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  • MIL-OSI Russia: Mikhail Mishustin held talks with Prime Minister of Kazakhstan Olzhas Bektenov

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The meeting took place as part of the working visit of the Chairman of the Government of the Russian Federation to the Republic of Kazakhstan.

    From the transcript:

    Mikhail Mishustin and Prime Minister of Kazakhstan Olzhas Bektenov

    January 30, 2025

    Mikhail Mishustin held talks with Prime Minister of Kazakhstan Olzhas Bektenov

    January 30, 2025

    Mikhail Mishustin held talks with Prime Minister of Kazakhstan Olzhas Bektenov

    January 30, 2025

    Previous news Next news

    Mikhail Mishustin and Prime Minister of Kazakhstan Olzhas Bektenov

    O. Bektenov: Dear Mikhail Vladimirovich, I am glad to welcome you to Astana.

    This is our first meeting this year. I consider it an excellent opportunity to sum up our joint work last year and outline prospects for cooperation.

    Taking this opportunity, I would like to congratulate you on the 20th anniversary of the signing of the treaty on the Kazakh-Russian state border. Russia has been and remains a key strategic partner and ally for Kazakhstan.

    Thanks to the joint efforts of the heads of state – Kassym-Jomart Kemelevich Tokayev and Vladimir Vladimirovich Putin, bilateral cooperation has been brought to a qualitatively new level.

    The state visit of the President of Russia to Kazakhstan in November last year once again confirmed the allied nature of relations between our countries.

    An important task for the two governments is to ensure the full practical implementation of all the agreements reached at the highest level. Including increasing the volume of bilateral trade to 30 billion dollars.

    Kazakhstan pays special attention to the development of interregional and cross-border cooperation. We positively evaluate the results of the anniversary, XX Forum of Interregional Cooperation in Ufa. The next, XXI forum is planned to be held this year in Kazakhstan, in the city of Uralsk. This format, in our opinion, demonstrates its effectiveness from year to year and is a link between the regions of our countries.

    I am confident that the current year will be rich in terms of joint events and mutual contacts at various levels.

    As I have already said, Russia is one of our main trading partners. In 2023, the volume of trade turnover increased and amounted to more than 27 billion dollars. In principle, good results were also achieved over the 11 months of last year – more than 24 billion.

    It is important for us to continue to maintain this positive trend.

    The volume of mutual investments is consistently increasing. Over the past 20 years, Russian investors have invested more than $25 billion in direct investment in the economy of Kazakhstan. Over the same period, Kazakhstani companies have invested $8.7 billion in the Russian economy.

    In just nine months of last year, the gross inflow of Russian investment was 43%. And the total amount today is 2.8 billion dollars. More than 23 thousand companies with Russian participation operate in Kazakhstan. This is almost 40% of the total number of enterprises with foreign capital.

    We are interested, naturally, in the creation of new production facilities, in the implementation of new joint projects. We offer Russian companies to take an active part in the implementation of various types of joint investment projects in Kazakhstan.

    The intergovernmental commission on cooperation plays a special role in solving a wide range of issues of bilateral cooperation and increasing trade turnover. We also see positive results from the implementation of the comprehensive economic cooperation program for 2021–2025.

    In this context, we consider it appropriate for our responsible government agencies to begin developing an updated program for the coming years.

    The cultural and humanitarian sphere is also filled with practical content. The holding of cross-cultural Days of our countries has become a significant event. The cultural project “Russian Seasons” and the program “Big Tours” have been successfully implemented.

    Among recent events, one can note the opening of a bust of the classic Kazakh poet Abai Kunanbayev in Kazan and the showing of the opera “Abai” in the Kazakh language at the Bolshoi Theater in Moscow.

    Dear Mikhail Vladimirovich, the Government of Kazakhstan is ready to continue to closely interact and develop full-scale cooperation in all areas.

    Please, the floor is yours.

    To be continued…

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Security: Europol warns consumers to be mindful about fake medicines offered online

    Source: Europol

    Operation SHIELD’s 2024 edition was led by a steering group composed of French, Greek, Italian and Spanish law enforcement authorities. Europol supported this wide-reaching operation with several operational meetings and the deployment of experts with mobile offices offering analytical and forensic support.Preliminary results of Operation SHIELD V418 individuals arrested, charged, or under prosecution 52 organised crime groups investigated4 underground labs…

    MIL Security OSI –

  • MIL-OSI: Local Trade Copier Expands to Support MT4 & MT5 Trade Copying to DXTrade

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Jan. 30, 2025 (GLOBE NEWSWIRE) — Local Trade Copier, the leading software for seamless trade copying across trading platforms, has introduced MT5 & MT4 to DXTrade support in its latest update. This enhancement allows users to copy trades from both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to DXTrade effortlessly, making it easier than ever for traders to transition between these platforms without disrupting their strategies.

    A Seamless Trading Experience Across Platforms
    The integration of MT4 & MT5 to DXTrade trade copying addresses a significant challenge faced by traders who rely on MetaTrader tools and strategies. Many brokers and traders have transitioned to DXTrade in recent years, requiring new solutions to maintain efficiency and continuity. With Local Trade Copier, traders can now keep using their trusted MetaTrader bots, indicators, and automated strategies while copying trades directly to DXTrade.

    This update offers numerous advantages:

    • Instant trade copying from MT4 and MT5 to DXTrade.
    • Compatibility with MetaTrader indicators and Expert Advisors (EAs).
    • Elimination of the need to reprogram MetaTrader strategies for DXTrade.
    • Secure, locally installed software to ensure data privacy.
    • Automatic lot size allocation for accounts with varying balances.
    • Auto-symbol mapping for copying trades even with differing symbol names.

    Empowering Traders Without Compromising Strategies
    This update ensures traders can adapt to DXTrade while continuing to utilize the robust tools they have built in MetaTrader. By enabling both manual and automated trade copying, Local Trade Copier provides a versatile solution for retail traders, institutional clients, and prop firms.

    “Local Trade Copier’s integration with DXTrade reflects our commitment to providing innovative solutions for traders. Supporting both MT4 and MT5 trade copying to DXTrade ensures that traders can transition without sacrificing the strategies they’ve spent years perfecting,” said Rimantas Petrauskas, Founder of Local Trade Copier.

    About Local Trade Copier
    Local Trade Copier is a cutting-edge software solution designed to facilitate seamless trade copying across platforms. Supporting MT4, MT5, and now DXTrade, Local Trade Copier empowers traders to execute their strategies efficiently while ensuring flexibility and privacy. By addressing the challenges of platform migration, Local Trade Copier has become a trusted tool for traders worldwide.

    For more information, visit www.mt4copier.com.

    Media Contact:
    Rimantas Petrauskas
    Founder
    rimantas@mt4copier.com
    www.mt4copier.com

    Disclaimer: This content is provided by the Local Trade Copier. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    The MIL Network –

  • MIL-OSI Economics: Toyota Mobility Foundation and City of Vichy Launch Innovative Mobility Project for People with Reduced Mobility

    Source: Toyota

    Headline: Toyota Mobility Foundation and City of Vichy Launch Innovative Mobility Project for People with Reduced Mobility

    The Toyota Mobility Foundation (hereinafter referred to as “TMF”), in collaboration with the City of Vichy, CREPS training campus and three innovative startups, are proud to announce the launch of a project aimed at improving mobility for individuals with reduced mobility. This initiative underscores TMF’s dedication to fostering inclusive mobility solutions that enhance independence and accessibility, reflecting their broader mission to enable more people to go to more places and realize their full potential.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung recognised as a Top Employer for the eleventh consecutive year

    Source: Samsung

     
    Samsung has been named a Top Employer in South Africa for 2025. This prestigious certification recognises Samsung’s exceptional commitment to creating an outstanding workplace through excellent human resources (HR) practices and people-first policies.
     
    The award, granted by the Top Employers Institute, acknowledges Samsung’s dedication to employee wellbeing, innovative work culture, and strong career development opportunities. This achievement reflects Samsung’s continuous investment in its most valuable asset – its people.
     
    Loren Naicker, People Group Head at Samsung South Africa said “This achievement celebrates our incredible team. The Top Employers Institute has recognised what we’ve always known: our workplace isn’t just exceptional on paper, it’s exceptional because of the spirit each of our employees bring to the office every day.”
     
    Samsung’s commitment to excellence shines through its people-first culture. By fostering an environment of mutual respect and innovation, Samsung’s created a workplace where professional growth and collaborative success go hand in hand. Their supportive ecosystem empowers every individual to contribute their best and achieve extraordinary results.
     
    Naicker concluded “As an 11-time Top Employer award winner, Samsung continues to set the benchmark for workplace excellence. We invite talented individuals to join our innovative team where exceptional careers are built, diversity is celebrated, and tomorrow’s innovations come to life.”
     

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Shell’s destructive profiteering is wrecking our planet

    Source: Scottish Greens

    30 Jan 2025 Climate

    Fossil fuel giants are destroying our climate

    More in Climate

    The choices of oil giants like Shell are having a devastating impact on our planet, says the Scottish Greens’ climate spokesperson, Mark Ruskell MSP.

    Mr Ruskell’s comments came as Shell published its profits for 2024.

    Mr Ruskell said:

    “The destructive profiteering and climate-wrecking choices of oil giants like Shell are having a devastating impact on our planet.

    “The focus on fossil fuels has left households across our country with higher bills, a broken energy market and a bleak outlook for future generations.

    “We urgently need to halt the expansion of oil and gas and make a generation-defining national and global investment in clean, green energy.

    “These companies should be investing their profits in a renewable future rather than buying back shares and offering eye-watering dividends.

    “We are sitting on a gold mine of green energy sources here in Scotland, but we won’t see the benefit without fundamental government support. 

    “Leaving fossil fuels in the ground and going green is the only way to secure our future and ensure a liveable planet for generations to come.”

    Mr Ruskell added:

    “The last few years have seen record high temperatures, with extreme weather events becoming even more damaging and even more common.

    “We can’t go on like this. We cannot sit back and allow climate chaos to become our new normal.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Dundee University can no longer ignore staff

    Source: Scottish Greens

    30 Jan 2025

    Universities are not businesses.

    Lecturers, researchers, technicians and student support workers should not be made to pay the price for the negligence and incompetence of Dundee University management, says Scottish Green MSP Maggie Chapman.

    Ms Chapman was commenting as voting by university staff in a strike ballot comes to an end. If successful, mass strike action within six months of the ballot is a possibility.

    This follows a financial crisis that has seen university senior management freezing all spending, including for postgraduate students, and threatening compulsory redundancies for staff.

    On 13th November last year, staff received notice that University management had built up a £30 million deficit. Whilst no formal process for voluntary or compulsory redundancies has started, senior managers have threatened people with job cuts and warned that the University’s future is at stake. 

    There are, apparently, ongoing discussions about a recovery plan, but staff and students have not been part of these discussions in any meaningful way. Both staff and students have condemned the lack of proper process or justification for these cuts. 

    Scottish Green MSP Maggie Chapman, who represents Dundee as part of the North East Region, said:

    “This crisis is a product of senior management’s bad decision-making and poor governance. 

    “What little financial information has been made available shows that staff costs are not the cause of the deficit. Lecturers, researchers, technicians, student support workers – all those who actually make the university work – should not be made to pay the price for the negligence and incompetence of management.

    “The University Executive Group hasn’t even afforded staff the dignity of transparency, clarity, or security. Senior leaders have failed to conduct any meaningful engagement with unions, and continue to evade any line of questioning. Whatever the outcome of this ballot, it will be impossible for the University to continue ignoring the voices of their staff.

    “It is shameful, and a complete injustice, that the executive is offloading the consequences of their actions onto those who are in no way to blame for this deficit.” 

    “This crisis reveals a deeper fracture in our higher education sector, where universities have sought to operate like businesses focused on profit rather than as education institutions focused on wider societal benefit and wellbeing and supporting staff and students.” 

    The University has hosted two all-staff ‘town hall’ meetings. Both have been attended by over 1000 staff members. Both saw staff voicing their concerns directly to the Interim Principal. Neither saw any questions from staff properly answered. There appears to be no faith in the Interim Principal nor the wider Executive Group.

    Ms Chapman added:

    “Staff aren’t just angry, they’re exhausted. They’re hurt. They’re being treated as financial liabilities, but it is senior management that poses the greatest risk to the University. Failing in their key duty to maintain the sustainability of the institution, they have tarnished the University’s reputation and lost the faith of their staff.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bold action needed to cut number of cars on our roads

    Source: Scottish Greens

    30 Jan 2025 Transport

    We need to boost public transport.

    More in Transport

    Scotland must take bold action if we are to reduce the number of cars on our roads, says the Scottish Greens’ transport spokesperson Mark Ruskell MSP.

    Mr Ruskell’s comments follow the publication of a new report from Audit Scotland warning that the 2030 target for cutting car use is likely to be missed.

    Mr Ruskell said:

    “This must serve as a wakeup call. We urgently need to reduce the number of cars on our roads if we are to have any hope of hitting our climate targets. It won’t happen by itself, it will need bold action to get us there.

    “Part of the challenge is the extortionate cost of transport. By introducing cheaper bus and train fares we can encourage people to make the switch to greener alternatives and to leave their car at home.

    “That’s what we did when the Scottish Greens secured free bus travel for everyone under 22, which has seen over 700,000 young people taking over 150 million free journeys.

    “We also secured the removal of peak rail fares for 12 months, boosting rail travel and saving regular commuters hundreds of pounds. The SNP’s decision to reintroduce peak fares was the wrong decision at the wrong time.

    “If we are to discourage car use in short journeys then we need to make it easier to be green. That means investing in walking, wheeling and cycling infrastructure and boosting local transport options.

    “We all benefit from safer and more accessible streets and cleaner air. I want that for every community in Scotland, and reducing the number of cars is a crucial step to getting there.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: SPbGASU expands cooperation on water supply and water resources protection with Kairos Engineering

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    Dmitry Ulrich

    A meeting of Kairos Engineering representatives with Dmitry Ulrikh, Dean of the Faculty of Environmental Engineering and Urban Management, was held at SPbGASU. Key issues of cooperation were discussed, including within the framework of the agreement signed in June 2024. Kairos Engineering was represented by Alexander Gottfried, Director of Project Production, Sergey Kostrov, Chief Engineer, Yulia Balandina, Chief Technologist, and Maxim Zuev, Project Manager.

    “We have outlined a plan for the implementation of joint projects, in particular, in the field of ecology and water resources: treatment facilities, water supply systems and water treatment,” Dmitry Ulrikh specified.

    Kairos Engineering has been operating in the industrial design market for over ten years and offers design solutions based on digital modeling in the field of water resources and heat and energy generation.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Australia: Doorstop interview, Shellharbour

    Source: Australian Treasurer

    Stephen Jones:

    Well, after 15 years and 5 elections, I’ve decided that it’s time for me to hand the baton on to somebody else and this will be my last term of office as the member for Whitlam. I want to start by thanking this fantastic community for the trust and the faith that they’ve placed in me over 15 years, together we’ve done lots of great things. I want to thank the members of the Australian Labor Party who supported me over 5 elections. I’ve held our values dearly and always have had those values in the forefront as I’ve made the decisions that I’ve made as a local member and as a Minister in the Albanese government.

    I want to thank the Prime Minister who’s been a friend of mine for many decades. I want to thank him for the faith that he’s placed in me and allowing me to be the Assistant Treasurer and the Minister for Financial Services in his government. The toughest job and the best job that I’ve ever had and it’s been an enormous honour. I want to thank all the amazing staff who are standing behind you, who are working for me and the staff that have worked with me over the last 15 years. Everything that I’ve done has been a group effort and in large part, it’s been a result of the amazing commitment, the loyalty, the dedication, and the brilliance of the people who’ve worked for them from the bottom of my heart, I want to thank you for everything that you’ve done for me.

    I want to thank my family, my wife Brooke, Jess is with me here today, my daughter, my son, Patty. For the love and affection and my huge friendship network, for the support that they’ve given me over those 15 years. It’s been a long journey, but a great one. And an enormous honour. Together, we’ve done lots of things. I have had the pleasure of growing up in this fantastic region. And lived most of my life here and I’ve seen enormous changes over those years. We still make steel here and we still mine coal, but as a region, we’re much, much more.

