&A. In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial Statements) required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023. Blanket’s deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in the Financial Statements, as presented in the table below. Consolidated statements of profit or loss and other comprehensive income($'000's)December 31, 2023 December 31, 2022 As previously reported Adjustment As restated As previously reported Adjustment As restated Net foreign exchange (loss) profit(2,550)(4,222)(6,772)4,411 (10,088)(5,677)Tax expense(12,810)– (12,810)(16,770)2,411 (14,359)(Loss) profit for the year(618)(4,222)(4,840)22,866 (7,677)15,189 Total comprehensive income for the year(1,240)(4,222)(5,462)22,404 (7,677)14,727 Non-controlling interests3,580 (558)3,022 4,963 (1,013)3,950 Basic (loss) earnings per share ($)(0.24)(0.20)(0.44)1.36 (0.51)0.85 Diluted (loss) earnings per share ($)(0.24)(0.20)(0.44)1.35 (0.50)0.85 Consolidated statements of financial position ($’000’s) December 31, 2023January 1, 2023As previously reportedAdjustment As restatedAs previously reportedAdjustment As restatedRetained loss63,17233,971 97,14350,22230,307 80,529Non-controlling interests24,477(6,021)18,45622,409(5,463)16,946Deferred tax liabilities6,13139,992 46,1235,12335,770 40,893 Remediation efforts are ongoing and are expected to be completed in the second quarter of 2025. Going forward, management plans to reconsider critical accounting interpretations every 3 years. The remediation efforts to-date have included engaging and consulting with the external accounting advisors, considering authoritative and non-authoritative guidance available in the accounting literature, and conducting a detailed analysis of deferred tax accounting rules. The management team, including the Chief Executive Officer and Chief Financial Officer, have reaffirmed and re-emphasized the importance of internal control, control consciousness and a strong control environment. Should these remedial measures be insufficient to address the material weakness described above, or additional deficiencies arise in the future, material misstatements in our interim or annual financial statements may occur in the future. Material weakness and non-reliance on previous financial statements In the preparation of the Financial Statements, management identified the prior period error and determined that the restatement of financial information presented was necessary. As a result, management has determined that the control over accounting for deferred tax liabilities did not operate effectively and constitutes a material weakness for the annual and interim filings for the period January 1, 2019 to December 31, 2024. Based on the foregoing, each of the previously filed annual and interim financial statements for the annual and interim periods between January 1, 2019 and September 30, 2024 should not be relied upon in respect of the items set out in the tables above. Commentary Financial Performance In 2024, Caledonia achieved a significant financial turnaround, reporting a net attributable profit of $17.9 million, an improvement from the net loss of $7.9 million in 2023. This positive shift was driven by a 23% increase in the average realised gold price, rising to $2,347 per ounce from $1,910 per ounce in 2023 and cost improvements. Gross profit for the year reached $77.0 million, up from $41.5 million in the previous year, reflecting both the higher gold prices and effective cost management. Operating cash flow also saw an increase to $42.0 million compared to $14.8 million in 2023. This improvement in cash generation has strengthened the company’s financial position, with net cash and cash equivalents improving to negative $8.7 million from negative $11.0 million in the prior year. Outlook for 2025 Looking ahead, Blanket’s production guidance for 2025 is between 73,500 and 77,500 ounces of gold. On-mine cost per ounce is expected to be between $1,050 and $1,150, reflecting anticipated increases in labour and operating expenses. All-in sustaining cost per ounce is expected to be between $1,690 to $1,790 due to a high level of sustaining capital expenditure as Caledonia continues to invest in Blanket’s future. Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million designated for the Bilboes and Motapa projects. These investments aim to enhance operational efficiency and support the Company’s growth objectives. Details of Investor and Analyst Presentation A presentation for investors and analysts will be held as follows: When: March 31, 2025 at 2:00pm London time Topic: Full Year and Q4 2024 Results Call for Investors Register in advance for this webinar: https://brrmedia.news/CMCL_Q4 Enquiries: Caledonia Mining Corporation PlcMark LearmonthCamilla HorsfallTel: +44 1534 679 800Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker)Adrian HaddenPearl KellieTel: +44 207 397 1965Tel: +44 131 220 9775 Liberum Panmure (Joint Broker)Scott MathiesonAilsa MacMasterTel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK)Gordon PooleElfie KentFergus YoungTel: +44 20 3757 4980 3PPB (Financial PR, North America)Patrick ChidleyPaul DurhamTel: +1 917 991 7701Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)Lloyd MlotshwaTel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, our strategic vision, the potential sale of concentrate, the potential relocation of the Tailings Storage Facility, the high-grade mineralisation at Blanket, the publication of the Bilboes feasibility study, the timing and ability to remediate the deficiency in control over accounting for deferred tax liabilities and the potential of being unable to prevent misstatements from occurring in the future. