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Category: Americas

  • MIL-OSI: Standard Lithium, Equinor announce Smackover Lithium as new joint venture name

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., Jan. 30, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium developer, and Equinor, a global energy leader, today announced Smackover Lithium as the new name for their joint venture developing direct lithium extraction (“DLE”) projects in Southwest Arkansas and East Texas.

    Smackover Lithium was announced yesterday at a community meeting in Lewisville, Arkansas, home of a planned field office and nearby the joint venture’s South West Arkansas (“SWA”) project. The SWA project, located in Lafayette and Columbia counties, is expected to be one of the world’s first commercial-scale DLE facilities.

    “Smackover Lithium is a natural fit for the joint venture given the Smackover formation’s prolific resource and our joint venture’s commitment to adding to the incredible legacy of American energy production from this region,” said David Park, CEO of Standard Lithium.

    In May 2024, Equinor formed a joint venture with Standard Lithium to advance DLE projects in the Smackover basin, focused on Southwest Arkansas and East Texas. Smackover Lithium is now the external brand for the joint venture and will continue building on Standard Lithium’s work with local communities to enhance economic development and grow educational and workforce opportunities.

    “We are excited to be a part of Smackover Lithium, developing critical mineral projects in the Smackover basin and building the next generation of lithium development,” said Allie Kennedy Thurmond, Vice President of US Lithium at Equinor.

    For more information on Smackover Lithium, please visit: www.smackoverlithium.com.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Media Contacts:

    Chris Lang
    Standard Lithium Ltd.
    investors@standardithium.com

    Ola Morten Aanestad
    Equinor
    oaan@equinor.com

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued existence and success of the joint venture, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements and information represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation to, update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’; ‘Placement of deposits with other banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. sanctioned a loan wherein relative of its director stood as guarantor;

    2. failed to adhere to the prudential inter-bank (gross) and counterparty exposure limits; and

    3. failed to carry out periodic review of risk categorisation of certain accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2043

    MIL OSI Economics –

  • MIL-OSI Video: DR Congo, Palestine & other topics – Daily Press Briefing (29 January)

    Source: United Nations (Video News)

    Noon briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    Senior Personnel Appointment
    Democratic Republic of the Congo/Peacekeeping
    Democratic Republic of the Congo/Security Council
    Democratic Republic of the Congo/Humanitarian
    Occupied Palestinian Territory
    Syria
    Peace Operations
    Ukraine
    Myanmar
    Lunar New Year

    SENIOR PERSONNEL APPOINTMENT
    Yesterday, the Secretary-General appointed Lt. Gen. Ulisses De Mesquita Gomes of Brazil as the new Force Commander for the UN Peacekeeping Mission in the Democratic Republic of the Congo (MONUSCO).

    DEMOCRATIC REPUBLIC OF THE CONGO / PEACEKEEPING
    The peacekeeping mission in the Democratic Republic of the Congo – MONUSCO- say that the situation in Goma remains tense today, but it is also calmer. But there is, however, continued sporadic shooting but an overall reduction in exchanges of fire within the city.
    Continued clashes have been reported in surrounding areas, including in Sake, Northwest of Goma.
    The Mission’s priority right now remains the protection of its personnel, its assets and the many civilians sheltering within UN premises. UN peacekeepers are planning on sending patrols today in Goma to assess the situation, to conduct resupplies and assess routes.
    In the capital, Kinshasa, the situation is also calm today despite calls for protests that we have seen. The main roads are reported to be empty, and supermarkets are closed due to high risk of looting. That is what the peacekeeping mission is reporting.
    You will also remember that a few days ago, we paid tribute to three UN peacekeepers who were killed in the last few days. We are now able to share their names : They were Private Rodolpho Cipriano Alverez Suarez from Uruguay, who was 39; Private Mokote Joseph Mobe, aged 33, and Private Andries Tshidiso Mabele, aged 30. The latter two were from South Africa. We send our deepest condolences to their families, their friends, governments and to all members of the peacekeeping mission.
    The total number of UN peacekeepers injured since the most recent assault by the M23 now stands at 22. We reiterate that attacks against UN peacekeepers are not only unacceptable but may also constitute a war crime.

    DEMOCRATIC REPUBLIC OF THE CONGO / SECURITY COUNCIL
    Yesterday afternoon, the Deputy Special Representative for Protection and Operations for the Peacekeeping Mission in Goma in the Democratic Republic of the Congo – MONUSCO, Vivian van de Perre, briefed Council members.
    She reiterated that the violence in the eastern part of the country has resulted in massive displacement and worsened an already dire humanitarian and protection situation. The degree of suffering that the population in Goma and neighbouring areas is enduring is truly unimaginable, she said.
    In the past few days, Ms. Van de Perre told Council members that the peacekeeping mission has received a large number of people seeking refuge.
    She called on all parties to prioritize the protection of civilians, open humanitarian corridors, and work towards a sustainable and peaceful resolution to this conflict.
    Resuming the Luanda Process is of the utmost urgency to ensure a path toward de-escalation and to avert the looming threat of a third Congo war, she added. Military action cannot resolve this conflict, she told council members

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=29+January+2025

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

    MIL OSI Video –

  • MIL-OSI Video: NASA Science Live: Asteroid Bennu Originated from World with Ingredients and Conditions for Life

    Source: United States of America – Federal Government Departments (video statements)

    Material from the asteroid Bennu is revealing that a lost world fostered the building blocks of life… with an unexpected twist.

    Join experts on Thursday, January 30, at 3:00 p.m. EST (2000 UTC) as they dive into the recent findings from the asteroid sample NASA’s OSIRIS-REx spacecraft brought to Earth in September 2023.

    Have questions? Share them in chat and we’ll answer a few live!