    We’ve got a world‑class university, which is on a yearly basis, graduating thousands of students, many of whom are the first in their generation ever go to university. And it’s giving them a great opportunity in life. We’re rebuilding the TAFE system, which is actually the reason I first came to the Illawarra when my father moved down here to be a TAFE teacher at Wollongong TAFE and its a sense of great pride to me that my government is prioritising TAFE and apprenticeships and fee‑free TAFE to ensure that whether you go to university or whether you take up a trade, you’ve got a path in life, which is going to give you a secure and decent job.

    There’s new infrastructure for new suburbs. Anyone who has lived down here in the southern part of the Illawarra or up in the Southern Highlands will know where once there was farmland, there are now suburbs. Large parts of the electorate that I represent weren’t actually there when I was first to elected to parliament. I’ve really enjoyed getting to know and representing a diverse and vibrant community from the coast to the Hume Highway, and all the challenges that has entailed.

    We’re building new infrastructure. More needs to be done in that area. I look with pride at the fact that we’re investing in social housing. There are kids who are down the road living in social and supported housing in Warilla because of the investments that we’ve put into this region. We’ve connected every house and business to the NBN. It was a big feature of my first campaign back in 2010 to connect the region and connect the businesses, and the things we now take for granted had to be fought for and had to be delivered. More to come in that area.

    The National Disability Insurance Scheme, I worked in the disability sector here in the Illawarra before I was elected and I have a sense of great pride that I belong to a government that said, now’s the time and we’re going to make this second. Not perfect, more needs to be done, but we’ve got a scheme and people’s lives are immeasurably better because it took the courage and the conviction of the government that I was a part of back in 2010 to put that in place.

    We’re rebuilding Medicare. It’s a huge priority. GP services are stretched here in the Illawarra, both the availability and the affordability, so Medicare, which I believe will be a key feature of the campaign, is more important now than ever and rebuilding Medicare after years of neglect, is a national priority.

    I have also had the great honour of being a member of the government’s economic team. When we came into government, inflation was double what it is today, so we put a lot of work into bringing inflation down while supporting people. Many people who are saying we should just slash and burn. Australia would be in a recession today if we followed their advice and that would mean instead of millions of people being in work, there’d be millions of people who are out of work.

    I left school in 1983 in this region. Some of you might remember, I remember what it was like when people were leaving school and couldn’t get a job and didn’t have hope for their future. So people will criticise the decisions we’ve made, but they were right. It means Australians, particularly young Australians are in jobs today and I’m proud of that. We’ve balanced our budgets, but we’ve done that in a responsible way. We’ve got full employment, something that I haven’t seen in my adult lifetime.

    And as a minister, I’ve been really proud to prioritise consumer protections, new rights, and new methods for consumers to ensure that whether it’s at the supermarket or online, their rights are protected and their money is kept safe. I’ve got a bill in parliament next week, which I want to get passed. The Scams Prevention Framework, I’ve put a lot of work into that over the last 5 or 6 years when I started talking about it nobody was. Now everyone’s talking about it. I want to ensure that Australia is the safest place for Australians to do their business and the hardest place for criminals to rip Australians off. So my job is not done. I’ve got some work to do. I want to get legislation through parliament. The Prime Minister has asked that I stay on until the election in the role as Assistant Treasurer and Minister for Financial Services, I’ll continue to do that.

    I’ll continue to fight for something I started as a scruffy union official in the mid‑80s. To fight for superannuation. I feel passionate about that. I want to ensure that this great national institution that started from zero is now the fourth largest pool of private savings anywhere in the world, tenth largest economy, fourth largest pool of superannuation savings. That’s an amazing achievement. A lot of people want to pull it apart, I’ve put a lot of work into saving it and ensuring that as of July this year, every worker gets 12 per cent of their salary on a fortnightly basis going into their pay. Nobody at the age of sixty thinks ‘I’ve got too much money in super’, nobody and that’s because of the great system that we have built.

    We’re building financial advice so that people who retire and have access to the information and advice that they need. Now in a moment I’ll take some questions, and my media advisors will hate when I say this, people sometimes ask you into moments like this, what’s your legacy? I’ve always thought that people in my position they brag about their legacy, they’re Wallys. This is always a collective and a group effort and I strongly believe that we’re custodians. We look after something while we’re here. The truly greats have a legacy and the rest of us, we’re custodians and we do our best, we ensure that the system we inherited is looked after and improved along the way. And that’s where I put myself and it has been one of the great honours of my life to be the member for this amazing area, and a Minister in this fantastic government. Happy to take your questions.

    Journalist:

    I guess the big question is what has prompted the decision to call it quits?

    Jones:

    Thanks Glen. Fifteen years is a long time. The average length of time for a member of Parliament is 5 and a bit years. I’ve done 15. I’ve just reached the stage in my life where I think, it’s time for me to do something else, I don’t know what that is yet, frankly. I don’t know what that is yet. I’m taking a decision which some people might describe as courageous. I’m going to do something different, and I’m confident that the Labor party will select a candidate who’ll run in this election and uphold the values and stand for the things that people in this region need. Whether it’s free TAFE, better infrastructure, the future for our steel industry, rebuilding Medicare, I didn’t say enough about the steel industry by the way. There were times over my 15 years where it was touch and go. I remember in that first term of one between 2010 and 2013, it was direct intervention by the Gillard government which ensured that Port Kembla Steelworks continued to exist and if it didn’t make those interventions, which I was involved in, it wouldn’t have. It’s going from strength to strength today, it’s turning a profit and that’s a great thing and I’m proud to have been a part of that. Wherever I am, whatever I’m doing, I’ll be fighting for the future of manufacturing in this country and this region, that’s really important.

    Journalist:

    What achievements are you most proud of Stephen?

    Jones:

    Proud of being a part of a government that delivered the NDIS, delivered the National Broadband Network. I’m proud of a bunch of the conversations that I’ve either been a part of or lead or been a leader in. When I first stood up in, if you look back through your archives, Glen, you’ll see some front pages of the Illawarra Mercury, saying perhaps some unfavourable things about me for standing up on marriage equality. It was controversial then it’s the law of the land today. It was a part about trying to make that a mainstream issue. It’s about equality. I was proud of how an issue that’s on the agenda again today.

    Some you might remember a bloke by the name of Robbie Waterhouse who was on our TV screens every 15 seconds back in 2012/13. I was annoyed that I’d take my kids to the sport and they’d hear more about the odds than the rules of the game and there weren’t a lot of voices jumping up then and saying, yeah, we’ve got knock this gambling advertising on the head and we reformed it and it’ll fall to others to do more in that space down the track.

    Really proud of protecting superannuation, the former government tried to cancel the superannuation guarantee levy increases from 9.5 per cent to 12 per cent. I was proud back then when a lot of people thought that was a campaign that couldn’t be won, I said, this is a campaign that must be won. Worked with my good mate, Paul Keating, who I was talking to this morning and we agree this is a campaign that must be won, this is a Labor story, that must be protected for generations to come. Proud of that. We’ll continue to fight for superannuation.

    Almost 3 years to the day. I was talking to my sister a couple days ago, the anniversary of the death of my nephew almost 3 years to the day, I got up in parliament and gave a speech which was very heartfelt as a father and an uncle about the conversation that the country was headed down. I don’t think it’s the role of parliament to be telling individuals who their identity is or parents how they should be parenting, and I felt that very personally, and more than that, I thought the conversation that the nation was involved in about people’s sexual identity and gender identity was not only wrong, it was incredibly harmful because this was sending a very clear message to people that they weren’t right and they weren’t loved. I thought that was not only wrong, I thought it was dangerous. What we say in parliament matters, the tone with which we use our voice matters and it was important to me. So, when you talk about legacy, I think some of it is how we set the public conversation and how we talk about things that matter and I’ve always tried to use my voice responsibly and that way to ensure, the people’s rights and values and dignity and individualism is protected.

    Journalist:

    And when did you use your voice to tell the prime minister that you were going to step down and what was his response for hearing that news?

    Jones:

    Anthony, the Prime Minister is a very old mate of mine and a great Australian and a great Prime Minister. I had the first conversation with him about 6 months ago just thinking about this, I love what I’m doing but I don’t know if I’ve another 3 years in me, I had the conversation again before Christmas and went away on leave to see whether it was going to pass, it didn’t. Anyone – some of you have – worked alongside me for many years know, I chuck everything at it. There’s no off button and you can only do that for so long. These people behind me deserve a bit more time. I’m not going to use that cliche line. But I actually do want my weekends back. And I want to spend a bit more time with the people I love. It’s true. It’s a bit hacky, but more than anything, I want to hand the baton over, I want to leave well, and I want to ensure that I go on and lead a new chapter in my life.

    Journalist:

    Are you confident that Whitlam will remain Labor heartland?

    Jones:

    I’ve never taken this seat for granted. I’ve always treated it as a seat that is marginal, and if you act like that the people will see that you’re not taking them or their issues for granted and they’ll respect that. And that’s the advice I will give to whoever succeeds me.

    Journalist:

    Any regrets? Anything you wish you could re‑do?

    Jones:

    There’s always things you thought you might have gone harder at, you might have gone, maybe I shouldn’t have said that this way, but, I always look forward, not backwards again, Liv, it’s been an honour of my life to represent a region that I love and that I grew up in and that has given so much to me. I hope people reflect on my time here and agree that I’ve given everything I could to it.

    Journalist:

    Are you going to remain here?

    Jones:

    I love this region and I’ll always be attached to it. I haven’t decided what I’m going to do next. In large part that’ll be driven by that. But frankly, if you had a choice between spending a summer afternoon on a beach in Sydney or a summer afternoon on any of the beaches around here, you wouldn’t linger too long on which place you’d go to, would you?

    Journalist:

    And in terms of the replacement, will the branches get to preselect their own candidate, or is that going to be something parachuted in by the Prime Minister?

    Jones:

    That’ll be a matter for the party to work through and I deeply respect the views and aspirations of the members in that respect, but I’m only one voice in that. I will continue to serve with all my heart, energy and strength until the election is determined. But matters of succession will be dealt with by others, I’m just one just one voice in it.

    Journalist:

    What does Labor need to do to stay in government given the polls are suggesting we’re heading towards a minority government?

    Jones:

    I think if people look at the bare facts and ask themselves, who’s got the better plan for the future, there is only one answer to that. If your concern is energy, then ensuring that you vote for the party that backed you in and gave you energy relief, instead of the party that voted against energy relief is a rational decision. If your concern is about having a new energy generation system, which is fit for the future, has got the best technology and is online over the next year or 2. You’ll go with Labor’s plan, not this nuclear fantasy which won’t generate one new watt of power for another 20 years. That is a recipe to provide every Australian household with an increase in their power bills of $1,200 a year. That’s nuts.

    I think we’ve done a lot in the last 2 and a half years. We’ve restored workers rights, we’re rebuilding Medicare, we’ve balanced the budget twice, paid down $80 billion worth of debt, we’ve got a million Australians who are in work who wouldn’t otherwise be. We need another term to finish the job to ensure that we rebuild manufacturing in this region in this country through a Future Made in Australia. We rebuilt Medicare, we fixed the National Disability Insurance Scheme. And more than anything can I say this to you?

    Australia’s got to have a big story. Australia is a great country and a big continent, it’s got to have a big story and there’s got to be a place in it for everyone. We don’t want to have a prime minister and a government that goes down the route of saying, my path to government is by dividing Australians and saying to some Australians there is no place in our national conversation for you and you’ve got to be invisible because I’ve got this view about Australia looks like and that’s the only view of Australia that I’m comfortable with and I think we’re better than that. I think the story of Australia, as I said once before, it’s the story of Breaker Morant, It’s the story of Puberty Blues, it’s the story Priscilla Queen of the Desert, it’s the story of Jedda, it’s the story of The Chant of Jimmie – it’s all of these stories. And to ignore one or some of them and say the only way to be Australian is the one that looks like me is un‑Australian.

    Journalist:

    And what’s it been like to be serving in an electorate named for perhaps the party’s greatest leader?

    Jones:

    He’s a great man. And it’s a great honour. As you can see I’ve got some of his key photos on the wall. He was a great man. Australia’s largest trading partner is China. You talk about economic management, Scott Morrison and the Liberals left our trading relationship with China in tatters. Over 3 years we’ve rebuilt it. It means farmers are selling produce into China that they were locked out of. It means iron ore is flowing into Chinese ports. It means our traded goods are moving into China and Australians are wealthier for it. That started with Gough Whitlam. That started with the Labor government when it was controversial to say we need to trade with every country in Asia, a Labor government did it and we are immeasurably wealthier as a country to today and we will be immeasurably wealthier as a country, over the next 3 years if we back in the Albanese government, the Future Made in Australia and a plan to build a better future that has a place in it for every Australian. Unless there’s any further questions.

    Journalist:

    Just one last one Stephen. I just want to ask one just about the news bargaining code. Who would you like to see take up the work negotiating with the tech giants?

    Jones:

    I will continue the work until the election on the news media bargaining code. I’ve been working closely with my colleague Michelle Roland on this, we will continue that work. I want to see a unity ticket across the parliament on this because when we are talking to the rest of the world, we should talk with one voice. Not as the blue team, or the red team or the green team or the brown team, or whatever, we should be talking with one voice. So I want a unity ticket across the parliament and I’ll continue to put as much energy over the next few months into that as I did over the last 6 months. Thanks so much.

    MIL OSI News –

  • MIL-OSI USA: Senator Marshall Releases Statement Following News of Wichita, Kansas Flight Crash in Washington D.C.

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. issued the following statement after the horrific news of a military helicopter colliding into an incoming flight from Wichita, Kansas to Washington Reagan International Airport. 
    “Tonight, we received devastating news of what can only be described as nothing short of a nightmare.  A plane, traveling to the Nation’s capital from Wichita, KS carrying roughly 60 passengers collided with a Military helicopter. My prayer is that God wraps his arms around each and every victim, and that he continues to be with their families. 
    There’s no words that can make telling this story any easier. I ask the world to join me in praying for Kansas this evening, the first responders, rescue crews,and all those involved in this horrific accident. I have been in contact with local and national authorities asking for answers, and will continue to demand more information on how this unfolded.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Caring school rated Good in all areas by inspectors

    Source: City of Wolverhampton

    They visited St Matthias in December and, in their report published recently, found that ‘everyone belongs here’ and that pupils ‘appreciate how caring the school is’.

    The school provides a calm and orderly environment, behaviour is good, and relationships between pupils and staff are ‘positive, courteous and respectful’.

    Staff are ‘passionate’ about working with pupils and their families to ensure that pupils are ready to learn, and the school’s revamped curriculum offers a wider range of subjects, is challenging and meets the interests of learners.

    The curriculum also reflects the school’s high aspirations for its pupils, including those with special educational needs and or disabilities (SEND) who are supported well in St Matthias’ specially resourced SEND provision.

    Teachers explain new ideas clearly, carefully check how well pupils understand their work and make good use of new technologies to identify gaps in pupils’ knowledge.

    The school provides many opportunities for pupils to enrich their social and cultural understanding, and pupils recognise that St Matthias is ‘helping them to become responsible and respectful citizens’.

    Pupils have opportunities to demonstrate leadership skills as school ambassadors or fundraising for the community, and also enjoy wide range of clubs and activities. Meanwhile, a ‘well-structured’ careers programme gives them the chance to understand more about the world of work and enable them to feel ‘ready for their next steps in life and education’.

    Inspectors judged the quality of education, behaviour and attitudes, personal development, and leadership and management all to be Good.

    Headteacher Dean Coombes said: “We are pleased that a team of inspectors confirmed what we already know. Our children and our adults are doing a good job. I am proud of them.”

    Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, added: “This is another excellent report for St Matthias School which describes a calm and caring school where pupils and staff respect one another, and where students achieve well. I would like to congratulate everyone at St Matthias on their continuing success.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New baby weighing service launched

    Source: City of Wolverhampton

    The City of Wolverhampton Council’s Public Health team have joined forces with libraries, Family Hubs and the Health Visiting Team to provide a network of self weigh baby scales at locations across the city.

    Regular monitoring of a baby’s weight can help ensure they are thriving and meeting their growth milestones, giving parents peace of mind and fostering confidence in their child’s development.

    The self weigh baby scales empower parents to track their child’s weight, without the need for an appointment. Additional support is also available for anyone with questions or concerns about their baby’s weight, with trained staff and health professionals on hand to offer help and guidance.