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Condensed Consolidated Statements of profit or loss and Other comprehensive income($'000's)3 months ended12 months endedDecember 31December 312024 2023 2024 2023 2022 *Restated *Restated *Restated Revenue47,515 38,661 183,018 146,314 142,082 Royalty(2,432)(1,987)(9,263)(7,637)(7,124)Production costs(20,239)(21,681)(80,744)(82,709)(62,998)Depreciation(3,915)(4,437)(16,021)(14,486)(10,141)Gross profit20,929 10,556 76,990 41,482 61,819 Other income725 136 1,090 263 60 Other expenses(2,862)(1,567)(6,940)(4,367)(11,782)Administrative expenses(5,429)(5,539)(15,658)(17,429)(11,941)Cash-settled share-based expense278 (165)(201)(463)(609)Equity-settled share-based expense(269)(76)(1,054)(640)(484)Net foreign exchange profit (loss)474 (494)(9,722)(6,772)(5,677)Net derivative financial instrument expense(335)(529)(831)(1,119)(1,198)Operating profit13,511 2,322 43,674 10,955 30,188 Net finance cost(787)(653)(3,131)(2,985)(640)Profit before tax12,724 1,669 40,543 7,970 29,548 Tax expense(5,208)(4,258)(17,489)(12,810)(14,359)Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations(779)156 (116)(622)(462)Total comprehensive income (loss) for the year6,737 (2,433)22,938 (5,462)14,727 Profit (loss) attributable to: Owners of the Company5,865 (3,402)17,899 (7,862)11,239 Non-controlling interests1,651 813 5,155 3,022 3,950 Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Total comprehensive income (loss) attributable to: Owners of the Company5,086 (3,246)17,783 (8,484)10,777 Non-controlling interests1,651 813 5,155 3,022 3,950 Total comprehensive income for the year6,737 (2,433)22,938 (5,462)14,727 Earnings (loss) per share (cents) Basic earnings (loss) per share29.7 (18.7)91.2 (43.6)84.8 Diluted earnings (loss) per share29.7 (18.7)91.2 (43.6)84.7 Adjusted earnings per share (cents) Basic44.3 2.1 125.2 (10.3)217.7 Dividends paid per share (cents)14.0 14.0 56.0 70.0 50.0 * Refer to section 10 and section 11 of the MD&A. Summarised Consolidated Statements of Financial Position ($’000’s)As atDec 31Dec 31Dec 31 202420232022 *Restated*RestatedTotal non-current assets287,046274,074196,764Income tax receivable3551,12040Inventories23,76820,30418,334Derivative financial assets–88440Trade and other receivables12,6759,9529,185Prepayments6,7482,5383,693Cash and cash equivalents4,2606,7086,735Assets held for sale13,51213,519–Total assets348,364328,303235,191Total non-current liabilities68,50563,97045,061Cash-settled share-based payment6349201,188Income tax payable2,958101,324Lease liabilities95167132Loans and borrowings1,174––Loan note instruments8556657,104Trade and other payables26,64720,50317,454Derivative Financial Liabilities–––Overdrafts12,92817,7405,239Liabilities associated with assets held for sale104128–Total liabilities113,900104,10377,502Total equity234,464224,200157,689Total equity and liabilities348,364328,303235,191 * Refer to section 10 and section 11 of the MD&A. Condensed Consolidated Statements of Cash Flows ($`000)2024 2023 2022 Cash inflow from operations55,438 26,398 49,657 Interest received26 39 17 Finance costs paid(2,864)(2,462)(192)Tax paid(10,645)(9,206)(6,866)Net cash inflow from operating activities41,955 14,769 42,616 Cash flows used in investing activities Acquisition of property, plant and equipment(27,477)(28,556)(41,495)Acquisition of exploration and evaluation assets(3,835)(1,837)(2,596)Proceeds from derivative financial instruments– 178 – Acquisition of Put options(743)(946)(478)Proceeds from call options– – 416 Acquisition of call options– – (176)Net cash used in investing activities(32,055)(31,161)(44,329) Cash flows from financing activities Dividends paid(12,302)(11,099)(8,906)Payment of lease liabilities(182)(184)(150)Shares issued – equity raise (net of transaction cost)– 15,569 – Proceeds from loans and borrowings3,000 – – Repayments of loans and borrowings(326)– – Loan notes - Motapa payment– (7,250)– Loan notes - solar bond issue receipts (net of transaction cost)1,970 6,895 – Repayment of gold loan– – (3,698)Proceeds from share options exercised37 – – Net cash (used in) / from financing activities(7,803)3,931 (12,754) Net increase / (decrease) in cash and cash equivalents2,097 (12,461)(14,467)Effect of exchange rate fluctuations on cash and cash equivalents267 (67)(302)Net cash and cash equivalents at the beginning of the year(11,032)1,496 16,265 Net cash and cash equivalents at the end of the year(8,668)(11,032)1,496