    Credit: NASA

    https://www.youtube.com/watch?v=VzhL3qDqsjY

    MIL OSI Video –

  • MIL-OSI Video: US Spacewalk 92 with Astronauts Butch Wilmore and Suni Williams (Official NASA Broadcast)

    Source: United States of America – Federal Government Departments (video statements)

    NASA astronauts Butch Wilmore and Suni Williams are taking a spacewalk outside the International Space Station on Thursday, Jan. 30, 2025, to maintain station hardware and collect samples of surface material for analysis from the Destiny laboratory and the Quest airlock. The spacewalk is expected to begin at approximately 8 a.m. EST (1300 UTC) and last for around six and a half hours.

    Williams (wearing the suit with red stripes) and Wilmore (wearing the unmarked suit) arrived at the ISS last year and are both crew members of Expedition 72, which began on Sept. 23, 2024. This is Wilmore’s fifth spacewalk and the ninth for Williams.

    Follow our space station blog for updates: https://blogs.nasa.gov/spacestation/
    Learn more about the Expedition 72 crew: https://www.nasa.gov/mission/expedition-72/

    Credit: NASA

    https://www.youtube.com/watch?v=wQD4fTDScPE

    MIL OSI Video –

  • MIL-OSI: Roper Technologies announces 2024 financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the fourth quarter and full year ended December 31, 2024. The results in this press release are presented on a continuing operations basis.

    Fourth quarter 2024 highlights

    • Revenue increased 16% to $1.88 billion; acquisition contribution was +9% and organic revenue was +7%
    • Operating cash flow was $722 million; adjusted operating cash flow increased 13%
    • GAAP net earnings increased 22% to $462 million; adjusted net earnings increased 10% to $520 million
    • Adjusted EBITDA increased 13% to $744 million
    • GAAP DEPS increased 22% to $4.28; adjusted DEPS increased 10% to $4.81

    Full year 2024 highlights

    • Revenue increased 14% to $7.04 billion; acquisition contribution was +8% and organic revenue was +6%
    • Operating cash flow was $2.39 billion; adjusted operating cash flow increased 16%
    • GAAP net earnings increased 13% to $1.55 billion; adjusted net earnings increased 10% to $1.98 billion
    • Adjusted EBITDA increased 13% to $2.83 billion
    • GAAP DEPS increased 13% to $14.35; adjusted DEPS increased 10% to $18.31

    “It was an outstanding year for Roper’s long-term cash flow compounding model. We grew free cash flow 16% to $2.3 billion, surpassing the $2 billion milestone for the first time in our history,” said Neil Hunn, Roper Technologies’ President and CEO. “Our total revenue growth of 14% for the year was driven by 6% organic growth and an 8% contribution from our disciplined and process-driven capital deployment capability. To this end, we deployed $3.6 billion of capital toward high-quality vertical software acquisitions, highlighted by Procare Solutions, a leading early childhood education software company, and Transact Campus, which was successfully combined with our CBORD education & healthcare software business.”

    2025 outlook and guidance

    “Roper not only grew substantially in 2024, but we enter 2025 as a fundamentally better company. This past year, we upgraded key leadership talent, expanded our capital deployment function, and advanced our operating model. As a result, we are entering 2025 with broad-based and positive momentum. Our double-digit 2025 total revenue growth outlook is fueled by improving organic growth and meaningful contributions from our 2024 acquisitions. We believe these growth trends, combined with our significant M&A firepower and large pipeline of attractive acquisition opportunities, position Roper well to continue delivering compelling long-term cash flow compounding for our shareholders,” concluded Mr. Hunn.

    Roper expects full year 2025 adjusted DEPS of $19.75 – $20.00 with first quarter adjusted DEPS of $4.70 – $4.74. The Company expects full year total revenue growth of 10%+, with organic revenue growth of +6 – 7%.

    The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, January 30, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 30275. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 30275#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interests

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments gain, net.” During the quarter, Roper sold its minority interest in Certinia and recognized the associated gain within “equity investments gain, net.” Roper makes non-GAAP adjustments for the impacts associated with these investments.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
    (from continuing operations)
      Q4 2023   Q4 2024   V %   FY 2023   FY 2024   V %
    GAAP revenue $ 1,613     $ 1,877       16 %   $ 6,178     $ 7,039       14 %
                           
    Components of revenue growth                      
    Organic           7 %             6 %
    Acquisitions           9 %             8 %
    Foreign exchange           — %             — %
    Revenue growth           16 %             14 %
                           
    Adjusted EBITDA reconciliation                      
    GAAP net earnings $ 378     $ 462         $ 1,368     $ 1,549      
    Taxes   99       128           375       418      
    Interest expense   50       71           165       259      
    Depreciation   9       9           35       37      
    Amortization   187       202           720       776      
    EBITDA $ 723     $ 873       21 %   $ 2,663     $ 3,039       14 %
                           
    Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions   —       —           9       9      
    Transaction-related expenses for completed acquisitions   3       1           8       8      
    Financial impacts associated with the minority investments in Indicor & CertiniaA   (67 )     (141 )         (165 )     (235 )    
    Gain on sale of non-operating assets   —       —           (3 )     —      
    Legal settlement charge   —       11           —       11      
    Adjusted EBITDA $ 659     $ 744      13 %   $ 2,511     $ 2,832       13 %
    % of revenue   40.8 %     39.6 %    (120 bps )     40.6 %     40.2 %     (40 bps )
    Table 2: Adjusted net earnings reconciliation ($M)
    (from continuing operations)
      Q4 2023   Q4 2024   V %   FY 2023   FY 2024   V %
    GAAP net earnings $ 378     $ 462       22 %   $ 1,368     $ 1,549       13 %
    Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions   —       —           7       7      
    Transaction-related expenses for completed acquisitions   2       1           6       6      
    Financial impacts associated with the minority investments in Indicor & CertiniaA   (52 )     (105 )         (135 )     (182 )    
    Gain on sale of non-operating assets   —       —           (3 )     —      
    Legal settlement charge   —       9           —       9      
    Amortization of acquisition-related
    intangible assetsB    		   143       153           552       588      
    Adjusted net earningsC $ 471     $ 520       10 %   $ 1,795     $ 1,978       10 %
    Table 3: Adjusted DEPS reconciliation
    (from continuing operations)
      Q4 2023   Q4 2024   V %   FY 2023   FY 2024   V %
    GAAP DEPS $ 3.50     $ 4.28       22 %   $ 12.74     $ 14.35       13 %
    Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions   —       —           0.06       0.07      
    Transaction-related expenses for completed acquisitions   0.02       0.01           0.06       0.06      
    Financial impacts associated with the minority investments in Indicor & CertiniaA   (0.48 )     (0.97 )         (1.25 )     (1.68 )    
    Gain on sale of non-operating assets   —       —           (0.02 )     —      
    Legal settlement charge   —       0.08           —       0.08      
    Amortization of acquisition-related intangible assetsB   1.33       1.41           5.13       5.45      
    Adjusted DEPSC $ 4.37     $ 4.81       10 %   $ 16.71     $ 18.31       10 %
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)
      Q4 2023   Q4 2024   V %   FY 2023   FY 2024   V %
    Operating cash flow $ 622     $ 722       16 %   $ 2,037     $ 2,393       17 %
    Taxes paid in period related to divestiture   16       —           32       —      
    Adjusted operating cash flow $ 638     $ 722       13 %   $ 2,070     $ 2,393       16 %
    Capital expenditures   (30 )     (27 )         (68 )     (66 )    
    Capitalized software expenditures   (11 )     (12 )         (40 )     (45 )    
    Adjusted free cash flow $ 596     $ 684       15 %   $ 1,962     $ 2,282       16 %
    Table 5: Forecasted adjusted DEPS reconciliation
    (from continuing operations)
      Q1 2025   FY 2025
      Low End   High End   Low End   High End
    GAAP DEPSD $ 3.29     $ 3.33     $ 14.21     $ 14.46  
    Financial impacts associated with the minority investment in IndicorA   TBD       TBD       TBD       TBD  
    Amortization of acquisition-related intangible assetsB   1.41       1.41       5.54       5.54  
    Adjusted DEPSC $ 4.70     $ 4.74     $ 19.75     $ 20.00  

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                                 
        Q4 2023A   Q4 2024A     FY 2023A   FY 2024A     Q1 2025E   FY 2025E
      Pretax $ (67 )   $ (141 )     $ (165 )   $ (235 )     TBD   TBD
      After-tax $ (52 )   $ (105 )     $ (135 )   $ (182 )     TBD   TBD
      Per share $ (0.48 )   $ (0.97 )     $ (1.25 )   $ (1.68 )     TBD   TBD
                                 
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).
                                 
        Q4 2023A   Q4 2024A     FY 2023A   FY 2024A     Q1 2025E   FY 2025E
      Pretax $ 181     $ 193       $ 698     $ 745       $ 193   $ 762
      After-tax $ 143     $ 153       $ 552     $ 588       $ 153   $ 602
      Per share $ 1.33     $ 1.41       $ 5.13     $ 5.45       $ 1.41   $ 5.54
                                 
    C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.
                                 
    D. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

     

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)
    (Amounts in millions)      
           
      December 31, 2024   December 31, 2023
    ASSETS:      
           
    Cash and cash equivalents $ 188.2     $ 214.3  
    Accounts receivable, net   885.1       829.9  
    Inventories, net   120.8       118.6  
    Income taxes receivable   25.6       47.7  
    Unbilled receivables   127.3       106.4  
    Prepaid expenses and other current assets   195.7       164.5  
    Total current assets   1,542.7       1,481.4  
           
    Property, plant and equipment, net   149.7       119.6  
    Goodwill   19,312.9       17,118.8  
    Other intangible assets, net   9,059.6       8,212.1  
    Deferred taxes   54.1       32.2  
    Equity investments   772.3       795.7  
    Other assets   443.4       407.7  
    Total assets $ 31,334.7     $ 28,167.5  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 148.1     $ 143.0  
    Accrued compensation   289.0       250.0  
    Deferred revenue   1,737.4       1,583.8  
    Other accrued liabilities   546.2       446.5  
    Income taxes payable   68.4       40.4  
    Current portion of long-term debt, net   1,043.1       499.5  
    Total current liabilities   3,832.2       2,963.2  
           
    Long-term debt, net of current portion   6,579.9       5,830.6  
    Deferred taxes   1,630.6       1,513.1  
    Other liabilities   424.4       415.8  
    Total liabilities   12,467.1       10,722.7  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   3,014.6       2,767.0  
    Retained earnings   16,034.9       14,816.3  
    Accumulated other comprehensive loss   (166.5 )     (122.8 )
    Treasury stock   (16.5 )     (16.8 )
    Total stockholders’ equity   18,867.6       17,444.8  
    Total liabilities and stockholders’ equity $ 31,334.7     $ 28,167.5  
           
    Roper Technologies, Inc.          
    Condensed Consolidated Statements of Earnings (unaudited)
    (Amounts in millions, except per share data)
                   
      Three months ended December 31,   Year ended December 31,
        2024       2023       2024       2023  
    Net revenues $ 1,877.1     $ 1,613.5     $ 7,039.2     $ 6,177.8  
    Cost of sales   594.8       488.3       2,160.9       1,870.6  
    Gross profit   1,282.3       1,125.2       4,878.3       4,307.2  
                   
    Selling, general and administrative expenses   757.6       662.4       2,881.5       2,562.0  
    Income from operations   524.7       462.8       1,996.8       1,745.2  
                   
    Interest expense, net   70.8       50.1       259.2       164.7  
    Equity investments gain, net   (141.0 )     (66.7 )     (234.6 )     (165.4 )
    Other expense, net   4.1       2.7       5.0       2.8  
                   