    The service is already available at Graiseley Family Hub on Mondays from 9am to 11.30am, Central Library on Tuesdays from 10am to noon, Bilston Library on Wednesdays from 10am to noon, and Low Hill Family Hub on Fridays from 9.30am to 11am. They will also be available at the Children’s Village Family Hub on Thursdays from 1pm to 3pm starting on 20 February, 2025.

    Councillor Jasbir Jaspal, Cabinet Member for Adults and Wellbeing, said: “These self weigh baby scales are a valuable addition to our Family Hubs and libraries, strengthening our ongoing commitment to supporting families across Wolverhampton.

    “By providing self weigh baby scales, we are making it easier for parents and carers to monitor their baby’s development in convenient and welcoming spaces, and whether you have queries about growth, feeding, or general wellbeing, our specially trained staff are here to support you every step of the way.

    “It’s a great example of how working together with our partners can make a real difference to the health and wellbeing of our community, and help every child get the best start in life.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Fashions will be back in style at Mayor’s charity fundraiser

    Source: City of Wolverhampton

    Charity Fashion and Fizz takes place at the Beacon Centre, Wolverhampton Road, on Tuesday 25 February. Doors open at 6pm and the fashion show, featuring over a dozen models, starts at 6.30pm.

    Tickets, which must be booked in advance, are available at TicketTailor | Charity Fashion Show and cost £15, including a glass of prosecco or alcohol free alternative on arrival. Clothing will be on sale on the night.

    All proceeds will go to the Mayor’s chosen charities, the Beacon Centre, Age UK Wolverhampton and Samaritans Wolverhampton.

    Mayor Councillor Leach said: “Join us for an unforgettable evening of style, fun, and community as we come together to support good causes that truly make a difference.

    “This Charity Fashion and Fizz Show is more than just a runway – it’s an opportunity to make a lasting impact. For only £15, you’ll experience a great charity fashion show using sustainable clothes from the Beacon’s amazing network of charity shops. Please come along and support these fantastic local charities.”

    Beacon Centre Chief Executive Lisa Cowley added: “We’re absolutely thrilled to be hosting a fabulous fashion show on behalf of the Mayor of Wolverhampton here at the Beacon Centre.

    “It promises to be an evening full of style, all in support of some great causes. Whether you’re a fashion enthusiast or just looking for a fantastic night out, we’d love to welcome you. Come along, bring your friends, and let’s make it an event to remember!”

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Taranaki Maunga Granted Legal Personhood

    Source: Te Pati Maori

    Today marks a historic moment for Taranaki iwi with the passing of the Te Pire Whakatupua mō Te Kāhui Tupua/Taranaki Maunga Collective Redress Bill in Parliament.

    “Today, we stand together as descendants of Taranaki, and our tūpuna, Taranaki Maunga, is now formally acknowledged by the law as a living tūpuna. Its mana and mauri will forever be protected”, said Te Pāti Māori Co-Leader Debbie Ngarewa-Packer.

    “For over 150 years, the grief of the Maunga’s confiscation in 1865 has carried through our whānau and iwi.

    “This harm was not only an injustice but a deliberate act by the Crown to strip us of our connection, our taonga, and our mana. The impact of this muru raupatu has been felt across generations, and its mamae remain with us today.

    “This Bill is a step towards restoring the balance that was lost. It reaffirms the enduring relationship between Ngā Iwi o Taranaki and our whenua, ensuring our culture, sovereignty, and identity are honoured in perpetuity.

    “The Crown must now acknowledge the living, ongoing relationship we have with our whenua, with our Maunga. This is not just about the past- it is about the present and the future.

    “While we celebrate this significant victory, we must not overlook the continued threats to undermine Te Tiriti o Waitangi and the ongoing attacks on te iwi Māori.

    “We will not be passive in the face of these threats. Just as we have fought for the recognition of our Maunga, we will stand firm and defend our rights, our whenua, and our people with unwavering strength and conviction.

    “This victory is for our tūpuna who have watched over us, for our whānau who have carried the pain, and for our mokopuna who will continue this legacy and walk in the light of our restored identity. While there is much restoration to happen, our journey of healing begins.

    “Kua hoki mai te mouri o tō tātou tūpuna a Taranaki. Hoki mai e Koro, hoki mai rā e”, concluded Ngarewa-Packer.

    MIL OSI New Zealand News –

  • MIL-OSI Security: New appeal to find man who went missing four years ago

    Source: United Kingdom London Metropolitan Police

    Police are issuing a renewed appeal for information about the whereabouts of a man who went missing from east London four years ago.

    Hussam Bashraheil was last seen in the Poplar area on 14 January 2021. He was 21 years old at the time of his disappearance and would now be 25.

    Officers from the Central East Missing Persons Unit continue to lead on the enquiry. They believe he travelled to the Theydon Bois area of Essex on 30 January 2021. Since then it is possible he has travelled beyond London, and is now living elsewhere in the UK.

    Police believe Hussam may have been going by a different name and could have established links with people in the local homeless communities.

    Hussam’s picture may not accurately reflect how he looks today. At the time of his disappearance he had dark curly hair, however he may have changed his hairstyle or grown facial hair. He is 5ft 11ins tall.

    Officers from the Central East Missing Persons Unit have said: “If anyone has seen or heard from Hussam, or if Hussam is reading this appeal, we would urge them to please contact us. We would like Hussam to know that there are many people concerned for his wellbeing who would be delighted to hear from him again.”

    If you can help contact the police on 101 and quote reference 01/884146/24. You can also report information anonymously to the Missing People charity on 180 000.

    MIL Security OSI –

  • MIL-OSI Security: New INTERPOL Regional Bureau for North Africa and the Middle East moves a step closer

    Source: Interpol (news and events)

    30 January 2025

    RIYADH, Saudi Arabia – The creation of a new INTERPOL Regional Bureau for North Africa and the Middle East (MENA) in the Kingdom of Saudi Arabia has taken an important step forward.

    The ‘Host Country Agreement’ was signed at a ceremony attended by Saudi Arabia’s Minister of the Interior, His Royal Highness Prince Abdulaziz Bin Saud Bin Naif bin Abdulaziz, INTERPOL President Ahmed Naser Al-Raisi and INTERPOL Secretary General Valdecy Urquiza.Aimed at strengthening INTERPOL’s engagement with the MENA region, the new Regional Bureau will serve as a hub for the Organization’s activities in supporting member countries in combating transnational crime and terrorism.

    It will also work closely with existing national and regional structures, such as the Arab Interiors Ministers’ Council, GCCPOL, and the Naif Arab University for Security Sciences to strengthen cooperation and information sharing.

    INTERPOL Secretary General (L) and Saudi Arabia’s Minister of the Interior (R) sign the agreement

    The establishment of the Regional Bureau was first proposed in 2016 at the INTERPOL Chiefs of Police Meeting for the MENA region. The plan was subsequently endorsed by INTERPOL’s General Assembly in Santiago, Chile, in 2019, with final approval for the Host Country Agreement from the Executive Committee in May 2024.

    The Agreement incorporates principles essential to ensuring the Regional Bureau’s proper functioning. The next steps in finalizing the creation and opening of the Regional Bureau will cover the financial, administrative, security and logistical aspects.

    MIL Security OSI –

  • MIL-OSI: Karolinska Development’s portfolio company Dilafor advances tafoxiparin following successful meetings with FDA and European regulatory authorities

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN – January 30, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company Dilafor has successfully completed regulatory meetings with the U.S. Food and Drug Administration, FDA, and European Health Agencies, regarding the continued development of the company’s drug candidate tafoxiparin. The completed meetings mark the end of a comprehensive dialogue with regulatory authorities in the US and EU to reach an alignment between the authorities on designing pivotal clinical Phase 3 studies in Europe and the US to evaluate tafoxiparin as a new potential treatment for priming of labor.

    Dilafor has completed interactions with US and European authorities during 2023 – 2024 to achieve an alignment in the regulatory process ahead of the upcoming clinical phase 3 trials with the company’s drug candidate tafoxiparin, developed for priming of labor. Positive outcomes from scientific advice meetings with the FDA and the EMA, were followed by a Simultaneous National Scientific Advice, SNSA, including five key national EU authorities, in December 2024. The meetings resulted in an agreement on the overall study design; in particular the primary endpoint, inclusion criteria, and the performance of the study. Following this positive development, Dilafor will now finalize the detailed planning for pivotal Phase 3 studies in the US and Europe.

    “There is generally a lack of new product development in the obstetrical area, and tafoxiparin represents a new principle and mode of action compared to available therapies. The extensive interactions with regulatory bodies in the US and Europe have been extremely helpful and have led to an alignment on the design of a Phase 3 program. Along the way, the FDA has been clear that they share the view on tafoxiparin’s mode of action resulting in priming of labor,” says Lena Degling Wikingsson, CEO, Dilafor.

    Currently, more than 30 percent of term pregnant women are induced into labor. Existing interventions require fetal and maternal surveillance in hospital due to maternal and fetal high risk of complications, generating high healthcare costs. National guidance for labor induction have recently been revised to encourage delivery at 39 weeks of gestation in the US and at 40–41 weeks in Europe. The change in routines is supported by strong scientific publications and has been shown to reduce the risk of stillbirth, neonatal complications, operative deliveries leading to improved maternal and neonatal outcomes. The new guidance will lead to a further increase in the number of deliveries requiring labor induction. To reduce the constraints at the obstetrical clinics a new, safe home-based treatment option for labor priming may be a future solution.

    Tafoxiparins novel mechanism of action represents a potential breakthrough in obstetrical care by mimicking the natural priming of labor process. The drug candidate uniquely initiates both cervical ripening and myometrial remodeling over several days, initiating a spontaneous onset of labor leading to a vaginal delivery without traditional mechanical or pharmacological interventions. Tafoxiparin is the first drug developed for self-administration by the mother using a daily autoinjector at home, marking a possible improvement in quality of life for the pregnant woman and her family. Moreover, the tafoxiparin drug candidate has in Phase 2 studies demonstrated potential to reduce fetal and maternal complications and associated healthcare expenses.

    “We are seeing a clear trend towards earlier induction of labor in both Europe and the US as it has been shown to reduce infant mortality and the risk of complications during delivery radically. This is putting pressure on an already strained maternity care system with increased hospitalization. The aim of tafoxiparin is to enable treatment at home to start a natural process of labor priming resulting in spontaneous onset of labor,” says Viktor Drvota, CEO, Karolinska Development.

    Karolinska Development’s direct ownership in Dilafor amounts to 3% and indirect ownership interest via KDev Investment in Dilafor amounts to 29%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: No need to RSVP: a closer look at the Tria stealer campaign

    Source: Securelist – Kaspersky

    Headline: No need to RSVP: a closer look at the Tria stealer campaign

    Introduction

    Since mid-2024, we’ve observed a malicious Android campaign leveraging wedding invitations as a lure to social-engineer victims into installing a malicious Android app (APK), which we have named “Tria Stealer” after unique strings found in campaign samples. The primary targets of the campaign are users in Malaysia and Brunei, with Malaysia being the most affected country.

    Our investigation suggests that this campaign is likely operated by an Indonesian-speaking threat actor, as we found artifacts written in the Indonesian language, namely several unique strings embedded in the malware and the naming pattern of the Telegram bots that are used for hosting C2 servers.

    Our findings, in a nutshell, are as follows:

    • Tria Stealer collects victims’ SMS data, tracks call logs, messages (for example, from WhatsApp and WhatsApp Business), and email data (for example, Gmail and Outlook mailboxes).
    • Tria Stealer exfiltrates the data by sending it to various Telegram bots using the Telegram API for communication.
    • The threat actor then exploits this data to hijack personal messaging accounts, impersonate account owners to request money transfers from the victims’ contacts, and compromise accounts with other services.

    Kaspersky products detect this threat as HEUR:Trojan–Spy.AndroidOS.Agent.*.

    Technical details

    Background

    We detected several APK samples tagged as Trojan–Spy.AndroidOS.Agent and originating from Malaysia and Brunei in our Kaspersky Security Network (KSN) telemetry and on third-party multi-antivirus platforms.

    Further investigation revealed multiple posts by Malaysian Android users on social media platforms like X and Facebook discussing a scam campaign involving malicious APKs and WhatsApp hijacking. Our analysis indicates that this campaign has been ongoing since March 2024, with the threat actor consistently using a wedding invitation theme to lure victims into installing the malicious app. We discovered two versions of malicious APKs, with the first one initially detected in March 2024, and the second one in August of the same year. The newer sample was slightly upgraded with additional functionality and adjusted wording in messages that were sent to Telegram bots.

    We named this malware “Tria Stealer” after the username found in all APK samples in the message that is sent to the C2 server during the initial execution of the malware, which states, “Having any issues? Contact me at ‘https://t[.]me/Mr_tria’”. This suggests that “Mr Tria” may be the support contact or the individual in charge of the campaign.

    Overview of the Tria Stealer campaign

    According to our observations, the threat actor uses stolen messages and emails to obtain security codes for hijacking their victims’ WhatsApp and Telegram accounts which will be used for distributing the malicious APK to the victims’ contacts. Not only that, but our researchers also have observed that the threat actor takes advantage of the hijacked WhatsApp and Telegram accounts to impersonate their owners, asking the targets’ contacts to transfer money to the actor’s bank accounts.

    Besides WhatsApp and Telegram accounts, the threat actor was also able to take over and sign in to the victims’ accounts with other services by requesting transaction authorization codes (TACs) and one-time passwords (OTPs) for the relevant platforms, and then accessing the security codes in the text messages which they intercepted.

    Delivery method

    The threat actor distributes the APK via personal and group chats in Telegram and WhatsApp, using messages that invite recipients to a wedding and require them to install the APK to view an invitation card.

    Delivery through a compromised WhatsApp account (on the left) and through a compromised Telegram account (on the right)

    First-time execution

    When the malicious Android app is installed, it checks whether it is being opened for the first time via the IntroActivity function, which is triggered only during the initial app launch. The app also retrieves the Boolean value associated with the key firstStart in the SharedPreferences object. If this key does not exist, the default value true is returned, meaning it’s the first time the app has been opened.

    In that case, the malware requests the android.permission.RECEIVE_SMS permission to gain access to read newly received SMS messages. The app mimics a system settings app with a gear icon to trick the victim into thinking that the request and the app itself are legitimate.

    Once the user grants the required permission, they are presented with a custom dialog prompting them to enter their phone number.

    Custom dialog box prompts for a phone number (new version on the left, earlier version on the right)

    After the victim enters their phone number and clicks “Next”, this number along with the device’s brand and model is collected and assembled into a string to be later sent to a C2. A message with Mr. Tria’s contact is also added to this string.

    Building the required strings before sending them to the bot

    The malware then communicates with the SendMessage Telegram API to send the collected information to one of the threat actor’s Telegram bots, as shown below.

    Sending messages to the bot

    In most cases we’ve seen in this campaign, the attackers used a different Telegram bot for each sample, although we managed to find a few that shared the same Telegram bot.

    Meanwhile, the app updates its SharedPreferences object to record the fact that it has been opened before, preventing it from starting with the IntroActivity function again on subsequent launches.

    Main activity

    After completing the initial execution flow, or whenever the app is opened again, the main activity of Tria Stealer is invoked using an intent.

    During this process, the app requests all permissions declared in its manifest:

    1. android.permission.READ_SMS;
    2. android.permission.RECEIVE_SMS;
    3. android.permission.INTERNET;
    4. android.permission.ACCESS_NETWORK_STATE;
    5. android.permission.READ_PHONE_STATE;
    6. android.permission.READ_CALL_LOG;
    7. android.permission.SYSTEM_ALERT_WINDOW;
    8. android.permission.WAKE_LOCK;
    9. android.permission.RECEIVE_BOOT_COMPLETED;
    10. android.permission.FOREGROUND_SERVICE.

    These permissions allow the malware to access messaging and calls data and collect other information, such as the network state.

    In newer variants, an additional permission, android.permission.BIND_NOTIFICATION_LISTENER_SERVICE, is declared in the manifest. This permission is utilized to intercept messages and emails via notifications.

    The app then sends a message to the Telegram bot, indicating that the malicious app has been opened by the victim, thus notifying the attackers.