ForexTV

08.04.2025

Investment bank Teniz Capital ventures into fintech, stakes 49% in Tabys of Astana International Financial Centre - ForexTV

Yerlan Soltanov Yerlan Soltanov, Managing Director of Teniz Capital Brokerage. Astana, Kazakhstan – Teniz Capital Brokerage Ltd, a subsidiary of Teniz Capital Investment Bank, has acquired a significant stake in fintech firm Tabys from the Astana International Exchange (AIX). Tabys is a digital financial services provider helping individuals access markets via exchange-trade notes and simplified entry processes for investments. The platform boasts more than 21,000 active clients, and is one of the most important fintech players in the Central Asian market. Yerlan Soltanov will be named CEO, overseeing the company’s existing team backed by the Teniz staff and the AIFC. Joint work will start immediately, with both entities fully integrated. Tabys will remain based at the AIFC, with client accounts held at the Astana International Exchange Central Securities Depository (AIX CSD). Yernar Zhanadil, Chairman of the AIFC Authority Management Board, will join the Board of Directors of Tabys Ltd. “This merger, another milestone in the development of Teniz as a banking institution in Central Asia, lays the groundwork for Teniz’s already strong position in investment banking and brokerage across the region. We are thankful to the AIFC for the opportunity to work together, which will allow us to align our shared vision of unlocking the full potential of Kazakhstan’s financial industry,” said Saken Usser, majority shareholder of Teniz Capital. Current Tabys CEO, CFO of the AIX, Zharas Mussabekov noted: “This partnership marks a new chapter in the development of Tabys, broadening opportunities for investors in Kazakhstan. Users will now have access to a wider range of investment instruments while staying within a familiar ecosystem. Additionally, it will strengthen the educational component, supporting the practical application of knowledge and the creation of diversified investment portfolios.” Tabys was first developed by AIX in 2020 as a tool to help improve investment accessibility and financial literacy in Kazakhstan. It allows customers to buy securities, participate in IPOs, invest in the golden coins issued by the National Bank of Kazakhstan, and features educational material about the fundamentals of investing. With its new offerings, Tabys offerings will blow past the domestic market, giving clients access to AIX-listed stocks and bonds, as well as international markets and an expanded range of financial products. Going forward, users will be able to continue building diversified investment portfolios, with professional market analytics and securities analysis capabilities baked into the platform. In August 2024, Teniz Capital Investment Bank introduced Teniz Capital Brokerage as a standalone brokerage division. The entity executed over 20 transactions in the past two years, including placements of bonds for Black Sea Trade and Development Bank, Kazakhstan quasi-sovereign companies, JSC AIFN Retam, Capitalleasing Group Ltd., Jet Group Ltd., Kisamos Shipping DMCC. Established in 1997, Teniz Capital manages a team of 50 professionals from offices in Almaty, Astana's AIFC, and Abu Dhabi. It is focused on cross-border transactions and is a specialist in infrastructure, energy, and technology deals. The shareholders of the AIX are AIFC, Shanghai Stock Exchange, Silk Road Fund, and NASDAQ, which develops the AIX trading platform. The exchange is regulated under a framework of principles based on English Law. For further information, members of the media can contact teniz@definition.city This press release contains statements regarding the future of the company and its innovations. Statements regarding the future may be accompanied by words such as "anticipate", "believe", "estimate", "will", "anticipate", "pretend", "power", "plan", "potential", the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company's commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise. Attachment Yerlan Soltanov

