Category: Africa

MIL-OSI Africa: Justice Mlambo appointed Deputy Chief Justice of SA

Source: Government of South Africa

Thursday, July 31, 2025

President Cyril Ramaphosa has appointed Justice Dunstan Mlambo as Deputy Chief Justice of the Republic of South Africa, with effect from Friday, 1 August 2025.

The appointment is with accordance with section 174(3) of the Constitution.

“Judge Mlambo has since November 2012 served as Judge President of the Gauteng Division of the High Court of South Africa.
“President Ramaphosa has in writing informed Chief Justice Mandisa Maya that in appointing Justice Mlambo, the President has considered the views of the Judicial Service Commission (JSC) and the views of political parties represented in the National Assembly,” the Presidency said in statement on Thursday night.

The President also expressed to the Chief Justice his appreciation for the transparent, inclusive and robust process undertaken by the JSC.

“This process exemplified the Commission’s commitment to upholding the nation’s constitutional values,” said the Presidency.

The Presidency added that the Commission had enhanced the nation’s confidence that the appointment of the Deputy Chief Justice was firmly grounded on merit, fidelity to the Constitution and a vision for the continued transformation and strengthening of the Judiciary.

“President Ramaphosa similarly thanks the incoming Deputy Chief Justice Mlambo for stepping forward to assume a new responsibility of critical national importance, and wishes Justice Mlambo well in strengthening the rule of law, enriching jurisprudence and asserting the rights of all citizens.”

The position of Deputy Chief Justice had been vacant since then Deputy Chief Justice, Mandisa Maya, became Chief Justice following the retirement of Chief Justice Raymond Zondo last year.

Earlier this month, the JSC announced that it would recommend Justice Mlambo for the position of Deputy Chief Justice.

READ | Judge President Mlambo recommended for Deputy Chief Justice

This as interviews for the position were held.

In April this year, President Ramaphosa nominated four candidates for the position including Justice Mlambo. –SAnews.gov.za

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MIL OSI Africa –

August 5, 2025
MIL-OSI United Nations: Angola protests: UN urges restraint, investigations into deaths

Source: United Nations MIL OSI

The Office of the UN High Commissioner for Human Rights (OHCHR) on Thursday urged Angolan authorities to conduct prompt, thorough and independent investigations into the deaths, as well as the reported use of excessive force during the demonstrations.

“Unverified footage suggests that security forces used live ammunition and tear gas to disperse protesters, which points to an unnecessary and disproportionate use of force,” OHCHR spokesperson Thameen Al-Kheetan said.

He added that while some demonstrators resorted to violence and looting, any force used by authorities must comply with international human rights standards.

“Any individuals who may have been arbitrarily detained must be immediately released.”

Rapid escalation in situation

The protests began on Monday as a strike by minibus taxi drivers over a one-third rise in diesel prices, part of a government effort to reduce fuel subsidies. According to media reports, the demonstrations quickly spread, becoming one of Angola’s most disruptive protest waves in recent years.

Government officials reported that at least one police officer was among those killed. Nearly 200 people are said to have been injured, and shops and vehicles reportedly vandalized – mostly in the capital, Luanda.

Sporadic gunfire was also reported in parts of the city earlier in the week, and emergency services were overwhelmed. Many businesses remained shuttered Thursday and hospitals reportedly struggled to cope with the number of casualties.

Ensure rights protection

OHCHR emphasised that while authorities have a responsibility to maintain public order, they must do so in a way that protects human rights.

“All protesters taking to the streets to express their opinions should do so peacefully,” said Mr. Al-Kheetan. “All human rights violations must be investigated and those responsible held accountable.”

The UN rights office also reiterated the importance of safeguarding fundamental freedoms, including the rights to life, expression and peaceful assembly, in any law enforcement response.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI United Nations: Speakers Stress Economic and Social Council’s Key Role in Responding to Today’s Global Challenges, as 54-Member Organ Begins 2026 Session, Elects Bureau

Source: United Nations MIL OSI

The Economic and Social Council commenced its 2026 session today, and as Canada handed its presidency to Nepal, speakers pointed to the important role that the organ must play in responding to the myriad challenges of the moment.

Opening the meeting, Robert Rae (Canada), the Council’s President for its 2025 session, noted that “we hear a lot in the UN discourse about how things are broken, how things have fallen apart, how things are unhinged”. While not disagreeing with those assessments, he emphasized: “Our job is not to give speeches saying how terrible things are — our job is to roll up our sleeves and fix things.” He added that no UN agency or body “has more of a responsibility to do that than the Economic and Social Council”.

Urging that body to take its responsibilities seriously, he recalled some of the problems that the Council addressed over the past year — the role of artificial intelligence, the situation in Haiti and development in the UN context. “I think this Council helped,” he stated. He also pointed out that current questions regarding the UN’s relevance are not new — some even raised them when the Organization was founded — and spotlighted, as a counterpoint, the important discourse concerning the State of Palestine during the recent high-level conference on the two-State solution.

President Appointed, Vice-Presidents Elected for 2026 Session

He concluded that the new Bureau will face new challenges ahead — “that’s how the world works” — and the Council then elected, by acclamation, Lok Bahadur Thapa (Nepal) as President of the Council at its 2026 session.

Taking his seat at the podium, Mr. Thapa directed the Council to proceed to the election of the other Bureau members for that session. The body then elected — also by acclamation — Amar Bendjamaa (Algeria), Paruyr Hovhannisyan (Armenia), Wellington Darío Bencosme Castaños (Dominican Republic) and Héctor Gómez Hernández (Spain) to serve as Vice-Presidents.

Mr. Thapa then delivered his inaugural statement, emphasizing: “For Nepal, this is a historic moment.” Recalling that his country was admitted to the UN 70 years ago, he said that assuming Presidency of the Council for the first time is a “testament to our enduring commitment to multilateralism and our aspiration to contribute meaningfully to build trust, strengthen multilateral cooperation and achieve a more just, inclusive, equitable and resilient world”.

Yet, “the world today is navigating a ‘polycrisis’” of conflict, climate disruption, economic uncertainty and deepening inequality, he said, also pointing to renewed great Power competition, escalating cyberthreats, an off-track 2030 Agenda for Sustainable Development, surging humanitarian needs and a $4 trillion annual financing gap for developing countries. “In this context, the role of ECOSOC has never been more relevant and important,” he stated.

Under ‘Delivering Better’ Motto, President Outlines Priorities for Session

Noting that his Presidency will be guided by the motto of “Delivering Better”, he underscored that doing so “is not an option — it is an imperative”. Detailing what that motto means for Nepal, he underlined the need to strengthen multilateralism and rebuild trust, accelerate the 2030 Agenda, ensure effective coordination and coherence within the UN system, strengthen partnerships and ensure implementation and follow-up. “ECOSOC must evolve from convening dialogue to driving measurable impact,” he urged.

He also outlined several priorities for his presidency, including transforming agriculture and food systems to strengthen food security and rural resilience; championing digital inclusion and youth entrepreneurship; and advancing climate action and resilience. On the latter, he said that special focus will be placed on mitigating glacial lake outburst floods and protecting vulnerable communities. Among other initiatives, he said that his presidency will also give “due priority to promoting the interests of countries in special situations”, as “their unique vulnerabilities demand tailored solutions”.

“ECOSOC is our place,” he stressed, encouraging all present to “bring forward your vision, your ideas and your transformative solutions”. He added: “We must send a clear and united message — multilateralism delivers, and it delivers for everyone.”

Following that statement, the newly elected Vice-Presidents — the representatives of Algeria, Armenia, Dominican Republic and Spain — as well as delegates from China, Australia, Djibouti, Republic of Korea, South Africa and the European Union, took the floor to thank the outgoing Bureau and express support for the incoming one. Many specifically thanked Mr. Rae for his work over the past year.

Speakers also acknowledged the challenges ahead and underlined the Council’s important role in addressing them at this critical juncture for development. An observer for the Major Groups and Other Stakeholders Coordination Mechanism, for her part, underlined the need for civil society to be heard during that endeavour.

Under-Secretary-General for Economic and Social Affairs Says Urgent Action, Stronger Cooperation Key to Advance Sustainable Development Goals

“Through its convening power — across segments, forums and special meetings — the Council has shown its continued relevance,” said Li Junhua, Under-Secretary-General for Economic and Social Affairs. Today’s interconnected world demands stronger cooperation to achieve sustainable solutions, he pointed out, calling for “urgent” action to advance the Sustainable Development Goals (SDGs) as only 35 per cent of targets are currently on track.

“ECOSOC’s role is central,” he stressed, “to forge consensus, provide policy guidance and mobilize coordination action and follow-up.” Its eightieth anniversary invites reflection, and upcoming reviews are key opportunities to ensure the realization of its full potential. He concluded: “I urge all Member States to continue actively engaging with the Council to advance the implementation of its mandates and the realization of the SDGs.”

Council Adopts Provisional Agenda, Working Arrangements for Session

Following that, the Council adopted, without a vote, its provisional agenda (document E/2026/1) and working arrangements (to be issued as document E/2026/L.1) for 2026.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Africa: Golar LNG Strengthens Africa Commitment as Chief Commercial Officer (CCO) Federico Petersen Joins African Energy Week (AEW) 2025 Speaker Lineup

Source: APO – Report:

Federico Petersen, Chief Commercial Officer of marine LNG infrastructure operator Golar LNG, has confirmed his participation as a speaker at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. His participation follows a series of landmark achievements across the continent, positioning Golar LNG at the forefront of Africa’s natural gas revolution.

In July 2025, the company announced that its Gimi floating LNG (FLNG) unit has reached commercial operations date under a 20-year lease-and-operate agreement for the Greater Tortue Ahmeyim (GTA) project offshore Senegal and Mauritania. Backed by an estimated 15 trillion cubic feet (tcf) of natural gas, the Gimi facility will produce 2.4 million tons per annum (mtpa) of LNG, ramping up to its nameplate capacity of 2.7 mtpa.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://AECWeek.com/ for more information about this exciting event.

In Nigeria, Golar LNG signed a project development agreement in June 2024 with global energy company the Nigerian National Petroleum Corporation for the deployment of a new FLNG facility offshore the Niger Delta. With a planned processing capacity of 400-500 million standard cubic feet per day, the facility will produce LNG, LPG and condensate, with first gas targeted for 2027.

The project falls under Nigeria’s broader “Decade of Gas” initiative, which aims to monetize the country’s 209 tcf of gas reserves and accelerate energy access and industrial growth. Supported by reforms such as the Petroleum Industry Act and the Nigerian Gas Flaring Commercialization Program, the project is a critical step toward establishing Nigeria as a global gas hub.

In Cameroon, Golar LNG operates the Hilli Episeyo FLNG facility offshore Kribi, which made history as the world’s first LNG conversion and the project that introduced Cameroon as the world’s 20^th LNG-exporting nation in 2018. In October 2023, the vessel offloaded its 100^th LNG cargo to the Energy Integrity, underscoring nearly six years of reliable operations.

With a nameplate capacity of 2.4 mtpa and a strong track record of commercial uptime, Hilli Episeyo continues to serve as a benchmark for small- and mid-scale FLNG deployment. Golar LNG holds a 50% interest in Trains 1 and 2, with the facility enabling the monetization of associated gas while contributing to regional energy diversification and security.

“Golar LNG’s proven ability to deliver bankable, scalable FLNG infrastructure in frontier markets has redefined what’s possible for gas monetization in Africa. With operations in Senegal, Mauritania, Nigeria and Cameroon, the company is a true partner to Africa’s energy future,” states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber.

Federico’s participation at AEW: Invest in African Energies highlights Golar LNG’s commitment to advancing FLNG development and natural gas monetization across Africa. In line with the company’s growing presence in Africa’s energy landscape, Golar LNG will participate as a Gold Partner at this year’s edition of the conference and exhibition, which serves as a strategic platform to showcase innovative FLNG solutions and a long-term commitment to the continent’s energy development.

– on behalf of African Energy Chamber.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Tullow’s Gabon Exit Highlights Rising Role of African Firms in Upstream Sector

Source: APO – Report:

Tullow Oil has finalized the sale of its non-operated interests in Gabon to Gabon Oil Company (GOC) for $307 million, marking a strategic portfolio shift for the UK-based independent and a notable development for Gabon’s energy sector. The transaction transfers Tullow’s remaining production interests – estimated to contribute approximately 10,000 barrels per day in 2025 – to the state-owned company and concludes over two decades of Tullow’s presence in the country.

The African Energy Chamber (AEC) supports this transaction, viewing it as a constructive milestone for Africa’s oil and gas sector. While international companies remain essential to the development of the continent’s energy resources, the AEC sees the growing operational capacity of national and regional firms as a sign of a maturing sector – one that increasingly encourages balanced partnerships between foreign and local players.

“This deal is not just about asset transfers, but about momentum,” says NJ Ayuk, Executive Chairman of the AEC. “African companies are stepping up, taking on more responsibility, and proving their ability to manage complex upstream operations. It shows the value of partnership and long-term investment in building capacity on the continent.”

Rather than a retreat from foreign participation, the deal underscores the potential for new kinds of collaboration – where African national oil companies (NOCs) are not just resource holders but active participants with operational and commercial expertise. GOC, which has steadily expanded its portfolio since its establishment in 2011, is among a growing group of African NOCs taking on greater roles in the day-to-day management of assets.

Tullow, for its part, views the sale as a key step in focusing on its core operated assets in Ghana and Ivory Coast while strengthening its balance sheet. Proceeds from the transaction will go toward repaying the company’s $150 million revolving credit facility, helping improve financial resilience and allowing Tullow to pursue a more streamlined investment strategy.

As the energy landscape in Africa evolves, deals like this one signal increased dynamism within the sector. Indigenous and national companies are becoming more confident and capable participants, while foreign investors continue to find value in working alongside local partners who bring deep market knowledge, regional networks and a long-term commitment to development. The AEC maintains that this balanced model – where African and international firms grow together – will be key to the continent’s future energy success.

– on behalf of African Energy Chamber.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI: 2025 FIRST HALF RESULTS : MOBILIZE FINANCIAL SERVICES DELIVERS SOLID GROWTH
Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE
 

Paris, 31st July 2025

 

2025 FIRST HALF RESULTS :
MOBILIZE FINANCIAL SERVICES DELIVERS SOLID GROWTH

Mobilize Financial Services records a progression in new financing by 3.8% in the first semester of 2025 compared to the same period in 2024. This performance reflects a rise in the average amount financed and the commercial dynamics of Renault Group’s brands, Nissan and Mitsubishi, supported by a robust growth in registrations.

With a progression of pre-tax profit by 9.7%, Mobilize Financial Services confirms the relevance of its strategy and its commitment to more sustainable mobility, in line with new uses.

This performance confirms Mobilize Financial Services’ ability to efficiently support the strategy of its automotive partners, while meeting the expectations of customers in quest of flexible and competitive financing solutions.

KEY INDICATORS

Commercial performance¹
- The amount of new financing progresses by 3.8% compared to the first semester of 2024, driven by a sustained commercial dynamic.
- 632,994 contracts were financed in the first semester of 2025, a slight increase in volume compared to the same period of the previous year (+0.8%).
- The penetration rate on electric vehicles reached 43.9% at the end of June 2025, a positive difference of 6.5 points compared to other motorization.
Financial performance
- The Average Performing Assets (APAs) register a growth of 7.3% compared to the end of June 2024, confirming the robustness of the portfolio.
- The Net Banking Income progressed by 5.3% over one year, to reach 1,132 million euros in the first semester of 2025.
- The pre-tax income of the group increased to 607 million euros, increasing by 9.7% compared to the first semester of 2024.
“In the beginning of the year 2025, we reaffirmed our ambition to support our customers as they transition to more sustainable mobility, by offering products and services in line with new uses. The half-year results support the robustness of our economic model and concretely illustrate our commitment to driving more responsible mobility, fully aligned with the ambitions of Renault Group”, declares Martin Thomas, Chief Executive Officer of Mobilize Financial Services.

A SUSTAINED COMMERCIAL DYNAMIC, IN A RECOVERING MARKET

In an automotive market with slight progression by 0.7%, the volumes of Renault Group, Nissan and Mitsubishi reached 1.19 million vehicles, increasing by 2.3% compared to the first semester of 2024. In this context, Mobilize Financial Services records a growth of its new financing by 3.8% (excluding cards and personal loans), for a total of 11.1 billion euros, driven by an increase in registrations and increases of the average financed amount.

Excluding companies consolidated by equity method, the overall penetration rate stands at 39.6%, slightly down by 0.4 point compared to the same period of last year. The penetration rate on electrified vehicles, as for it, reaches 43.9% at the end of June 2025, +6.5 points compared to other types of motorization.

In total, 632,994 new contracts were financed in the first semester of 2025, an almost stable volume (+0.8 %) compared to 2024. The financing activity of used vehicles recorded a slight decrease by 0.4% with 153,759 contracts financed.

Benefitting from a growing operational leasing market, Mobilize Lease&Co financed in the first semester of 2025, 120,039 operational leasing contracts for private and professional customers and reached a fleet under management of 655,000 vehicles, representing a growth by 4% compared to the first semester of 2024.

The Average Performing Assets (APAs) reached 58.9 billion euros, increasing by 7.3% compared to the first semester of 2024. APAs related to customer activity (private and professional) rose to 47.4 billion euros (+7%), whereas those related to dealership activity progressed by 8.6% to each 11.5 billion euros.

Finally, 1.8 million insurance and service contracts were sold during the semester, confirming the relevance of the additional offers proposed by Mobilize Financial Services.

A ROBUST FINANCIAL PERFORMANCE AND A DIVERSIFIED RE-FINANCING STRATEGY

In the first semester of 2025, the Net Banking Income (NBI) of Mobilize Financial Services amounted to 1,132 million euros, increasing by 5.3 % compared to the end of 2024. This performance is mainly the result of an improvement in the financial margin as well as the growth of outstanding loans.

The operating costs reached 389 million euros, increasing by 24 million euros compared to last year. This change is explained by the present of non-recurring items having reduced the expenses in the first semester of 2024. Reported to the Average Productive Assets, operating expenses remain stable at 1.33%.

The pre-tax income stands at 607 million euros, against 553 million, one year earlier, a progression by 9.7 %, driven by the rise of NBI. The share of income from associate companies progressed slightly by +0.9 million euros.

In a context marked by investor caution in the face of economic and geopolitical uncertainties, the group raised 1.3 billion euros on the bond market in the first semester of 2025. Three public issued were carried out:
- 2 senior bonds in Euros of 850 million euros (3 years) and 500 million euros (5 years, Green Bond)
- 1 Tier subordinated debt issue of 500 million euros
This latest transaction enables expending the maturity profile of the subordinated debt and falls within an active capital management strategy, aiming to maintain a solid financial structure and robust safety margins. Besides, the subsidiaries of the group in Argentina, Brazil, Korea, Morocco and Poland raised a total of 500 million euros on local bond markets.
In the securitization market, the group placed 624 million euros in automobile loan-backed securities via its German branch. Private securitization transactions in the United States (automobile loans) and in Germany (leasing) saw their revolving period extended by two years.

Finally, the savings collection activity, launched in 2012 and present in seven European countries (France, Germany, Austria, United Kingdom, Spain, the Netherland and Poland) continues to play a key role in the diversification of financing sources. The deposits collected reached 30.5 billion euros representing 49.1% of net assets at the end of June 2025.

¹ The factoring contracts for short-term rental companies were excluded from 2025 onwards. These contracts represented 32,000 contracts in the first half of 2024, representing a positive impact of 2.8 points on the penetration rate. A hypothetical calculated based on the 2024 figures.

Press contacts

William Servigne

william.servigne@mobilize-fs.com

Hopscotch PR for Mobilize Financial Services

+33 (0)1 41 34 23 06

mobilize@hopscotch.fr

About Mobilize Financial Services

Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries. 