    Earnings before income taxes   590.8       476.7       1,967.2       1,743.1  
                   
    Income taxes   128.5       99.2       417.9       374.7  
                   
    Net earnings from continuing operations   462.3       377.5       1,549.3       1,368.4  
                   
    Loss from discontinued operations, net of tax   —       —       —       (4.1 )
    Gain on disposition of discontinued operations, net of tax   —       11.5       —       19.9  
    Net earnings from discontinued operations   —       11.5       —       15.8  
                   
    Net earnings $ 462.3     $ 389.0     $ 1,549.3     $ 1,384.2  
                   
    Net earnings per share from continuing operations:              
    Basic $ 4.31     $ 3.53     $ 14.47     $ 12.83  
    Diluted $ 4.28     $ 3.50     $ 14.35     $ 12.74  
                   
    Net earnings per share from discontinued operations:              
    Basic $ —     $ 0.11     $ —     $ 0.15  
    Diluted $ —     $ 0.11     $ —     $ 0.15  
                   
    Net earnings per share:              
    Basic $ 4.31     $ 3.64     $ 14.47     $ 12.98  
    Diluted $ 4.28     $ 3.61     $ 14.35     $ 12.89  
                   
    Weighted average common shares outstanding:              
    Basic   107.3       106.9       107.1       106.6  
    Diluted   108.1       107.7       108.0       107.4  
    Roper Technologies, Inc.            
    Selected Segment Financial Data (unaudited)            
    (Amounts in millions; percentages of net revenues)            
                                   
      Three months ended December 31,   Year ended December 31,
        2024       2023       2024       2023  
      Amount   %   Amount   %   Amount   %   Amount   %
    Net revenues:                              
    Application Software $ 1,056.9         $ 851.8         $ 3,868.3         $ 3,186.9      
    Network Software   373.5           362.7           1,475.6           1,439.4      
    Technology Enabled Products   446.7           399.0           1,695.3           1,551.5      
    Total $ 1,877.1         $ 1,613.5         $ 7,039.2         $ 6,177.8      
                                   
                                   
    Gross profit:                              
    Application Software $ 708.0       67.0 %   $ 586.6       68.9 %   $ 2,647.6       68.4 %   $ 2,195.8       68.9 %
    Network Software   318.9       85.4 %     311.6       85.9 %     1,254.8       85.0 %     1,225.6       85.1 %
    Technology Enabled Products   255.4       57.2 %     227.0       56.9 %     975.9       57.6 %     885.8       57.1 %
    Total $ 1,282.3       68.3 %   $ 1,125.2       69.7 %   $ 4,878.3       69.3 %   $ 4,307.2       69.7 %
                                   
                                   
    Operating profit*:                              
    Application Software $ 272.9       25.8 %   $ 219.5       25.8 %   $ 1,023.4       26.5 %   $ 820.8       25.8 %
    Network Software   174.4       46.7 %     167.4       46.2 %     666.5       45.2 %     632.4       43.9 %
    Technology Enabled Products   150.3       33.6 %     127.0       31.8 %     574.3       33.9 %     518.7       33.4 %
    Total $ 597.6       31.8 %   $ 513.9       31.9 %   $ 2,264.2       32.2 %   $ 1,971.9       31.9 %
                                   
                                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $72.9 and $51.1 for the three months ended December 31, 2024 and 2023, respectively, and $267.4 and $226.7 for the twelve months ended December 31, 2024 and 2023, respectively.
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)      
      Year ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net earnings from continuing operations $ 1,549.3     $ 1,368.4  
    Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
    Depreciation and amortization of property, plant and equipment   37.1       35.4  
    Amortization of intangible assets   775.7       719.8  
    Amortization of deferred financing costs   9.8       9.9  
    Non-cash stock compensation   145.9       123.5  
    Equity investments gain, net   (234.6 )     (165.4 )
    Income tax provision   417.9       374.7  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   14.4       (50.2 )
    Unbilled receivables   (18.5 )     (7.5 )
    Inventories   (1.9 )     (6.6 )
    Prepaid expenses and other current assets   (19.5 )     (4.3 )
    Accounts payable   (13.0 )     18.2  
    Other accrued liabilities   109.3       (1.0 )
    Deferred revenue   110.7       93.9  
    Cash taxes paid for gain on disposal of business   —       (32.5 )
    Cash income taxes paid, excluding tax associated with gain on disposal of business   (483.8 )     (423.4 )
    Other, net   (5.6 )     (15.5 )
    Cash provided by operating activities from continuing operations   2,393.2       2,037.4  
    Cash used in operating activities from discontinued operations   —       (2.3 )
    Cash provided by operating activities   2,393.2       2,035.1  
           
    Cash flows from (used in) investing activities:      
    Acquisitions of businesses, net of cash acquired   (3,612.9 )     (2,052.7 )
    Capital expenditures   (66.0 )     (68.0 )
    Capitalized software expenditures   (45.0 )     (40.0 )
    Distributions from equity investment   10.8       32.5  
    Proceeds from sale of equity investment   245.6       —  
    Other, net   (1.0 )     (0.1 )
    Cash used in investing activities from continuing operations   (3,468.5 )     (2,128.3 )
    Cash provided by disposition of discontinued operations   —       2.0  
    Cash used in investing activities   (3,468.5 )     (2,126.3 )
           
    Cash flows from (used in) financing activities:      
    Proceeds from senior notes   2,000.0       —  
    Payments of senior notes   (500.0 )     (700.0 )
    Borrowings (payments) under revolving line of credit, net   (235.0 )     360.0  
    Debt issuance costs   (24.6 )     —  
    Cash dividends to stockholders   (321.9 )     (290.2 )
    Treasury stock sales   18.5       15.5  
    Proceeds from stock-based compensation, net   88.6       115.2  
    Other, net   43.9       —  
    Cash provided by (used in) financing activities   1,069.5       (499.5 )
           
    (Continued)
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited) – Continued
    (Amounts in millions)      
      Year ended December 31,
        2024       2023  
    Effect of exchange rate changes on cash   (20.3 )     12.2  
           
    Net decrease in cash and cash equivalents   (26.1 )     (578.5 )
           
    Cash and cash equivalents, beginning of year   214.3       792.8  
           
    Cash and cash equivalents, end of year $ 188.2     $ 214.3  
           

    The MIL Network –

  • MIL-OSI: Lantronix to Report Fiscal 2025 Second Quarter Results on Feb. 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will release financial results from its fiscal 2025 second quarter, ended Dec. 31, 2024, after the close of the market on Thursday, Feb. 6, 2025.