TechBullion Cryptocurrency

08.04.2025

Restaking Is Hugely Underestimated: Interview with Gena Evstratov, Cambrian CEO - TechBullion

Restaking is a growing innovation in blockchain ecosystems that enhances security and efficiency. By enabling already-staked assets to be “reused,” restaking extends economic security beyond the base blockchain network, allowing new projects to establish trust in off-chain computations without requiring additional capital investment. On Solana, Jito Restaking has pioneered this approach by creating a framework […]

ForexTV

11.04.2025

Stellantis Reports Q1 2025 Consolidated Shipment Estimates of 1.2 Million Units Globally, -9% y-o-y - ForexTV

Stellantis Reports Q1 2025 Consolidated Shipment Estimates of 1.2 Million Units Globally, -9% y-o-y Commercial Recovery Efforts Drive Initial Rebound in EU30 Market Share vs. H2 2024, Stabilization in U.S. Retail Share AMSTERDAM, April 11, 2025 – Stellantis N.V. today published global quarterly consolidated shipment estimates and provided commentary on related business trends. The term “shipments” describes the volume of vehicles delivered to dealers, distributors, or directly from the Company to retail and fleet customers, which drive revenue recognition. Consolidated shipments for the three months ending March 31, 2025, were an estimated 1.2 million units, representing a 9% decline y-o-y, primarily reflecting lower North American production as a consequence of extended holiday downtime in January, and in Enlarged Europe due to the impacts of product transitions and lower light commercial vehicle (LCV) volumes. Commercial progress in the first quarter of 2025, included the launch of all new and refreshed models including the Citroën C3 Aircross, Opel Frontera, Fiat Grande Panda, Ram 2500 and 3500 heavy-duty trucks, helping to drive positive momentum in order intake, while maintaining normalized dealer inventory levels. In North America, Q1 shipments declined approximately 82 thousand units compared to the same period in 2024, representing a 20% y-o-y decline, mainly reflecting lower January production, a consequence of extended holiday downtime, as well as the initial ramp up of the updated 2025 Ram heavy duty trucks. Looking at U.S. sales performance, Jeep® Compass, Grand Cherokee and Ram 1500/2500 each saw volumes rise >10% y-o-y in Q1 2025. Also encouraging, March new retail orders were at the highest level since July 2023.Enlarged Europe Q1 shipments declined approximately 47 thousand units, representing a 8% y-o-y decline, two-thirds due to transition gaps in certain A and B-segment vehicles replacing prior-generation products discontinued at the end of H1 2024, and one-third from a decline in LCV volumes. Switching over to European sales performance, Q1 2025 EU30 market share was 17.3%, an increase of 1.9 percentage points compared to Q4 2024, reflecting in part the sales contributions of recent new product launches.Across Stellantis’ “Third Engine”, shipments grew collectively 13 thousand units, representing a 4% increase driven mainly by a 19% increase in South America, more than offsetting shipment declines in Middle East & Africa, China and India & Asia Pacific. Stellantis maintained its leadership in South America while benefiting from higher industry volumes, especially in Brazil and Argentina. In Middle East & Africa the 15% decline in shipments was mostly driven by the impact of import restrictions in Algeria, Tunisia and Egypt. (1) Consolidated shipments only include shipments by Company’s consolidated subsidiaries, which represent new vehicles invoiced to third party (dealers/importers or final customers). Consolidated shipment volumes for Q1 2025 presented here are unaudited and may be adjusted. Final figures will be provided in our official revenue/shipments report. Analysts should interpret these numbers with the understanding that they are preliminary and subject to change. (2) The “Third Engine” refers to the aggregation of the South America, Middle East & Africa and China and India & Asia Pacific segments for presentation purposes only. # # # About Stellantis Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way the move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com. @StellantisStellantisStellantisStellantisFor more information, contact:investor.relations@stellantis.comcommunications@stellantis.comwww.stellantis.com Safe harbor statement This document contains forward looking statements. Statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; the Company’s ability to attract and retain experienced management and employees; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties. Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM. Attachment EN-20250411-Stellantis-Q1-2025-Shipments-Estimates-Release

The Economic Times

01.05.2025

Crypto industry descends on Dubai as Trump euphoria recedes - The Economic Times

Crypto enthusiasts gathered in Dubai for TOKEN2049, amidst mixed sentiments regarding Donald Trump's impact on the industry. Despite a strong start to the year with significant venture capital investments, concerns linger about the pace of pro-crypto regulation and the global economy.