    Building strings indicating the malicious app is opened

    Moreover, in this main activity, the app runs a background service designed to open the built-in system settings app using an intent. This occurs when the victim opens the app, convincing the victim that they are accessing the legitimate system settings.

    SMS and call monitor

    In all samples and variants of Tria Stealer, the malicious APK utilizes the BroadcastReceiver function to monitor new incoming messages and call activities through two components named SMSMonitor and CallMonitor. SMSMonitor captures SMS information, including the message content, sender’s phone number, and SIM slot details. CallMonitor tracks incoming call activities and, like SMSMonitor, extracts such details as the caller’s phone number and SIM slot (for dual SIM devices). The malware also collects additional details, including the current battery level of the victim’s phone, which is possible to do via either of these components.

    Then the sample processes all collected data and combines it into a single message to send to the Telegram bot.

    Building strings for retrieving SMS content

    The threat actor uses this activity mostly to take over WhatsApp, Telegram or other accounts by reading SMS messages containing OTP/TAC codes.

    App messages and mail stealer

    In the newer variant of Tria Stealer, we discovered that the threat actor had developed an additional feature to steal personal messages and emails from the packages related to a number of apps, including the following:

    Package Name App Name
    com.whatsapp WhatsApp
    com.whatsapp.w4b WhatsApp Business
    com.google.android.apps.messaging Google Messages
    com.samsung.android.messaging Samsung Messages
    com.android.mms Default MMS
    com.google.android.gm Gmail
    com.microsoft.office.outlook Outlook
    com.yahoo.mobile.client.android.mail Yahoo Mail

    The threat actor steals messages by intercepting notifications from these apps. The onNotificationPosted function in a custom class named AppNotificationListener is triggered whenever a new notification is posted by one of the targeted apps.

    onNotificationPosted function

    Once a notification is received, the malware retrieves the app name that matches the packageName property of the notification. If the app is not recognized, it is labeled as “Unknown App”. Then the malware proceeds to extract the notification content and combines it with the app and contact names, device information (brand and model), and the target phone number into a formatted string. Once generated, this string is sent as a message to the Telegram bot.

    Building a message to be sent to the bot

    As suggested by our observations, the threat actor creates and uses separate Telegram bots for handling different types of stolen data. One bot is used for collecting texts from messaging apps and emails, while another handles SMS data. As a result, newer variants of the malware include two Telegram bot token IDs.

    Account takeover

    The threat actor’s main goal is to get full access to victims’ WhatsApp and Telegram accounts. Once compromised, these accounts are used for two main purposes:

    1. Distributing the malicious APK to the targets’ contacts through group chats and direct messages, thereby expanding the pool of victims.
    2. Impersonating the account owners to request money transfers from their contacts to the threat actor’s bank account.

    Furthermore, we assume that by intercepting SMS messages, the threat actor was also able to sign in to various platforms using the victims’ accounts to inflict further damage.

    The stolen information also could be exploited for other malicious activities, such as accessing online banking accounts, resetting passwords for specific platforms, or compromising services that rely on instant message or email authentication.

    Attribution

    We assume with high confidence that the threat actor is Indonesian-speaking, because some strings included in the messages sent to the Telegram bot are written in Indonesian, for example: “APLIKASI DI BUKA LAGI” (translated as “APPLICATION REOPENED”).

    Victimology

    In this campaign, we did not observe any specific targeting of individual users. However, the threat actor focuses on individuals in Malaysia and Brunei. We saw a spike in the number of detects in mid-2024, but Tria Stealer continues to be detected in January 2025.

    Different campaign from UdangaSteal

    In 2023 and early 2024, our researchers observed a very similar campaign under the detection name HEUR:Trojan–Banker.AndroidOS.UdangaSteal, primarily targeting victims in Indonesia, Malaysia and India to steal SMS data and exfiltrate it to Telegram bots hosted as a C2. In this campaign, the threat actor heavily targeted Indonesian and Indian victims and utilized various lure themes, including the following:

    • wedding invitations;
    • parcel delivery;
    • credit card transactions;
    • government job offers;
    • religious events;
    • annual tax charges;
    • customer support;
    • electricity bills;
    • government initiatives for farmers;
    • vehicle registration system for Indian users.

    However, we are not attributing the current Tria Stealer campaign to the same threat actor associated with UdangaSteal, as the APK code between the two malware campaigns looks different, the Telegram bot naming patterns are also different, and the victimology varies compared to this UdangaSteal malware campaign. Moreover, in the Tria Stealer campaign, the threat actor upgraded their malware to not only steal SMS messages but also to target personal communications, including data from WhatsApp and email apps. This contrasts with the UdangaSteal malware, where the threat actor consistently used the same tactics from its rise in 2023 till late 2024 without any changes.

    Conclusion

    The Tria Stealer campaign remains active, targeting more victims in Malaysia and Brunei. The attackers employ phishing techniques to spread the APK, allowing them to spy on victims’ personal messages and emails. According to our observations, the threat actor uses the stolen data to obtain security codes for hijacking victims’ WhatsApp and Telegram accounts which will be used for distributing the malicious APK to the targets’ contacts. Accessing security codes also could enable the attackers to take over and log in to victims’ other online accounts to extend the scope of their malicious activities.

    We assess with medium confidence that the threat actor will likely continue targeting users in Malaysia and Brunei in the near future, aiming to hijack new WhatsApp and Telegram accounts and take over accounts with other services to pursue malicious activities. To protect against such threats, we strongly advise against installing apps from untrusted sources and recommend using reliable security solutions for mobile devices.

    Indicator of Compromises

    Tria Stealer

    File hashes

    Telegram bots

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    7081364304:AAG6FcxeZtkc98RlhjLXnP2LDMG4DEy9C6s Beinfooo_bot
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    7155428051:AAGo5mBcUNlv5GXesDomY0kmICv57QK5Gdc Ma7ko_bot
    6997362162:AAGq-yxpaI7ciRwMovIEfq_vKRiERtL9h_c Mr_Boy999_bot
    7427152480:AAGdMhWSn6lkLur6qlG0N6q92i0PFvcaiN8 newsinfohuy_bot
    7428836801:AAEhvj2eEKUjH5Rg76sr02tm6ubgqmpVXNA okeetessuc_bot
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    6373705951:AAHgGVw_OXvXbuZHFAQNlWiARRETgRuRYU4 Weheebot
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    6931159844:AAF2DDIwXvWyvLbOKtuptPfE__AW_QbAAgc Xin69999_bot
    7127627140:AAHu-WX7jnhIIDI7Qv21omXALAV4DJ-sa2Y heyt077_bot
    7231091758:AAHEo7QNythFlHOa6s_gpSDzvb1oVYEMM5M Heyt378_bot
    7545156259:AAGILcWHcP6MiYgEmRCZbm3-Sh2UwP2CPJw Bijiontameledak_bot
    7362820488:AAEaoqD6ZObICBdNU9Ih_RoAggFWXPnAwnc Heysatu_bot
    7339265971:AAFp_alNY0L6BXrNo_BX6W15SSloZ5XgBaU heyt721_bot
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    UdangaSteal

    File hashes

    daa30cd6699c187bb891448b89be1340
    162ed054914a8c71ad02126693c40997
    9698fa3e7e64272ff79c057e3b8be5d8
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    4ff2572a40300c0cce4327ec34259902

    MIL OSI Economics –

  • MIL-OSI Global: Corporate transparency is a step toward a greener economy, but further change is needed

    Source: The Conversation – France – By Madlen Sobkowiak, Associate Professor in Social and Environmental Accounting, EDHEC Business School

    Could corporate transparency be one of the solutions to climate change? Or, at the very least, could it be a way to hold businesses accountable for their environmental impacts? Not by itself, according to our paper, “Shaping nature outcomes in corporate settings”, recently published by The Royal Society.

    Ninety-four percent of investors are doubtful of the validity of corporate sustainability reporting, citing unsupported claims, according to PwC’s Global Investor Survey 2023. And their skepticism is not unfounded.

    Indeed, our paper shows that while corporate transparency is a crucial first step toward a more sustainable economy, it alone will not be enough to drive positive corporate nature outcomes. For change to actually happen, three critical steps are needed: linking corporate actions to their environmental impact, embedding nature outcomes into daily operations and aligning financial incentives with ecological goals.

    The risk of greenwashing

    Even if there is a growing push for nature-related regulation, and especially nature-related disclosures, companies have only started to provide information about their nature-related performance, impacts and risks. This is the essence of the European Union’s Sustainable Finance Disclosures Regulation (SFDR) that came into effect in 2021 and the Corporate Sustainability Reporting Directive (CSRD) that came into effect in 2023. Both initiatives aim to strengthen transparency obligations on environmental, sustainable and governance (ESG) issues within the bloc. This is characteristic of a certain kind of governance, which uses mandated information disclosure as a way of regulating behaviour.

    Does it work? Not on its own, as companies still struggle to fully understand their impacts on nature or the impacts of their supply chain. And they often lack the knowledge and expertise to navigate the evolving and complex landscape of national and international sustainability reporting requirements, let alone take meaningful action. This could result in the dilution of the concept of transparency and a rise in greenwashing, the process of making false or misleading environmental claims.

    Greenwashing might distort relevant information that investors require to make decisions and, in the end, erode their trust in sustainability-related products and/or practices. A study commissioned by the European Union in 2023 found that 53% of green claims on products and services make vague, misleading or even unfounded claims, and 40% have no supporting evidence. In the United States, 68% of executives admitted to being guilty of greenwashing. In this context, the standardisation of sustainability reporting in the EU is necessary and overdue.

    Three key factors for corporate accountability

    My co-authors and I identify three conditions for information disclosures to positively impact nature outcomes: linking companies and ecosystems, translating aspiration into operations and shaping financial-system responsiveness.

    Our current approach, which uses disclosure requirements to drive company behaviour, may be limited, because providing information does not in itself encourage companies to fully achieve nature-positive impacts.

    Linking companies and ecosystems

    This first condition means putting in place radical traceability that links company actions to outcomes in particular settings. This would create the potential for companies to be held accountable regardless of whether they publish data, as well as incentives for them to produce their own data rather than having to respond to requirements created by third parties.

    One example is Cargill, a supplier for the food sector. In the company’s “South American Soy Sustainability Report”, it traces the soy it produces and purchases through its supply chain with locations in several South American countries. The sites are geospatially located with data on the degree of deforestation in each polygon obtained from satellite images. In this respect, traceability creates the possibility for nature accounts.

    Translating aspirations into operations

    This approach is about developing routines and tools that translate strategic intent into on-the-ground behaviour: in other words, linking knowledge and action. Even if companies are well informed about their impacts on nature, translating strategies to reduce impacts and restore nature into operational targets might be difficult. In this regard, it might be useful to translate ambitions into specific metrics that, once embedded in companies, create visibilities and routines that focus on making a change.

    For example, Holcim Spain, an aggregates and cement producer, has developed a monitoring system to evaluate restoration processes by studying nature assets. It has also studied resources based on field samples by cataloguing flora, identifying vegetation, establishing the distribution of birds and insects, assessing the status of biodiversity in the quarry and developing strategies and action plans. Monitoring of activities has been undertaken using a biodiversity index developed in collaboration with the World Wide Fund for Nature (WWF) and the International Union for Conservation of Nature (IUCN)‘s Biodiversity Indicator and Reporting System.

    Shaping financial-system responsiveness

    The final requirement relates to identifying how financial-system actors can enable company actions. To put it another way, it is about aligning financial incentives with environmental goals.

    Company owners and those who fund companies are the most powerful financial actors in this context. Financial stability relies on well-functioning ecosystems; indeed, recent studies have shown that climate change threatens it. Information governance could be used to draw investor attention to nature impacts, mirroring more developed interventions. An example of such a mechanism is the EU’s SFDR, which requires banks, insurers and asset managers to provide information about how they address sustainability risks.

    Another example comes from ASN Bank, which specialises in sustainability banking products and has developed a biodiversity footprinting tool for financial institutions to estimate the impacts of an investment portfolio and identify hotspots therein.

    Better information, less greenwashing

    The more solid, standardised and transparent corporate sustainability information is shared, the better we can combat the greenwashing that undermines the credibility of sustainability efforts. But, while disclosure is key, it is time we take its limits into account. For businesses, this implies adopting governance approaches that shape action and ceasing to rely solely on reporting.

    Madlen Sobkowiak ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Corporate transparency is a step toward a greener economy, but further change is needed – https://theconversation.com/corporate-transparency-is-a-step-toward-a-greener-economy-but-further-change-is-needed-243215

    MIL OSI – Global Reports –

  • MIL-OSI Banking: Rise in US stocks benefits stock funds

    Source: Danmarks Nationalbank

    Investment funds

    Statistics period: December 2024

    Danish private investors investing in stock funds received a return of 19.7 per cent in 2024. The high return in 2024 was primarily due to large gains on US stocks – including technology stocks such as NVIDIA, Apple og Amazon. Around half of the return in Danish investment funds in 2024, measured in kroner, came from US stocks. The returns in bond funds and mixed funds were also at higher levels in 2024 compared to previous years. Bond funds achieved a return of 4.3 per cent, while mixed funds, which invests in both stocks and bonds, ended up with a return of 10.6 per cent. In previous years, these funds have not given nearly as high returns as equity funds due to their investments in bonds, which resulted in losses after interest rates rose. When interest rates fell again, this resulted in capital gains and positive bond returns.

    Stock funds achieved a return of 19.7 per cent in 2024

    Note:

    Private investors (employees etc.) time weighted returns in investment funds by main categories of the funds: stocks, bonds, and mixed. Data covers Danish investment funds, regulated by the Danish Investment Associations etc. Act (i.e., UCITS). Find chart data in the Statbank.

    MIL OSI Global Banks –

  • MIL-OSI Europe: Share of new electric vehicles falls in 2024

    Source: Switzerland – Department of Home Affairs

    After years of at times strong growth, the all-electric vehicle share of new registrations fell slightly in 2024. For passenger cars this figure fell to 19.0% (down from 20.7% in 2023) and for goods vehicles to 8.6% (2023: 12.2%). Overall, the number of new motor vehicle registrations in 2024 was 2.9% lower than in the previous year. The total number of vehicles nevertheless increased by 0.9% to 6.5 million. These findings are from the official Road Vehicle Statistics published by the Federal Statistical Office (FSO).

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Government signs NZ up to a decade’s more pine planting – Federated Farmers

    Source: Federated Farmers

    The Government’s announcement today of a 2035 climate target of a 51-55% emissions reduction has signed New Zealand up for a decade more of planting pine on productive land, Federated Farmers meat and wool chair Toby Williams says.
     “In the past, New Zealand has signed up to Paris Agreement targets that are achievable only by either paying billions of dollars for international units or planting large areas of New Zealand in carbon forestry.
    “The 2030 target of a 50% reduction in all greenhouse gas emissions in just the next five years is already completely beyond reach.
    “Even by 2035, as half of New Zealand’s emissions are from agriculture, a target of 51-55% is still not feasible.
     “All the target does is commit us to 10 more years of planting pines, because that’s the only way for our country to achieve such a steep reduction.” 
    Williams says New Zealand’s options for achieving the climate targets are simple. 
    “We can’t reduce our emissions to the extent required without trade-offs that would see New Zealand worse off.
    “Treasury has estimated that the 2030 target, if we were to meet it, would cost up to $24 billion. The Prime Minister, when interviewed on Q+A with Jack Tame late last year, couldn’t commit to hitting the target, as he said it was very challenging.
    “So, our only other options are to send billions of dollars overseas to buy offshore credits, or plant pine trees, destroying our iconic and world-famous landscapes.” 
    Last year, the Climate Commission suggested keeping an all-gases target and at least a 50% reduction, which would mean another 850,000 hectares of land converted to forestry.
    “To paint a clear picture: that’s an area five times the size of our country’s treasured Molesworth Station,” Williams says. 
    “That would be devastating, forever changing the face of New Zealand.
    “There is a very real risk that we could become the great pine plantation of the South Pacific – hardly something to be proud of.”
    Williams says the Government needs to be setting climate targets that are realistic and achievable. 
    “Mr Luxon is right now facing an unachievable target for 2030 left to him by the previous Government. 
    “Signing up to an even more ambitious target for 2035 has simply created the same headache for a future Prime Minister.”
    Parliament agreed in 2019 to set ‘split-gas’ targets for greenhouse gas reductions domestically. This means short-lived methane is treated differently to long-lived carbon dioxide. 
    Taking this split-gas approach to our international targets would see New Zealand in a position to set more achievable targets.
    “Federated Farmers wrote to Climate Change Minister Simon Watts in October last year asking for a meeting to discuss a split-gas approach to an emissions target, but we didn’t get a reply,” Williams says. 
    “That’s extremely disappointing. It seems he doesn’t even want to hear our concerns for rural New Zealand, let alone understand them. It’s wilful blindness.
    “We really need the Government to start setting achievable targets that don’t require huge levels of forestry, and we need the Government to use the most up-to-date science on the warming impact of methane.” 