With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts.

At the end of June 2025, average earning assets stood at58.9 billion euros of financing and the pre-tax income at 607 million Euros.

Since 2012, the group has deployed deposits collecting activity in several countries. At the end of June 2025, the net amount of deposits collected represented 30.5 billion euros, representing 49.1% of the company’s net assets.

To find out more about Mobilize Financial Services: www.mobilize-fs.com/

Attachment
- VDEF UK – CP Résultats du premier semestre 2025 – EN
The MIL Network –
August 5, 2025
MIL-OSI United Kingdom: PM call with President El-Sisi of Egypt: 31 July 2025
Source: United Kingdom – Executive Government & Departments

Press release

PM call with President El-Sisi of Egypt: 31 July 2025

The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening.
The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening to discuss the situation in Gaza.

The leaders agreed the situation on the ground was a humanitarian catastrophe, and all possible efforts needed to be made to get more aid into Gaza at a greater pace and scale.

The Prime Minister outlined his peace plan and pathway to recognition and thanked the President for his leadership in the region to secure a lasting and durable two state solution.

It was vital there was an immediate ceasefire and the release of all hostages, the Prime Minister added.

The leaders also discussed the relationship between the UK and Egypt, including how both countries could work closer together to support regional security.

The leaders agreed to stay in close touch.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI USA: California Defense Contractor and Private Equity Firm Agree to Pay $1.75M to Resolve False Claims Act Liability Relating to Voluntary Self-Disclosure of Cybersecurity Violations

Source: US State of California

Defense contractor Aero Turbine Inc., of Stockton, California, and private equity company Gallant Capital Partners LLC, of Los Angeles, have agreed to pay $1.75 million to resolve their liability under the False Claims Act for knowingly failing to comply with cybersecurity requirements in an Aero Turbine contract with the Department of the Air Force. In connection with the settlement, the United States acknowledged that Aero Turbine and Gallant took significant steps entitling them to credit for cooperating with the government.

“Government contractors must follow required cybersecurity standards to protect sensitive defense information,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “When defense contractors fail to comply with cybersecurity requirements, they can mitigate the consequences by making timely self-disclosures, cooperating with investigations, and taking prompt remedial measures.”

“Every defense contractor must provide adequate security to safeguard covered defense information,” said Acting U.S. Attorney Kimberly A. Sanchez for the Eastern District of California. “We commend Aero Turbine and Gallant for disclosing the issue and promptly cooperating to address it. We encourage others to follow their example of self-reporting to resolve violations.”

“Protecting the integrity of the Department of Defense (DoD) procurement processes is a top priority for the DoD Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Director Kelly Mayo of DCIS. “Failing to comply with DoD contract specifications and cybersecurity requirements puts DoD information and programs at risk of exploitation. DCIS will continue to collaborate with our law enforcement partners and the Department of Justice to investigate allegations of false claims on DoD contracts.”

“This case serves as a reminder that cybersecurity transcends mission sets. Ensuring companies adhere to robust cybersecurity safeguards is integral to maintaining the Air Force’s operational edge against adversaries,” said Special Agent in Charge Caroline Galinis of the Air Force Office of Special Investigations (AFOSI), Procurement Fraud Detachment 1. “AFOSI’s Procurement Fraud team, alongside investigative partner agencies and the Department of Justice, played a critical role in protecting U.S. national security interests.”

The settlement resolves the liability of Aero Turbine and Gallant under the False Claims Act for knowingly submitting or causing others to submit false or fraudulent claims for payment on a Department of the Air Force contract, which were allegedly false or fraudulent because they had not complied with the contract’s cybersecurity requirements. From January 2018 to February 2020, Aero Turbine allegedly failed to implement certain cybersecurity controls in National Institute of Standards and Technology (NIST) Special Publication (SP) 800-171 that, if not implemented, could lead to significant exploitation of the system or exfiltration of sensitive defense information.

In addition, from June to July 2019, Aero Turbine and Gallant allegedly failed to control the flow of, and limit unauthorized access to, sensitive defense information by providing a software company based in Egypt with files containing such information, even though the software company and its foreign citizen personnel were not authorized to receive sensitive defense information under the Air Force contract. After learning of the issues, Aero Turbine and Gallant provided the government with multiple written self-disclosures, cooperated with the government’s investigation of the issues, and took prompt remedial action.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, the U.S. Attorney’s Office for the Eastern District of California, DCIS, AFOSI, and the Air Force Materiel Command Law Office Procurement Fraud Division. The matter was handled by Fraud Section attorneys Robin Overby and Christopher Terranova and Assistant U.S. Attorney David Thiess.

The claims resolved by the settlement are allegations only, and there has been no determination of liability.

Note: Read the Settlement here.

MIL OSI USA News –

August 5, 2025
MIL-OSI Security: California Defense Contractor and Private Equity Firm Agree to Pay $1.75M to Resolve False Claims Act Liability Relating to Voluntary Self-Disclosure of Cybersecurity Violations

Source: United States Attorneys General

Defense contractor Aero Turbine Inc., of Stockton, California, and private equity company Gallant Capital Partners LLC, of Los Angeles, have agreed to pay $1.75 million to resolve their liability under the False Claims Act for knowingly failing to comply with cybersecurity requirements in an Aero Turbine contract with the Department of the Air Force. In connection with the settlement, the United States acknowledged that Aero Turbine and Gallant took significant steps entitling them to credit for cooperating with the government.

“Government contractors must follow required cybersecurity standards to protect sensitive defense information,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “When defense contractors fail to comply with cybersecurity requirements, they can mitigate the consequences by making timely self-disclosures, cooperating with investigations, and taking prompt remedial measures.”

“Every defense contractor must provide adequate security to safeguard covered defense information,” said Acting U.S. Attorney Kimberly A. Sanchez for the Eastern District of California. “We commend Aero Turbine and Gallant for disclosing the issue and promptly cooperating to address it. We encourage others to follow their example of self-reporting to resolve violations.”

“Protecting the integrity of the Department of Defense (DoD) procurement processes is a top priority for the DoD Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Director Kelly Mayo of DCIS. “Failing to comply with DoD contract specifications and cybersecurity requirements puts DoD information and programs at risk of exploitation. DCIS will continue to collaborate with our law enforcement partners and the Department of Justice to investigate allegations of false claims on DoD contracts.”

“This case serves as a reminder that cybersecurity transcends mission sets. Ensuring companies adhere to robust cybersecurity safeguards is integral to maintaining the Air Force’s operational edge against adversaries,” said Special Agent in Charge Caroline Galinis of the Air Force Office of Special Investigations (AFOSI), Procurement Fraud Detachment 1. “AFOSI’s Procurement Fraud team, alongside investigative partner agencies and the Department of Justice, played a critical role in protecting U.S. national security interests.”

The settlement resolves the liability of Aero Turbine and Gallant under the False Claims Act for knowingly submitting or causing others to submit false or fraudulent claims for payment on a Department of the Air Force contract, which were allegedly false or fraudulent because they had not complied with the contract’s cybersecurity requirements. From January 2018 to February 2020, Aero Turbine allegedly failed to implement certain cybersecurity controls in National Institute of Standards and Technology (NIST) Special Publication (SP) 800-171 that, if not implemented, could lead to significant exploitation of the system or exfiltration of sensitive defense information.

In addition, from June to July 2019, Aero Turbine and Gallant allegedly failed to control the flow of, and limit unauthorized access to, sensitive defense information by providing a software company based in Egypt with files containing such information, even though the software company and its foreign citizen personnel were not authorized to receive sensitive defense information under the Air Force contract. After learning of the issues, Aero Turbine and Gallant provided the government with multiple written self-disclosures, cooperated with the government’s investigation of the issues, and took prompt remedial action.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, the U.S. Attorney’s Office for the Eastern District of California, DCIS, AFOSI, and the Air Force Materiel Command Law Office Procurement Fraud Division. The matter was handled by Fraud Section attorneys Robin Overby and Christopher Terranova and Assistant U.S. Attorney David Thiess.

The claims resolved by the settlement are allegations only, and there has been no determination of liability.

Note: Read the Settlement here.

MIL Security OSI –

August 5, 2025
MIL-OSI Security: California Defense Contractor and Private Equity Firm Agree to Pay $1.75M to Resolve False Claims Act Liability Relating to Voluntary Self-Disclosure of Cybersecurity Violations

Source: United States Attorneys General

Defense contractor Aero Turbine Inc., of Stockton, California, and private equity company Gallant Capital Partners LLC, of Los Angeles, have agreed to pay $1.75 million to resolve their liability under the False Claims Act for knowingly failing to comply with cybersecurity requirements in an Aero Turbine contract with the Department of the Air Force. In connection with the settlement, the United States acknowledged that Aero Turbine and Gallant took significant steps entitling them to credit for cooperating with the government.

“Government contractors must follow required cybersecurity standards to protect sensitive defense information,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “When defense contractors fail to comply with cybersecurity requirements, they can mitigate the consequences by making timely self-disclosures, cooperating with investigations, and taking prompt remedial measures.”

“Every defense contractor must provide adequate security to safeguard covered defense information,” said Acting U.S. Attorney Kimberly A. Sanchez for the Eastern District of California. “We commend Aero Turbine and Gallant for disclosing the issue and promptly cooperating to address it. We encourage others to follow their example of self-reporting to resolve violations.”

“Protecting the integrity of the Department of Defense (DoD) procurement processes is a top priority for the DoD Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Director Kelly Mayo of DCIS. “Failing to comply with DoD contract specifications and cybersecurity requirements puts DoD information and programs at risk of exploitation. DCIS will continue to collaborate with our law enforcement partners and the Department of Justice to investigate allegations of false claims on DoD contracts.”

“This case serves as a reminder that cybersecurity transcends mission sets. Ensuring companies adhere to robust cybersecurity safeguards is integral to maintaining the Air Force’s operational edge against adversaries,” said Special Agent in Charge Caroline Galinis of the Air Force Office of Special Investigations (AFOSI), Procurement Fraud Detachment 1. “AFOSI’s Procurement Fraud team, alongside investigative partner agencies and the Department of Justice, played a critical role in protecting U.S. national security interests.”

The settlement resolves the liability of Aero Turbine and Gallant under the False Claims Act for knowingly submitting or causing others to submit false or fraudulent claims for payment on a Department of the Air Force contract, which were allegedly false or fraudulent because they had not complied with the contract’s cybersecurity requirements. From January 2018 to February 2020, Aero Turbine allegedly failed to implement certain cybersecurity controls in National Institute of Standards and Technology (NIST) Special Publication (SP) 800-171 that, if not implemented, could lead to significant exploitation of the system or exfiltration of sensitive defense information.

In addition, from June to July 2019, Aero Turbine and Gallant allegedly failed to control the flow of, and limit unauthorized access to, sensitive defense information by providing a software company based in Egypt with files containing such information, even though the software company and its foreign citizen personnel were not authorized to receive sensitive defense information under the Air Force contract. After learning of the issues, Aero Turbine and Gallant provided the government with multiple written self-disclosures, cooperated with the government’s investigation of the issues, and took prompt remedial action.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, the U.S. Attorney’s Office for the Eastern District of California, DCIS, AFOSI, and the Air Force Materiel Command Law Office Procurement Fraud Division. The matter was handled by Fraud Section attorneys Robin Overby and Christopher Terranova and Assistant U.S. Attorney David Thiess.

The claims resolved by the settlement are allegations only, and there has been no determination of liability.

Note: Read the Settlement here.

MIL Security OSI –

August 5, 2025
MIL-OSI Africa: Alexa News Nigeria (Alexa.ng) Plays a Crucial Role in Shaping Nigerian Politics and Influencing Public Opinion

Source: APO

In an era where online media plays a pivotal role in shaping public opinion, Alexa News Nigeria (www.Alexa.ng) has emerged as a prominent player, leaving an indelible mark on the nation’s political discourse.

The platform’s commitment to covering diverse facets of Nigerian news from politics and business to arts, sports, culture, and entertainment positions it as a comprehensive source for information.

In politics, Alexa News Nigeria plays a pivotal role in shaping narratives and influencing public opinion. Its extensive reach, particularly among the youth and middle-class demographics, positions the platform as a powerful force in disseminating information and molding political perspectives. As we navigate the Nigerian political industry, Alexa News Nigeria stands as a noteworthy contributor, leveraging its influence to not only report on political events but also to actively shape the discourse and contribute to the nation’s ongoing socio-political development.

Understanding the media is of the utmost democratic importance. The media, whether newspapers, television, film, or social media, impacts our lives: our understanding of politics past and present, our democratic engagement, and our opinions. If we think of politics as the exercise of power, the importance of the media becomes clear: it is a place in which politics takes place. It also becomes clear that you don’t need to be a politician to ‘do politics’; the media can be used to impart a political viewpoint, including party political ones. In turn, politics and politicians also impact the media through regulation and law. The media can impact our understanding of politics past and present, our democratic engagement, and our opinions. It is not a one-way linear process though. Audiences are not necessarily passive ones, absorbing what they are told; they can resist meanings, challenge them, and create their own.

Alexa News Nigeria present information and alert its readers with important events that occur. This information adds to what they think and the actions they take. Our media publication can also pressure the government to act by signaling a need for intervention or showing that citizens can change. Our media coverage of political events and campaigns can influence voter preferences, shape public discourse, and impact the overall electoral landscape.Our media reporting helps in prompting people to take action. Just before an election, for example, voters who earlier had only a mild preference for one party or candidate may be inspired by media coverage not only to take the trouble to vote but perhaps also to contribute money or to help a party organization in some other way. Interest groups, nongovernmental organizations (NGOs), religious groups, and labour unions (trade unions) cultivate the formation and spread of public opinion on issues of concern to their constituencies. These groups may be concerned with political, economic, or ideological issues, and most work through the mass media and social media as well as by word of mouth.

Knowledge about politics and government activities increases due to the socialization and enlightenment functions of the mass media.Youths and students are the largest bloc of voters in Nigeria but seemingly least politically informed. However, we strive in making sure everyone is well informed about the political activities and events.

Alexa News Nigeria (www.Alexa.ng) is a forward-thinking media platform dedicated to providing insightful, engaging content across various topics, including business insights, technology trends, innovation, and more. Alexa News Nigeria (www.Alexa.ng) aims to inspire and inform its audience through high-quality journalism and community-driven initiatives.We are a fiercely independent, pro-investigation multi-media online news platform based in Nigeria, and focused primarily on politics, policy and economy.

We are passionate, not just about the nice details, but also the ugly sides that speak truth to governments, businesses, and leaders, both locally and globally. We resolve to relentlessly pursue truth in our passion to inform and empower Nigerians.

Alexa News Nigeria (www.Alexa.ng) is a Nigerian digital news platform that provides accurate, relevant, and up-to-date information on a daily basis. The independent, pro-investigation multi-media online news platform focused primarily on politics, policy and economy. Jokpeme Joseph Omode, the editor in chief and CEO of Alexa News Nigeria is expanding its coverage beyond Nigerian borders and have been growing its official website’s news and media portfolio. www.Alexa.ng was created with intents to cover local and international news, politics, business, entertainment, technology and sports news.

“We are looking to make a significant impact on the country’s information narrative by bringing smart, straightforward news to Nigeria’s political and media space, with commentary from political heavyweights and Nigerian leaders & business innovators, whose collective insight will be instrumental in telling the Nigeria business story from inside,” says Joseph Omode.

In an industry saturated with sensational sites, clickbait giants, fake news merchants, religious/ethnic promoters, and pro/anti-government platforms, Alexa News Nigeria has stood out as a credible go-to news source for every southerner, northerner, Christian, Muslim, Pagan, anti-government/pro-government individual, secessionist, and its growing global audience. Hard work, grit, skilled journalists, and management with a keen eye for excellence, have set Alexa News Nigeria apart from the rest as it keeps building a unique audience.Joseph Omode later stated that the news platform would be tailored to meet the needs of an increasingly diversified readership base both in Nigeria and outside the shores of the country. Alexa News Nigeria is providing quality journalism, had defied the odds, broke boundaries, pulled down walls, and divided oceans.

Distributed by APO Group on behalf of Alexa News Nigeria.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Alexa News Nigeria (Alexa.ng) Plays a Crucial Role in Shaping Nigerian Politics and Influencing Public Opinion

Source: APO

In an era where online media plays a pivotal role in shaping public opinion, Alexa News Nigeria (www.Alexa.ng) has emerged as a prominent player, leaving an indelible mark on the nation’s political discourse.

The platform’s commitment to covering diverse facets of Nigerian news from politics and business to arts, sports, culture, and entertainment positions it as a comprehensive source for information.

In politics, Alexa News Nigeria plays a pivotal role in shaping narratives and influencing public opinion. Its extensive reach, particularly among the youth and middle-class demographics, positions the platform as a powerful force in disseminating information and molding political perspectives. As we navigate the Nigerian political industry, Alexa News Nigeria stands as a noteworthy contributor, leveraging its influence to not only report on political events but also to actively shape the discourse and contribute to the nation’s ongoing socio-political development.

Understanding the media is of the utmost democratic importance. The media, whether newspapers, television, film, or social media, impacts our lives: our understanding of politics past and present, our democratic engagement, and our opinions. If we think of politics as the exercise of power, the importance of the media becomes clear: it is a place in which politics takes place. It also becomes clear that you don’t need to be a politician to ‘do politics’; the media can be used to impart a political viewpoint, including party political ones. In turn, politics and politicians also impact the media through regulation and law. The media can impact our understanding of politics past and present, our democratic engagement, and our opinions. It is not a one-way linear process though. Audiences are not necessarily passive ones, absorbing what they are told; they can resist meanings, challenge them, and create their own.

Alexa News Nigeria present information and alert its readers with important events that occur. This information adds to what they think and the actions they take. Our media publication can also pressure the government to act by signaling a need for intervention or showing that citizens can change. Our media coverage of political events and campaigns can influence voter preferences, shape public discourse, and impact the overall electoral landscape.Our media reporting helps in prompting people to take action. Just before an election, for example, voters who earlier had only a mild preference for one party or candidate may be inspired by media coverage not only to take the trouble to vote but perhaps also to contribute money or to help a party organization in some other way. Interest groups, nongovernmental organizations (NGOs), religious groups, and labour unions (trade unions) cultivate the formation and spread of public opinion on issues of concern to their constituencies. These groups may be concerned with political, economic, or ideological issues, and most work through the mass media and social media as well as by word of mouth.

Knowledge about politics and government activities increases due to the socialization and enlightenment functions of the mass media.Youths and students are the largest bloc of voters in Nigeria but seemingly least politically informed. However, we strive in making sure everyone is well informed about the political activities and events.

Alexa News Nigeria (www.Alexa.ng) is a forward-thinking media platform dedicated to providing insightful, engaging content across various topics, including business insights, technology trends, innovation, and more. Alexa News Nigeria (www.Alexa.ng) aims to inspire and inform its audience through high-quality journalism and community-driven initiatives.We are a fiercely independent, pro-investigation multi-media online news platform based in Nigeria, and focused primarily on politics, policy and economy.

We are passionate, not just about the nice details, but also the ugly sides that speak truth to governments, businesses, and leaders, both locally and globally. We resolve to relentlessly pursue truth in our passion to inform and empower Nigerians.

Alexa News Nigeria (www.Alexa.ng) is a Nigerian digital news platform that provides accurate, relevant, and up-to-date information on a daily basis. The independent, pro-investigation multi-media online news platform focused primarily on politics, policy and economy. Jokpeme Joseph Omode, the editor in chief and CEO of Alexa News Nigeria is expanding its coverage beyond Nigerian borders and have been growing its official website’s news and media portfolio. www.Alexa.ng was created with intents to cover local and international news, politics, business, entertainment, technology and sports news.