ForexTV

02.05.2025

Magna Announces First Quarter 2025 Results - ForexTV

Comparing the first quarter of 2025 to the first quarter of 2024: - Sales decreased 8% to $10.1 billion, as global light vehicle production decreased 3%, which included 8% and 5% declines in Europe and North America, respectively - Diluted earnings per share of $0.52 and Adjusted diluted earnings per share of $0.78, compared to $0.03 and $1.08, respectivelyFirst quarter performance was broadly ahead of our expectations driven by strong incremental margins on better than anticipated vehicle productionReturned $187 million to shareholders through dividends and share repurchasesUpdated 2025 Outlook excludes potential impacts of tariffs including on light vehicle production, full year 2025 range of net income attributable to shareholders unchanged AURORA, Ontario, May 02, 2025 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the first quarter ended March 31, 2025. Please click HERE for full first quarter MD&A and Financial Statements. "Our operating results for the first quarter of 2025 exceeded our expectations, with strong incremental margins on better than anticipated vehicle production and, for the balance of the year, we remain confident in our ability to execute on variables within our control in a complex and uncertain industry environment. We are actively advancing several initiatives including operational excellence, restructuring, commercial recoveries, and reduced capital and engineering spending to mitigate the impact of tariffs. We remain focused on generating long-term free cash flow to invest for profitable growth and drive compelling capital return to shareholders."- Swamy Kotagiri, Magna’s Chief Executive Officer THREE MONTHS ENDED March 31, 2025 March 31, 2024Reported Sales $10,069 $10,970 Income from operations before income taxes $225 $34 Net income attributable to Magna International Inc. $146 $9 Diluted earnings per share $0.52 $0.03 Non-GAAP Financial Measures(1) Adjusted EBIT $354 $469 Adjusted diluted earnings per share $0.78 $1.08 All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars (1) Adjusted EBIT and Adjusted diluted earnings per share are Non-GAAP financial measures that have no standardized meaning under U.S. GAAP, and as a result may not be comparable to the calculation of similar measures by other companies. Further information and a reconciliation of these Non-GAAP financial measures is included in the back of this press release. THREE MONTHS ENDED MARCH 31, 2025 We posted sales of $10.1 billion for the first quarter of 2025, a decrease of 8% from the first quarter of 2024. The lower sales largely reflects a 3% decrease in global light vehicle production, including 8% and 5% lower production in Europe and North America, respectively, partially offset by 2% higher production in China. In addition, sales were negatively impacted by lower complete vehicle assembly volumes, including as a result of the end of production of the Jaguar I-Pace and E-Pace, the end of production of certain programs and the net weakening of foreign currencies against the U.S. dollar. These were partially offset by the launch of new programs. Adjusted EBIT decreased to $354 million in the first quarter of 2025 compared to $469 million in the first quarter of 2024. This mainly reflects: reduced earnings on lower sales; andhigher net warranty costs associated with our seating business. These were partially offset by: higher net favourable commercial items;continued productivity and efficiency improvements; andlower net engineering costs, including spending related to our electrification and active safety businesses. During the first quarter of 2025, Other expense, net(2) and Amortization of acquired intangibles totaled $79 million (2023 - $384 million) and on an after-tax basis $73 million (2023 - $302 million). Income from operations before income taxes increased to $225 million for the first quarter of 2025 compared to $34 million in the first quarter of 2024. Excluding Other expense, net and Amortization of acquired intangibles from both periods, income from operations before income taxes decreased $114 million in the first quarter of 2025 compared to the first quarter of 2024, largely reflecting the decrease in Adjusted EBIT. Net income attributable to Magna International Inc. was $146 million for the first quarter of 2025 compared to $9 million in the first quarter of 2024. Excluding Other expense, net, after tax and Amortization of acquired intangibles from both periods, net income attributable to Magna International Inc. decreased $92 million in the first quarter of 2025 compared to the first quarter of 2024. Diluted earnings per share were $0.52 in the first quarter of 2025, compared to $0.03 in the comparable period. Adjusted diluted earnings per share were $0.78, compared to $1.08 for the first quarter of 2024. In the first quarter of 2025, we generated cash from operations before changes in operating assets and liabilities of $547 million and used $470 million in operating assets and liabilities. Investment activities for the first quarter of 2025 included $268 million in