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Football match given ‘M’ Mark status

    Source: Hong Kong Information Services

    The Major Sports Events Committee announced today that it has awarded “M” Mark status to the FWD Insurance Chinese New Year Cup 2025, due to be held at Hong Kong Stadium on February 1.

    Highlighting that the Chinese New Year Cup has long been part of Hong Kong’s Lunar New Year celebrations, Major Sports Events Committee Chairman Wilfred Ng said: “The committee has awarded ‘M’ Mark status to FWD Insurance Chinese New Year Cup 2025 to honour its contribution to the promotion of sports culture during the festive period.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Firearms incident at Gulfview Heights

    Source: South Australia Police

    Police are at the scene of an incident at Gulfview Heights.

    About 4.45pm Thursday 30 January police were called to a home on Brabham Crescent after reports that a group of people had broken in and allegedly discharged a firearm injuring one of the occupants.

    The suspects left the scene prior to police arrival. The victim was taken to hospital with a non-life-threatening leg injury.

    Police are investigating the incident. Although the investigation is in its early stages police believe the incident is not random.

    Anyone with information is urged to contact Crime Stoppers at www.crimestopperssa.com.au or phone 1800 333 000 – you can remain anonymous.

    MIL OSI News –

  • MIL-OSI: TGS Webcast Details for Q4 2024 Presentation

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway (30 January 2025) – TGS, a leading global provider of energy data and intelligence will release its Q4 2024 results at approximately 07:00 a.m. CET on 20 February 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CET at House of Oslo, Ruseløkkveien 34 in Oslo, Norway.

    The presentation is open to the public and will be webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
    https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

    The Q4 2024 earnings release and presentation will be published on www.newsweb.no and www.tgs.com.

    For more information, visit TGS.com (http://www.tgs.com) or contact: 

    Bård Stenberg, VP IR & Communication
    Mobile: +47 992 45 235
    E-mail: investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    The MIL Network –

  • MIL-OSI: SHELL PLC 4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    928    4,291    474    -78 Income/(loss) attributable to Shell plc shareholders   16,093    19,359    -17
    3,661    6,028    7,306    -39 Adjusted Earnings A 23,716    28,250    -16
    14,281    16,005    16,335    -11 Adjusted EBITDA A 65,803    68,538    -4
    13,162    14,684    12,575    -10 Cash flow from operating activities   54,684    54,191    +1
    (4,431)   (3,857)   (5,657)     Cash flow from investing activities   (15,154)   (17,734)    
    8,731    10,827    6,918      Free cash flow G 39,530    36,457     
    6,924    4,950    7,113      Cash capital expenditure C 21,084    24,392     
    9,401    9,570    10,897    -2 Operating expenses F 36,918    39,960    -8
    9,138    8,864    10,565    +3 Underlying operating expenses F 35,707    39,201    -9
    11.3% 12.8% 12.8%   ROACE2 D 11.3% 12.8%  
    77,078    76,613    81,541      Total debt E 77,078    81,541     
    38,809    35,234    43,542      Net debt E 38,809    43,542     
    17.7% 15.7% 18.8%   Gearing E 17.7% 18.8%  
    2,815    2,801    2,827    +1 Oil and gas production available for sale (thousand boe/d)   2,836    2,791    +2
    0.15    0.69    0.07 -78 Basic earnings per share ($)   2.55    2.88    -11
    0.60    0.96    1.11    -38 Adjusted Earnings per share ($) B 3.76    4.20    -10
    0.3580    0.3440    0.3440    +4 Dividend per share ($)   1.3900    1.2935    +7

    1.Q4 on Q3 change

    2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the third quarter 2024, reflected higher exploration well write-offs, lower margins from crude and oil products trading and optimisation, lower Marketing margins and volumes, lower LNG trading and optimisation margins, lower realised oil prices, and unfavourable tax movements.

    Fourth quarter 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $2.2 billion, and net losses related to sale of assets. These items are included in identified items amounting to a net loss of $2.8 billion in the quarter. This compares with identified items in the third quarter 2024 which amounted to a net loss of $1.3 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

    Cash flow from operating activities for the fourth quarter 2024 was $13.2 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.4 billion partly offset by tax payments of $2.9 billion, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1.4 billion. The working capital inflows mainly reflected accounts receivable and payable movements, and initial margin inflow.

    Cash flow from investing activities for the quarter was an outflow of $4.4 billion, and included cash capital expenditure of $6.9 billion, partly offset by net other investing cash inflows of $1.1 billion, and divestment proceeds of $0.8 billion.

    Net debt and Gearing: At the end of the fourth quarter 2024, net debt was $38.8 billion, compared with $35.2 billion at the end of the third quarter 2024, mainly reflecting lease additions of $5.4 billion, share buybacks, cash dividends paid to Shell plc shareholders, and interest payments, partly offset by free cash flow. Gearing was 17.7% at the end of the fourth quarter 2024, compared with 15.7% at the end of the third quarter 2024, mainly driven by higher net debt.

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends declared to Shell plc shareholders for the fourth quarter 2024 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2025 results announcement.

    Full Year Analysis1

    Income attributable to Shell plc shareholders, compared with the full year 2023, reflected lower LNG trading and optimisation margins, lower realised prices, lower refining margins, as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, and higher realised Chemicals margins.

    By focusing the portfolio and simplifying the organisation, $3.1 billion of pre-tax structural cost reductions3 were delivered through 2024 compared with 2022 levels, with $2.1 billion in the full year 2024.

    Full year 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $4.4 billion, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring. These charges, reclassifications and movements are included in identified items amounting to a net loss of $7.4 billion. This compares with identified items in the full year 2023 which amounted to a net loss of $8.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the full year 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

    Cash flow from operating activities for the full year 2024 was $54.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.1 billion, partly offset by tax payments of $12.0 billion.

    Cash flow from investing activities for the full year 2024 was an outflow of $15.2 billion and included cash capital expenditure of $21.1 billion, partly offset by divestment proceeds of $2.8 billion, and interest received of $2.4 billion.

    This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4 . Details of progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at https://www.shell.com/progress-on-cmd24.html 4.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

    In October 2024, we announced the start of production of the floating production storage and offloading facility (FPSO) Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day (Shell share 19.3%).

    In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%). Completion of the transaction remains subject to approvals and is expected by the end of 2025.

    In December 2024, we announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. Shell (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited.

    In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of Mexico. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

    In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, has taken a FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

    Renewables and Energy Solutions

    In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The deal was completed in January 2025.

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    1,744    2,631    1,733    -34 Segment earnings   9,590    7,058    +36
    (421)   (240)   (2,235)     Of which: Identified items A (1,800)   (6,861)    
    2,165    2,871    3,968    -25 Adjusted Earnings A 11,390    13,919    -18
    4,568    5,234    6,584    -13 Adjusted EBITDA A 20,978    23,773    -12
    4,391    3,623    3,597    +21 Cash flow from operating activities A 16,909    17,520    -3
    1,337    1,236    1,196      Cash capital expenditure C 4,766    4,196     
    116    136    113    -15 Liquids production available for sale (thousand b/d)   132    128    +2
    4,574    4,669    4,570    -2 Natural gas production available for sale (million scf/d)   4,769    4,700    +1
    905    941    901    -4 Total production available for sale (thousand boe/d)   954    939    +2
    7.06    7.50    7.06    -6 LNG liquefaction volumes (million tonnes)   29.09    28.29    +3
    15.50    17.04    18.09    -9 LNG sales volumes (million tonnes)   65.82    67.09    -2

    1.Q4 on Q3 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected the net effect of lower contributions from trading and optimisation mainly driven by the comparative (non-cash) impact of expiring hedging contracts and slightly higher realised prices (decrease of $340 million), lower volumes (decrease of $283 million), and higher exploration well write-offs (increase of $275 million), partly offset by lower operating expenses (decrease of $97 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items and compare with the third quarter 2024 which included unfavourable movements of $213 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $120 million and working capital inflows of $114 million, partly offset by tax payments of $635 million.

    Total oil and gas production, compared with the third quarter 2024, decreased by 4% mainly due to planned maintenance in Pearl GTL (Qatar). LNG liquefaction volumes decreased by 6% mainly due to lower feedgas supply and fewer cargoes due to the timing of liftings.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $3,819 million), partly offset by higher volumes (increase of $514 million), lower operating expenses (decrease of $478 million), and favourable deferred tax movements ($399 million).

    Full year 2024 segment earnings also included unfavourable movements of $1,088 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, impairment charges of $363 million, and a net loss of $96 million related to sale of assets. These unfavourable movements and charges are part of identified items and compare with the full year 2023 which included unfavourable movements of $4,407 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $2,247 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, and working capital inflows of $467 million, partly offset by tax payments of $2,955 million and net cash outflows related to derivatives of $1,466 million.

    Total oil and gas production, compared with the full year 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia. LNG liquefaction volumes increased by 3% mainly due to lower maintenance in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    UPSTREAM          
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    1,031    2,289    2,151    -55 Segment earnings   7,772    8,539    -9
    (651)   (153)   (909)     Of which: Identified items A (623)   (1,267)    
    1,682    2,443    3,060    -31 Adjusted Earnings A 8,395    9,806    -14
    7,676    7,871    7,872    -2 Adjusted EBITDA A 31,264    30,622    +2
    4,509    5,268    5,787    -14 Cash flow from operating activities A 21,244    21,450    -1
    2,076    1,974    2,436      Cash capital expenditure C 7,890    8,343     
    1,332    1,321    1,361    +1 Liquids production available for sale (thousand b/d)   1,320    1,325    —
    3,056    2,844    2,952    +7 Natural gas production available for sale (million scf/d)   2,964    2,754    +8
    1,859    1,811    1,870    +3 Total production available for sale (thousand boe/d)   1,831    1,800    +2

    1.Q4 on Q3 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected higher operating expenses (increase of $291 million), higher exploration well write-offs (increase of $283 million), unfavourable tax movements ($245 million) and lower realised liquids prices (decrease of $227 million), partly offset by higher volumes (increase of $370 million).

    Fourth quarter 2024 segment earnings also included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and net impairment charges and reversals of $152 million. These charges are part of identified items, and compare with the third quarter 2024 which included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,019 million and working capital outflows of $611 million.

    Total production, compared with the third quarter 2024, increased mainly due to new oil production and lower scheduled maintenance.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected unfavourable tax movements ($1,289 million), lower realised prices (decrease of $949 million) and higher exploration well write-offs (increase of $541 million), partly offset by the comparative favourable impact of $962 million mainly relating to gas storage effects.

    Full year 2024 segment earnings also included a loss of $325 million related to the impact of the weakening Brazilian real on a deferred tax position, net impairment charges and reversals of $323 million and charges of $214 million related to redundancy and restructuring, partly offset by gains of $638 million related to the impact of inflationary adjustments in Argentina on a deferred tax position. These charges and gains are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $642 million, and net charges of $295 million related to the impact of the weakening Argentine peso and strengthening Brazilian real on a deferred tax position.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $7,851 million and the timing impact of dividends (net of profits) from joint ventures and associates of $946 million.

    Total production, compared with the full year 2023, increased mainly due to new oil production, partly offset by field decline.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    MARKETING        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    103    760    226    -86 Segment earnings2   1,894    3,058    -38
    (736)   (422)   (567)     Of which: Identified items2 A (1,991)   (254)    
    839    1,182    794    -29 Adjusted Earnings2 A 3,885    3,312    +17
    1,709    2,081    1,500    -18 Adjusted EBITDA2 A 7,476    6,337    +18
    1,363    2,722    1,767    -50 Cash flow from operating activities2 A 7,363    5,561    +32
    811    525    1,385      Cash capital expenditure2 C 2,445    5,790     
    2,795    2,945    2,997    -5 Marketing sales volumes (thousand b/d)2   2,843    3,045    -7

    1.Q4 on Q3 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected lower Marketing margins (decrease of $395 million) mainly due to seasonal impact of lower volumes and lower Mobility unit margins as well as lower Sectors and Decarbonisation and Lubricants margins. These were partly offset by lower operating expenses (decrease of $118 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $458 million, and net losses of $247 million related to sale of assets. These charges are part of identified items, and compare with the third quarter 2024 impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $845 million, and dividends (net of profits) from joint ventures and associates of $172 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1,187 million and tax payments of $130 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the third quarter 2024, decreased mainly due to seasonality.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected higher Marketing margins (increase of $483 million) including higher unit margins in Lubricants and Mobility partly offset by lower Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $449 million). These were partly offset by unfavourable tax movements ($157 million) and higher depreciation charges (increase of $142 million).

    Full year 2024 segment earnings also included impairment charges of $1,423 million mainly relating to an asset in the Netherlands, net losses of $386 million related to the sale of assets and charges of $215 million related to redundancy and restructuring. These charges are part of identified items and compare with the full year 2023 which included net impairment charges and reversals of $466 million, and charges of $113 million related to redundancy and restructuring partly offset by gains of $298 million related to indirect tax credits.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $998 million, and dividends (net of profits) from joint ventures and associates of $262 million. These inflows

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    were partly offset by tax payments of $562 million, non-cash cost of supplies adjustment of $254 million, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $221 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 2023, decreased mainly in Mobility including increased focus on value over volume.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    (328)   341    (1,828)   -196 Segment earnings2   1,757    1,482    +19
    (99)   (122)   (1,857)     Of which: Identified items2 A (1,177)   (2,135)    
    (229)   463    29    -150 Adjusted Earnings2 A 2,934    3,617    -19
    475    1,240    670    -62 Adjusted EBITDA2 A 6,783    7,489    -9
    2,032    3,321    1,150    -39 Cash flow from operating activities2 A 7,253    7,513    -3
    1,392    761    986      Cash capital expenditure2 C 3,290    3,013     
    1,215    1,305    1,315    -7 Refinery processing intake (thousand b/d)   1,344    1,349    —
    2,926    3,015    2,588    -3 Chemicals sales volumes (thousand tonnes)   11,875    11,245    +6

    1.Q4 on Q3 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected lower Products margins (decrease of $442 million) mainly driven by lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $138 million) mainly due to lower realised prices. In addition, the fourth quarter 2024 reflected unfavourable tax movements ($67 million).

    Fourth quarter 2024 segment earnings also included net impairment charges and reversals of $224 million, partly offset by favourable deferred tax movements of $114 million. These charges and favourable movements are part of identified items, and compare with the third quarter 2024 which included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the fourth quarter 2024, Chemicals had negative Adjusted Earnings of $258 million and Products had positive Adjusted Earnings of $29 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $1,394 million, Adjusted EBITDA, net cash inflows relating to commodity derivatives of $230 million, dividends (net of profits) from joint ventures and associates of $139 million, and non-cash cost of supplies adjustment of $73 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $371 million.

    Chemicals manufacturing plant utilisation was 75% compared with 76% in the third quarter 2024.

    Refinery utilisation was 76% compared with 81% in the third quarter 2024, mainly due to higher planned maintenance.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected lower Products margins (decrease of $1,832 million), mainly driven by lower refining margins, and unfavourable tax movements ($248 million). These were partly offset by lower operating expenses (decrease of $812 million) and higher Chemicals margins (increase of $602 million).

    Full year 2024 segment earnings also included net impairment charges and reversals of $1,176 million mainly relating to assets in Singapore, charges of $142 million related to redundancy and restructuring, and unfavourable movements of $86 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by favourable deferred tax movements of $114 million. These charges and movements are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $2,195 million mainly relating to

             Page 8

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    the Chemicals assets in Singapore, and charges of $82 million related to redundancy and restructuring partly offset by favourable movements of $214 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the full year 2024, Chemicals had negative Adjusted Earnings of $432 million and Products had positive Adjusted Earnings of $3,366 million.