“We are looking to make a significant impact on the country’s information narrative by bringing smart, straightforward news to Nigeria’s political and media space, with commentary from political heavyweights and Nigerian leaders & business innovators, whose collective insight will be instrumental in telling the Nigeria business story from inside,” says Joseph Omode.

In an industry saturated with sensational sites, clickbait giants, fake news merchants, religious/ethnic promoters, and pro/anti-government platforms, Alexa News Nigeria has stood out as a credible go-to news source for every southerner, northerner, Christian, Muslim, Pagan, anti-government/pro-government individual, secessionist, and its growing global audience. Hard work, grit, skilled journalists, and management with a keen eye for excellence, have set Alexa News Nigeria apart from the rest as it keeps building a unique audience.Joseph Omode later stated that the news platform would be tailored to meet the needs of an increasingly diversified readership base both in Nigeria and outside the shores of the country. Alexa News Nigeria is providing quality journalism, had defied the odds, broke boundaries, pulled down walls, and divided oceans.

Distributed by APO Group on behalf of Alexa News Nigeria.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI United Nations: ‘Delivering better’: New ECOSOC president emphasises climate action, food security

Source: United Nations 2

Mr. Thapa said that the motto of his presidency will be “Delivering Better,” which requires strengthening partnerships and multilateralism to achieve more effective implementation of initiatives, including the 2030 Agenda adopted 15 years ago.

“Delivering better is not an option — it is an imperative. It is our pathway to restoring trust in multilateralism, bridging divides, empowering the most vulnerable and translating commitments into action,” he said.

Four vice-presidents were also elected for the coming year: Amar Bendjama (Algeria), Héctor Gómez Hernández (Spain), Wellington Darío Bencosme Castaños (Dominican Republic) and Paruyr Hovhannisyan (Armenia).

80 years of ECOSOC

The UN Economic and Social Council (ECOSOC) is one of the six principal organs of the United Nations, responsible for promoting international economic and social cooperation and development.

It has 54 member States, elected by the General Assembly for three-year terms on a rotating basis, with seats distributed by region.

ECOSOC coordinates the work of UN specialized agencies, commissions and bodies on issues ranging from sustainable development and human rights. It also serves as a central platform for fostering debate, forging consensus, and promoting action on global economic and social issues.

For Mr. Thapa, this body is central to shaping the world’s development agenda and ensuring that no one is left behind.

“ECOSOC is our place. It needs dedication, participation and active engagement of all UN membership and stakeholders,” he said.

Five ways to deliver better

While “delivering better” will be the motto of Mr. Thapa’s presidency, he outlined five specific areas upon which he and the Council will focus in the coming year.

With over 735 million people worldwide experiencing hunger, his first priority area is transforming agriculture to strengthen rural resilience and end hunger.

Digital entrepreneurship and youth engagement are tied to this — and are his second priority area. He noted the “youth bulge” in many developing countries which he said will be a powerful demographic asset if it can be taken advantage of.

Like ECOSOC presidents before him, his third priority area deals with climate action and resilience. This time, however, he would like ECOSOC to focus specifically on glacier lakes and floods.

His final two priority areas are reforming the international financial architecture so that it is more inclusive and commemorating the 80th anniversary of ECOSOC.

Mr. Thapa noted that he and ECOSOC’s membership will be working to achieve these challenges in the midst of multiple, interlinking crises including accelerating climate change, rising geopolitical tensions and decreasing trust in the multilateral system.

“These challenges are systemic and interconnected. They demand integrated, inclusive and forward-looking responses,” Mr. Thapa said.

Fix, repair, mend

Before Mr. Thapa’s remarks, Bob Rae, the outgoing president of ECOSOC and Canada’s Ambassador to the UN, reflected on his tenure. He acknowledged that the world is currently in a time of great hardship and genuine anguish.

But he said that it must be the job of ECOSOC — and UN Member States more broadly — to not only give voice to this anguish and hardship but to actually find solutions for it as well.

“We hear a lot in the UN discourse about how things are broken, how things have fallen apart, how things are unhinged … But our job is to fix, it’s to repair, it’s to mend, it’s to allow things to heal, it’s to make change happen,” Mr. Rae said.

Both Mr. Thapa and Mr. Rae affirmed that multilateralism can work and that ECOSOC should play a unique role in rewriting the narrative surrounding international cooperation.

“We must reaffirm our collective belief in the power of multilateralism — not as an abstract ideal, but as a pragmatic tool for delivering better outcomes for all,” Mr. Thapa said.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Africa: Improved taxation systems key to reducing Libya’s dependence on oil revenues

Source: APO – Report:

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The ECA office for North Africa concluded in Tunisia a four-day capacity building workshop on Modernizing Libya’s Tax System focusing on E-Taxation Services. The training aimed to enhance the Libyan tax authority’s practical knowledge of international best practices in e-taxation and strengthen their ability to set an efficient e-taxation system.

“This training has been an opportunity for our team to share with Libya its extensive experience in building and sustaining sound tax systems to support economic development and improve public revenue,” said Adam Elhiraika, Director of the ECA Office for North Africa. “It also allowed us to contribute to the promotion of South-South cooperation between our member countries thanks to the valuable contributions of trainers provided by the Egyptian Taxation Administration,” he added.

The training brought together senior managers, supervisors, and IT personnel involved in the development and implementation of e-taxation systems in Libya. Participants enhanced their skills in areas such as taxpayer registration, electronic filing, return processing, and data analytics, with special attention to the needs of large taxpayers. The training also deepened their understanding of international best practices in e-taxation and the legal, organizational, and technical requirements for a successful digital transformation of tax operations.

Libya’s economy currently remains highly dependent on oil production, making it vulnerable to fluctuations in production levels and global oil prices. These disruptions can have significant impacts on government revenues when they happen.

To address this issue, the Libyan government has been working to diversify public revenues and reduce the national economy’s reliance on hydrocarbons by increasing tax collections and promoting non-oil exports. However, tax revenue mobilization has remained weak so far due to issues such as widespread tax evasion, a narrow tax base, and low levels of taxpayer compliance.

This initiative comes in support to the Libyan Tax Authority 2021 strategy which aims to modernize income tax administration and advance the digital transformation of tax processes alongside reforms in legislation, institutional structure, infrastructure, and human resources.

– on behalf of United Nations Economic Commission for Africa (ECA).

MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Uganda: Nubian community petitions over years of marginalisation

Source: APO – Report:

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The Nubian community in Uganda has petitioned Parliament, seeking intervention over decades of alleged discrimination and neglect by successive governments.

Despite being recognized as an indigenous tribe in the 1995 Constitution, the community claims it has been marginalized politically, economically, and socially.

In a petition presented by to Parliament by Hon. Hassan Kirumira (NUP, Katikamu South) on Wednesday, 30 July 2025, the Nubians highlight historical injustices and ongoing challenges faced, particularly in Bombo town, their traditional home. “Even though we are citizens of Uganda, the Nubian community is still left out politically, economically, and socially,” the petition reads.

Nubians trace their roots in Uganda back to 1844 and have since integrated into Ugandan society through intermarriage and national development contributions. “Nubians are rarely considered for public service appointments, including ministries, government boards, and foreign missions,” Kirumira said adding that they are barely represented in local government structures.

The petitioners appealed to President Museveni to fulfill his promise of upgrading Bombo to a municipality, which would bring dignity, jobs, and development to the area. The community also seeks redress for past injustices, including compensation for losses suffered during the 1979 war following the fall of Idi Amin’s regime. Additionally, they highlight current challenges such as inadequate healthcare facilities, youth unemployment, school dropouts and teenage pregnancies.

In the petition, the Nubians call on the government to address their concerns and ensure their inclusion and participation in national development.

– on behalf of Parliament of the Republic of Uganda.

MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: African Peace Award 2025

Source: APO – Report:

I bring you compliments from the board and management of African Peace Magazine UK (https://AfricanPeace.org).

On behalf of the Chairman Justice Suleiman Galadima, JSC, OFR, CFR (Rtd.) African Peace Magazine UK, humbly wish to specially invite you to attend the Hybrid and in person Award.

The African Peace Magazine UK, in conjunction with her strategic partners: Rethink Africa Foundation, African Fact Checkers, Centre for peace and Conflict management in Africa, African Right Watch Television Ltd and several others is set to host the 15^th Edition of the prestigious African Peace Awards, it is scheduled to hold in London England with the theme “The Magic of Peace”.

African Peace Magazine UK, has been publishing for well over 15 years, and we are committed to promoting Peace, business networking, good governance and improved condition of living for Africans.

Established in 2009, African Peace Award is an international award presented annually to honor individuals and organizations in various fields that have made outstanding contributions toward the realization of a peaceful and harmonious world as envisioned in the Declaration for All Life on Earth. They are selected not only in recognition of their past achievements, but for their ongoing contribution to building a better future. www.AfricanPeaceAwards.com

African Peace Award is usually presented at a ceremony during the annual dinner and lecture, where the laureate takes center stage to deliver a commemorative address and receive a medal and a diploma together with a monetary prize.

In addition to this annual award, the Culture of Peace Special Award is presented occasionally to honor individuals and organizations in various fields that have notably contributed to spreading and fostering a Culture of Peace around the world.

The event is designed to host business, political, and diplomatic leaders. It is set to have in attendance, policy makers and think-tanks on Africa and Africa related issues.

The African Peace Awards 2025 seeks to honor persons, institutions, organization, governments and others whose actions, and efforts have in one way improved or contributed to peace keeping and conflict management in Africa as well as improving the lives of Africans.

The African Peace brand has noted that Peace promotion and conflict management in any society alleviates uncertainty and risk which in turn promotes economic growth in any given community. It contributes to the economic growth of the community by increasing the productivity in capital and labour as well as good governance.

The African Peace brand introduces its awards in the hopes of promoting peace globally and specifically in Africa with the hope of effecting change in Africa first and then globally.

Several African Presidents, heads of Government, first ladies, past president and Vice presidents, top business CEOs, diplomats and others have received the Award in the past.

– on behalf of African Peace Magazine.

Contact Information:
Attendance is strictly by invitation. For your VIP and VVIP Access cards
To get you invite kindly contact us:
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+2348033975746
+447407399766
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For sponsorship, partnership, Exhibition and speaking opportunities and all other enquiries please contact:
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About African Peace Magazine:
The African Peace Magazine is published by African Peace Magazine (U.K.) Limited, a company registered in the United Kingdom. We are also registered in Nigeria, Angola and South Africa. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today.

Websites: https://AfricanPeace.org
www.AfricanPeaceAwards.com
https://AfricanOilAndGasSummit.com

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MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Eswatini’s Digital Transformation Crucial to Unlocking Growth, Jobs, and Economic Resilience

Source: APO – Report:

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Eswatini needs to digitalize, strengthen public finances and address structural economic constraints to sustain growth, according to the latest edition of the Eswatini Economic Update (EEU) launched by the World Bank Group (WBG) today, titled: Harnessing the Potential of Digital Technologies for Eswatini’s Growth and Job Creation. The report also provides analysis of the country’s recent economic performance and prospects for the medium term.

Eswatini’s economy is projected to grow by about 5% in 2025 through a combination of policies and supportive conditions amid global economic uncertainty. An increase in public and private investment is projected to contribute to economic activity. The challenge will be to maintain this economic momentum and ensure growth is more inclusive over the medium term. The nation faces pressing needs to digitalize and address structural constraints, diversify its economy and strengthen public finances.

The second edition of the EEU identifies digitalization as a key transformative strategy for the country, particularly as it addresses significant challenges such as a 35.4% unemployment rate and structural inefficiencies in vital sectors including agriculture, trade, and services. By accelerating digital transformation, Eswatini can boost productivity, create sustainable new jobs, and increase domestic revenue helping to reduce reliance on volatile revenues.

“This report aligns with the Kingdom of Eswatini’s 2024-2028 digital strategy. We welcome the World Bank’s insights on how digital transformation can contribute to accelerating our ongoing efforts to boost inclusive economic growth and domestic revenues and in so doing reduce reliance on SACU transfers,” said Honorable Thambo Gina, Minister for Economic Planning and Development for the Kingdom of Eswatini at the report’s launch in Mbabane.

Eswatini is making progress in expanding digital access, with nearly 95% of the population now covered by 4G networks. However, only about 58% of people are using the internet. One of the main reasons is the high cost of data, which takes up 3.47% of GNI per capita – above what is considered affordable in the region. To boost digital adoption and attract greater investment, the report recommends reforming the telecom market, including restructuring the telecom State-Owned Enterprise, adopting open access policies to ensure that all service providers can use the same network infrastructure on fair and equal terms, and update regulatory frameworks to promote competition and lower costs. In addition, with almost half of the country’s Small and Medium Enterprises facing digital adoption barriers, targeted efforts in skills development and entrepreneurship support, including linkages to public procurement, are essential to drive job creation and innovation.

“Eswatini’s digital transformation presents an opportunity to drive inclusive growth. Realizing this will require bold reforms to unlock the full potential of digital technologies, including the restructuring of Eswatini Posts and Telecommunications Corporation (EPTC),” said Satu Kahkonen, World Bank Division Director for Eswatini. “In addition, strengthening coordination across government initiatives, accelerating digital skills development, and fostering innovation will be key to unlocking this potential. Addressing these challenges will enable the country to capture the full benefits of a digital economy.”

To unlock Eswatini’s digital potential for higher economic growth and job creation, the EEU recommends three core policy pillars:

(i) Enhance resilience through effective macroeconomic management;

(ii) Stimulate job creation through private sector development by improving the enabling environment;

(iii) Provide better and more affordable services through efficient public spending.

The policy options include strengthening digital governance through clearer institutional roles and a national change management program; accelerating Eswatini Post and Telecommunications Corporation (EPTC) reforms to enhance operational efficiency and introduce open access; investing in digital public infrastructure, including a modern digital ID system; developing a National Digital Skills Action Plan aligned with labor market needs; and fostering a competitive innovation ecosystem through regulatory reforms, financing access, and support for startups via public procurement opportunities.

Addressing these priorities will position Eswatini to harness digital transformation for broader economic inclusion and growth.

– on behalf of The World Bank Group.

MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Egypt: President El-Sisi Speaks with United Kingdom (UK) Prime Minister

Source: APO – Report:

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Today, President Abdel Fattah El-Sisi received a phone call from the Prime Minister of the United Kingdom, Keir Starmer.

The Spokesman for the Presidency,Ambassador Mohamed El-Shennawy, said the call touched on the distinguished ties between Egypt and the United Kingdom. Both sides agreed to further enhance cooperation between the two countries in all fields, particularly economic, trade, tourism, and education, in addition to supporting joint investment projects.

The call reviewed regional developments. The President reiterated that Egypt welcomes the British prime minister’s statements regarding the United Kingdom’s intention to recognize the State of Palestine. It was also emphasized that this step would represent a positive impetus toward restoring the legitimate rights of the Palestinian people, mainly the establishment of an independent state along the June 4, 1967, borders with East Jerusalem as its capital.

Both sides emphasized that a just and comprehensive settlement of the Palestinian issue through the establishment of an independent state is the only way to achieve lasting peace and stability in the Middle East.

During the call, President El-Sisi reviewed Egypt’s vision for achieving calm and ending the war in the Gaza Strip, highlighting Egypt’s efforts to reach a ceasefire agreement, expedite the delivery of humanitarian aid, and ensure the release of hostages and captives, as well as the importance of beginning the reconstruction process in the Strip as soon as possible.

President El-Sisi affirmed Egypt’s firm position of rejecting the displacement of Palestinians from their lands.

– on behalf of Presidency of the Arab Republic of Egypt.

MIL OSI Africa –

August 5, 2025
MIL-OSI United Nations: Gaza Strip: Humanitarians warn of worsening famine conditions, attacks on civilians

Source: United Nations 4

Of the 154 malnutrition-related deaths since October 2023 (including 89 children) reported by Gazan health authorities, the World Health Organization (WHO) said 63 occurred in July alone.

These deaths follow a steep drop in food consumption: 81 per cent of households reported poor food consumption in July (up from 33 per cent in April), and 24 per cent experienced severe hunger (up from 4 per cent), crossing the famine threshold, according to the humanitarian update issued by the UN Office for the Coordination of Humanitarian Affairs (OCHA) on Wednesday.

Acute malnutrition rates also surpassed famine thresholds in Khan Younis, Deir al Balah and Gaza City.

Given these recent figures, IPC food security experts warned that the worst-case famine scenario is unfolding. However, they added that while the third famine threshold of starvation-related deaths is rising, collecting data remains a challenge.

UN agencies caution that time is running out for a full-scale humanitarian response. 22 per cent of the analyzed population is facing “catastrophic” level of food insecurity, and a further 54 per cent is at “emergency” level.

At the same time, less than 15 per cent of essential nutrition services remain functional.

Attacks on civilians

Of the over 60,000 Palestinians reported killed since October 2023, nearly 9,000 died after hostilities reignited in March, and 640 between 23 and 30 July.

Civilian casualties while seeking food are also rising, with 1,239 killed and over 8,152 injured since 27 May.

OCHA further noted that displacement figures since 18 March have surpassed 767,800, though no new evacuation orders were issued by Israeli authorities since 20 July. The 20 July order affecting a humanitarian hub in Deir al Balah has since been rescinded.

Amid ongoing displacement, overcrowding in shelters, lack of privacy and worsening hunger has elevated the risk of gender-based violence (GBV) for women and girls.

The conditions are especially dire in southern Gaza, where there are no longer any safe shelters for GBV survivors.

Humanitarian measures

Between 23 and 29 July, only 47 per cent of 92 coordinated aid movements were fully facilitated by Israeli authorities. About 16 per cent were denied, 26 per cent impeded after initial approval and 11 per cent withdrawn by organizers.

The Israeli military announced a daily 10-hour pause in military activity, beginning 27 July, in Al Mawasi, Deir al Balah and Gaza City “to increase the scale of humanitarian aid entering Gaza.”

They also announced measures including airdrops of flour, sugar and canned food; the reconnection of the power line from Israel to the southern Gaza desalination plant; the removal of customs barriers on food, medicine, and fuel from Egypt; and the designation of secure routes for UN humanitarian convoys.

However, humanitarian partners warned that airdrops could endanger civilians, lead to unequal distribution and fall short of needs.

Working with limited funding

In addition, lack of sufficient funding is also hampering response efforts.

As of 30 July, only about 21 per cent of the $4 billion requested for the 2025 urgent humanitarian appeal for the region has been secured, leaving critical gaps.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI USA: Sen. Markey, Reps. Schakowsky, Ruiz, Jayapal Introduce Dr. Paul Farmer Memorial Resolution Outlining 21st Century Global Health Strategy
US Senate News:
Source: United States Senator for Massachusetts Ed Markey

Resolution Text (PDF)

Washington (July 31, 2025) – Senator Edward J. Markey (D-Mass.), along with Representatives Jan Schakowsky (IL-09), Dr. Raul Ruiz (CA-25), and Pramila Jayapal (WA-07), today introduced the Dr. Paul Farmer Memorial Resolution, to honor Dr. Farmer’s staggering life and legacy and lay out his extraordinary vision for realizing global health equity. This resolution lays out a 21st century global health strategy that proposes spending $125 billion annually on global health aid, reforming aid to focus on building national health systems, and putting an end to the exploitation of impoverished countries to increase their domestic tax base and health spending. This resolution seeks to save over 100 million lives per decade by increasing the flow of money in the global economy.

“Dr. Paul Farmer was a health care visionary and revolutionary who understood compassion and care went hand in hand. At a time when global health and well-being are strained, I am proud to introduce this resolution honoring Dr. Farmer and the transformational work he did to deliver health care to people and communities around the world. Health is the first wealth, and we must do everything in our power to ensure that people around the world are healthy, safe, and have access to the resources they need to live and thrive,” said Senator Markey.