fixed asset additions, $148 million in investments, other assets and intangible assets, $4 million for business combinations and $1 million in private equity investments. RETURN OF CAPITAL TO SHAREHOLDERS During the three months ended March 31, 2025, we returned $187 million to shareholders, including $136 million in dividends and $51 million in share repurchases. Our Board of Directors declared a first quarter dividend of $0.485 per Common Share, payable on May 30, 2025 to shareholders of record as of the close of business on May 16, 2025. (2) Other expense, net is comprised of Fisker Inc. [“Fisker”] related impacts (restructuring and impairment of assembly and production assets, the impairment of Fisker warrants), revaluations of certain public company warrants and equity investments, and restructuring activities, during the three months ended March 31, 2024 & 2025. A reconciliation of these Non-GAAP financial measures is included in the back of this press release. SEGMENT SUMMARY ($Millions)For the three months ended March 31,SalesAdjusted EBIT 2025 2024 Change 2025 2024 Change Body Exteriors & Structures$3,966 $4,429 $(463) $230 $298 $(68)Power & Vision 3,646 3,842 (196) 124 98 26 Seating Systems 1,312 1,455 (143) (30) 52 (82)Complete Vehicles 1,276 1,383 (107) 44 27 17 Corporate and Other (131) (139) 8 (14) (6) (8)Total Reportable Segments$10,069 $10,970 $(901) $354 $469 $(115) For the three months ended March 31,Adjusted EBIT as a percentage of sales 2025 2024 Change Body Exteriors & Structures 5.8% 6.7% (0.9)%Power & Vision 3.4% 2.6% 0.8%Seating Systems (2.3)% 3.6% (5.9)%Complete Vehicles 3.4% 2.0% 1.4%Consolidated Average 3.5% 4.3% (0.8)% For further details on our segment results, please see our Management's Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements. 2025 OUTLOOK We disclose a full-year Outlook annually in February with quarterly updates. The following Outlook is an update to our previous Outlook in February 2025. Updated 2025 Outlook Assumptions Current Previous Light Vehicle Production (millions of units) North AmericaEuropeChina 15.016.630.2 15.116.629.7 Average Foreign exchange rates: 1 Canadian dollar equals1 euro equals U.S. $0.714U.S. $1.111 U.S. $0.690U.S. $1.030 Light vehicle production assumptions reflect near-term original equipment manufacturer ["OEM"] production release information, including announced production downtime at certain OEM assembly facilities, but do not include the potential impact of tariffs and other trade measures on vehicle costs, vehicle affordability or consumer demand, nor the impact of these on vehicle production. Updated 2025 Outlook Current PreviousSegment Sales Body Exteriors & Structures Power & Vision Seating Systems Complete Vehicles $15.9 - $16.5 billion$14.8 - $15.2 billion$5.3 - $5.6 billion$4.5 - $4.8 billion $15.7 - $16.3 billion$14.1 - $14.5 billion$5.3 - $5.6 billion$4.0 - $4.3 billionTotal Sales $40.0 - $41.6 billion $38.6 - $40.2 billion Adjusted EBIT Margin(3)(4) 5.1% - 5.6% 5.3% - 5.8% Equity Income (included in EBIT)(4) $65 - $95 million $60 - $90 million Interest Expense, net Approximately $210 million Approximately $210 million Income Tax Rate(4)(5) Approximately 26% Approximately 25% Adjusted Net Income attributable to Magna(4)(6) $1.3 - $1.5 billion $1.3 - $1.5 billion Capital Spending $1.7 - $1.8 billion Approximately $1.8 billion Notes:(3) Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales. Refer to the reconciliation of Non-GAAP financial measures in the back of this press release for further information(4) Excludes unmitigated incremental tariff costs (5) The Income Tax Rate has been calculated using Adjusted EBIT and is based on current tax legislation (6) Adjusted Net Income attributable to Magna represents Net Income excluding Other expense, net and Amortization of acquired intangible assets, net of tax Our Outlook is intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Although considered reasonable by Magna as of the date of this document, the 2025 Outlook above and the underlying assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth herein. The risks identified in the “Forward-Looking Statements” section below represent the primary factors which we believe could cause actual results to differ materially from our expectations. KEY DRIVERS OF OUR BUSINESS Our business and operating results are dependent on light vehicle production by our customers in three key regions – North America, Europe, and China. While we supply systems and components to many OEMs globally, we do not supply systems and components for every vehicle, nor is the value of our content consistent from one vehicle to the next. As a result, customer and program mix relative to market trends, as well as the value of our content on specific vehicle production programs, are also important drivers of our results. Ordinarily, OEM production volumes are aligned with vehicle sales levels and thus affected by changes in such levels. Aside from vehicle sales levels, production volumes are typically impacted by a range of factors, including: OEM, supplier or sub-supplier disruptions; free trade arrangements