    Management will host an investor conference call and audio webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Feb. 6, 2025. To access the live conference call, investors should dial 1-844-802-2442 (US) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 second-quarter call. The webcast will be available simultaneously via the investor relations section of the Company’s website.

    Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on Feb. 6, 2025, on the Lantronix website. A telephonic replay will also be available through Feb. 13, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3433776.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    © 2024 Lantronix Inc. All rights reserved. Lantronix is a registered trademark, and SLB and SLC are trademarks of Lantronix Inc. Other trademarks and trade names are those of their respective owners.

    The MIL Network –

  • MIL-OSI: Northfield Capital Announces Updates From Cornerstone Investment Juno Corp. and Forward Share Split

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Northfield Capital Corporation (TSX-V: NFD.A) (“Northfield” or the “Corporation”) is pleased to announce that Juno Corp., one of Northfield’s cornerstone investments and a leading explorer in the strategically important Ring of Fire region of northern Ontario, has announced successful results from its 2024 drilling campaign. This news underscores the potential of Northfield’s investment in Juno Corp., a private Ontario exploration company and the largest mineral claimholder in the Ring of Fire, a region which is expected to play a strategic role for Ontario and Canada in the coming electrification of the world. Northfield currently holds a 17% ownership interest in Juno Corp., valued at C$31.5 million. This strategic investment positions Northfield to benefit from the potential growth of this mineral resource hub. For further details, please refer to the news releases of Juno Corp. dated January 29, 2025, available on its website, at www.junocorp.com.

    Northfield is also pleased to announce that it is undertaking a forward share split (the “Share Split”) of the Class A restricted voting shares of the Corporation (the “Class A Shares”) and Class B multiple voting shares of the Corporation (the “Class B Shares”), in each case on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding, with a record date of February 6, 2025 and a payment date of February 11, 2025.

    Share Split

    The Share Split will be implemented on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding.

    Based on the Corporation’s discussions with the TSX Venture Exchange, on February 11, 2025 (the “Payment Date”), each shareholder of record of Northfield as of the close of business on February 6, 2025 (the “Record Date”) will receive, as applicable, four (4) additional Class A Shares for each Class A Share held on the Record Date, and four (4) additional Class B Shares for each Class B Share held on the Record Date.

    Based on the Corporation’s discussions with the TSX Venture Exchange, the Class A Shares are expected to trade on a due bill basis from February 6, 2025 (being the commencement of trading on the Record Date) to the close of trading on the Payment Date (i.e., February 11, 2025), inclusive. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as the Share Split. In this instance, the entitlement is to the additional Class A Shares as a result of the Share Split. Any trades of Class A Shares that are executed during the due bill period will be flagged to ensure purchasers receive the entitlement to the additional Class A Shares issuable as a result of the Share Split. Subject to final regulatory approvals (including, the final acceptance of the TSX Venture Exchange), the Class A Shares are expected to commence trading on a split-adjusted basis on February 12, 2025 (the ex-distribution trading date), as of which date purchases of Class A Shares will no longer have the attaching entitlement to the additional Class A Shares. The due bill redemption date is expected to be February 12, 2025.

    As of the date hereof, Northfield has an aggregate of 2,834,032 Class A Shares and 3,720 Class B Shares issued and outstanding. Upon completion of the Share Split, there will be an aggregate of 14,170,160 Class A Shares and 18,600 Class B Shares issued and outstanding. The Corporation’s authorized share capital will remain unchanged upon completion of the Share Split. All outstanding stock options and share purchase warrants of Northfield will be adjusted accordingly in accordance with their terms in connection with the Share Split.

    There will be no change to the Corporation’s name, CUSIP/ISIN or its current trading symbol in connection with the Share Split.

    The Share Split is being undertaking to increase the number of outstanding Class A Shares and Class B Shares in an effort to improve market liquidity and the marketability of the shares. The Share Split was approved by the shareholders of Northfield at the annual and special meeting of shareholders held on June 27, 2024.

    Mechanics of the Share Split

    On the Payment Date (being, February 11, 2025), the additional Class A Shares and Class B Shares required to give effect to the Share Split will be issued to holders of record at the close of business on the Record Date. The Share Split will be conducted on a “push-out” basis, and therefore, no action is required by shareholders of Northfield. Existing share certificates and direct registration system advices (“DRS Advices”) representing Class A Shares and/or Class B Shares will continue to remain effective following completion of the Share Split, and accordingly, should be retained by shareholders and should not be forwarded to Northfield or TSX Trust Company (“TSX Trust”), the registrar and transfer agent of Northfield.

    Northfield will use the direct registration system to electronically register the Class A Shares and Class B Shares issued pursuant to the Share Split, rather than issuing physical share certificates. Accordingly, following completion of the Share Split, TSX Trust will issue and cause to be mailed out, to registered shareholders of Northfield, DRS Advice representing the number of additional Class A Shares and/or Class B Shares, as applicable, which they are entitled to receive as a result of the Share Split. Non-registered (beneficial) shareholders of Northfield who hold Class A Shares and/or Class B Shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the Share Split in accordance with the applicable brokerage account providers’ usual procedures.