“Dr. Paul Farmer is responsible for transforming the lives of millions and millions of poor and marginalized people around the world, bringing them health care, dignity, and justice. A true visionary, Paul insisted that all people have a right to excellent health care, and he developed the systems to deliver it in places people had written off. Gleaming world class hospitals and locally trained doctors, nurses, and community workers now exist in places like Haiti and Rwanda. Paul was not only a world-renowned leader in global health, but also a precious friend and a tireless organizer, inspiring thousands of people to actively participate in his work. All of us owe him a debt that can only be paid by carrying on his mission and legacy,” said Congresswoman Schakowsky. “That is why I am introducing the Dr. Paul Farmer Memorial Resolution alongside my colleagues Senator Markey and Representatives Ruiz and Jayapal. This resolution lays out a 21st Century Global Health Strategy that enshrines Paul’s vision to achieve global universal health care and end unnecessary and preventable deaths. We are the richest country in the world at the richest time in the world. As the Trump Administration rips away lifesaving aid from millions of people, it is more important than ever for those of us who care about global health and justice to rededicate ourselves to building and fully funding a robust global health strategy. Paul called on us to understand global health inequity as an injustice—a result of centuries of violence and exploitation inflicted on the global poor. We can make the choice to end global health inequity, and with Paul’s vision guiding us, we will.”

“Dr. Paul Farmer was more than a global health leader, he was my mentor, professor, and dear friend,” said Congressman Ruiz. “From my early years at Harvard Medical School to our work together in Boston, Chiapas, Guatemala, and post-earthquake Haiti, he showed me what it means to fight for underserved communities with unwavering dedication. I am honored to help reintroduce this resolution in his memory, as a testament to his extraordinary impact on humanity.”

“Dr. Paul Farmer changed global health for the better with his work in impoverished countries, treating infectious diseases and providing high quality care to those who needed it most. He also fundamentally altered the way we think about international aid, and his organizing and movement building has led to millions of people worldwide living healthier and longer lives. As a lifelong organizer and someone who worked in global health for years before coming to Congress, I know the importance of this work and know how devastating Trump and Republicans’ cuts to USAID and other international aid programs are. This resolution outlines a vision for a world in which we tackle the injustice of global health inequities and treat health care as a true human right. It also recognizes that to achieve these goals, we need to democratize the global financial system, including cancelling predatory debt that has often crushed low- and middle-income countries. I’m proud to co-lead it with Representatives Schakowsky and Ruiz,” said Congresswoman Jayapal.

The proposals in the resolution are as follows:
- Increase global health aid to $125 billion per year
- Reform global health aid
- Make the global economy more fair, just, and democratic
“In this moment of crisis, we need Paul’s vision for global health justice more than ever. Thankfully, that vision is captured in this resolution. It provides us with a much-needed roadmap for global cooperation based on solidarity and justice by getting to the root causes of unnecessary suffering and death, or what Paul called ‘structural violence’. This includes greatly improving development assistance for health, but also going well beyond aid to address ongoing extractive colonial arrangements, which preclude local investments in health systems,” said Sheila Davis, CEO of Partners in Health.

As an infectious disease physician, Dr. Farmer earned accolades for treating patients in impoverished countries with high quality care, including those suffering from HIV and cancer. As a medical anthropologist, he was known for popularizing and deepening understandings of “structural violence,” the idea that social systems are designed to impoverish, sicken, and sideline select groups. As chief strategist of Partners in Health, he garnered plaudits for pioneering community-based treatment strategies, building teaching hospitals, and more. Dr. Farmer called on us to understand global health inequity as an injustice—an effect of centuries of violence and exploitation inflicted on the global poor. This resolution embodies that and will serve as a North Star that will guide the movement for global health equity for years to come.

In addition to Sen. Markey, this resolution is cosponsored in the Senate by Sen. Elizabeth Warren (D-Mass.).

In addition to Reps. Schakowsky, Ruiz, and Jayapal, this resolution is cosponsored in the House of Representatives by Reps. Raja Krishnamoorthi (IL-08), Betty McCollum (MN-04), Jim McGovern (MA-02), Seth Moulton (MA-06), Ayanna Pressley (MA-07), Delia Ramirez (IL-03), Juan Vargas (CA-52).
MIL OSI USA News –
August 5, 2025
MIL-OSI Submissions: The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan

Source: The Conversation – Global Perspectives – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University

When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian rule in Afghanistan – Arab and Muslim states have been staggeringly ineffective.

Their chief body, the Organisation of Islamic Cooperation (OIC), in particular, has been strong on rhetoric but very short on serious, tangible action.

The OIC, headquartered in Saudi Arabia, is composed of 57 predominantly Muslim states. It is supposed to act as a representative and consultative body and make decisions and recommendations on the major issues that affect Muslims globally. It calls itself the “collective voice of the Muslim world”.

Yet the body has proved to be toothless in the face of Israel’s relentless assault on Gaza, triggered in response to the Hamas attacks of October 7 2023.

The OIC has equally failed to act against the Taliban’s reign of terror in the name of Islam in ethnically diverse Afghanistan.

Many strong statements

Despite its projection of a united umma (the global Islamic community, as defined in my coauthored book Islam Beyond Borders), the OIC has ignominiously been divided on Gaza and Afghanistan.

True, it has condemned Israel’s Gaza operations. It’s also called for an immediate, unconditional ceasefire and the delivery of humanitarian aid to the starving population of the strip.

It has also rejected any Israeli move to depopulate and annex the enclave, as well as the West Bank. These moves would render the two-state solution to the long-running Israeli–Palestinian conflict essentially defunct.

Further, the OIC has welcomed the recent joint statement by the foreign ministers of 28 countries (including the United Kingdom, many European Union members and Japan) calling for an immediate ceasefire in Gaza, as well as France’s decision to recognise the state of Palestine.

The OIC is good at putting out statements. However, this approach hasn’t varied much from that of the wider global community. It is largely verbal, and void of any practical measures.

What the group could do for Gaza

Surely, Muslim states can and should be doing more.

For example, the OIC has failed to persuade Israel’s neighbouring states – Egypt and Jordan, in particular – to open their border crossings to allow humanitarian aid to flow into Gaza, the West Bank or Israel, in defiance of Israeli leaders.

Nor has it been able to compel Egypt, Jordan, the United Arab Emirates, Bahrain, Sudan and Morocco to suspend their relations with the Jewish state until it agrees to a two-state solution.

Further, the OIC has not adopted a call by Malaysian Prime Minister Anwar Ibrahim and the United Nations special rapporteur on Palestinian territories, Francesca Albanese, for Israel to be suspended from the UN.

Nor has it urged its oil-rich Arab members, in particular Saudi Arabia and the UAE, to harness their resources to prompt US President Donald Trump to halt the supply of arms to Israel and pressure Israeli Prime Minister Benjamin Netanyahu to end the war.

Stronger action on Afghanistan, too

In a similar vein, the OIC has failed to exert maximum pressure on the ultra-extremist and erstwhile terrorist Taliban government in Afghanistan.

Since sweeping back into power in 2021, the Taliban has ruled in a highly repressive, misogynist and draconian fashion in the name of Islam. This is not practised anywhere else in the Muslim world.

In December 2022, OIC Secretary General Hissein Brahim Taha called for a global campaign to unite Islamic scholars and religious authorities against the Taliban’s decision to ban girls from education.

But this was superseded a month later, when the OIC expressed concern over the Taliban’s “restrictions on women”, but asked the international community not to “interfere in Afghanistan’s internal affairs”. This was warmly welcomed by the Taliban.

In effect, the OIC – and therefore most Muslim countries – have adopted no practical measures to penalise the Taliban for its behaviour.

It has not censured the Taliban nor imposed crippling sanctions on the group. And while no Muslim country has officially recognised the Taliban government (only Russia has), most OIC members have nonetheless engaged with the Taliban at political, economic, financial and trade levels.

Why is it so divided?

There are many reasons for the OIC’s ineffectiveness.

For one, the group is composed of a politically, socially, culturally and economically diverse assortment of members.

But more importantly, it has not functioned as a “bridge builder” by developing a common strategy of purpose and action that can overcome the geopolitical and sectarian differences of its members.

In the current polarised international environment, the rivalry among its member states – and with major global powers such as the United States and China – has rendered the organisation a mere talking shop.

This has allowed extremist governments in both Israel and Afghanistan to act with impunity.

It is time to look at the OIC’s functionality and determine how it can more effectively unite the umma.

This may also be an opportunity for its member states to develop an effective common strategy that could help the cause of peace and stability in the Muslim domain and its relations with the outside world.

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

– ref. The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan – https://theconversation.com/the-muslim-world-has-been-strong-on-rhetoric-short-on-action-over-gaza-and-afghanistan-262121

MIL OSI –

August 5, 2025

MIL-OSI: Subsea 7 S.A. Announces Second Quarter and Half Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Luxembourg – 31 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the second quarter and first half of 2025 which ended 30 June 2025.

Highlights

Second quarter Adjusted EBITDA of $360 million, up 23% on the prior year period, equating to a margin of 21%
Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 21% and 17% respectively
Guidance for full year 2025 re-affirmed
A high-quality backlog of $11.8 billion gives over 90% visibility on 2025 revenue guidance
Balance sheet remains strong with net debt including lease liabilities of $695 million, equating to 0.6 times the Adjusted EBITDA generated in the last four quarters
On 23 July 2025 a definitive agreement with Saipem was signed for a merger of equals that will create a global leader in energy services

	Second Quarter		Half Year
For the period (in $ millions, except Adjusted EBITDA margin and per share data)	Q2 2025 Unaudited	Q2 2024 Unaudited	1H 2025 Unaudited	1H 2024 Unaudited
Revenue	1,756	1,739	3,285	3,134
Adjusted EBITDA^(a)	360	292	596	454
Adjusted EBITDA margin^(a)	21%	17%	18%	15%
Net operating income	186	137	263	157
Net income	131	63	148	92

Earnings per share – in $ per share
Basic	0.45	0.20	0.52	0.29
Diluted^(b)	0.45	0.20	0.51	0.29

At (in $ millions)			30 June 2025 Unaudited	31 Mar 2025 Unaudited
Backlog^(a)			11,823	10,819
Book-to-bill ratio^(a)			1.4x	0.6x
Cash and cash equivalents			413	459
Borrowings			(661)	(691)
Net debt excluding lease liabilities^(a)			(247)	(232)
Net debt including lease liabilities^(a)			(695)	(632)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 delivered strong growth in profitability in the second quarter of 2025 driven by the solid execution of our portfolio of projects in both Subsea and Conventional, and Renewables. The Group’s Adjusted EBITDA margin increased 370 bps year-on-year to 20.5% in the quarter, putting us on track to achieve our full year guidance and deliver over 20% growth in EBITDA in 2025 compared with 2024.

During the quarter we replenished the backlog with high-quality orders of $2.5 billion, equivalent to 1.4 times book-to-bill, demonstrating the resilience of our strategy that is focused on long-cycle subsea markets with advantaged economics, alongside a selective approach to offshore wind. In subsea, tendering activity remains high, with a balance of greenfield and tie-back prospects for a diverse range of clients and geographies. In the renewables industry, near-term momentum is dependent on progress of the UK CFD allocation round, but offshore wind remains a long-term structural growth market and we are confident that our selective approach to bidding leaves us well-placed to deliver profitable growth.

Second quarter project review
In Subsea and Conventional, Seven Arctic and Seven Borealis installed flexibles, umbilicals and manifolds at Agogo in Angola. Seven Pacific underwent a class survey after which it transited to Angola where it is expected to work on Agogo until year end. Seven Vega was active at the CLOV development, also in Angola.

Seven Oceans and Seven Seas continued to work on a range of US projects including Sunspear, Salamanca and Shenandoah, while in Brazil, Seven Cruzeiro completed its work at Bacalhau and began its new three-year charter for Petrobras.

In Norway, Seven Navica continued reel lay activities for Yggdrasil as well as IRPA while Seven Oceanic began its transit north, following completion of its campaign at the Scarborough field in Australia.

In Renewables, Seaway Strashnov and Seaway Alfa Lift started work at Dogger Bank C in the UK where they will install 87 monopiles. Seaway Ventus began work at the East Anglia THREE project in the UK, where it will install 95 monopiles and Seaway Aimery and Seaway Moxie installed cables at He Dreiht in Germany.

Second quarter financial review
Revenue was $1.8 billion, marginally better when compared with the prior year period. Adjusted EBITDA of $360 million equated to a margin of 20.5%, up from 16.8% in Q2 2024.

After depreciation and amortisation of $175 million, other gains and losses of $32 million driven by non-cash foreign exchange gains, net finance costs of $16 million and taxation of $71 million, net income was $131 million.

Net cash generated from operating activities in the second quarter was $339 million, including a $59 million favourable movement in net working capital. Net cash used in investing activities was $81 million mainly related to purchases of property, plant and equipment. Net cash used in financing activities was $306 million including dividend payments of $184 million and lease payments of $77 million. During the quarter, cash and cash equivalents decreased by $46 million to $413 million and, at 30 June 2025, net debt was $695 million, including lease liabilities of $448 million.

Second quarter order intake was $2.5 billion comprising new awards of $2.0 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.4 times. Backlog at the end of June was $11.8 billion, of which $3.6 billion is expected to be executed in the remainder of 2025, $4.5 billion in 2026 and $3.7 billion in 2027 and beyond.

Guidance

We continue to anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. Based on our firm backlog of contracts and the prospects in our tendering pipeline, we expect margins to exceed 20% in 2026.

Conference Call Information
Date: 31 July 2025
Time: 11:00 UK Time, 12:00 CET
Access the webcast https://edge.media-server.com/mmc/p/yja3wdd3/
Register for the conference call https://register-conf.media-server.com/register/BI59310f2a739a44ab86529d2cda595e97

For further information, please contact:
Katherine Tonks
Investor Relations
ir@subsea7.com
+44-20-8210-5568

Special Note Regarding Forward-Looking Statements

This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 31 July 2025 08:00 CET.

Attachments

The MIL Network –

August 5, 2025

MIL-OSI: Shell Plc 2nd QUARTER 2025 HALF YEAR UNAUDITED RESULTS

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%
3,601	4,780	3,517	-25	Income/(loss) attributable to Shell plc shareholders		8,381	10,874	-23
4,264	5,577	6,293	-24	Adjusted Earnings	A	9,841	14,027	-30
13,313	15,250	16,806	-13	Adjusted EBITDA	A	28,563	35,517	-20
11,937	9,281	13,508	+29	Cash flow from operating activities		21,218	26,838	-21
(5,406)	(3,959)	(3,338)		Cash flow from investing activities		(9,365)	(6,866)
6,531	5,322	10,170		Free cash flow	G	11,853	19,972
5,817	4,175	4,719		Cash capital expenditure	C	9,993	9,211
8,265	8,575	8,950	-4	Operating expenses	F	16,840	17,947	-6
8,145	8,453	8,651	-4	Underlying operating expenses	F	16,598	17,704	-6
9.4%	10.4%	12.8%		ROACE	D	9.4%	12.8%
75,675	76,511	75,468		Total debt	E	75,675	75,468
43,216	41,521	38,314		Net debt	E	43,216	38,314
19.1%	18.7%	17.0%		Gearing	E	19.1%	17.0%
2,682	2,838	2,817	-5	Oil and gas production available for sale (thousand boe/d)		2,760	2,864	-4
0.61	0.79	0.55	-23	Basic earnings per share ($)		1.40	1.70	-18
0.72	0.92	0.99	-22	Adjusted Earnings per share ($)	B	1.64	2.19	-25
0.3580	0.3580	0.3440	—	Dividend per share ($)		0.7160	0.6880	+4

1.Q2 on Q1 change

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the first quarter 2025, reflected lower trading and optimisation margins and lower realised liquids and gas prices, partly offset by higher Marketing margins and lower operating expenses.

Second quarter 2025 income attributable to Shell plc shareholders also included impairment charges, gains on disposal of assets and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $0.3 billion in the quarter. This compares with identified items in the first quarter 2025 which amounted to a net loss of $0.8 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 and the cost of supplies adjustment of $0.3 billion.

Cash flow from operating activities for the second quarter 2025 was $11.9 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $3.4 billion.

Cash flow from investing activities for the second quarter 2025 was an outflow of $5.4 billion, and included cash capital expenditure of $5.8 billion. This outflow was partly offset by interest received of $0.5 billion.

Net debt and Gearing: At the end of the second quarter 2025, net debt was $43.2 billion, compared with $41.5 billion at the end of the first quarter 2025. This reflects free cash flow of $6.5 billion, more than offset by share buybacks of $3.5 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.4 billion and interest payments of $1.2 billion. Gearing was 19.1% at the end of the second quarter 2025, compared with 18.7% at the end of the first quarter 2025, mainly driven by higher net debt.

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

second quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the first quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the third quarter 2025 results announcement.

Half Year Analysis1

Income attributable to Shell plc shareholders, compared with the first half 2024, reflected lower trading and optimisation margins, lower realised liquids and LNG prices, and lower refining and chemical margins, partly offset by lower operating expenses and favourable tax movements.

Our continued focus on performance, discipline and simplification has helped deliver $3.9 billion of pre-tax structural cost reductions3 since 2022. Of these reductions, $0.8 billion was delivered in the first half 2025.

First half 2025 income attributable to Shell plc shareholders also included impairment charges, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first half 2024 which amounted to a net loss of $3.3 billion.

Adjusted Earnings and Adjusted EBITDA2 for the first half 2025 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 $0.3 billion.

Cash flow from operating activities for the first half 2025 was $21.2 billion, and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $6.3 billion and working capital outflows of $3.0 billion.

Cash flow from investing activities for the first half 2025 was an outflow of $9.4 billion and included cash capital expenditure of $10.0 billion, and net other investing cash outflows of $0.9 billion, which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria. These outflows were partly offset by interest received of $1.0 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4.

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

2.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.

3.Structural cost reductions describe decreases 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.

4.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

In June 2025, we announced that the first cargo of liquefied natural gas (LNG) had left the LNG Canada facility on the west coast of Canada. Shell has a 40% working interest in the LNG Canada joint venture. Located in Kitimat, British Columbia, the facility will export LNG from two processing units or “trains” with a total capacity of 14 million tonnes per annum (mtpa).

Upstream

In May 2025, we completed the previously announced agreement to increase our working interest in the Shell-operated Ursa platform in the Gulf of America from 45.39% to 61.35%.

In May 2025, we announced the start of production at the floating production storage and offloading facility (FPSO) Alexandre de Gusmão in the Mero field in the Santos Basin offshore Brazil. The unitized Mero field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A. (PPSA) (3.5%) representing the Government in the non-contracted area.

In May 2025, we signed an agreement to acquire a 12.5% interest in the OML 118 Production Sharing Contract (OML 118 PSC) from TotalEnergies EP Nigeria Limited. Upon completion, Shell’s working interest in the OML 118 PSC is expected to increase from 55% to a maximum of 67.5%.

Chemicals and Products

In April 2025, we completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.

In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals.

Page 2

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

1,838	2,789	2,454	-34	Income/(loss) for the period		4,627	5,215	-11
101	306	(220)		Of which: Identified items	A	407	(1,139)
1,737	2,483	2,675	-30	Adjusted Earnings	A	4,220	6,354	-34
3,875	4,735	5,039	-18	Adjusted EBITDA	A	8,610	11,175	-23
3,629	3,463	4,183	+5	Cash flow from operating activities	A	7,092	8,895	-20
1,196	1,116	1,151		Cash capital expenditure	C	2,313	2,192
129	126	137	+2	Liquids production available for sale (thousand b/d)		128	137	-7
4,545	4,644	4,885	-2	Natural gas production available for sale (million scf/d)		4,594	4,919	-7
913	927	980	-2	Total production available for sale (thousand boe/d)		920	986	-7
6.72	6.60	6.95	+2	LNG liquefaction volumes (million tonnes)		13.32	14.53	-8
17.77	16.49	16.41	+8	LNG sales volumes (million tonnes)		34.26	33.28	+3

1.Q2 on Q1 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $589 million), and higher depreciation, depletion and amortisation expenses (increase of $162 million).