and tariffs; relative currency values; commodities prices; supply chains and infrastructure; labour disruptions and the availability and relative cost of skilled labour; regulatory frameworks; and other factors. Overall vehicle sales levels are significantly affected by changes in consumer confidence levels, which may in turn be impacted by consumer perceptions and general trends related to the job, housing, and stock markets, as well as other macroeconomic and political factors. Other factors which typically impact vehicle sales levels and thus production volumes include: vehicle affordability; interest rates and/or availability of credit; fuel and energy prices; relative currency values; uncertainty as to the pace of EV adoption; and other factors. NON-GAAP FINANCIAL MEASURES RECONCILIATION In addition to the financial results reported in accordance with U.S. GAAP, this press release contains references to the Non-GAAP financial measures reconciled below. We believe the Non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations, and to improve comparability between fiscal periods. In particular, management believes that Adjusted EBIT and Adjusted diluted earnings per share are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company's core operating performance. The presentation of Non-GAAP financial measures should not be considered in isolation, or as a substitute for the Company’s related financial results prepared in accordance with U.S. GAAP. Adjusted EBIT For the three months ended March 31, 2025 2024 Net Income$153 $26 Add: Amortization of acquired intangible assets 26 28 Interest expense, net 50 51 Other expense, net 53 356 Income taxes 72 8 Adjusted EBIT$354 $469 Adjusted EBIT as a percentage of sales ("Adjusted EBIT Margin") For the three months ended March 31, 2025 2024 Sales$10,069 $10,970 Adjusted EBIT$354 $469 Adjusted EBIT as a percentage of sales 3.5% 4.3% Adjusted diluted earnings per share For the three months ended March 31, 2025 2024 Net income attributable to Magna International Inc.$146 $9 Add (deduct): Amortization of acquired intangible assets 26 28 Other expense, net 53 356 Tax effect on Amortization of acquired intangible assets and Other expense, net (6) (82)Adjusted net income attributable to Magna International Inc.$219 $311 Diluted weighted average number of Common Shares outstanding during the period (millions): 282.0 287.1 Adjusted diluted earnings per share$0.78 $1.08 Certain of the forward-looking financial measures above are provided on a Non-GAAP basis. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. To do so would be potentially misleading and not practical given the difficulty of projecting items that are not reflective of on-going operations in any future period. The magnitude of these items, however, may be significant. This press release together with our Management’s Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements are available in the Investor Relations section of our website at www.magna.com/company/investors and filed electronically through the System for Electronic Document Analysis and Retrieval + (SEDAR+) which can be accessed at http://www.sedarplus.ca as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov. We will hold a conference call for interested analysts and shareholders to discuss our first quarter ended March 31, 2025 results on Friday, May 2, 2025 at 8:00 a.m. ET. The conference call will be chaired by Swamy Kotagiri, Chief Executive Officer. The number to use for this call from North America is 1-800-715-9871. International callers should use 1-646-307-1963. Please call in at least 10 minutes prior to the call start time. We will also webcast the conference call at www.magna.com. The slide presentation accompanying the conference call as well as our financial review summary will be available on our website Friday prior to the call. INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com │ 905.726.7035 MEDIA CONTACT Tracy Fuerst, Vice-President, Corporate Communications & PR tracy.fuerst@magna.com │ 248.761.7004 TELECONFERENCE CONTACTNancy Hansford, Executive Assistant, Investor Relations nancy.hansford@magna.com │ 905.726.7108 OUR BUSINESS(7)Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of approximately 167,000(8) employees across 342 manufacturing operations and 103 product development, engineering and sales centres spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape. For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social. (7) Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method.