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $524 million, dividends (net of profits) from joint ventures and associates of $304 million and net cash inflows relating to commodity derivatives of $219 million. These inflows were partly offset by cash outflows relating to legal provisions of $215 million, tax payments of $146 million, cash outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $114 million, and non-cash cost of supplies adjustment of $109 million.

    Chemicals manufacturing plant utilisation was 76% compared with 68% in the full year 2023, mainly due to economic optimisation in the full year 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the full year 2024.

    Refinery utilisation was 85% compared with 85% in the full year 2023.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    (1,226)   (481)   (272)   -155 Segment earnings   (1,229)   3,089    -140
    (914)   (319)   (445)     Of which: Identified items A (732)   2,333     
    (311)   (162)   173    -92 Adjusted Earnings A (497)   756    -166
    (123)   (75)   253    -64 Adjusted EBITDA A (22)   1,481    -101
    850    (364)   (1,265)   +333 Cash flow from operating activities A 3,798    2,984    +27
    1,277    409    1,026      Cash capital expenditure C 2,549    2,681     
    76    79    68    -4 External power sales (terawatt hours)2   306    279    +10
    165    148    175    +11 Sales of pipeline gas to end-use customers (terawatt hours)3   652    738    -12

    1.Q4 on Q3 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected unfavourable one-off tax movements ($107 million), and higher operating expenses (increase of $71 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items and compare with the third quarter 2024 which included unfavourable movements of $279 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making in the fourth quarter 2024.

    Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $533 million, and working capital inflows of $353 million, partly offset by Adjusted EBITDA.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected lower margins (decrease of $1,719 million) mainly from trading and optimisation primarily in Europe due to lower volatility, partly offset by lower operating expenses (decrease of $632 million).

    Full year 2024 segment earnings also included net impairment charges and reversals of $1,085 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $300 million relating to an accounting mismatch due to fair value accounting of commodity derivatives and a net gain on sale of assets of $94 million. These net charges and favourable movements are part of identified items and compare with the full year 2023 which included favourable movements of $2,756 million due to the fair value accounting of commodity derivatives partly offset by net impairment charges and reversals of $669 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the full year 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Cash flow from operating activities for the full year 2024 was primarily driven by net cash inflows related to derivatives of $3,012 million, and working capital inflows of $923 million, partly offset by tax payments of $457 million and Adjusted EBITDA.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

                                                         
    Quarters     Full year
    Q4 2024 Q3 2024 Q4 2023 %¹     2024 2023 %
            Renewable power generation capacity (gigawatt):        
    3.4    3.4    2.5    — – In operation2   3.4    2.5    +34
    4.0    3.9    4.1    +2 – Under construction and/or committed for sale3   4.0    4.1    -1

    1.Q4 on Q3 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

                                             
     
    CORPORATE      
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023   Reference 2024 2023
    (335)   (647)   (629)   Segment earnings1   (2,992)   (2,944)  
    45    (3)   (19)   Of which: Identified items A (1,024)   (69)  
    (380)   (643)   (609)   Adjusted Earnings1 A (1,968)   (2,875)  
    (24)   (346)   (544)   Adjusted EBITDA1 A (675)   (1,164)  
    16    115    1,540    Cash flow from operating activities A (1,882)   (832)  

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2024, reflected favourable tax movements and favourable currency exchange rate effects.

    Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, were primarily driven by favourable tax movements, favourable net interest movements and favourable currency exchange rate effects.

    Full year 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

    Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects and lower operating expenses.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PRELIMINARY RESERVES UPDATE

    When final volumes are reported in the 2024 Annual Report and Accounts and 2024 Form 20-F, Shell expects that SEC proved oil and gas reserves additions before taking into account production will be approximately 0.9 billion boe, and that 2024 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 9.6 billion boe1, 2, 3. Acquisitions and divestments of 2024 reserves are expected to account for a net increase of approximately 0.05 billion boe.

    The proved Reserves Replacement Ratio on an SEC basis is expected to be 85% for the year (106% without debooking Groundbirch because of the low average AECO price in 2024) and 108% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 80% (102% without debooking Groundbirch) for the year and 68% for the 3-year average.

    Further information will be provided in the 2024 Annual Report and Accounts and 2024 Form 20-F.

    1.Pursuant to our 2017 agreement with Canadian Natural Resources Limited, our remaining mining interest and associated synthetic crude oil reserves will be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS project. The transaction is expected to close by the end of the first quarter 2025, subject to regulatory approvals. The associated proved reserves at December 31, 2024 are 0.7 billion barrels (of which 50% attributable to non-controlling interest).

    2.On January 16, 2024, we announced an agreement to sell our Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) which holds a 30% interest in the SPDC JV to Renaissance, subject to various conditions. As of December 31, 2024, we had proved reserves of 0.5 billion boe in SPDC.

    3.In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%) and 0.16 billion boe (as of December 31, 2024) of Shell’s proved reserves will be contributed to the new joint venture alongside proved reserves contributed by Equinor. Subsequently, Shell will report 50% of the proved reserves of the new joint venture as part of Shell’s share of proved reserves from joint ventures and associates.

             Page 12

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

    Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day 2025.

    Integrated Gas production is expected to be approximately 930 – 990 thousand boe/d. First quarter 2025 outlook reflects Pearl GTL back in operation after a major turnaround. LNG liquefaction volumes are expected to be approximately 6.6 – 7.2 million tonnes.

    Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

    Marketing sales volumes are expected to be approximately 2,500 – 3,000 thousand b/d.

    Refinery utilisation is expected to be approximately 80% – 88%. Chemicals manufacturing plant utilisation is expected to be approximately 78% – 86%.

    Corporate Adjusted Earnings were a net expense of $380 million1 for the fourth quarter 2024. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $400 – $600 million in the first quarter 2025.

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    February 25, 2025 Shell LNG Outlook 2025 publication
       
    March 25, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    March 25, 2025 Capital Markets Day 2025
    May 2, 2025 First quarter 2025 results and dividends
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

             Page 13

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    66,281    71,089    78,732    Revenue1 284,312    316,620   
    (156)   933    768    Share of profit/(loss) of joint ventures and associates 2,993    3,725   
    683    440    631    Interest and other income/(expenses)2 1,724    2,838   
    66,807    72,462    80,131    Total revenue and other income/(expenses) 289,029    323,183   
    43,610    48,225    54,745    Purchases 188,120    212,883   
    5,839    6,138    6,807    Production and manufacturing expenses 23,379    25,240   
    3,231    3,139    3,621    Selling, distribution and administrative expenses 12,439    13,433   
    331    294    469    Research and development 1,099    1,287   
    861    305    467    Exploration 2,411    1,750   
    7,520    5,916    11,221    Depreciation, depletion and amortisation2 26,872    31,290   
    1,213    1,174    1,166    Interest expense 4,787    4,673   
    62,605    65,190    78,496    Total expenditure 259,107    290,556   
    4,205    7,270    1,635    Income/(loss) before taxation 29,922    32,627   
    3,164    2,879    1,099    Taxation charge/(credit)2 13,401    12,991   
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    0.15    0.69    0.07    Basic earnings per share ($)3 2.55    2.88   
    0.15    0.68    0.07    Diluted earnings per share ($)3 2.53    2.85   

    1.See Note 2 “Segment information”.

    2.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    (4,899)   2,947    2,571    – Currency translation differences1 (3,248)   1,397   
    (11)   35    29    – Debt instruments remeasurements 5    41   
    224    (75)   11    – Cash flow hedging gains/(losses) 216    71   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (50)   (2)   (53)   – Deferred cost of hedging (73)   (148)  
    (91)   35    135    – Share of other comprehensive income/(loss) of joint ventures and associates (118)   18   
    (4,827)   2,940    2,692    Total (3,217)   1,335   
          Items that are not reclassified to income in later periods:    
    239    419    (1,207)   – Retirement benefits remeasurements 1,407    (1,083)  
    (50)   80    (84)   – Equity instruments remeasurements 28    (99)  
    46    (53)   (186)   – Share of other comprehensive income/(loss) of joint ventures and associates 47    (201)  
    235    446    (1,477)   Total 1,482    (1,383)  
    (4,592)   3,386    1,215    Other comprehensive income/(loss) for the period (1,735)   (48)  
    (3,552)   7,777    1,750    Comprehensive income/(loss) for the period 14,786    19,588   
    50    177    96    Comprehensive income/(loss) attributable to non-controlling interest 407    312   
    (3,602)   7,600    1,654    Comprehensive income/(loss) attributable to Shell plc shareholders 14,379    19,276   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

             Page 14

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      December 31, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,032    16,660   
    Other intangible assets 9,480    10,253   
    Property, plant and equipment 185,219    194,835   
    Joint ventures and associates 23,445    24,457   
    Investments in securities 2,255    3,246   
    Deferred tax 6,857    6,454   
    Retirement benefits1 10,003    9,151   
    Trade and other receivables 6,018    6,298   
    Derivative financial instruments² 374    801   
      259,681    272,155   
    Current assets    
    Inventories 23,426    26,019   
    Trade and other receivables 45,860    53,273   
    Derivative financial instruments² 9,673    15,098   
    Cash and cash equivalents 39,110    38,774   
      118,069    133,164   
    Assets classified as held for sale1 9,857    951   
      127,926    134,115   
    Total assets 387,607    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 65,448    71,610   
    Trade and other payables 3,290    3,103   
    Derivative financial instruments² 2,185    2,301   
    Deferred tax 13,505    15,347   
    Retirement benefits1 6,752    7,549   
    Decommissioning and other provisions 21,227    22,531   
      112,408    122,441   
    Current liabilities    
    Debt 11,630    9,931   
    Trade and other payables 60,693    68,237   
    Derivative financial instruments² 7,391    9,529   
    Income taxes payable 4,648    3,422   
    Decommissioning and other provisions 4,469    4,041   
      88,831    95,160   
    Liabilities directly associated with assets classified as held for sale1 6,203    307   
      95,034    95,467   
    Total liabilities 207,442    217,908   
    Equity attributable to Shell plc shareholders 178,303    186,607   
    Non-controlling interest 1,861    1,755   
    Total equity 180,165    188,362   
    Total liabilities and equity 387,607    406,270   

    1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 15

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,715)   16,093    14,378    407      14,785   
    Transfer from other comprehensive income —    —    193    (193)   —    —      —   
    Dividends³ —    —    —    (8,669)   (8,669)   (308)     (8,976)  
    Repurchases of shares4 (34)   —    34    (14,057)   (14,057)   —      (14,057)  
    Share-based compensation —    194    109    (354)   (52)   —      (52)  
    Other changes —    —    —    96    96    7      103   
    At December 31, 2024 510    (804)   19,766    158,832    178,303    1,861      180,165   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (83)   19,359    19,276    312      19,588   
    Transfer from other comprehensive income —    —    (112)   112    —    —      —   
    Dividends3 —    —    —    (8,389)   (8,389)   (764)     (9,153)  
    Repurchases of shares4 (40)   —    40    (14,571)   (14,571)   —      (14,571)  
    Share-based compensation —    (271)   168    (85)   (188)   —      (188)  
    Other changes —    —    —    7    7    82      89   
    At December 31, 2023 544    (997)   21,145    165,915    186,607    1,755      188,362   

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

             Page 16

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Full year
    Q4 2024   Q3 2024 Q4 2023   2024 2023
    4,205      7,270    1,635    Income before taxation for the period 29,922    32,627   
            Adjustment for:    
    665      554    571    – Interest expense (net) 2,415    2,360   
    7,520      5,916    11,221    – Depreciation, depletion and amortisation1 26,872    31,290   
    649      150    243    – Exploration well write-offs 1,622    868   
    288      154    (222)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses 288    (246)  
    156      (933)   (768)   – Share of (profit)/loss of joint ventures and associates (2,993)   (3,725)  
    1,241      860    1,145    – Dividends received from joint ventures and associates 3,632    3,674   
    131      2,705    4,088    – (Increase)/decrease in inventories 1,273    6,325   
    751      4,057    (704)   – (Increase)/decrease in current receivables 6,578    12,401   
    1,524      (4,096)   (701)   – Increase/(decrease) in current payables2 (5,789)   (11,581)  
    111      735    328    – Derivative financial instruments 2,484    (5,723)  
    (58)     125    (68)   – Retirement benefits (326)   (37)  
    (256)     359    430    – Decommissioning and other provisions2 (828)   220   
    (856)     (144)   (1,021)   – Other1 1,536    (550)  
    (2,910)     (3,028)   (3,604)   Tax paid (12,002)   (13,712)  
    13,162      14,684    12,575    Cash flow from operating activities 54,684    54,191   
    (6,486)     (4,690)   (6,960)      Capital expenditure (19,601)   (22,993)  
    (421)     (222)   (109)      Investments in joint ventures and associates (1,404)   (1,202)  
    (17)     (38)   (44)      Investments in equity securities (80)   (197)  
    (6,924)     (4,950)   (7,113)   Cash capital expenditure (21,084)   (24,392)  
    493      94    540    Proceeds from sale of property, plant and equipment and businesses 1,621    2,565   
    305      94    49    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 590    474   
    6      6    24    Proceeds from sale of equity securities 582    51   
    581      593    568    Interest received 2,399    2,124   
    1,762      1,074    960    Other investing cash inflows1 4,576    4,269   
    (655)     (769)   (685)   Other investing cash outflows (3,838)   (2,825)  
    (4,431)     (3,857)   (5,657)   Cash flow from investing activities (15,154)   (17,734)  
    65      (89)   (27)   Net increase/(decrease) in debt with maturity period within three months (310)   (211)  
            Other debt:    
    (13)     78    64    – New borrowings 363    1,029   
    (2,664)     (1,322)   (4,054)   – Repayments (9,672)   (10,650)  
    (1,379)     (979)   (1,366)   Interest paid (4,557)   (4,441)  
    (833)     652    702    Derivative financial instruments (594)   723   
    (10)     —    (1)   Change in non-controlling interest (15)   (22)  
            Cash dividends paid to:    
    (2,114)     (2,167)   (2,201)   – Shell plc shareholders (8,668)   (8,393)  
    (53)     (92)   (128)   – Non-controlling interest (295)   (764)  
    (3,579)     (3,537)   (3,977)   Repurchases of shares (13,898)   (14,617)  
    (309)     6    (714)   Shares held in trust: net sales/(purchases) and dividends received (789)   (889)  
    (10,889)     (7,452)   (11,703)   Cash flow from financing activities (38,434)   (38,235)  
    (985)     729    529    Effects of exchange rate changes on cash and cash equivalents (761)   306   
    (3,142)     4,105    (4,256)   Increase/(decrease) in cash and cash equivalents 336    (1,472)  
    42,252      38,148    43,031    Cash and cash equivalents at beginning of period 38,774    40,246   
    39,110      42,252    38,774    Cash and cash equivalents at end of period 39,110    38,774   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended December 31, 2024, will be delivered to the Registrar of Companies for England and Wales in due course.