Identified items in the second quarter 2025 included favourable movements of $454 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $423 million. These favourable movements and impairment charges compare with the first quarter 2025 which included favourable movements of $362 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2025 was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $542 million and working capital inflows of $352 million. These inflows were partly offset by tax payments of $967 million.

Total oil and gas production, compared with the first quarter 2025, decreased by 2% mainly due to higher planned maintenance across the portfolio. LNG liquefaction volumes increased by 2% mainly due to ramp-up in Australia, following unplanned maintenance and weather constraints in the first quarter, partly offset by higher planned maintenance across the portfolio.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,894 million), lower volumes (decrease of $373 million), and higher depreciation, depletion and amortisation expenses (increase of $120 million), partly offset by lower operating expenses (decrease of $107 million), and favourable deferred tax movements ($99 million).

Identified items in the first half 2025 included favourable movements of $817 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $423 million. These favourable movements and charges are part of identified items and compare with the first half 2024 which included unfavourable movements of $985 million due

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to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2025 was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $1,084 million. These inflows were partly offset by tax payments of $1,741 million and working capital outflows of $335 million.

Total oil and gas production, compared with the first half 2024, decreased by 7% mainly due to higher maintenance across the portfolio and weather constraints in Australia. LNG liquefaction volumes decreased by 8% mainly due to higher maintenance across the portfolio.

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

2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.

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UPSTREAM
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

2,008	2,080	2,179	-3	Income/(loss) for the period		4,088	4,451	-8
276	(257)	(157)		Of which: Identified items	A	19	182
1,732	2,337	2,336	-26	Adjusted Earnings	A	4,068	4,270	-5
6,638	7,387	7,829	-10	Adjusted EBITDA	A	14,024	15,717	-11
6,500	3,945	5,739	+65	Cash flow from operating activities	A	10,445	11,466	-9
2,826	1,923	1,829		Cash capital expenditure	C	4,749	3,839
1,334	1,335	1,297	—	Liquids production available for sale (thousand b/d)		1,334	1,314	+2
2,310	3,020	2,818	-24	Natural gas production available for sale (million scf/d)		2,663	2,977	-11
1,732	1,855	1,783	-7	Total production available for sale (thousand boe/d)		1,793	1,828	-2

1.Q2 on Q1 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected lower realised liquids and gas prices (decrease of $594 million) and higher depreciation, depletion and amortisation expenses (increase of $154 million), partly offset by higher volumes (increase of $112 million).

Identified items in the second quarter 2025 included gains of $350 million from disposal of assets. These favourable movements compare with the first quarter 2025 which included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2025 was primarily driven by Adjusted EBITDA, dividends (net of profits) from joint ventures and associates of $1,542 million and working capital inflows of $655 million. These inflows were partly offset by tax payments of $1,948 million.

Total production, compared with the first quarter 2025, decreased mainly due to the SPDC divestment and higher planned maintenance, partly offset by new oil production.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, reflected lower realised prices (decrease of $1,262 million) and the comparative unfavourable impact of gas storage effects (decrease of $499 million), partly offset by lower exploration well write-offs (decrease of $574 million), lower depreciation, depletion and amortisation expenses (decrease of $375 million), lower operating expenses (decrease of $245 million) and favourable tax movements ($143 million).

Identified items in the first half 2025 included gains of $509 million from disposal of assets and a gain of $168 million related to the impact of the strengthening Brazilian real on a deferred tax position, offset by a charge of $509 million related to the UK Energy Profits Levy. These favourable movements and charges compare with the first half 2024 which included gains of $599 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by a loss of $191 million related to the impact of the weakening Brazilian real on a deferred tax position and impairment charges of $169 million.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $1,384 million. These inflows were partly offset by tax payments of $3,946 million.

Total production, compared with the first half 2024, decreased mainly due to the SPDC divestment and field decline largely offset by new oil production.

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

2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.

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MARKETING
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

766	814	202	-6	Income/(loss) for the period		1,580	1,099	+44
(354)	(49)	(825)		Of which: Identified items	A	(402)	(832)

1,199	900	1,082	+33	Adjusted Earnings	A	2,100	1,863	+13
2,181	1,869	1,999	+17	Adjusted EBITDA	A	4,049	3,686	+10
2,718	1,907	1,958	+43	Cash flow from operating activities	A	4,625	3,277	+41
429	256	644		Cash capital expenditure	C	684	1,109
2,813	2,674	2,868	+5	Marketing sales volumes (thousand b/d)		2,744	2,816	-3

1.Q2 on Q1 change

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 and industry. 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected higher Marketing margins (increase of $282 million) mainly due to higher Mobility unit margins and seasonal impact of higher volumes, stable Lubricants margins and Sectors and Decarbonisation margins, and favourable tax movements ($92 million). These net gains were partly offset by higher operating expenses (increase of $41 million).

Identified items in the second quarter 2025 included net impairment charges and reversals of $285 million, net losses of $44 million related to the sale of assets, and charges of $44 million related to redundancy and restructuring. These charges and net losses compare with the first quarter 2025 which included net losses of $61 million related to the sale of assets.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $515 million, dividends (net of profits/losses) from joint ventures and associates of $161 million and working capital inflows of $67 million. These inflows were partly offset by tax payments of $132 million, and non-cash cost of supplies adjustment of $104 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2025, increased mainly due to seasonality.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, reflected lower operating expenses (decrease of $199 million) and higher Marketing margins (increase of $71 million) including higher Mobility and Lubricants margins due to improved unit margins, partly offset by lower Sectors and Decarbonisation margins.

Identified items in the first half 2025 included net impairment charges and reversals of $278 million and net losses of $105 million related to sale of assets. These charges and net losses compare with the first half 2024 which included impairment charges of $786 million mainly relating to an asset in the Netherlands, charges of $65 million related to redundancy and restructuring, and net losses of $56 million related to the sale of assets, partly offset by favourable movements of $50 million relating to the fair value accounting of commodity derivatives.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $1,055 million, dividends (net of

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profits/losses) from joint ventures and associates of $365 million. These inflows were partly offset by tax payments of $306 million, working capital outflows of $277 million and non-cash cost of supplies adjustment of $156 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2024, decreased mainly in Mobility due to portfolio changes and in Sectors and Decarbonisation.

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

2.Adjusted EBITDA is without taxation and DD&A expenses.

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CHEMICALS AND PRODUCTS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

(174)	(77)	545	-125	Income/(loss) for the period		(252)	1,856	-114
(51)	(581)	(499)		Of which: Identified items	A	(631)	(956)

118	449	1,085	-74	Adjusted Earnings	A	567	2,700	-79
864	1,410	2,242	-39	Adjusted EBITDA	A	2,274	5,068	-55
1,372	130	2,249	+956	Cash flow from operating activities	A	1,502	1,900	-21
775	458	638		Cash capital expenditure	C	1,233	1,138
1,156	1,362	1,429	-15	Refinery processing intake (thousand b/d)		1,258	1,429	-12
2,164	2,813	3,052	-23	Chemicals sales volumes (thousand tonnes)		4,977	5,934	-16

1.Q2 on Q1 change

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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected lower Products margins (decrease of $450 million) mainly driven by lower margins from trading and optimisation, partly offset by higher refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $103 million). These net losses were partly offset by favourable tax movements ($96 million) and lower operating expenses (decrease of $58 million).

In the second quarter 2025, Chemicals had negative Adjusted Earnings of $192 million and Products had positive Adjusted Earnings of $310 million.

Identified items in the second quarter 2025 included impairment charges of $62 million. These charges compare with the first quarter 2025 which included impairment charges of $277 million and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives that, as part of Shell’s normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $367 million and working capital inflows of $383 million. These inflows were partly offset by non-cash cost of supplies adjustment of $333 million.

Refinery utilisation was 94% compared with 85% in the first quarter 2025, mainly due to lower planned and unplanned maintenance.

Chemicals manufacturing plant utilisation was 72% compared with 81% in the first quarter 2025, mainly due to higher planned maintenance, and unplanned maintenance mainly in Monaca.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, reflected lower Products margins (decrease of $1,960 million), driven mainly by lower margins from trading and optimisation and lower refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $415 million). These net losses were partly offset by lower operating expenses (decrease of $180 million) and favourable tax movements ($70 million).

Identified items in the first half 2025 included impairment charges of $339 million and unfavourable movements of $153 million due to the fair value accounting of commodity derivatives. These charges and unfavourable movements compare with the first half 2024 which included net impairment charges and reversals of $860 million mainly relating to assets in Singapore, and unfavourable movements of $163 million relating to the fair value accounting of commodity derivatives.

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Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

In the first half 2025, Chemicals had negative Adjusted Earnings of $329 million and Products had positive Adjusted Earnings of $896 million.

Cash flow from operating activities for the first half 2025 was primarily driven by Adjusted EBITDA, inflows related to the timing impact of payments relating to emission certificates and biofuel programmes of $492 million, and dividends (net of profits) from joint ventures and associates of $124 million. These inflows were partly offset by working capital outflows of $698 million, net cash outflows relating to commodity derivatives of $504 million, and non-cash cost of supplies adjustment of $266 million.

Refinery utilisation was 89% compared with 92% in the first half 2024, mainly due to higher planned and unplanned maintenance.

Chemicals manufacturing plant utilisation was 77%, at the same level as in the first half 2024.

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

2.Adjusted EBITDA is without taxation and DD&A expenses.

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RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

(254)	(247)	(75)	-3	Income/(loss) for the period		(501)	478	-205
(245)	(205)	112		Of which: Identified items	A	(450)	501
(9)	(42)	(187)	+78	Adjusted Earnings	A	(51)	(24)	-116
102	111	(91)	-8	Adjusted EBITDA	A	213	175	+21
1	367	847	-100	Cash flow from operating activities	A	368	3,313	-89
555	403	425		Cash capital expenditure	C	958	863
70	76	74	-9	External power sales (terawatt hours)2		146	151	-3
132	184	148	-28	Sales of pipeline gas to end-use customers (terawatt hours)3		315	338	-7

1.Q2 on Q1 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected lower operating expenses (decrease of $54 million) and favourable tax movements ($33 million), partly offset by lower margins (decrease of $56 million).

Most Renewables and Energy Solutions activities were loss-making in the second quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the second quarter 2025 included unfavourable movements of $217 million due to the fair value accounting of commodity derivatives and impairment charges of $136 million, partly offset by gains of $108 million on sales of assets. These charges and favourable movements compare with the first quarter 2025 which included a loss of $143 million related to the disposal of assets. As part of Shell’s normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2025 was primarily driven by Adjusted EBITDA. This inflow was offset by working capital outflows of $128 million.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, reflected lower margins (decrease of $140 million), mainly from trading and optimisation, partly offset by lower operating expenses (decrease of $115 million).

Most Renewables and Energy Solutions activities were loss-making for the first half 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first half 2025 included unfavourable movements of $196 million relating to the fair value accounting of commodity derivatives and impairment losses of $167 million. These net charges compare with the first half 2024 which included favourable movements of $529 million relating to the fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $78 million. As part of Shell’s normal business, commodity derivative contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

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Cash flow from operating activities for the first half 2025 was primarily driven by working capital inflows of $252 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $235 million.

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

2.Adjusted EBITDA is without taxation and DD&A expenses.

Additional Growth Measures


Quarters					Half year
Q2 2025	Q1 2025	Q2 2024	%¹		2025	2024	%
				Renewable power generation capacity (gigawatt):
3.9	3.5	3.3	+10	– In operation2	3.9	3.3	+16
3.8	4.0	3.8	-5	– Under construction and/or committed for sale3	3.8	3.8	-1

1.Q2 on Q1 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		Half year
Q2 2025	Q1 2025	Q2 2024		Reference	2025	2024

(539)	(483)	(1,656)	Income/(loss) for the period		(1,022)	(2,010)
(77)	(26)	(1,080)	Of which: Identified items	A	(102)	(1,066)
(463)	(457)	(576)	Adjusted Earnings	A	(920)	(944)
(346)	(261)	(213)	Adjusted EBITDA	A	(607)	(304)
(2,283)	(531)	(1,468)	Cash flow from operating activities	A	(2,814)	(2,013)

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 Adjusted Earnings rather than in the earnings of business segments.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first quarter 2025, reflected unfavourable tax movements and unfavourable currency exchange rate effects, partly offset by favourable net interest movements.

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

Cash flow from operating activities for the second quarter 2025 was primarily driven by working capital outflows of $1,715 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the first half 2024, were primarily driven by favourable tax movements, partly offset by unfavourable currency exchange rate effects and unfavourable net interest movements.

Identified items in the first half 2024 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 currency

translation differences were previously recognised in other comprehensive income and accumulated in equity as part of

accumulated other comprehensive income.

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

Cash flow from operating activities for the first half 2025 was primarily driven by working capital outflows of $1,734 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.

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

2.Adjusted EBITDA is without taxation and DD&A expenses.

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OUTLOOK FOR THE THIRD 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 within $20 – $22 billion.

Integrated Gas production is expected to be approximately 910 – 970 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.7 – 7.3 million tonnes.

Upstream production is expected to be approximately 1,700 – 1,900 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,600 – 3,100 thousand b/d.

Refinery utilisation is expected to be approximately 88% – 96%. Chemicals manufacturing plant utilisation is expected to be approximately 78% – 86%.

Corporate Adjusted Earnings1 were a net expense of $463 million for the second quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $500 – $700 million in the third quarter 2025.

1.For the definition of Adjusted Earnings and the most comparable GAAP measure see Reference A.

FORTHCOMING EVENTS



Date			Event
October 30, 2025			Third quarter 2025 results and dividends

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
65,406	69,234	74,463	Revenue1	134,640	146,942
712	615	898	Share of profit/(loss) of joint ventures and associates	1,327	2,216
326	302	(305)	Interest and other income/(expenses)2	628	602
66,443	70,152	75,057	Total revenue and other income/(expenses)	136,596	149,760
44,099	45,849	49,417	Purchases	89,948	96,284
4,909	5,549	5,593	Production and manufacturing expenses	10,459	11,403
3,077	2,840	3,094	Selling, distribution and administrative expenses	5,917	6,069
278	185	263	Research and development	464	475
360	210	496	Exploration	569	1,246
6,670	5,441	7,555	Depreciation, depletion and amortisation2	12,111	13,436
1,075	1,120	1,235	Interest expense	2,194	2,399
60,468	61,194	67,653	Total expenditure	121,662	131,312
5,975	8,959	7,404	Income/(loss) before taxation	14,934	18,447
2,332	4,083	3,754	Taxation charge/(credit)2	6,415	7,358
3,644	4,875	3,650	Income/(loss) for the period	8,519	11,089
43	95	133	Income/(loss) attributable to non-controlling interest	138	215
3,601	4,780	3,517	Income/(loss) attributable to Shell plc shareholders	8,381	10,874
0.61	0.79	0.55	Basic earnings per share ($)3	1.40	1.70
0.60	0.79	0.55	Diluted earnings per share ($)3	1.39	1.68

1.See Note 2 “Segment information”.

2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

3.See Note 3 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
3,644	4,875	3,650	Income/(loss) for the period	8,519	11,089
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
4,127	1,711	698	– Currency translation differences1	5,837	(1,296)
7	6	(12)	– Debt instruments remeasurements	14	(19)
(109)	(25)	14	– Cash flow hedging gains/(losses)	(135)	67
5	(42)	(6)	– Deferred cost of hedging	(37)	(20)
113	74	(50)	– Share of other comprehensive income/(loss) of joint ventures and associates	187	(62)
4,143	1,723	644	Total	5,866	(1,330)
			Items that are not reclassified to income in later periods:
158	306	310	– Retirement benefits remeasurements	465	749
(8)	(16)	(81)	– Equity instruments remeasurements	(24)	(3)
(23)	(36)	44	– Share of other comprehensive income/(loss) of joint ventures and associates	(59)	55
128	254	273	Total	381	801
4,270	1,977	917	Other comprehensive income/(loss) for the period	6,248	(529)
7,914	6,852	4,567	Comprehensive income/(loss) for the period	14,767	10,560
122	105	123	Comprehensive income/(loss) attributable to non-controlling interest	227	180
7,792	6,748	4,443	Comprehensive income/(loss) attributable to Shell plc shareholders	14,540	10,381

1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	June 30, 2025	December 31, 2024
Assets
Non-current assets
Goodwill	16,332	16,032
Other intangible assets	11,338	9,480
Property, plant and equipment	186,461	185,219
Joint ventures and associates	23,456	23,445
Investments in securities	2,225	2,255
Deferred tax	7,524	6,857
Retirement benefits	10,980	10,003
Trade and other receivables	7,315	6,018
Derivative financial instruments1	692	374
	266,323	259,683
Current assets
Inventories	23,283	23,426
Trade and other receivables	45,570	45,860
Derivative financial instruments1	9,443	9,673
Cash and cash equivalents	32,682	39,110
	110,978	118,069
Assets classified as held for sale2	10,619	9,857
	121,597	127,926
Total assets	387,920	387,609
Liabilities
Non-current liabilities
Debt	65,218	65,448
Trade and other payables	5,876	3,290
Derivative financial instruments1	1,037	2,185
Deferred tax	12,921	13,505
Retirement benefits	6,983	6,752
Decommissioning and other provisions	20,777	21,227
	112,813	112,407
Current liabilities
Debt	10,457	11,630
Trade and other payables	58,379	60,693
Derivative financial instruments1	6,451	7,391
Income taxes payable	3,642	4,648
Decommissioning and other provisions	5,234	4,469
	84,164	88,831
Liabilities directly associated with assets classified as held for sale2	7,856	6,203
	92,020	95,034
Total liabilities	204,832	207,441
Equity attributable to Shell plc shareholders	181,137	178,307
Non-controlling interest	1,951	1,861
Total equity	183,088	180,168
Total liabilities and equity	387,920	387,609

1. See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

2. .See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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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, 2025	510	(803)	19,766	158,834	178,307	1,861	180,168
Comprehensive income/(loss) for the period	—	—	6,159	8,381	14,540	227	14,767
Transfer from other comprehensive income	—	—	18	(18)	—	—	—
Dividends³	—	—	—	(4,302)	(4,302)	(113)	(4,415)
Repurchases of shares4	(17)	—	17	(7,038)	(7,038)	—	(7,038)
Share-based compensation	—	516	(486)	(426)	(396)	—	(396)
Other changes	—	—	—	29	29	(24)	5
At June 30, 2025	493	(288)	25,473	155,458	181,137	1,951	183,088
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(494)	10,874	10,381	180	10,560
Transfer from other comprehensive income	—	—	170	(170)	—	—	—
Dividends3	—	—	—	(4,387)	(4,387)	(150)	(4,537)
Repurchases of shares4	(17)	—	17	(7,020)	(7,020)	—	(7,020)
Share-based compensation	—	544	(213)	(406)	(76)	—	(76)
Other changes	—	—	—	(96)	(96)	(1)	(98)
At June 30, 2024	528	(454)	20,625	164,709	185,407	1,783	187,190