(8) Number of employees includes approximately 155,000 employees at our wholly owned or controlled entities and over 12,000 employees at certain operations accounted for under the equity method. FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Any such forward-looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward-looking statements. The following table identifies the material forward-looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward-looking statements. Readers should also consider all of the risk factors which follow below the table: Material Forward-Looking StatementMaterial Potential Risks Related to Applicable Forward-Looking StatementLight Vehicle Production Light vehicle sales levels, including due to: A decline in consumer confidenceEconomic uncertaintyElevated interest rates and availability of consumer creditDeteriorating vehicle affordability Tariffs and/or other actions that erode free trade agreementsProduction deferrals, cancellations and volume reductionsProduction and supply disruptionsCommodities pricesAvailability and relative cost of skilled labour Total SalesSegment Sales Same risks as for Light Vehicle Production aboveAlignment of our product mix with production demandCustomer concentrationUncertain pace of EV adoption. Including North American electric vehicle program deferrals, cancellations and volume reductionsShifts in market shares among vehicles or vehicle segmentsShifts in consumer "take rates" for products we sellRelative currency values Adjusted EBIT MarginNet Income Attributable to Magna Same risks as for Total Sales and Segment Sales aboveExecution of critical program launchesOperational underperformanceProduct warranty/recall risksProduction inefficienciesUnmitigated incremental tariff costsRestructuring costs and/or impairment chargesInflationAbility to secure planned cost recoveries from our customers and/or otherwise offset higher input costsPrice concessionsRisks of conducting business with newer EV-focused OEMsCommodity cost volatilityScrap steel price volatilityTax risks Equity Income Same risks as Adjusted EBIT Margin and Net Income Attributable to MagnaRisks related to conducting business through joint venturesRisks of doing business in foreign marketsLegal and regulatory proceedingsChanges in law Forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward-looking statements, they are not a guarantee of future performance or outcomes. In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions, and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation: Macroeconomic, Geopolitical and Other Risks unpredictable tariff and trade environment;trade disputes and threats to free trade agreements;consumer confidence levels;increasing economic uncertainty;interest rates and availability of consumer credit;geopolitical risks; Risks Related to the Automotive Industry program deferrals, cancellations and volume reductions;economic cyclicality;regional production volume declines;deteriorating vehicle affordability;uncertain pace of EV adoption, including North American electric vehicle program deferrals, cancellations and volume reductions;intense competition; Strategic Risks planning and forecasting challenges;evolution of the vehicle;evolving business risk profile;technology and innovation;investments in mobility and technology companies; Customer-Related Risks customer concentration;market shifts;growth of EV-focused OEMs;risks of conducting business with newer EV-focused OEMs;dependence on outsourcing;customer cooperation and consolidation;consumer take rate shifts;customer purchase orders;potential OEM production-related disruptions; Supply Chain Risks supply base;supplier claims;supply chain disruptions;regional energy supply and pricing; Manufacturing/Operational Risks product launch;operational underperformance;restructuring costs;impairments;skilled labour attraction/retention;leadership expertise and succession; Pricing Risks quote/pricing assumptions;customer pricing pressure/contractual arrangements;commodity cost volatility;scrap steel/aluminum price volatility; Warranty/Recall Risks repair/replace costs;warranty provisions;product liability; Climate Change Risks transition risks and physical risks;strategic and other risks; IT Security/Cybersecurity Risks IT/cybersecurity breach;product cybersecurity; Acquisition Risks inherent merger and acquisition risks;acquisition integration and synergies; Other Business Risks joint ventures;intellectual property;risks of doing business in foreign markets;relative foreign exchange rates;pension risks;tax risks;returns on capital investments;financial flexibility;credit ratings changes;stock price fluctuation; Legal, Regulatory and Other Risks legal and regulatory proceedings;changes in laws; andenvironmental compliance. In evaluating forward-looking statements or forward-looking information, we caution readers not to place undue reliance on any forward-looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements, including the risks, assumptions and uncertainties above which are: discussed under the "Industry Trends and Risks" heading of our Management’s Discussion and Analysis; andset out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40-F with the United States Securities and Exchange commission, and subsequent filings. Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be also found in our Annual Information Form. Additional information about Magna, including our Annual Information Form, is available through the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca, as well as on the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68b66606-deed-422d-8ad3-814421a488cd

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