    2. Segment information

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

    From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of Wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

             Page 18

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
          Third-party revenue    
    9,294    9,748    10,437    Integrated Gas 37,290    37,645   
    1,652    1,605    1,263    Upstream 6,606    6,475   
    27,524    30,519    31,761    Marketing2 120,088    130,560   
    19,992    22,608    24,957    Chemicals and Products2 90,918    97,079   
    7,808    6,599    10,302    Renewables and Energy Solutions 29,366    44,819   
    10    10    11    Corporate 43    42   
    66,281    71,089    78,732    Total third-party revenue1 284,312    316,620   
          Inter-segment revenue    
    2,024    2,131    2,614    Integrated Gas 8,715    11,560   
    9,931    9,618    10,948    Upstream 39,939    41,230   
    984    1,235    1,243    Marketing2 4,937    5,299   
    8,656    9,564    10,163    Chemicals and Products2 38,381    42,816   
    1,879    1,131    1,567    Renewables and Energy Solutions 4,971    4,707   
    —    —    —    Corporate —    —   
          CCS earnings    
    1,744    2,631    1,733    Integrated Gas 9,590    7,058   
    1,031    2,289    2,151    Upstream 7,772    8,539   
    103    760    226    Marketing2 1,894    3,058   
    (328)   341    (1,828)   Chemicals and Products2 1,757    1,482   
    (1,226)   (481)   (272)   Renewables and Energy Solutions (1,229)   3,089   
    (335)   (647)   (629)   Corporate3 (2,992)   (2,944)  
    989    4,894    1,381    Total CCS earnings4 16,792    20,281   

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly, by $5,332 million and $21,702 million respectively for Third-party revenue and by $82 million and $104 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the fourth quarter 2023 and the full year 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,058 million and $4,675 million respectively and an increase in the Chemicals and Products segment of $9,553 million and $40,564 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the fourth quarter 2023 and the full year 2023 have been revised by $43 million and $133 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

    4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

             Page 19

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
          Capital expenditure    
    1,123    1,090    1,034    Integrated Gas 4,095    3,491   
    2,205    1,998    2,547    Upstream 7,738    8,249   
    798    488    1,383    Marketing1 2,357    5,741   
    1,121    748    983    Chemicals and Products1 2,943    2,928   
    1,214    327    932    Renewables and Energy Solutions 2,338    2,314   
    25    39    81    Corporate 129    270   
    6,486    4,690    6,960    Total capital expenditure 19,601    22,993   
          Add: Investments in joint ventures and associates    
    214    147    162    Integrated Gas 671    705   
    (117)   (37)   (111)   Upstream 150    94   
    13    37    2    Marketing 88    49   
    271    13    2    Chemicals and Products 347    84   
    36    59    56    Renewables and Energy Solutions 138    261   
    4    3    (2)   Corporate 9    9   
    421    222    109    Total investments in joint ventures and associates 1,404    1,202   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    (11)   12    —    Upstream 1    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    28    23    38    Renewables and Energy Solutions 73    106   
    —    3    6    Corporate 6    89   
    17    38    44    Total investments in equity securities 80    197   
          Cash capital expenditure    
    1,337    1,236    1,196    Integrated Gas 4,766    4,196   
    2,076    1,974    2,436    Upstream 7,890    8,343   
    811    525    1,385    Marketing1 2,445    5,790   
    1,392    761    986    Chemicals and Products1 3,290    3,013   
    1,277    409    1,026    Renewables and Energy Solutions 2,549    2,681   
    30    45    85    Corporate 144    368   
    6,924    4,950    7,113    Total Cash capital expenditure 21,084    24,392   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $46 million and $178 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

             Page 20

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
          Current cost of supplies adjustment:    
    (84)   668    1,089    Purchases 389    815   
    23    (162)   (263)   Taxation (91)   (203)  
    9    (2)   19    Share of profit/(loss) of joint ventures and associates (26)   33   
    (52)   503    846    Current cost of supplies adjustment 272    645   
          Of which:    
    (45)   477    811    Attributable to Shell plc shareholders 257    650
    (7)   26    34    Attributable to non-controlling interest 14    (5)
    989    4,894    1,381    CCS earnings 16,792    20,281   
          Of which:    
    883    4,768    1,285    CCS earnings attributable to Shell plc shareholders 16,351    20,008   
    106    126    97    CCS earnings attributable to non-controlling interest 442    273   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    5,839    6,138    6,807    Production and manufacturing expenses 23,379    25,240   
    3,231    3,139    3,621    Selling, distribution and administrative expenses 12,439    13,433   
    331    294    469    Research and development 1,099    1,287   
    9,401    9,570    10,897    Operating expenses 36,918    39,960   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    11,630    12,015    9,931    Current debt 11,630    9,931   
    65,448    64,597    71,610    Non-current debt 65,448    71,610   
    77,078    76,613    81,541    Total debt 77,078    81,541   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders ($ million) 16,093    19,359   
               
          Weighted average number of shares used as the basis for determining:    
    6,148.4    6,256.5    6,558.3    Basic earnings per share (million) 6,299.6    6,733.5   
    6,213.9    6,320.9    6,631.1    Diluted earnings per share (million) 6,363.7    6,799.8   

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    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (409,077,891)     (34)    
    At December 31, 2024 6,115,031,158      510     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (479,394,344)     (40)    
    At December 31, 2023 6,524,109,049      544     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    6. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,715)   (1,715)  
    Transfer from other comprehensive income —    —    —    —    193    193   
    Repurchases of shares —    —    34    —    —    34   
    Share-based compensation —    —    —    109    —    109   
    At December 31, 2024 37,298    154    270    1,416    (19,373)   19,766   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (83)   (83)  
    Transfer from other comprehensive income —    —    —    —    (112)   (112)  
    Repurchases of shares —    —    40    —    —    40   
    Share-based compensation —    —    —    168    —    168   
    At December 31, 2023 37,298    154    236    1,308    (17,851)   21,145   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    7. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at December 31, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    date. The movement of the derivative financial instruments between December 31, 2023 and December 31, 2024 is a decrease of $5,425 million for the current assets and a decrease of $2,138 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million December 31, 2024 December 31, 2023
    Carrying amount1 48,376    53,832   
    Fair value2 44,119    50,866   

    1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the year 2024.

    2.     Mainly determined from the prices quoted for these securities.

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    683    440    631    Interest and other income/(expenses) 1,724    2,838   
          Of which:    
    548    619    595    Interest income 2,372    2,313   
    25    4    14    Dividend income (from investments in equity securities) 83    49   
    (288)   (154)   222    Net gains/(losses) on sales and revaluation of non-current assets and businesses (288)   257   
    267    (189)   (398)   Net foreign exchange gains/(losses) on financing activities (1,025)   (458)  
    131    159    199    Other 582    677   

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    7,520    5,916    11,221    Depreciation, depletion and amortisation 26,872    31,290   
          Of which:    
    5,829 5,578 5,986 Depreciation 22,703    23,106   
    1,797 340 5,508 Impairments 4,502    8,947   
    (106) (2) (273) Impairment reversals (333)   (762)  

    Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax). The impairment in Renewables and Energy Solutions was principally triggered by a portfolio choice regarding renewable generation assets in North America. The impairments in other segments relate to various smaller impairments.

    Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various

    assets in Marketing and Chemicals and Products.

    Impairments recognised in the fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) relate to various

    assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables

    and Energy Solutions ($614 million) and Marketing ($370 million).

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Taxation charge/credit

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    3,164    2,879    1,099    Taxation charge/(credit) 13,401    12,991   
          Of which:    
    3,125 2,834 1,099 Income tax excluding Pillar Two income tax 13,150    12,991   
    39 45 — Income tax related to Pillar Two income tax 251    —

    On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    (4,899)   2,947    2,571    Currency translation differences (3,248)   1,397   
          Of which:    
    (5,028) 2,912 2,578 Recognised in Other comprehensive income (4,504)   1,396   
    129 35 (7) (Gain)/loss reclassified to profit or loss 1,256    1

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      December 31, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,003    9,151   
    Non-current liabilities    
    Retirement benefits 6,752    7,549   
    Surplus/(deficit) 3,251    1,602   

    Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at December 31, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

    Assets classified as held for sale

                       
       
    $ million      
      December 31, 2024 December 31, 2023  
    Assets classified as held for sale 9,857    951     
    Liabilities directly associated with assets classified as held for sale 6,203    307     

    Assets classified as held for sale and associated liabilities at December 31, 2024 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada in Chemicals and Products and an energy and chemicals park in Chemicals and Products in Singapore. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

    The major classes of assets and liabilities classified as held for sale at December 31, 2024, are Property, plant and equipment ($8,283 million; December 31, 2023: $250 million), Inventories ($1,180 million; December 31, 2023:

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    $463 million), Decommissioning and other provisions ($3,053 million; December 31, 2023: $75 million), deferred tax liabilities ($2,042 million; December 31, 2023: nil) and Debt ($624 million; December 31, 2023: $84 million).

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    (856)   (144)   (1,021)   Other 1,536    (550)  

    ‘Cash flow from operating activities – Other’ for the fourth quarter 2024 includes $1,447 million of net outflows (third quarter 2024: $432 million net inflows; fourth quarter 2023: $875 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $672 million in relation to reversal of currency exchange losses on Cash and cash equivalents (third quarter 2024: $539 million gains; fourth quarter 2023: $398 million gains).

    Cash flow from investing activities – Other investing cash inflows

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    1,762    1,074    960    Other investing cash inflows 4,576    4,269   

    ‘Cash flow from investing activities – Other investing cash inflows’ for the fourth quarter 2024 mainly relates to the sale of pension-related debt securities and repayments of short-term loans.

    9. Post-balance sheet events

    On January 23, 2025, Shell announced changes to the Executive Committee. In line with the company’s ongoing transformation, Shell will continue to evolve its structure to enable Shell’s strategy to deliver more value with less emissions. As a result, Trading and Supply will move up to the Executive Committee and out of the Downstream, Renewables and Energy Solutions directorate with effect from April 1, 2025. These changes will not affect Shell’s financial reporting segments.

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                       
         
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    (45)   477    811    Add: Current cost of supplies adjustment attributable to Shell plc shareholders 257    650   
    (7)   26    34    Add: Current cost of supplies adjustment attributable to non-controlling interest 14    (5)  
    989    4,894    1,381    CCS earnings 16,792    20,281   
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 989 1,744 1,031 103 (328) (1,226) (335)
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: CCS earnings attributable to non-controlling interest 106            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372        
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 — — 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51 —
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16

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    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 4,894 2,631 2,289 760 341 (481) (647)
    Less: Identified items (1,259) (240) (153) (422) (122) (319) (3)
    Less: CCS earnings attributable to non-controlling interest 126            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,028            
    Add: Non-controlling interest 126            
    Adjusted Earnings plus non-controlling interest 6,153 2,871 2,443 1,182 463 (162) (643)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,571 949 2,413 322 (73) (1) (39)
    Add: Depreciation, depletion and amortisation excluding impairments 5,578 1,369 2,691 564 862 86 6
    Add: Exploration well write-offs 150 2 148 — — — —
    Add: Interest expense excluding identified items 1,173 49 183 13 14 2 912
    Less: Interest income 619 5 8 — 25 — 581
    Adjusted EBITDA 16,005 5,234 7,871 2,081 1,240 (75) (346)
    Less: Current cost of supplies adjustment before taxation 665     334 331    
    Joint ventures and associates (dividends received less profit) (62) (146) (90) 51 63 61 —
    Derivative financial instruments 133 (373) 47 98 88 (106) 380
    Taxation paid (3,028) (814) (2,074) (241) 23 (33) 112
    Other (365) (32) (406) 275 107 (75) (234)
    (Increase)/decrease in working capital 2,665 (247) (78) 792 2,131 (136) 204
    Cash flow from operating activities 14,684 3,623 5,268 2,722 3,321 (364) 115
                                                   
     
    Q4 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 1,381 1,733 2,151 226 (1,828) (272) (629)
    Less: Identified items (6,033) (2,235) (909) (567) (1,857) (445) (19)
    Less: CCS earnings attributable to non-controlling interest 97            
    Add: Identified items attributable to non-controlling interest (11)            
    Adjusted Earnings 7,306            
    Add: Non-controlling interest 108            
    Adjusted Earnings plus non-controlling interest 7,414 3,968 3,060 794 29 173 (609)
    Add: Taxation charge/(credit) excluding tax impact of identified items 2,121 1,065 1,560 128 (271) (4) (358)
    Add: Depreciation, depletion and amortisation excluding impairments 5,986 1,457 2,951 569 915 89 6
    Add: Exploration well write-offs 243 63 180 — — — —
    Add: Interest expense excluding identified items 1,165 36 135 10 21 1 961
    Less: Interest income 595 4 14 1 24 7 544
    Adjusted EBITDA 16,335 6,584 7,872 1,500 670 253 (544)
    Less: Current cost of supplies adjustment before taxation 1,109     572 537    
    Joint ventures and associates (dividends received less profit) 246 208 (250) 32 225 29 1
    Derivative financial instruments (1,030) (1,596) 52 4 293 (268) 487
    Taxation paid (3,604) (731) (2,015) (282) (270) (413) 108
    Other (947) (229) 388 (508) (422) 146 (322)
    (Increase)/decrease in working capital 2,683 (639) (260) 1,593 1,191 (1,012) 1,810
    Cash flow from operating activities 12,575 3,597 5,787 1,767 1,150 (1,265) 1,540

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    Full year 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 16,792 9,590 7,772 1,894 1,757 (1,229) (2,992)
    Less: Identified items (7,347) (1,800) (623) (1,991) (1,177) (732) (1,024)
    Less: CCS earnings attributable to non-controlling interest 442            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 23,716            
    Add: Non-controlling interest 424            
    Adjusted Earnings plus non-controlling interest 24,139 11,390 8,395 3,885 2,934 (497) (1,968)
    Add: Taxation charge/(credit) excluding tax impact of identified items 15,013 3,520 9,865 1,305 364 87 (128)
    Add: Depreciation, depletion and amortisation excluding impairments 22,703 5,594 10,971 2,235 3,495 383 25
    Add: Exploration well write-offs 1,622 291 1,331        
    Add: Interest expense excluding identified items 4,697 189 720 52 70 6 3,660
    Less: Interest income 2,372 8 18 1 79 2 2,265
    Adjusted EBITDA 65,803 20,978 31,264 7,476 6,783 (22) (675)
    Less: Current cost of supplies adjustment before taxation 363     254 109    
    Joint ventures and associates (dividends received less profit) (328) (137) (946) 262 304 190 —
    Derivative financial instruments 1,472 (1,466) 24 59 219 3,012 (376)
    Taxation paid (12,002) (2,955) (7,851) (562) (146) (457) (31)
    Other (1,961) 23 (1,464) (616) (321) 152 264
    (Increase)/decrease in working capital 2,062 467 216 998 524 923 (1,065)
    Cash flow from operating activities 54,684 16,909 21,244 7,363 7,253 3,798 (1,882)
                                                   
     
    Full year 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 20,281 7,058 8,539 3,058 1,482 3,089 (2,944)
    Less: Identified items (8,252) (6,861) (1,267) (254) (2,135) 2,333 (69)
    Less: CCS earnings attributable to non-controlling interest 273            
    Add: Identified items attributable to non-controlling interest (11)            
    Adjusted Earnings 28,250            
    Add: Non-controlling interest 284            
    Adjusted Earnings plus non-controlling interest 28,534 13,919 9,806 3,312 3,617 756 (2,875)
    Add: Taxation charge/(credit) excluding tax impact of identified items 13,674 3,837 8,280 936 287 341 (8)
    Add: Depreciation, depletion and amortisation excluding impairments 23,106 5,756 11,309 2,048 3,582 392 19
    Add: Exploration well write-offs 867 121 746 — — — —
    Add: Interest expense excluding identified items 4,669 146 507 50 60 4 3,902
    Less: Interest income 2,313 6 27 9 57 12 2,201
    Adjusted EBITDA 68,538 23,773 30,622 6,337 7,489 1,481 (1,164)
    Less: Current cost of supplies adjustment before taxation 848     478 370    
    Joint ventures and associates (dividends received less profit) 79 241 (692) 117 310 102 3
    Derivative financial instruments (6,142) (4,668) 51 (14) 518 (1,988) (41)
    Taxation paid (13,712) (3,574) (8,470) (760) (467) (762) 322
    Other (865) (313) (142) (486) (138) 450 (237)
    (Increase)/decrease in working capital 7,145 2,061 82 845 172 3,701 284
    Cash flow from operating activities 54,191 17,520 21,450 5,561 7,513 2,984 (832)

    Identified Items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

             Page 28

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    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (288) (99) (66) (216) 42 51 —
    Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
    Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 209 136 (14) 58 (38) 67 —
    Other (200) — (165) (33) (2) — —
    Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
    Less: total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (321) (96) (51) (247) 33 40 —
    Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
    Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 184 109 (4) 46 (17) 50 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (210) (57) (199) — — — 46
    Other (147) (22) (212) (25) 113 — —
    Impact on CCS earnings (2,778) (421) (651) (736) (99) (914) 45
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45