    About Northfield Capital Corporation

    Northfield Capital Corporation is a leading Canadian investment firm with deep roots in resources, mining, aviation, and alcoholic beverages. Founded in 1981, Northfield combines decades of experience with a forward-thinking ethos to unlock opportunities.

    For further information, please contact:

    Michael G. Leskovec, CPA, CA
    Chief Financial Officer
    Telephone: (416) 628-5940

    Forward-Looking Statements

    Forward-looking statements are included in this news release. These forward-looking statements are identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should” and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to, the anticipated timing for the completion of the Share Split (including, the anticipated Record Date, Payment Date, and due bill redemption date), the mechanics for the delivery of the new Class A Shares and Class B Shares to the shareholders of Northfield following the completion thereof, and associated information, as well as statements with respect to the Ring of Fire and its role for Ontario and Canada in the coming electrification of the world, and any potential benefits associated with Northfield’s strategic investment in Juno Corp. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons. The forward-looking statements contained herein are subject to change. However, Northfield disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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

    The MIL Network –

  • MIL-OSI Europe: Written question – Non-discrimination of diabetic pilots in the EU – E-000259/2025

    Source: European Parliament

    Question for written answer  E-000259/2025
    to the Commission
    Rule 144
    Peter Agius (PPE)

    For many commercial pilots in the EU, a diagnosis of Type 1 diabetes leads to the loss of their pilot licence, and hence their flying careers. This is not the case in the United States, Canada and Australia. It should not be in the EU, either!

    The medical assessment protocol of the EU Aviation Safety Agency (EASA) for pilots with diabetes, ARA.MED.330, provides for well-controlled diabetics to obtain aero-medical certification. This has, however, been adopted by only a few of the Member States and relies on outdated technology like finger-prick glucose monitoring.

    Beyond the EU, several countries have adopted updated protocols enabling diabetic pilots to fly safely. Advances in diabetes management, such as continuous glucose monitoring and insulin-delivering technology have transformed the lives of diabetics globally. Yet EU pilots remain unfairly grounded, facing barriers and discrimination.

    With the EASA’s research due in October 2025, action is urgently needed to update the protocol, integrate modern tools and ensure equal opportunities for diabetic pilots across the EU.

    Could the Commission:

    • 1.Provide an update on the EASA’s research and how it plans to incorporate technological advancements on diabetes into the protocol?
    • 2.Explain the steps taken to ensure all of the Member States adopt a standardised approach?
    • 3.Address how it will tackle the professional and emotional toll on diabetic pilots and ensure fair treatment across the EU?

    Submitted: 22.1.2025

    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI: Real Matters Reports First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the first quarter ended December 31, 2024.

    “We reported consolidated revenue of $41.0 million in the first quarter, up 16% year-over-year, and consolidated Net Revenue(A) increased 12% led by growth in all three segments. Refinance origination volumes in our U.S. Title segment were up 46% year-over-year and Net Revenue(A) margins increased by 610 basis points,” said Real Matters Chief Executive Officer Brian Lang.

    “There are now 8.8 million outstanding mortgages with interest rates above 6%, which represents a sizeable pool of potential refinance candidates. We are encouraged by the market opportunity we saw as a result of a short-term rally in rates in September – adding to our conviction of the market potential for refinance going forward. As a result, we are seeing broad pipeline movement; we are confident that we will have new, active franchise title clients in the coming months,” added Lang.

    “We have a strong balance sheet, and we will continue to prudently manage our cost base to align with market conditions, ensuring we focus on growth as headwinds turn to tailwinds for our business. We are at a key inflection point for our title business,” concluded Lang.

    Q1 2025 Highlights

    • Consolidated revenue of $41.0 million –16% year-over-year increase
    • Consolidated Net Revenue(A) of $10.9 million – 12% year-over-year increase
    • Adjusted EBITDA(A) loss of $1.7 million compared with loss of $1.1 million in Q1’24
    • Net income of $2.3 million up from net loss of $3.6 million in Q1’24
    • Launched five new clients
    • Significant operating leverage in Canadian segment – converted 90% of the incremental Net Revenue(A) to Adjusted EBITDA(A) in Q1’25
    • Cash and cash equivalents of $49.0 million and no outstanding debt as at December 31, 2024

    Financial and Operational Summary

        Quarter ended      
      2025 2024 2024 2024 2024     % Change1
        Q1     Q4     Q3     Q2     Q1     Quarter
    over
    Quarter    		 Year
    over
    Year
    Consolidated                          
    Revenue $ 41.0   $ 45.6   $ 49.5   $ 42.2   $ 35.4     -10 % 16 %
    Net Revenue(A) $ 10.9   $ 12.0   $ 13.1   $ 11.5   $ 9.7     -10 % 12 %
    Adjusted EBITDA(A) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7   $ (1.1 )   -395 % -54 %
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6 )   1,562 % 163 %
    Net income (loss) per diluted share $ 0.03   $ 0.00   $ 0.02   $ 0.03   $ (0.05 )   0 % 160 %
    Adjusted Net (loss) income(A) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3   $ (1.2 )   -129 % 75 %
    Adjusted Net (loss) income(A) per diluted share $ 0.00   $ 0.01   $ 0.02   $ 0.02   $ (0.02 )   -100 % 100 %
                               
    U.S. Appraisal segment                          
    Revenue $ 29.4   $ 33.8   $ 37.5   $ 32.6   $ 26.8     -13 % 9 %
    Net Revenue(A) $ 7.8   $ 9.0   $ 10.3   $ 9.2   $ 7.5     -14 % 4 %
    Net Revenue(A) margin   26.5 %   26.7 %   27.6 %   28.3 %   27.9 %      
    Adjusted EBITDA(A) $ 2.4   $ 4.1   $ 5.5   $ 4.4   $ 2.7     -41 % -10 %
    Adjusted EBITDA(A) margin   30.9 %   45.2 %   53.2 %   47.9 %   35.8 %      
                               