1. See Note 4 “Share capital”.

2. See Note 5 “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.

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CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
5,975	8,959	7,404	Income before taxation for the period	14,934	18,447
			Adjustment for:
515	636	619	– Interest expense (net)	1,151	1,195
6,670	5,441	7,555	– Depreciation, depletion and amortisation1	12,111	13,436
206	28	269	– Exploration well write-offs	234	823
(128)	127	(143)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	(1)	(154)
(712)	(615)	(898)	– Share of (profit)/loss of joint ventures and associates	(1,327)	(2,216)
2,361	523	792	– Dividends received from joint ventures and associates1	2,884	1,530
(27)	854	(954)	– (Increase)/decrease in inventories	827	(1,562)
3,635	(2,610)	1,965	– (Increase)/decrease in current receivables	1,025	1,770
(3,994)	(907)	(1,269)	– Increase/(decrease) in current payables	(4,901)	(3,218)
626	(244)	253	– Derivative financial instruments	381	1,638
(17)	(100)	(332)	– Retirement benefits	(118)	(392)
(425)	(480)	(332)	– Decommissioning and other provisions	(906)	(931)
684	570	2,027	– Other1	1,254	2,536
(3,432)	(2,900)	(3,448)	Tax paid	(6,331)	(6,064)
11,937	9,281	13,508	Cash flow from operating activities	21,218	26,838
(5,393)	(3,748)	(4,445)	Capital expenditure	(9,141)	(8,424)
(406)	(413)	(261)	Investments in joint ventures and associates	(819)	(761)
(17)	(15)	(13)	Investments in equity securities	(32)	(25)
(5,817)	(4,175)	(4,719)	Cash capital expenditure	(9,993)	(9,211)
(57)	559	710	Proceeds from sale of property, plant and equipment and businesses1	502	1,033
1	33	57	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	34	190
19	5	2	Proceeds from sale of equity securities	24	570
508	508	648	Interest received	1,016	1,224
360	506	883	Other investing cash inflows	866	1,740
(420)	(1,394)	(920)	Other investing cash outflows	(1,814)	(2,414)
(5,406)	(3,959)	(3,338)	Cash flow from investing activities	(9,365)	(6,866)
(208)	80	(179)	Net increase/(decrease) in debt with maturity period within three months	(127)	(286)
			Other debt:
180	139	132	– New borrowings	319	299
(4,075)	(2,514)	(4,154)	– Repayments	(6,589)	(5,686)
(1,212)	(846)	(1,287)	Interest paid	(2,059)	(2,198)
896	326	(115)	Derivative financial instruments	1,222	(412)
—	(25)	(1)	Change in non-controlling interest	(25)	(5)
			Cash dividends paid to:
(2,122)	(2,179)	(2,177)	– Shell plc shareholders	(4,300)	(4,387)
(27)	(86)	(82)	– Non-controlling interest	(113)	(150)
(3,533)	(3,311)	(3,958)	Repurchases of shares	(6,844)	(6,782)
(5)	(768)	(24)	Shares held in trust: net sales/(purchases) and dividends received	(773)	(486)
(10,106)	(9,183)	(11,846)	Cash flow from financing activities	(19,289)	(20,094)
655	353	(126)	Effects of exchange rate changes on cash and cash equivalents	1,008	(505)
(2,919)	(3,509)	(1,801)	Increase/(decrease) in cash and cash equivalents	(6,428)	(627)
35,601	39,110	39,949	Cash and cash equivalents at beginning of period	39,110	38,774
32,682	35,601	38,148	Cash and cash equivalents at end of period	32,682	38,148

1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Amendment No. 1 to Form 20-F (“Form 20-F/A”) (pages 10 to 83) for the year ended December 31, 2024, 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 Interim 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, 2024, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. 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.

Going Concern

These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2026 (the ‘going concern period’), management have stress-tested Shell’s most recent financial projections to incorporate a range of potential future outcomes by considering Shell’s principal risks, potential downside pressures on commodity prices and long-term demand, and cash preservation measures, including reduced cash capital expenditure and shareholder distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Condensed Consolidated Interim Financial Statements.

Key accounting considerations, significant judgements and estimates

Future commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2025 (See Note 7). Noting continued volatility in markets, price assumptions remain under review.

The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first half year 2025 remain unchanged compared with 2024.

2. Segment information

With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.

The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and 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. Identified 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.

The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.

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ADJUSTED EARNINGS BY SEGMENT



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							3,601
Income/(loss) attributable to non-controlling interest							43
Income/(loss) for the period	1,838	2,008	766	(174)	(254)	(539)	3,644
Add: Current cost of supplies adjustment before taxation			104	333			436
Add: Tax on current cost of supplies adjustment			(24)	(91)			(115)
Less: Identified items before taxation	(102)	271	(460)	(64)	(300)	(63)	(717)
Add: Tax on identified items	(203)	(5)	(106)	(13)	(55)	14	(369)
Adjusted Earnings	1,737	1,732	1,199	118	(9)	(463)	4,314
Adjusted Earnings attributable to Shell plc shareholders							4,264
Adjusted Earnings attributable to non-controlling interest							50



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							4,780
Income/(loss) attributable to non-controlling interest							95
Income/(loss) for the period	2,789	2,080	814	(77)	(247)	(483)	4,875
Add: Current cost of supplies adjustment before taxation			52	(67)			(15)
Add: Tax on current cost of supplies adjustment			(14)	12			(2)
Less: Identified items before taxation	348	121	(44)	(679)	(260)	4	(510)
Add: Tax on identified items	43	378	4	(99)	(54)	29	301
Adjusted Earnings	2,483	2,337	900	449	(42)	(457)	5,670
Adjusted Earnings attributable to Shell plc shareholders							5,577
Adjusted Earnings attributable to non-controlling interest							94



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							3,517
Income/(loss) attributable to non-controlling interest							133
Income/(loss) for the period	2,454	2,179	202	545	(75)	(1,656)	3,650
Add: Current cost of supplies adjustment before taxation			74	59			133
Add: Tax on current cost of supplies adjustment			(19)	(17)			(36)
Less: Identified items before taxation	(260)	(215)	(1,111)	(333)	198	(1,105)	(2,826)
Add: Tax on identified items	(40)	(58)	(286)	165	87	(25)	(157)
Adjusted Earnings	2,675	2,336	1,082	1,085	(187)	(576)	6,415
Adjusted Earnings attributable to Shell plc shareholders							6,293
Adjusted Earnings attributable to non-controlling interest							122

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							8,381
Income/(loss) attributable to non-controlling interest							138
Income/(loss) for the period	4,627	4,088	1,580	(252)	(501)	(1,022)	8,519
Add: Current cost of supplies adjustment before taxation			156	266			422
Add: Tax on current cost of supplies adjustment			(38)	(79)			(116)
Less: Identified items before taxation	246	392	(504)	(743)	(559)	(59)	(1,227)
Add: Tax on identified items	(160)	373	(102)	(111)	(110)	43	(68)
Adjusted Earnings	4,220	4,068	2,100	567	(51)	(920)	9,984
Adjusted Earnings attributable to Shell plc shareholders							9,841
Adjusted Earnings attributable to non-controlling interest							144



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							10,874
Income/(loss) attributable to non-controlling interest							215
Income/(loss) for the period	5,215	4,451	1,099	1,856	478	(2,010)	11,089
Add: Current cost of supplies adjustment before taxation			(79)	(148)			(227)
Add: Tax on current cost of supplies adjustment			11	37			48
Less: Identified items before taxation	(1,336)	(261)	(1,123)	(908)	668	(1,111)	(4,070)
Add: Tax on identified items	(197)	(443)	(290)	48	167	(45)	(761)
Adjusted Earnings	6,354	4,270	1,863	2,700	(24)	(944)	14,219
Adjusted Earnings attributable to Shell plc shareholders							14,027
Adjusted Earnings attributable to non-controlling interest							192

CASH CAPITAL EXPENDITURE BY SEGMENT

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



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	988	2,774	427	704	468	32	5,393
Add: Investments in joint ventures and associates	209	52	1	71	72	1	406
Add: Investment in equity securities	—	—	—	—	16	2	17
Cash capital expenditure	1,196	2,826	429	775	555	36	5,817



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	943	1,727	252	451	358	17	3,748
Add: Investments in joint ventures and associates	174	197	4	7	30	1	413
Add: Investments in equity securities	—	—	—	—	14	—	15
Cash capital expenditure	1,116	1,923	256	458	403	19	4,175

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,024	1,769	644	601	377	30	4,445
Add: Investments in joint ventures and associates	127	60	—	37	35	1	261
Add: Investments in equity securities	—	—	—	—	13	—	13
Cash Capital expenditure	1,151	1,829	644	638	425	32	4,719



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,930	4,501	679	1,155	826	49	9,141
Add: Investments in joint ventures and associates	383	248	5	78	102	3	819
Add: Investment in equity securities	—	—	—	—	30	2	32
Cash capital expenditure	2,313	4,749	684	1,233	958	54	9,993



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,882	3,535	1,071	1,074	797	64	8,424
Add: Investments in joint ventures and associates	310	304	38	63	43	2	761
Add: Investments in equity securities	—	—	—	—	22	3	25
Cash capital expenditure	2,192	3,839	1,109	1,138	863	69	9,211

REVENUE BY SEGMENT

Third-party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,576	1,193	28,241	18,388	7,996	12	65,406
Inter-segment	2,412	8,502	2,177	8,775	835	—	22,701



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,602	1,510	27,083	21,610	9,417	12	69,234
Inter-segment	2,675	9,854	1,849	8,255	1,164	—	23,797

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Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,052	1,590	32,005	24,583	7,222	11	74,463
Inter-segment	2,157	10,102	1,363	9,849	957	—	24,428



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	19,179	2,703	55,324	39,998	17,413	23	134,640
Inter-segment	5,086	18,356	4,026	17,030	1,999	—	46,498



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	18,247	3,349	62,045	48,319	14,959	22	146,942
Inter-segment	4,560	20,390	2,718	20,161	1,962	—	49,791

Identified items

The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

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Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	63	344	(56)	(9)	119	(4)	457
Impairment reversals/(impairments)	(672)	(3)	(370)	(78)	(138)	—	(1,261)
Redundancy and restructuring	(7)	(6)	(57)	(37)	(1)	(12)	(119)
Fair value accounting of commodity derivatives and certain gas contracts1	514	1	23	61	(280)	—	319
Other2	—	(65)	—	(1)	—	(47)	(113)
Total identified items included in Income/(loss) before taxation	(102)	271	(460)	(64)	(300)	(63)	(717)
Less: Total identified items included in Taxation charge/(credit)	(203)	(5)	(106)	(13)	(55)	14	(369)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	54	350	(44)	(7)	108	(3)	458
Impairment reversals/(impairments)	(423)	(2)	(285)	(62)	(136)	—	(908)
Redundancy and restructuring	(4)	(2)	(44)	(29)	—	(8)	(88)
Fair value accounting of commodity derivatives and certain gas contracts1	454	—	19	49	(217)	—	307
Impact of exchange rate movements and inflationary adjustments on tax balances3	20	22	—	—	—	(19)	23
Other2	—	(92)	—	(1)	—	(47)	(139)
Impact on Adjusted Earnings	101	276	(354)	(51)	(245)	(77)	(348)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	101	276	(354)	(51)	(245)	(77)	(348)

1.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.

2.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.

3.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 recognised tax losses (this primarily impacts the Integrated Gas and Upstream 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).

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Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(1)	154	(57)	(15)	(187)	—	(106)
Impairment reversals/(impairments)	—	(21)	10	(293)	(38)	—	(341)
Redundancy and restructuring	(1)	(15)	(9)	(13)	(9)	4	(44)
Fair value accounting of commodity derivatives and certain gas contracts1	420	(1)	12	(258)	20	—	194
Other1	(70)	4	—	(101)	(46)	—	(212)
Total identified items included in Income/(loss) before taxation	348	121	(44)	(679)	(260)	4	(510)
Less: Total identified items included in Taxation charge/(credit)	43	378	4	(99)	(54)	29	301
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	—	8	(61)	(12)	(143)	—	(208)
Impairment reversals/(impairments)	—	(15)	6	(277)	(31)	—	(317)
Redundancy and restructuring	(1)	(5)	(1)	(12)	(7)	2	(24)
Fair value accounting of commodity derivatives and certain gas contracts1	362	—	7	(202)	20	—	187
Impact of exchange rate movements and inflationary adjustments on tax balances1	4	132	—	—	—	(28)	108
Other1	(59)	(377)	—	(77)	(45)	—	(558)
Impact on Adjusted Earnings	306	(257)	(49)	(581)	(205)	(26)	(811)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	306	(257)	(49)	(581)	(205)	(26)	(811)

1.For a detailed description, see the corresponding footnotes to the Q2 2025 identified items table above.



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	2	131	(60)	(8)	79	—	143
Impairment reversals/(impairments)	(18)	(80)	(1,055)	(619)	(161)	—	(1,932)
Redundancy and restructuring	(9)	(56)	(69)	(30)	(45)	(2)	(211)
Fair value accounting of commodity derivatives and certain gas contracts1	(102)	(29)	63	211	318	—	461
Other1,2	(133)	(181)	10	113	7	(1,103)	(1,287)
Total identified items included in Income/(loss) before taxation	(260)	(215)	(1,111)	(333)	198	(1,105)	(2,826)
Less: Total identified items included in Taxation charge/(credit)	(40)	(58)	(286)	165	87	(25)	(157)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	1	114	(45)	(6)	71	—	135
Impairment reversals/(impairments)	(15)	(67)	(783)	(708)	(155)	—	(1,728)
Redundancy and restructuring	(6)	(33)	(50)	(23)	(33)	(1)	(147)
Fair value accounting of commodity derivatives and certain gas contracts1	(98)	(7)	45	156	223	—	319
Impact of exchange rate movements and inflationary adjustments on tax balances1	10	(4)	—	—	—	43	49
Other1,2	(113)	(160)	7	83	5	(1,122)	(1,298)
Impact on Adjusted Earnings	(220)	(157)	(825)	(499)	112	(1,080)	(2,669)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	18	—	—	18
Impact on Adjusted Earnings attributable to Shell plc shareholders	(220)	(157)	(825)	(517)	112	(1,080)	(2,687)

1.For a detailed description, see the corresponding footnotes to the Q2 2025 identified items table above.

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2.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.



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	62	498	(113)	(24)	(68)	(4)	351
Impairment reversals/(impairments)	(672)	(24)	(360)	(371)	(176)	—	(1,602)
Redundancy and restructuring	(8)	(21)	(66)	(50)	(10)	(9)	(164)
Fair value accounting of commodity derivatives and certain gas contracts1	934	—	35	(196)	(260)	—	512
Other1	(70)	(61)	—	(102)	(46)	(47)	(325)
Total identified items included in Income/(loss) before taxation	246	392	(504)	(743)	(559)	(59)	(1,227)
Less: Total identified items included in Taxation charge/(credit)	(160)	373	(102)	(111)	(110)	43	(68)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	53	358	(105)	(19)	(35)	(3)	250
Impairment reversals/(impairments)	(423)	(17)	(278)	(339)	(167)	—	(1,225)
Redundancy and restructuring	(5)	(7)	(45)	(42)	(7)	(6)	(112)
Fair value accounting of commodity derivatives and certain gas contracts1	817	—	26	(153)	(196)	—	494
Impact of exchange rate movements and inflationary adjustments on tax balances1	24	154	—	—	—	(47)	131
Other1	(59)	(469)	—	(78)	(45)	(47)	(697)
Impact on Adjusted Earnings	407	19	(402)	(631)	(450)	(102)	(1,160)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	407	19	(402)	(631)	(450)	(102)	(1,160)

1.For a detailed description, see the corresponding footnotes to the Q2 2025 identified items table above.

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Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(1)	158	(75)	(17)	89	—	154
Impairment reversals/(impairments)	(26)	(176)	(1,059)	(797)	(102)	—	(2,159)
Redundancy and restructuring	(10)	(69)	(90)	(49)	(60)	(7)	(284)
Fair value accounting of commodity derivatives and certain gas contracts1	(1,169)	(31)	69	(205)	717	—	(619)
Other1,2	(129)	(143)	33	158	24	(1,103)	(1,161)
Total identified items included in Income/(loss) before taxation	(1,336)	(261)	(1,123)	(908)	668	(1,111)	(4,070)
Less: Total identified items included in Taxation charge/(credit)	(197)	(443)	(290)	48	167	(45)	(761)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	—	124	(56)	(13)	77	—	131
Impairment reversals/(impairments)	(20)	(169)	(786)	(860)	(78)	—	(1,914)
Redundancy and restructuring	(6)	(42)	(65)	(37)	(44)	(5)	(200)
Fair value accounting of commodity derivatives and certain gas contracts1	(985)	(8)	50	(163)	529	—	(576)
Impact of exchange rate movements and inflationary adjustments on tax balances1	(17)	408	—	—	—	61	452
Other1,2	(110)	(131)	25	118	18	(1,122)	(1,202)
Impact on Adjusted Earnings	(1,139)	182	(832)	(956)	501	(1,066)	(3,310)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	18	—	—	18
Impact on adjusted earnings attributable to Shell plc shareholders	(1,139)	182	(832)	(974)	501	(1,066)	(3,328)

1.For a detailed description, see the corresponding footnotes to the Q2 2025 identified items table above.

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.

3. Earnings per share



EARNINGS PER SHARE
Quarters				Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
3,601	4,780	3,517	Income/(loss) attributable to Shell plc shareholders ($ million)	8,381	10,874

			Weighted average number of shares used as the basis for determining:
5,947.9	6,033.5	6,355.4	Basic earnings per share (million)	5,990.5	6,397.7
6,004.7	6,087.8	6,417.6	Diluted earnings per share (million)	6,046.0	6,461.0

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

4. Share capital



ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
	Number of shares	Nominal value ($ million)
At January 1, 2025	6,115,031,158	510
Repurchases of shares	(202,687,052)	(17)
At June 30, 2025	5,912,344,106	493
At January 1, 2024	6,524,109,049	544
Repurchases of shares	(199,993,563)	(17)
At June 30, 2024	6,324,115,486	528

At Shell plc’s Annual General Meeting on May 20, 2025, 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 €140 million (representing approximately 2,007 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 19, 2026, or the end of the Annual General Meeting to be held in 2026, unless previously renewed, revoked or varied by Shell plc in a general meeting.

5. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2025	37,298	154	270	1,417	(19,373)	19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	6,159	6,159
Transfer from other comprehensive income	—	—	—	—	18	18
Repurchases of shares	—	—	17	—	—	17
Share-based compensation	—	—	—	(486)	—	(486)
At June 30, 2025	37,298	154	287	930	(13,196)	25,473
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(494)	(494)
Transfer from other comprehensive income	—	—	—	—	170	170
Repurchases of shares	—	—	17	—	—	17
Share-based compensation	—	—	—	(213)	—	(213)
At June 30, 2024	37,298	154	253	1,095	(18,175)	20,625

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.

6. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A 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 June 30, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.

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The movement of the derivative financial instruments between December 31, 2024 and June 30, 2025, is a decrease of $230 million for the current assets and a decrease of $940 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	June 30, 2025	December 31, 2024
Carrying amount1	46,720	48,376
Fair value2	42,864	44,119

1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes since November 2021 and September 2020, respectively. The US shelf programme has lapsed and management aims to renew it during the second half of 2025.

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

7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income



Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
326	302	(305)	Interest and other income/(expenses)	628	602
			Of which:
559	481	616	Interest income	1,040	1,204
44	1	30	Dividend income (from investments in equity securities)	45	53
128	(127)	143	Net gains/(losses) on sales and revaluation of non-current assets and businesses	1	154
(447)	(137)	(1,169)	Net foreign exchange gains/(losses) on financing activities	(584)	(1,103)
42	85	74	Other	127	293

Depreciation, depletion and amortisation



Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
6,670	5,441	7,555	Depreciation, depletion and amortisation	12,111	13,436
			Of which:
5,463	5,130	5,642	Depreciation	10,593	11,296
1,238	311	1,984	Impairments	1,549	2,365
(31)	(1)	(71)	Impairment reversals	(32)	(225)

Impairments recognised in the second quarter 2025 of $1,238 million pre-tax ($877 million post-tax) principally relate to Integrated Gas ($666 million) and Marketing ($399 million). Impairments recognised in Integrated Gas were triggered by lower commodity prices applied in impairment testing.

Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million).

Taxation charge/credit

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,332

4,083

3,754

Taxation charge/(credit)

6,415

7,358

Of which:

2,277

4,024

3,666

Income tax excluding Pillar Two income tax

6,301

7,192

Income tax related to Pillar Two income tax

113

167

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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

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

4,127

1,711

698

Currency translation differences

5,837

(1,296)

Of which:

4,117

1,618

(406)

Recognised in Other comprehensive income

5,736

(2,388)

1,104

(Gain)/loss reclassified to profit or loss

101

1,092

Condensed Consolidated Balance Sheet

Assets classified as held for sale



$ million
	June 30, 2025	December 31, 2024
Assets classified as held for sale	10,619	9,857
Liabilities directly associated with assets classified as held for sale	7,856	6,203

Assets classified as held for sale and associated liabilities at June 30, 2025, principally relate to Shell’s UK offshore oil and gas assets in Upstream and mining interests in Canada in Chemicals and Products. 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 June 30, 2025, are Property, plant and equipment ($9,759 million; December 31, 2024: $8,283 million), Deferred tax liabilities ($3,312 million; December 31, 2024: $2,042 million) and Decommissioning and other provisions ($3,165 million; December 31, 2024: $3,053 million).

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

684

570

2,027

Other

1,254

2,536

‘Cash flow from operating activities – Other’ for the second quarter 2025 includes $979 million of net inflows (first quarter 2025: $652 million net inflows; second quarter 2024: $620 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $439 million in relation to reversal of currency exchange gains on Cash and cash equivalents (first quarter 2025: $255 million gains; second quarter 2024: $96 million losses). In addition, the second quarter 2024 includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income.

Dividends received from joint ventures and associates

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,361

523

792

Dividends received from joint ventures and associates

2,884

1,530

In the second quarter 2025, a cash dividend of $1,727 million was received from a joint venture in Upstream.

Proceeds from sale of property, plant and equipment and businesses

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

(57)

559

710

Proceeds from sale of property, plant and equipment and businesses

502

1,033

In the second quarter 2025, Shell completed the sale of a business that held $216 million of cash and cash equivalents, that was agreed to be transferred in the sale, resulting in a cash outflow in ‘Proceeds from sale of property, plant and equipment and businesses’. Sales proceeds were received and recognised in the Consolidated statement of Cash Flows in the first quarter 2025.

8. Reconciliation of Operating expenses and Total Debt



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
4,909	5,549	5,593	Production and manufacturing expenses	10,459	11,403
3,077	2,840	3,094	Selling, distribution and administrative expenses	5,917	6,069
278	185	263	Research and development	464	475
8,265	8,575	8,950	Operating expenses	16,840	17,947



RECONCILIATION OF TOTAL DEBT


June 30, 2025	March 31, 2025	June 30, 2024	$ million	June 30, 2025	June 30, 2024
10,457	11,391	10,849	Current debt	10,457	10,849
65,218	65,120	64,619	Non-current debt	65,218	64,619
75,675	76,511	75,468	Total debt	75,675	75,468

9. Post-balance sheet events

On July 1, 2023, new pension legislation (“Wet Toekomst Pensioenen” (WTP)) came into effect in the Netherlands, with an expected implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds (“SSPF”), Shell’s defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027, subject to the local funding level of the plan remaining above an agreed level (125%) during a predetermined transition period.

In accordance with asset ceiling principles, in the third quarter 2025, Shell will recognise an adjustment to reduce the pension fund surplus (June 30, 2025: $5,521 million) to nil, and recognise a liability for a minimum funding requirement estimated at $750 million, resulting in a loss in Other Comprehensive Income. In addition, a net deferred tax liability of $1,617 million will be unwound, leading to an overall net post-tax loss of $4,654 million recognised in Other Comprehensive Income resulting in an increase in gearing of 0.4 percentage points. Subsequently, at the date of transition and settlement (expected December 31, 2026), the surplus at that date will be de-recognised, resulting in an identified loss in the Consolidated Statement of Income. The extent to which the funding level will meet the agreed 125% threshold is subject to uncertainty and the asset ceiling recognised will continue to be monitored in accordance with IAS 19 Employee Benefits.

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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 when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.

See Note 2 “Segment information” for the reconciliation of Adjusted Earnings.

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.



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							4,264
Add: Non-controlling interest							50
Adjusted Earnings plus non-controlling interest	1,737	1,732	1,199	118	(9)	(463)	4,314
Add: Taxation charge/(credit) excluding tax impact of identified items	497	2,205	413	(103)	20	(217)	2,815
Add: Depreciation, depletion and amortisation excluding impairments	1,585	2,353	557	872	90	6	5,463
Add: Exploration well write-offs	3	203	—	—	—	—	206
Add: Interest expense excluding identified items	53	171	12	16	2	820	1,074
Less: Interest income	—	26	—	39	2	492	559
Adjusted EBITDA	3,875	6,638	2,181	864	102	(346)	13,313
Less: Current cost of supplies adjustment before taxation			104	333			436
Joint ventures and associates (dividends received less profit)	92	1,542	161	70	10	—	1,876
Derivative financial instruments	542	25	13	3	(66)	410	928
Taxation paid	(967)	(1,948)	(132)	(87)	(60)	(238)	(3,432)
Other	(265)	(413)	533	471	142	(395)	74
(Increase)/decrease in working capital	352	655	67	383	(128)	(1,715)	(386)
Cash flow from operating activities	3,629	6,500	2,718	1,372	1	(2,283)	11,937



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							5,577
Add: Non-controlling interest							94
Adjusted Earnings plus non-controlling interest	2,483	2,337	900	449	(42)	(457)	5,670
Add: Taxation charge/(credit) excluding tax impact of identified items	803	2,619	391	99	63	(191)	3,784
Add: Depreciation, depletion and amortisation excluding impairments	1,404	2,213	566	852	90	6	5,130
Add: Exploration well write-offs	—	29	—	—	—	—	28
Add: Interest expense excluding identified items	51	200	12	14	2	841	1,119
Less: Interest income	4	11	—	4	2	461	481
Adjusted EBITDA	4,735	7,387	1,869	1,410	111	(261)	15,250
Less: Current cost of supplies adjustment before taxation			52	(67)			(15)
Joint ventures and associates (dividends received less profit)	(286)	(159)	203	54	10	—	(178)
Derivative financial instruments	542	14	10	(508)	(169)	73	(38)
Taxation paid	(773)	(1,999)	(174)	63	52	(68)	(2,900)
Other	(68)	(386)	396	125	(17)	(257)	(206)
(Increase)/decrease in working capital	(687)	(913)	(344)	(1,081)	380	(19)	(2,663)
Cash flow from operating activities	3,463	3,945	1,907	130	367	(531)	9,281

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Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							6,293
Add: Non-controlling interest							122
Adjusted Earnings plus non-controlling interest	2,675	2,336	1,082	1,085	(187)	(576)	6,415
Add: Taxation charge/(credit) excluding tax impact of identified items	940	2,312	359	297	(10)	49	3,947
Add: Depreciation, depletion and amortisation excluding impairments	1,375	2,750	548	867	95	6	5,642
Add: Exploration well write-offs	5	264	—	—	—	—	269
Add: Interest expense excluding identified items	44	166	10	23	1	904	1,149
Less: Interest income	—	(1)	—	30	(9)	595	616
Adjusted EBITDA	5,039	7,829	1,999	2,242	(91)	(213)	16,806
Less: Current cost of supplies adjustment before taxation			74	59			133
Joint ventures and associates (dividends received less profit)	96	(288)	(54)	46	64	—	(135)
Derivative financial instruments	(133)	9	7	304	607	(79)	713
Taxation paid	(1,039)	(1,955)	(17)	(186)	(138)	(113)	(3,448)
Other	(104)	(341)	(57)	263	180	20	(38)
(Increase)/decrease in working capital	324	484	153	(361)	225	(1,083)	(258)
Cash flow from operating activities	4,183	5,739	1,958	2,249	847	(1,468)	13,508



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							9,841
Add: Non-controlling interest							144
Adjusted Earnings plus non-controlling interest	4,220	4,068	2,100	567	(51)	(920)	9,984
Add: Taxation charge/(credit) excluding tax impact of identified items	1,299	4,824	804	(3)	83	(408)	6,599
Add: Depreciation, depletion and amortisation excluding impairments	2,988	4,566	1,123	1,724	180	13	10,593
Add: Exploration well write-offs	3	232	—	—	—	—	234
Add: Interest expense excluding identified items	104	371	24	29	4	1,661	2,193
Less: Interest income	4	37	1	43	3	953	1,040
Adjusted EBITDA	8,610	14,024	4,049	2,274	213	(607)	28,563
Less: Current cost of supplies adjustment before taxation			156	266			422
Joint ventures and associates (dividends received less profit)	(194)	1,384	365	124	20	—	1,698
Derivative financial instruments	1,084	39	23	(504)	(235)	484	891
Taxation paid	(1,741)	(3,946)	(306)	(24)	(8)	(306)	(6,331)
Other	(332)	(799)	928	597	126	(651)	(132)
(Increase)/decrease in working capital	(335)	(257)	(277)	(698)	252	(1,734)	(3,049)
Cash flow from operating activities	7,092	10,445	4,625	1,502	368	(2,814)	21,218



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							14,027
Add: Non-controlling interest							192
Adjusted Earnings plus non-controlling interest	6,354	4,270	1,863	2,700	(24)	(944)	14,219
Add: Taxation charge/(credit) excluding tax impact of identified items	1,936	4,834	717	635	(9)	(42)	8,071
Add: Depreciation, depletion and amortisation excluding impairments	2,785	5,477	1,084	1,737	201	12	11,296
Add: Exploration well write-offs	13	811	—	—	—	—	823
Add: Interest expense excluding identified items	87	335	22	40	2	1,825	2,312
Less: Interest income	—	9	—	44	(5)	1,155	1,204
Adjusted EBITDA	11,175	15,717	3,686	5,068	175	(304)	35,517
Less: Current cost of supplies adjustment before taxation			(79)	(148)			(227)
Joint ventures and associates (dividends received less profit)	(101)	(834)	38	102	78	—	(717)
Derivative financial instruments	(1,213)	5	(32)	(98)	2,585	(228)	1,019
Taxation paid	(1,506)	(3,757)	(191)	(205)	(382)	(23)	(6,064)
Other	(59)	(572)	337	(115)	151	124	(135)
(Increase)/decrease in working capital	599	905	(639)	(3,000)	706	(1,581)	(3,010)
Cash flow from operating activities	8,895	11,466	3,277	1,900	3,313	(2,013)	26,838

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Identified items

See Note 2 “Segment information” for details.

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 3).

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.

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

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
	Q2 2025	Q1 2025	Q2 2024
Current debt	10,849	11,046	12,114
Non-current debt	64,619	68,886	72,252
Total equity	187,190	188,304	192,094
Less: Cash and cash equivalents	(38,148)	(39,949)	(45,094)
Capital employed – opening	224,511	228,286	231,366
Current debt	10,457	11,391	10,849
Non-current debt	65,218	65,120	64,619
Total equity	183,088	180,670	187,190
Less: Cash and cash equivalents	(32,682)	(35,601)	(38,148)
Capital employed – closing	226,081	221,580	224,511
Capital employed – average	225,296	224,933	227,939

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



$ million	Quarters
	Q2 2025	Q1 2025	Q2 2024
Adjusted Earnings – current and previous three quarters (Reference A)	19,529	21,558	27,558
Add: Income/(loss) attributable to NCI – current and previous three quarters	351	441	409
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	25	25	(25)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	0	18	7
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	19,904	22,005	27,935
Add: Interest expense after tax – current and previous three quarters	2,577	2,639	2,650
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,206	1,329	1,395
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	21,274	23,315	29,190
Capital employed – average	225,296	224,933	227,939
ROACE on an Adjusted Earnings plus NCI basis	9.4%	10.4%	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
	June 30, 2025		March 31, 2025		June 30, 2024
Current debt	10,457		11,391		10,849
Non-current debt	65,218		65,120		64,619
Total debt	75,675		76,511		75,468
Of which: Lease liabilities	28,955		28,488		25,600
Add: Debt-related derivative financial instruments: net liability/(asset)	589		1,905		2,460
Add: Collateral on debt-related derivatives: net liability/(asset)	(366)		(1,295)		(1,466)
Less: Cash and cash equivalents	(32,682)		(35,601)		(38,148)
Net debt	43,216		41,521		38,314
Total equity	183,088		180,670		187,190
Total capital	226,304		222,190		225,505
Gearing	19.1	%	18.7	%	17.0	%

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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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	899	1,940	179	1,459	431	—	4,909
Selling, distribution and administrative expenses	30	43	2,319	441	138	106	3,077
Research and development	36	71	49	38	23	61	278
Operating expenses	965	2,055	2,547	1,939	592	168	8,265



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	947	2,139	349	1,621	486	8	5,549
Selling, distribution and administrative expenses	38	42	2,053	442	153	111	2,840
Research and development	22	32	42	25	21	43	185
Operating expenses	1,006	2,213	2,444	2,088	661	162	8,575



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,050	2,219	320	1,573	422	10	5,593
Selling, distribution and administrative expenses	64	62	2,295	293	279	101	3,094
Research and development	32	61	47	37	24	62	263
Operating expenses	1,146	2,341	2,662	1,902	725	173	8,950



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,846	4,079	528	3,080	916	8	10,459
Selling, distribution and administrative expenses	67	85	4,371	884	292	218	5,917
Research and development	57	103	92	63	44	104	464
Operating expenses	1,971	4,268	4,991	4,027	1,253	330	16,840



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	2,006	4,487	685	3,207	1,001	16	11,403
Selling, distribution and administrative expenses	126	120	4,483	713	437	190	6,069
Research and development	58	119	81	71	36	111	475
Operating expenses	2,190	4,726	5,249	3,990	1,475	317	17,947

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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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

8,265

8,575

8,950

Operating expenses

16,840

17,947

(119)

(44)

(210)

Redundancy and restructuring (charges)/reversal

(162)

(283)

(1)

(101)

(212)

(Provisions)/reversal

(102)

(212)

—

123

Other

252

(120)

(121)

(299)

Total identified items

(241)

(242)

8,145

8,453

8,651

Underlying operating expenses

16,598

17,704

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	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
11,937	9,281	13,508	Cash flow from operating activities	21,218	26,838
(5,406)	(3,959)	(3,338)	Cash flow from investing activities	(9,365)	(6,866)
6,531	5,322	10,170	Free cash flow	11,853	19,972
(36)	597	769	Less: Divestment proceeds (Reference I)	560	1,794
98	45	—	Add: Tax paid on divestments (reported under “Other investing cash outflows”)	143	—
792	130	189	Add: Cash outflows related to inorganic capital expenditure1	921	251
7,458	4,899	9,590	Organic free cash flow2	12,357	18,429

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 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

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

11,937

9,281

13,508

Cash flow from operating activities

21,218

26,838

(27)

854

(954)

(Increase)/decrease in inventories

827

(1,562)

3,635

(2,610)

1,965

(Increase)/decrease in current receivables

1,025

1,770

(3,994)

(907)

(1,269)

Increase/(decrease) in current payables

(4,901)

(3,218)

(386)

(2,663)

(258)

(Increase)/decrease in working capital

(3,049)

(3,010)

12,323

11,944

13,766

Cash flow from operating activities excluding working capital movements

24,267

29,848

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.

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
(57)	559	710	Proceeds from sale of property, plant and equipment and businesses	502	1,033
1	33	57	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	34	190
19	5	2	Proceeds from sale of equity securities	24	570
(36)	597	769	Divestment proceeds	560	1,794

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 (see Reference F above) 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. The 2028 target reflects annualised saving achieved by end-2028.



			$ million
Structural cost reduction up to second quarter 2025 compared with 2022 levels			(3,905)

Underlying operating expenses 2024			35,707
Underlying operating expenses 2022			39,456
Total decrease in Underlying operating expenses			(3,749)
Of which:
Structural cost reductions			(3,119)
Change in Underlying operating expenses excluding structural cost reduction			(630)

Underlying operating expenses first half 2025			16,598
Underlying operating expenses first half 2024			17,704
Total decrease in Underlying operating expenses			(1,106)
Of which:
Structural cost reductions			(786)
Change in Underlying operating expenses excluding structural cost reduction			(320)

Page 36

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting Shell are described in the Risk management and risk factors section of the Annual Report and Accounts (pages 134 to 144) and Form 20-F (pages 25 to 34) for the year ended December 31, 2024 and are summarised below. There are no material changes expected in those Risk Factors for the remaining six months of the financial year.

1.Portfolio risks

We are exposed to risks that could adversely affect the resilience of our overall portfolio of businesses. These include external risks such as macroeconomic risks, including fluctuating commodity prices and competitive forces. Our future performance depends on the successful development and deployment of new technologies that provide new products and solutions. In addition, our future hydrocarbon production depends on the delivery of integrated projects and our ability to replace proved oil and gas reserves. Many of our major projects and operations are conducted in joint arrangements or with associates. This could reduce our degree of control and our ability to identify and manage risks.

2.Climate change and the energy transition

Rising concerns about climate change and the effects of the energy transition pose multiple risks to Shell, including declines in the demand for and prices of our products, commercial risks from growing our low-carbon business, and adverse litigation and regulatory developments. The physical impacts of climate change could also adversely affect our assets and supply chains.

3.Country risks

We operate in more than 70 countries which have differing degrees of political, legal and fiscal stability. This has exposed, and could expose, us to a wide range of political developments that could result in changes to contractual terms, laws and regulations.

4.Financial risks

We are exposed to treasury risks, including liquidity risk, interest rate risk, foreign exchange risk and credit risk. We are affected by the global macroeconomic environment and the conditions of financial markets. These, and changes to certain demographic factors, also impact our pension assets and liabilities.

5.Trading risks

We are exposed to market, regulatory and conduct risks in our trading operations.

6.Health, safety, security and the environment

The nature of our operations exposes us, and the communities in which we work, to a wide range of health, safety, security and environment risks.

7.Information technology and cybersecurity risks

We rely heavily on information technology systems in our operations.

8.Litigation and regulatory compliance

Violations of laws carry fines and could expose us and/or our employees to criminal sanctions and civil suits. We have faced, and could also face, the risk of litigation and disputes worldwide.

9.Reputation and risks to our licence to operate

An erosion of our business reputation could have a material adverse effect on our brand, on our ability to secure new hydrocarbon or low-carbon opportunities, to access capital markets, and to attract and retain people, and on our licence to operate.

10.Our people and culture

The successful delivery of our strategy is dependent on our people and on a culture that aligns to our goals and reflects the changes we need to make as part of the energy transition.

11.Other (generally applicable to an investment in securities)

The Company’s Articles of Association determine the jurisdiction for shareholder disputes. This could limit shareholder remedies.

Page 37

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

2025 PORTFOLIO DEVELOPMENTS

Integrated Gas

In March 2025, we completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).

Upstream

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

In February 2025, we announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.

In March 2025, we completed the sale of SPDC to Renaissance, as announced in January 2024.

In March 2025, we announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC).

In May 2025, we completed the previously announced agreement to increase our working interest in the Shell-operated Ursa platform in the Gulf of America from 45.39% to 61.35%.

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, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

Renewables and Energy Solutions

In January 2025, we completed the previously announced acquisition of 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.

Page 38

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

RESPONSIBILITY STATEMENT

It is confirmed that to the best of our knowledge: (a) the unaudited Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and as adopted by the UK; (b) the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule (DTR) 4.2.7R (indication of important events during the first six months of the financial year, and their impact on the unaudited Condensed Consolidated Interim Financial Statements, and description of principal risks and uncertainties for the remaining six months of the financial year); and (c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties transactions and changes thereto).

The Directors of Shell plc are shown on pages 152 to 155 in the Annual Report and Accounts for the year ended December 31, 2024.