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    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (154) 1 (2) (110) (19) (20) (3)
    Impairment reversals/(impairments) (338) (6) (3) (195) (120) (14) —
    Redundancy and restructuring (552) (69) (189) (136) (141) (26) 10
    Provisions for onerous contracts (7) — — (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (602) (252) (13) (78) 126 (385) —
    Other1 (136) — (141) (1) (11) 16 —
    Total identified items included in Income/(loss) before taxation (1,789) (327) (348) (526) (165) (430) 7
    Less: total identified items included in Taxation charge/(credit) (530) (87) (195) (104) (43) (111) 10
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (129) 1 (6) (84) (15) (23) (2)
    Impairment reversals/(impairments) (288) (4) (2) (179) (92) (10) —
    Redundancy and restructuring (397) (48) (138) (98) (101) (19) 7
    Provisions for onerous contracts (5) — — (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (456) (213) (3) (56) 95 (279) —
    Impact of exchange rate movements and inflationary adjustments on tax balances 120 24 104 — — — (8)
    Other (105) — (108) — (8) 12 —
    Impact on CCS earnings (1,259) (240) (153) (422) (122) (319) (3)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (1,259) (240) (153) (422) (122) (319) (3)

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    Q4 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 222 (21) 134 (30) (33) 168 5
    Impairment reversals/(impairments) (5,348) (873) (988) (460) (2,391) (636) —
    Redundancy and restructuring (275) (1) (11) (128) (102) (31) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,357) (1,708) 60 (47) 199 138 —
    Other (33) 57 (170) 2 77 — —
    Total identified items included in Income/(loss) before taxation (6,792) (2,545) (974) (664) (2,250) (361) 2
    Less: total identified items included in Taxation charge/(credit) (759) (309) (65) (96) (394) 84 22
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 227 (13) 128 (23) (26) 158 3
    Impairment reversals/(impairments) (3,935) (547) (454) (415) (1,968) (551) —
    Redundancy and restructuring (206) — (6) (96) (78) (24) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,336) (1,587) 21 (34) 138 125 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (363) 31 (373) — — — (21)
    Other (419) (119) (225) 2 77 (154) —
    Impact on CCS earnings (6,033) (2,235) (909) (567) (1,857) (445) (19)
    Impact on CCS earnings attributable to non-controlling interest (11) — — (11) — — —
    Impact on CCS earnings attributable to Shell plc shareholders (6,022) (2,235) (909) (556) (1,857) (445) (19)

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    SHELL PLC
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    Full year 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (288) (100) 89 (400) 6 119 (3)
    Impairment reversals/(impairments) (5,051) (555) (362) (1,747) (1,205) (1,181) (1)
    Redundancy and restructuring (1,012) (106) (320) (296) (195) (97) 2
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,012) (1,286) (58) 49 (117) 399 —
    Other1 (1,481) (126) (436) (1) 146 39 (1,103)
    Total identified items included in Income/(loss) before taxation (8,867) (2,176) (1,100) (2,402) (1,364) (720) (1,105)
    Less: total identified items included in Taxation charge/(credit) (1,521) (376) (477) (411) (187) 12 (81)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (319) (96) 67 (386) 4 94 (2)
    Impairment reversals/(impairments) (4,371) (363) (323) (1,423) (1,176) (1,085) (1)
    Redundancy and restructuring (712) (71) (214) (215) (142) (71) 1
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (849) (1,088) (14) 40 (86) 300 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 363 (49) 313 — — — 99
    Other1 (1,440) (130) (440) (1) 223 30 (1,122)
    Impact on CCS earnings (7,347) (1,800) (623) (1,991) (1,177) (732) (1,024)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (7,365) (1,800) (623) (1,991) (1,195) (732) (1,024)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                   
     
    Full year 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 257 (22) 209 1 (46) 109 5
    Impairment reversals/(impairments) (8,300) (3,147) (1,187) (509) (2,690) (767) —
    Redundancy and restructuring (329) (1) (21) (150) (106) (32) (18)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts (419) (4,755) 447 20 276 3,593 —
    Other 82 32 (615) 300 (43) 408 —
    Total identified items included in Income/(loss) before taxation (8,732) (7,892) (1,166) (339) (2,632) 3,311 (14)
    Less: total identified items included in Taxation charge/(credit) (481) (1,031) 100 (85) (497) 978 55
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 277 (14) 208 1 (35) 113 3
    Impairment reversals/(impairments) (6,219) (2,247) (642) (466) (2,195) (669) —
    Redundancy and restructuring (241) — (9) (113) (82) (24) (12)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,284) (4,407) 127 26 214 2,756 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (355) — (295) — — — (60)
    Other (412) (193) (656) 298 (19) 158 —
    Impact on CCS earnings (8,252) (6,861) (1,267) (254) (2,135) 2,333 (69)
    Impact on CCS earnings attributable to non-controlling interest (11) — — (11) — — —
    Impact on CCS earnings attributable to Shell plc shareholders (8,240) (6,861) (1,267) (242) (2,135) 2,333 (69)

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

    Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

    Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q4 2024 Q3 2024 Q4 2023
    Current debt 9,931 10,119 9,001
    Non-current debt 71,610 72,028 74,794
    Total equity 188,362 192,943 192,597
    Less: Cash and cash equivalents (38,774) (43,031) (40,246)
    Capital employed – opening 231,128 232,059 236,146
    Current debt 11,630 12,015 9,931
    Non-current debt 65,448 64,597 71,610
    Total equity 180,165 189,538 188,362
    Less: Cash and cash equivalents (39,110) (42,252) (38,774)
    Capital employed – closing 218,132 223,898 231,128
    Capital employed – average 224,630 227,979 233,637

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q4 2024 Q3 2024 Q4 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 23,716 27,361 28,250
    Add: Income/(loss) attributable to NCI – current and previous three quarters 427 376 277
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 14 56 (5)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 18 7 (11)
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 24,139 27,787 28,534
    Add: Interest expense after tax – current and previous three quarters 2,701 2,698 2,728
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,389 1,392 1,287
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 25,452 29,093 29,975
    Capital employed – average 224,630 227,979 233,637
    ROACE on an Adjusted Earnings plus NCI basis 11.3% 12.8% 12.8%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      December 31, 2024 September 30, 2024 December 31, 2023
    Current debt 11,630    12,015    9,931   
    Non-current debt 65,448    64,597    71,610   
    Total debt 77,078    76,613    81,541   
    Of which lease liabilities 28,702    25,590    27,709   
    Add: Debt-related derivative financial instruments: net liability/(asset) 2,469    1,694    1,835   
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,628)   (821)   (1,060)  
    Less: Cash and cash equivalents (39,110)   (42,252)   (38,774)  
    Net debt 38,809    35,234    43,542   
    Total equity 180,165    189,538    188,362   
    Total capital 218,974    224,772    231,902   
    Gearing 17.7  % 15.7  % 18.8  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

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    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,138 1,164 2,394 367 1,766 453 (6)
    Selling, distribution and administrative expenses 3,139 (1) (39) 2,408 453 209 110
    Research and development 294 27 75 55 34 22 81
    Operating expenses 9,570 1,190 2,430 2,830 2,253 684 185
                                                   
     
    Q4 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,807 1,187 2,595 433 1,815 732 44
    Selling, distribution and administrative expenses1 3,621 39 109 2,520 530 271 153
    Research and development1 469 42 102 67 52 93 112
    Operating expenses 10,897 1,268 2,806 3,021 2,397 1,096 309
                                                   
     
    Full year 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 23,379 4,153 9,351 1,322 6,605 1,934 14
    Selling, distribution and administrative expenses 12,439 164 176 9,149 1,637 887 426
    Research and development 1,099 125 263 209 151 94 257
    Operating expenses 36,918 4,441 9,791 10,681 8,392 2,915 698
                                                   
     
    Full year 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 25,240 4,529 9,186 1,463 7,394 2,610 58
    Selling, distribution and administrative expenses1 13,433 154 325 9,426 2,023 1,058 446
    Research and development1 1,287 126 318 252 181 96 314
    Operating expenses 39,960 4,808 9,829 11,141 9,598 3,763 818

    1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    9,401    9,570    10,897    Operating expenses 36,918    39,960   
    (174)   (552)   (274)   Redundancy and restructuring (charges)/reversal (1,009)   (325)  
    (88)   (154)   (58)   (Provisions)/reversal (454)   (434)  
    —    —    —    Other 252    —   
    (262)   (706)   (332)   Total identified items (1,210)   (758)  
    9,138    8,864    10,565    Underlying operating expenses 35,707    39,201   

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    13,162    14,684    12,575    Cash flow from operating activities 54,684    54,191   
    (4,431)   (3,857)   (5,657)   Cash flow from investing activities (15,154)   (17,734)  
    8,731    10,827    6,918    Free cash flow 39,530    36,457   
    805    194    612    Less: Divestment proceeds (Reference I) 2,793    3,091   
    1    —    —    Add: Tax paid on divestments (reported under “Other investing cash outflows”) 1    —   
    525    —    206    Add: Cash outflows related to inorganic capital expenditure1 776    2,522   
    8,453    10,633    6,511    Organic free cash flow2 37,514    35,888   

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    13,162    14,684    12,575    Cash flow from operating activities 54,684    54,191   
    131    2,705    4,088    (Increase)/decrease in inventories 1,273    6,325   
    751    4,057    (704)   (Increase)/decrease in current receivables 6,578    12,401   
    1,524    (4,096)   (701)   Increase/(decrease) in current payables1 (5,789)   (11,581)  
    2,407    2,665    2,683    (Increase)/decrease in working capital 2,062    7,145   
    10,755    12,019    9,891    Cash flow from operating activities excluding working capital movements 52,622    47,052   

    1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    493    94 540 Proceeds from sale of property, plant and equipment and businesses 1,621 2,565
    305    94 49 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 590 474
    6    6 24 Proceeds from sale of equity securities 582 51
    805    194 612 Divestment proceeds 2,793 3,091

    J.    Structural cost reduction

    The structural cost reduction target is used for the purpose of demonstrating how management drives cost discipline across the entire organisation, simplifying our processes and portfolio, and streamlining the way we work.

    Structural cost reduction describes the decrease in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost-saving measures that are expected to be sustainable compared with 2022 levels.

    The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations.

    Structural cost reductions are stewarded internally to support management’s oversight of spending over time. 2025 target reflects annualised saving achieved by end-2025.

                           
     
    $ million
      2024 2023 Total1
    Underlying Operating expenses current year 35,707    39,201     
    Underlying Operating expenses previous year 39,201    39,456     
    Total decrease in Underlying operating expenses (3,494)   (255)   (3,749)  
    Of which:      
    Structural cost reduction (2,132)   (987)   (3,119)  
    (Decrease)/Increase of underlying operating expenses except structural cost reduction (1,362)   732    (630)  

    1.Structural cost reductions up to 2024 compared with 2022.

             Page 38

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

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

    Forward-Looking Statements

    This Unaudited Condensed Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Financial Report.

    Shell’s Net Carbon Intensity

    Also, in this Unaudited Condensed Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This Unaudited Condensed Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Financial Report do not form part of this Unaudited Condensed Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    This Unaudited Condensed Financial Report contains inside information.

    January 30, 2025

             Page 39

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

         
    The information in this Unaudited Condensed Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI: Leading U.S. Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes

    Source: GlobeNewswire (MIL-OSI)

    • The deal includes the provision of nearly 100 Quadient mailing systems and cloud-based accounting and shipping software at offices across the country

    Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announced today a new contract with one of the largest injury law firms in the U.S, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

    The decision reflects the law firm’s commitment to operational excellence as it manages the complexities of mailing and shipping operations for its attorneys who specialize in personal injury, medical malpractice, data breaches, and other legal areas. The firm, which has recovered billions of dollars for its clients, conducted a rigorous proof-of-concept trial with Quadient solutions at three locations in 2024. Following impressive efficiency gains and cost savings, the firm expanded the deployment to all offices, replacing its previous systems with Quadient’s industry-leading technology. 

    “The legal industry, like many others, is undergoing a transformation where efficiency, compliance, and digitalization are no longer optional—they are essential to staying competitive”, said Alain Fairise, Chief Solution Officer for Mail Automation at Quadient. “We are proud to support this leading law firm in its commitment to innovation, helping it create a more agile and future-ready operation. This collaboration reinforces a broader shift toward intelligent, data-driven processes that empower organizations to focus on their core mission while optimizing operational performance.”

    The transition to Quadient’s innovative mail solutions has brought significant benefits to the law firm. By implementing Quadient’s iX-Series and S.M.A.R.T. software, the firm has achieved full compliance with the USPS Intelligent Mail Indicia (IMI) technology standard, ensuring future-proof operations. Additionally, automated workflows have streamlined mailing and shipping processes, significantly reducing manual tasks and enabling staff to focus on strategic legal work. These advancements have not only improved operational efficiency but also generated cost savings projected to reach up to $120,000 annually, while providing enhanced tracking, reporting, and accounting capabilities through robust data-driven insights.

    As businesses navigate an increasingly complex and digital-first world, Quadient remains committed to delivering solutions that drive efficiency, compliance, and sustainability. By choosing Quadient, this leading law firm joins a growing number of organizations leveraging intelligent automation to future-proof their operations. For more information on Quadient’s Mail and Digital solutions, visit mail.quadient.com and quadient.com.

    About Quadient
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

    Contacts

    Joe Scolaro, Quadient            Sandy Armstrong, Sterling Kilgore
    Global Press Relations Manager   VP of Media & Communications
    +1 203-301-3673   +1-630-699-8979
    j.scolaro@quadient.com     sarmstrong@sterlingkilgore.com

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    The MIL Network –

  • MIL-OSI: STMicroelectronics Supervisory Board to propose new member at 2025 AGM

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3310C 

    STMicroelectronics Supervisory Board to propose new member at 2025 AGM

    Geneva – January 30, 2025 – STMicroelectronics (NYSE:STM), a global semiconductor leader serving customers across the spectrum of electronics applications, announces that its Supervisory Board has agreed to propose for shareholders’ approval at the Company’s 2025 Annual General Meeting the appointment of Werner Lieberherr to the Supervisory Board of ST, in replacement of Janet Davidson whose mandate will expire at the end of the 2025 AGM.

    Werner Lieberherr has successfully led global companies in energy, aviation and automotive in the United States, Asia, Europe and Switzerland, most recently at Landis+Gyr AG, an integrated energy management solutions provider, as Chief Executive Officer.

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS
    Alexis Breton
    Group VP Corporate External Communications
    Tel: +33 6 59 16 79 08
    alexis.breton@st.com

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    The MIL Network –

  • MIL-OSI: Sterling Trading Tech Builds its Business Development

    Source: GlobeNewswire (MIL-OSI)

    Chicago , Jan. 30, 2025 (GLOBE NEWSWIRE) — Sterling Trading Tech (Sterling), a leading global provider of technology in order management, risk & margin, and trading platforms, today announced that industry technology sales professional Chris Contrino has joined the firm. Sterling has a robust business development team in place and Contrino brings substantial expertise that will be additive in achieving growth projections.

    Sterling’s products are designed to meet and anticipate the complexity and challenges its clients face in the current global trading environment – driven by regulation, competition, and technology. Clients across professional segments worldwide now look to Sterling’s product suite as they consider cross-asset requirements in risk, order management, and trading technologies. 2024 saw substantial interest in and success with Sterling’s approach across all market segments worldwide and the firm is poised for further growth.

    Contrino brings a breadth and depth of client service and business development capability to the role shaped by key positions at leading financial technology firms. Most recently he served as Customer Service Manager at Trading Technologies and previously contributed to client and business solutions at Eventus and Fidessa, specializing in derivatives. Contrino was a trader with The New York Mercantile Exchange and holds a BA from Brown University.

    Said Jennifer Nayar, Sterling CEO: “We are committed to our clients’ success, as reflected in the confidence they have in our approach and offerings. As Sterling continues to expand globally, attracting top talent is crucial to ongoing success. Chris brings the expertise and skill set that will aid in strengthening our franchise as we grow regionally, diversify asset classes, broaden client segments, and enhance product offerings.”

    -END-

    About Sterling Trading Tech

    Sterling Trading Tech (Sterling) is a leading provider of professional trading technology solutions for the global equities, equity options and futures markets. With over 100 clients including leading brokers, clearing firms and prop groups in over 20 countries, Sterling provides solutions tailored to clients’ needs. Sterling is committed to providing fast, stable technology along with outstanding customer service. Sterling provides trading platforms, OMS and risk products to its clients.

    Media Contact:

    Magdalena Mayer
     magdalena.mayer@sterlingtradingtech.com
    (312) 346-9600 

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    The MIL Network –