    U.S. Title segment                          
    Revenue $ 2.5   $ 2.4   $ 2.1   $ 2.0   $ 2.0     4 % 25 %
    Net Revenue(A) $ 1.4     1.2   $ 0.9     0.9   $ 1.0     12 % 41 %
    Net Revenue(A) margin   53.4 %   49.8 %   43.6 %   44.0 %   47.3 %      
    Adjusted EBITDA(A) $ (1.8 ) $ (1.6 ) $ (1.9 ) $ (1.7 ) $ (1.6 )   -13 % -11 %
    Adjusted EBITDA(A) margin   -132.3 %   -131.4 %   -209.8 %   -184.8 %   -167.9 %      
                               
    Canadian segment                          
    Revenue $ 9.1   $ 9.4   $ 9.9   $ 7.6   $ 6.6     -3 % 38 %
    Net Revenue(A) $ 1.7   $ 1.8   $ 1.9   $ 1.4   $ 1.2     -3 % 39 %
    Net Revenue(A) margin   18.9 %   18.9 %   19.0 %   18.9 %   18.8 %      
    Adjusted EBITDA(A) $ 1.1   $ 1.2   $ 1.3   $ 0.9   $ 0.7     -5 % 62 %
    Adjusted EBITDA(A) margin   66.1 %   67.7 %   69.3 %   62.3 %   56.8 %      
                               
    Corporate segment                          
    Adjusted EBITDA(A) $ (3.4 ) $ (3.1 ) $ (3.2 ) $ (2.9 ) $ (2.9 )   -8 % -20 %
    1. Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, January 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    To access the call:

    • Participant Local (Toronto): (289) 819-1520
    • Participant Toll Free Dial-In Number: 1-800-549-8228
    • Conference ID: 15714

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A)   Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three months ended December 31, 2024 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three months ended December 31, 2024 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Operating expenses   12.7     12.6     11.8     11.2     11.6
    Amortization   0.7     0.8     0.8     0.8     0.8
    Restructuring expenses   0.4     –     –     –     –
    Interest expense   0.1     0.1     0.1     0.1     0.1
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.4 )   (0.4)
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Income tax (recovery) expense   (0.4 )   (0.2 )   0.2     (0.2 )   (0.6)
    Net Revenue $ 10.9   $ 12.0   $ 13.1   $ 11.5   $ 9.7

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Stock-based compensation expense   0.1     1.2     0.4     0.4     0.8
    Amortization   0.7     0.8     0.8     0.8     0.8
    Restructuring expenses   0.4     –     –     –     –
    Interest expense   0.1     0.1     0.1     0.1     0.1
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.4 )   (0.4)
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Income tax (recovery) expense   (0.4 )   (0.2 )   0.2     (0.2 )   (0.6)
    Adjusted EBITDA $ (1.7 ) $ 0.6   $ 1.7   $ 0.7   $ (1.1)

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Stock-based compensation expense   0.1     1.2     0.4     0.4     0.8
    Amortization of intangibles   0.4     0.5     0.4     0.4     0.4
    Restructuring expenses   0.4     –     –     –     –
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Related tax effects   0.9     –     0.2     0.5     (0.6)
    Adjusted Net (Loss) Income $ (0.3 ) $ 0.9   $ 1.7   $ 1.3   $ (1.2)

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Accelerating Pawn Demand Drives Record Revenue & Earnings; Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions, today announced operating results for the fourth quarter and full-year ended December 31, 2024. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid on February 28, 2025.

    Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record fourth quarter and full year revenues and earnings primarily fueled by exceptionally strong pawn operating results. Same-store pawn receivables increased 12% in both the U.S. and Latin America (local currency basis) compared to last year. This marked the sixth consecutive quarter of double digit same-store pawn receivable growth in the U.S. The POS payment solutions segment (“AFF”) had solid profitability as well, and posted growth in transaction volumes and door counts for the quarter and year-to-date periods.

    “A total of 16 pawn stores were added in the fourth quarter, including an acquisition of 10 stores coupled with six new store openings. For the full year, 99 pawn stores were opened or acquired, boosting the total store base to 3,026 locations. FirstCash’s cash flows and balance sheet remain strong and we believe that we are well positioned to fund further anticipated store growth in 2025 along with dividends and potential share buybacks.”

    This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

        Three Months Ended December 31,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2024   2023   2024   2023
    Revenue   $               883,811   $ 852,134   $               883,811   $ 852,134
    Net income   $                 83,547   $ 69,589   $                 95,415   $ 92,846
    Diluted earnings per share   $                     1.86   $ 1.53   $                     2.12   $ 2.04
    EBITDA (non-GAAP measure)   $               162,636   $ 145,493   $               165,685   $ 161,704
    Weighted-average diluted shares                       45,038     45,425                       45,038     45,425
     
        Twelve Months Ended December 31,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2024   2023   2024   2023
    Revenue   $           3,388,514   $ 3,151,796   $           3,388,514   $ 3,151,796
    Net income   $               258,815   $ 219,301   $               302,680   $ 276,874
    Diluted earnings per share   $                     5.73   $ 4.80   $                     6.70   $ 6.06
    EBITDA (non-GAAP measure)   $               551,008   $ 493,784   $               558,437   $ 511,732
    Weighted-average diluted shares                       45,168     45,693                       45,168     45,693
     

    Consolidated Operating Highlights

    • Gross revenues totaled a record $3.4 billion in 2024, an increase of 8% on both a GAAP and constant currency basis compared to last year. Revenues totaled $884 million in the fourth quarter, an increase of 4% on a GAAP basis and 7% on a constant currency basis compared to the prior-year quarter.
    • Diluted earnings per share for 2024 increased 19% over last year on a GAAP basis while adjusted diluted earnings per share increased 11% compared to the prior year. For the fourth quarter, diluted earnings per share increased 22% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 4% compared to the prior-year quarter. These results were even more impressive in light of lower foreign currency exchange rates, which reduced 2024 earnings per share by approximately $0.06 for the fourth quarter and $0.04 for the full year compared to the prior-year periods.
    • Record net income for 2024 totaled $259 million on a GAAP basis while adjusted net income was a record $303 million, which represented increases of 18% and 9%, respectively, over the prior year.
    • Adjusted EBITDA for the full year was $558 million, an increase of $47 million, or 9%, compared to the prior year.