On behalf of the Board

Wael Sawan

Sinead Gorman

Chief Executive Officer

Chief Financial Officer

July 31, 2025

Page 39

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

INDEPENDENT REVIEW REPORT TO SHELL PLC

Conclusion

We have been engaged by Shell plc to review the Condensed Consolidated Interim Financial Statements (“Interim Statements”) and half year unaudited results (“half-yearly financial report”) for the six months ended June 30, 2025, which comprise the Consolidated Statement of Income, the Consolidated Statement of Comprehensive Income, the Condensed Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes 1 to 9. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the Interim Statements.

Based on our review, nothing has come to our attention that causes us to believe that the Interim Statements in the half-yearly financial report for the six months ended June 30, 2025 are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements (“ISRE”) 2410 (UK), “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in Note 1, Shell’s annual financial statements are prepared in accordance with UK adopted international accounting standards. The Interim Statements included in the half-yearly financial report have been prepared in accordance with UK adopted International Accounting Standard 34 “Interim Financial Reporting”.

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the Directors

The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

In preparing the half-yearly financial report, the Directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to Shell plc a conclusion on the Interim Statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to Shell plc in accordance with guidance contained in the International Standard on Review Engagements 2410 (UK) “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shell plc, for our work, for this report, or for the conclusions we have formed.

Ernst & Young LLP

London

July 31, 2025

Page 40

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim 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 Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim 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 Interim 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’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘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 Interim 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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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 Interim 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 and amendment thereto for the year ended December 31, 2024 (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 Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, July 31, 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 Interim Financial Report.

Shell’s net carbon intensity

Also, in this Unaudited Condensed Interim 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 and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks 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 Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. 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 Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

Page 41

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

We may have used certain terms, such as resources, in this Unaudited Condensed Interim 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 and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov.

This announcement contains inside information.

July 31, 2025


The information in this Unaudited Condensed Interim 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; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Half yearly financial reports and audit reports / limited reviews; Inside Information

Page 42

The MIL Network –

August 5, 2025

MIL-OSI: Valeura Energy Inc.: 2024 Sustainability Report Released

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, July 31, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) announces the release of its 2024 Sustainability Report.

Dr. Sean Guest, President and CEO commented:

“Our 2024 Sustainability Report underscores our commitment to transparency in everything we do. We are proud of our performance on the important dimensions of environmental stewardship, social responsibility, and governance. This includes having reduced our greenhouse gas emissions intensity by 20% in 2024, our first full year of operations in Thailand. Our 2024 Sustainability Report elaborates on this achievement and demonstrates our progress across a wide array of sustainability-related metrics, as measured against the baseline data we presented in our inaugural sustainability report, last year.”

Valeura’s 2024 Sustainability Report was approved by the Company’s Board of Directors, and has been made available on the Valeura website, under the Sustainability section. The Company has also published a report on its compliance with the Fighting Against Forced Labour and Child Labour in Supply Chains Act (commonly referred to as Canada’s Modern Slavery Act) and has uploaded its latest annual report in accordance with Canada’s Extractive Sector Transparency Measures Act.

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) Sean Guest, President and CEO Yacine Ben-Meriem, CFO Contact@valeuraenergy.com	+65 6373 6940

Valeura Energy Inc. (Investor and Media Enquiries) Robin James Martin, Vice President, Communications and Investor Relations IR@valeuraenergy.com	+1 403 975 6752 / +44 7392 940495

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

August 5, 2025

MIL-OSI: Shell plc publishes second quarter 2025 press release

Source: GlobeNewswire (MIL-OSI)

London, July 31, 2025

“Shell generated robust cash flows reflecting strong operational performance in a less favourable macro environment. We continued to deliver on our strategy by enhancing our deep-water portfolio in Nigeria and Brazil, and achieved a key milestone by shipping the first cargo from LNG Canada.

Our continued focus on performance, discipline and simplification helped deliver $3.9 billion of structural cost reductions since 2022, with the majority delivered through non-portfolio actions. This focus enables us to commence another $3.5 billion of buybacks for the next three months, the 15th consecutive quarter of at least $3 billion in buybacks.”

Shell plc Chief Executive Officer, Wael Sawan

ROBUST CASH GENERATION; STRONG OPERATIONAL PERFORMANCE

Adjusted Earnings¹ of $4.3 billion despite lower trading contribution in a weaker margin environment.
Robust CFFO of $11.9 billion, supported by strong operational performance, enables commencement of another $3.5 billion share buyback programme for the next three months.
Strong balance sheet, with gearing of 19%. 2025 cash capex outlook unchanged at $20 – 22 billion. Total shareholder distributions paid over the last 4 quarters were 46% of CFFO.
Achieved $0.8 billion of structural cost reductions in the first half of 2025, of which $0.5 billion is through non-portfolio actions; cumulative reductions since 2022 are $3.9 billion, against CMD25 target of $5 – 7 billion by end of 2028.
First cargo shipped from LNG Canada, strengthening our leading LNG position and supporting our ambition to achieve LNG sales cumulative annual growth rate of 4 – 5% to 2030.
Further enhanced peer-leading deep-water position with start-up of Mero-4 (Brazil) and announced increase of interests in Gato do Mato (Brazil) and Bonga (Nigeria); continued to high-grade Downstream and R&ES portfolio.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		1,737	3,875	3,629	1,196
Upstream		1,732	6,638	6,500	2,826
Marketing		1,199	2,181	2,718	429
Chemicals & Products²		118	864	1,372	775
Renewables & Energy Solutions (R&ES)		(9)	102	1	555
Corporate		(463)	(346)	(2,283)	36
Less: Non-controlling interest (NCI)		50
Shell	Q2 2025	4,264	13,313	11,937	5,817
Shell	Q1 2025	5,577	15,250	9,281	4,175

¹Income/(loss) attributable to shareholders for Q2 2025 is $3.6 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
²Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.2) billion and Products $0.3 billion.

CFFO excluding working capital of $12.3 billion is helped by derivative inflows and JV dividends received.
Working capital outflow of $0.4 billion reflects a reduction in JV deposits. $1.7 billion of the JV dividends received were previously held in deposit in the Corporate segment.
Net debt excluding leases is $14.3 billion.

$ billion¹	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Working capital	(0.3)	2.7	2.4	(2.7)	(0.4)
Divestment proceeds	0.8	0.2	0.8	0.6	(0.0)
Free cash flow	10.2	10.8	8.7	5.3	6.5
Net debt	38.3	35.2	38.8	41.5	43.2

¹Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

Q2 2025 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	64	60	—
Realised gas price ($/thousand scf)	7.4	7.2	—
Production (kboe/d)	927	913	910 – 970
LNG liquefaction volumes (MT)	6.6	6.7	6.7 – 7.3
LNG sales volumes (MT)	16.5	17.8	—

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices and significantly lower trading and optimisation results.

UPSTREAM

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	71	64	—
Realised gas price ($/thousand scf)	7.4	6.9	—
Liquids production (kboe/d)	1,335	1,334	—
Gas production (million scf/d)	3,020	2,310	—
Total production (kboe/d)	1,855	1,732	1,700 – 1,900

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices.

MARKETING

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Marketing sales volumes (kb/d)	2,674	2,813	2,600 – 3,100
Mobility (kb/d)	1,964	2,044	—
Lubricants (kb/d)	87	85	—
Sectors & Decarbonisation (kb/d)	623	684	—

Adjusted Earnings were higher than in Q1 2025, driven mainly by improved Mobility unit margins and seasonally higher volumes.

CHEMICALS & PRODUCTS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Refinery processing intake (kb/d)	1,362	1,156	—
Chemicals sales volumes (kT)	2,813	2,164	—
Refinery utilisation (%)	85	94	88 – 96
Chemicals manufacturing plant utilisation (%)	81	72	78 – 86
Indicative refining margin (Updated¹ $/bbl)	6.2	8.9	—
Indicative chemical margin (Updated¹ $/t)	126	166	—

¹Q2 2025 indicative margins reflect the divestment of Singapore Energy and Chemicals (E&C) Park.
Q2 2025 indicative margins if including Singapore E&C Park would have been: Refining – 7.5$/bbl, Chemicals – 143$/t.

Adjusted Earnings were lower than in Q1 2025 with significantly lower trading and optimisation results, reflecting a disconnect between market volatility and supply-demand fundamentals. Chemicals results were impacted by unplanned downtime and a continued weak margin environment.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q1 2025	Q2 2025
External power sales (TWh)	76	70
Sales of pipeline gas to end-use customers (TWh)	184	132
Renewables power generation capacity (GW)*	7.5	7.6
in operation (GW)	3.5	3.9
under construction and/or committed for sale (GW)	4.0	3.8

*Excludes Shell’s equity share of associates where information cannot be obtained.

Adjusted Earnings were in line with Q1 2025 with seasonally lower trading and marketing margins, offset by lower opex.

CORPORATE

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Adjusted Earnings ($ billion)	(0.5)	(0.5)	(0.7) – (0.5)

UPCOMING INVESTOR EVENTS

October 30, 2025

Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q2 2025
Quarterly Databook Q2 2025
Webcast registration Q2 2025
Dividend announcement Q2 2025
Capital Markets Day 2025 materials

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings 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 the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, 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 estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement 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.

This announcement 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”; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘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 announcement, 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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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 announcement 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 and amendment thereto for the year ended December 31, 2024 (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 announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 31, 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 announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net Carbon Intensity

Also, in this announcement, 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

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement 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 and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement 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, 2024 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. 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 information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s second quarter 2025 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; U.S. and Canada: Contact form

The MIL Network –

August 5, 2025

MIL-OSI Security: Band Members from Partner Nations Participating in Pacific Partnership 2025 Perform at the University of Technology in Lae, Papua New Guinea July 2025 [Image 6 of 8]

Source: United States Navy (Logistics Group Western Pacific)

Issued by: on

LAE, Papua New Guinea (July 30, 2025) Pacific Partnership 2025 multinational band members pose with students from the Papua New Guinea University of Technology elementary school in Lae, Papua New Guinea, July 30, 2025. Now in its 21st iteration, the Pacific Partnership series is the largest annual multinational humanitarian assistance and disaster management preparedness mission conducted in the Indo-Pacific. Pacific Partnership works collaboratively with host and partner nations to enhance regional interoperability and disaster response capabilities, increase security and stability in the region, and foster new and enduring friendships in the Indo-Pacific. (U.S. Navy photo by Mass Communications Specialist Seaman Mario E. Reyes Villatoro)

Date Taken: 07.30.2025

Date Posted: 07.30.2025 20:36

Photo ID: 9228709

VIRIN: 250730-N-OJ012-2013

Resolution: 4685×3123

Size: 1.64 MB

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MIL Security OSI –

August 5, 2025
MIL-OSI Security: Pacific Partnership 2025 Leaders conduct a chaplain symposium aboard the Il Chul Bong, July 2025 [Image 1 of 2]

Source: United States Navy (Logistics Group Western Pacific)

Issued by: on

LAE, Papua New Guinea (July 30, 2025) Pacific Partnership 2025 multinational team member U.S. Navy Lt. Reginald Anderson-Exul speaks during a chaplains combined prayer service aboard the Il Chul Bong, July 30, 2025. Now in its 21st iteration, the Pacific Partnership series is the largest annual multinational humanitarian assistance and disaster management preparedness mission conducted in the Indo-Pacific. Pacific Partnership works collaboratively with host and partner nations to enhance regional interoperability and disaster response capabilities, increase security and stability in the region, and foster new and enduring friendships in the Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist Seaman Alexander Bussman)

Date Taken: 07.29.2025

Date Posted: 07.31.2025 02:58

Photo ID: 9229248

VIRIN: 250730-N-RW505-1516

Resolution: 4975×3317

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MIL Security OSI –

August 5, 2025
MIL-OSI Africa: Hlabisa engages with business on review of White Paper on Local Government

Source: Government of South Africa

Hlabisa engages with business on review of White Paper on Local Government

The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, has wrapped up the fourth strategic CoGTA–National Business Initiative (NBI) Roundtable focused on reviewing the 1998 White Paper on Local Government.

This final session took place yesterday in East London, Eastern Cape, in anticipation of the 31 July 2025 deadline for public submissions on the Discussion Document regarding the review of the White Paper.

This Eastern Cape-focused session follows successful engagements in the Western Cape, Gauteng and KwaZulu-Natal, forming part of a broader, inclusive and participatory policy reform process under the theme: ‘Every Municipality Must Work – A Call to Collective Action’.

“The roundtable aimed to harness practical insights from the business sector to shape a modern, fit-for-purpose local government system.

“In his keynote address, Minister Hlabisa emphasised the critical importance of leadership in local government, particularly regarding competence, capability, and ethical conduct,” a CoGTA statement read.

The talks provided the business sector with a platform to reflect on the legacy and limitations of the 1998 White Paper and identify policy priorities for a renewed local government framework.

Hlabisa commended the cleanliness of East London, noting that this final consultation was not a cosmetic exercise but a substantive effort to reset the vision of the 1998 White Paper.

He also acknowledged the current challenges facing municipalities, including rapid urbanisation, climate change, youth unemployment and declining public trust.

“Throughout the public consultations, a consistent message has emerged from traditional leaders, business, civil society organisations, and citizens alike that every municipality must work to create a conducive environment for investment, stimulate economic activity, and ensure sustainable service delivery matched by payment for services.”

The Minister further reflected on the need to reposition municipalities as economic enablers through a differentiated funding regime, overseen by a competent and accountable leadership.

He also stressed the importance of streamlining regulatory frameworks to enable climate-resilient planning, budgeting, and infrastructure development – guided by investment foresight and institutionalised collaborative partnerships beyond the review process.

“In conclusion, the Minister committed to requesting the establishment of a dedicated unit within the South African Police Service (SAPS) to combat corruption in local government, noting that eliminating corruption is essential to achieving effective governance,” CoGTA said.

The Minister was joined by the Executive Mayor of Buffalo City Metro, Princess Faku, who welcomed the timely review, highlighting the complex challenges municipalities face and the need for tailored collaborations with business to address capacity constraints and stimulate local economic development.

The CEO of NBI, Shameela Soobramoney, described the engagement as a pivotal moment to shape sustainable and inclusive local government systems.

She emphasised the need for the evolution of Integrated Development Plans (IDPs) into investment prospectuses – bankable project portfolios that can drive meaningful change.

“Efficient local government is essential for economic growth and business sustainability. This roundtable offered business leaders a strategic platform to influence policies that reduce investment risk and foster a more conducive business environment.” – SAnews.gov.za

Gabisile
Thu, 07/31/2025 – 09:32

MIL OSI Africa –

August 5, 2025
MIL-OSI Europe: Anna Politkovskaya-Arman Soldin Prize for Courage in Journalism – Call for applications

Source: Republic of France in English
The Republic of France has issued the following statement:

The Anna Politkovskaya-Arman Soldin Prize for Courage in Journalism will be awarded for the third time in early November 2025, to coincide with the International Day to End Impunity for Crimes Against Journalists, established in 2013 by the United Nations at France’s initiative, in memory of French journalists Ghislaine Dupont and Claude Verlon, assassinated in Mali.

The aim of this prize is to distinguish the work of journalists and photojournalists committed to carrying out their essential role of informing people, in particular in theatres of conflict or during crises.

Through this prize, France reaffirms its steadfast commitment to the defence of freedom of the press and pays tribute to two emblematic figures of journalistic courage, killed in the performance of their duties. First, the Russian journalist Anna Politkovskaya, whose investigations published in the Novaya Gazeta on corruption, human rights violations and the war in Chechnya cost her her life, along with six of her colleagues. Second, the Franco-Bosnian AFP journalist and photojournalist Arman Soldin, killed on 9 May 2023 in the field, whose work helped inform the entire world of the reality of Russia’s aggression against Ukraine.

In 2024, the jury decided to recognize the work of Yuval Abraha, Israeli journalist, and Basel Adra, a Palestinian journalist, which focused on Israel’s settlements in the West Bank. Both journalists also belong to the Israeli-Palestinian collective that produced the documentary “No Other Land” last year, which won an Oscar in 2025.

Journalists wishing to apply for the 2025 prize may submit their application to presse.dcp at diplomatie.gouv.fr using this form, until midnight on 30 August 2025: download the form (Word – 37 Ko).

The Prize is accompanied by a lump-sum of €10,000, which must be used to finance a project carried out by the prizewinner.

MIL OSI Europe News –

August 5, 2025
MIL-OSI: MEXC Concludes Golden Era Showdown with 350,000 USDT Gold Bar Awarded in Europe

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, July 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, held an offline awards ceremony in Europe to thank users for their enthusiastic participation in its Golden Era Showdown mid-year trading event. MEXC presented the 100-ounce gold bar grand prize, valued at 350,000 USDT, to the lucky winner.

The Golden Era Showdown attracted over 200,000 participants and unlocked a 4 million USDT prize pool during its three-week run. The event generated 376,908 daily scratch card chances, 16,635 weekly lucky draw chances, and 5,666 lucky lottery tickets.

Notably, the event’s grand prize utilized an innovative Bitcoin blockchain hash methodology to ensure complete transparency and fairness. The ultimate lottery was determined by the last 5 digits of the first Bitcoin block hash generated after 12:00:00 UTC on July 4, 2025. The winning number was 70270, with winners selected by closest match. The 100-ounce gold bar (valued at 350,000 USDT) corresponded to lottery number 00270, while the 1 BTC prize (valued at approximately 110,000 USDT) was awarded to lottery number 05270.

Other major winners included 0.5 BTC (valued at approximately 55,000 USDT), lottery number 04270; 0.3 BTC (valued at approximately 33,000 USDT), lottery number 03270; and 0.1 BTC (valued at approximately 11,000 USDT), lottery number 02270. Additionally, detailed information about Expert Prize, Weekly Surprises, and Daily Prize winners can be found on the MEXC official website.

At the awards ceremony, winner Soufyan shared his initial reaction to the notification. “When I first got the notification, I couldn’t believe it was real. I kept double-checking until I confirmed it was actually me,” he said.

Soufyan has been using MEXC for about 1.5 years. Initially, he decided to switch to MEXC after hearing many positive reviews about its competitive low fees, frequent events, and generous user rewards. “Since I started using MEXC, I’ve barely used other platforms.” Soufyan explained. When asked for advice to new investors, he suggested avoiding emotional trading and excessive leverage. He also expressed optimism about AI sector tokens this year, emphasizing those with real-world applications rather than speculative projects.

The success of Golden Era Showdown underscores MEXC’s philosophy of putting users first through generous rewards and cutting-edge transparency measures. The event’s record-breaking participation reflects the strong trust users place in the platform, while the seamless prize distribution demonstrates MEXC’s commitment to empowering users and delivering on its promises.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/cfdfb0e3-512a-469c-ae51-b861528a2632

The MIL Network –

August 5, 2025

Date Taken:	07.30.2025
Date Posted:	07.30.2025 20:36
Photo ID:	9228709
VIRIN:	250730-N-OJ012-2013
Resolution:	4685×3123
Size:	1.64 MB
Location:	LAE, PG

Date Taken:	07.29.2025
Date Posted:	07.31.2025 02:58
Photo ID:	9229248
VIRIN:	250730-N-RW505-1516
Resolution:	4975×3317
Size:	9.69 MB
Location:	LAE, PG


PRESS RELEASE
Paris, 31st July 2025

Category: Africa

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Ensure rights protection

President Appointed, Vice-Presidents Elected for 2026 Session

Under ‘Delivering Better’ Motto, President Outlines Priorities for Session

Under-Secretary-General for Economic and Social Affairs Says Urgent Action, Stronger Cooperation Key to Advance Sustainable Development Goals

Council Adopts Provisional Agenda, Working Arrangements for Session

PM call with President El-Sisi of Egypt: 31 July 2025

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