    Store Base and Platform Growth

    • Pawn Stores – 16 pawn locations were added in Mexico during the fourth quarter, consisting of ten acquired stores and six de novo stores. For the full year, a total of 99 pawn locations were added, including 29 stores in the U.S. and 70 stores in Latin America.

      As of December 31, 2024, the Company had 3,026 locations, comprised of 1,200 U.S. locations and 1,826 locations in Latin America.

    • Retail POS Payment Solutions (AFF) Merchant Partnerships – As of December 31, 2024, there were approximately 13,600 active retail and e-commerce merchant partner locations, representing a 17% increase in the number of active merchant locations compared to a year ago. Excluding certain furniture locations closed due to bankruptcies, the number of active doors increased over 25%.

    U.S. Pawn Segment Operating Results

    • Fourth quarter 2024 segment pre-tax operating income was $112 million, an increase of $13 million, or 14%, compared to the prior-year quarter. The resulting segment pre-tax operating margin remained strong at 26% for the quarter.
    • Full year 2024 segment pre-tax operating income was $397 million, an increase of $61 million, or 18%, compared to the prior year. The resulting segment pre-tax operating margin was 25% for the full year, which equaled the prior year.
    • Pawn receivables grew significantly over the course of the fourth quarter, totaling almost $400 million by year end and increasing 15% compared to the prior year. The increase in total pawn receivables was driven by a 5% increase in the year-to-date weighted-average store count coupled with an impressive 12% same-store increase. On a two-year stacked basis, same-store pawn receivables were up 26%.
    • Pawn loan fees increased 11% for the fourth quarter and 16% for the full year, while on a same-store basis, pawn loan fee revenue increased 9% and 11% compared to both of the respective prior-year periods.
    • Retail merchandise sales increased 10% in the fourth quarter and 13% for the full year compared to the respective prior-year periods. Same-store retail sales increased 6% for both the quarter and full year compared to the respective prior-year periods, as the Company saw continued retail demand from value-conscious consumers.
    • Retail sales margins improved to a robust 43% in the fourth quarter compared to 42% in the prior-year quarter. Full year retail margins were 42% in 2024 compared to 43% in 2023.
    • Annualized inventory turnover was consistent at 2.8 times for both 2024 and 2023. Inventories aged greater than one year at December 31, 2024 remained extremely low at 1% of total inventories.
    • Operating expenses for the fourth quarter and full year increased 10% and 12%, respectively, as compared to the prior-year periods, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 7% for the quarter and 5% for the full year compared to the respective prior-year periods. 

    Latin America Pawn Segment Operating Results

    Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the fourth quarter of 2024 was 20.1 pesos / dollar, an unfavorable change of 14% versus the comparable prior-year period, and for the twelve-month period ended December 31, 2024 was 18.3 pesos / dollar, an unfavorable change of 3% versus the prior-year period.

    • While fourth quarter segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to last year, it increased 7% on a constant currency basis. The resulting segment pre-tax operating margin was 20% for both the fourth quarter of 2024 and 2023.
    • For the full year of 2024, segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to the prior year and decreased 2% on a constant currency basis. The resulting segment pre-tax operating margin was 19%, equaling the prior year.
    • While pawn receivables at December 31, 2024 decreased 5% on a U.S. dollar basis, they increased 13% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 6% on a U.S. dollar basis but increased 12% on a constant currency basis compared to the prior year.
    • While total and same-store pawn loan fees in the fourth quarter decreased 3% in U.S. dollars, they increased 10% on a constant currency basis compared to the prior-year quarter. For the full year, both total and same-store pawn loan fees increased 4%, or 7% on a constant currency basis, compared to the prior year.
    • Although retail merchandise sales in the fourth quarter of 2024 decreased 5% compared to the prior-year quarter, they increased 7% on a constant currency basis. Same-store retail merchandise sales in the fourth quarter of 2024 decreased 6% on a U.S. dollar basis while increasing 7% on a constant currency basis compared to the prior-year quarter. For the full year, retail merchandise sales increased 2%, or 4% on a constant currency basis, compared to the prior year, while same-store retail merchandise sales increased 1%, or 4% on a constant currency basis, compared to the prior year.
    • Retail margins were 34% for the fourth quarter of 2024 and 35% for the full year, both similar to prior-period results. Annualized inventory turnover was 4.2 times in 2024 versus 4.4 times in 2023, while inventories aged greater than one year at December 31, 2024 remained extremely low at 1%.
    • Operating expenses for the fourth quarter of 2024 decreased 5% in total but increased 7% on a constant currency basis compared to the prior-year quarter while full year operating expenses increased 7%, or 9% on a constant currency basis compared to last year. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage and other mandated benefit programs), along with other inflationary impacts.

    American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

    • Fourth quarter segment pre-tax operating income totaled $39 million, a decrease of 10% compared to the prior-year quarter. The anticipated decline in earnings was reflective of lower net revenue from its furniture vertical, partially offset by strong growth in non-furniture net revenues.
    • For the full year, segment pre-tax operating income remained strong at $129 million, a nominal decrease of 3% over the prior year.
    • Segment revenues for the quarter, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 1% compared to the prior-year quarter. Revenues for the full year increased 3% compared to the prior year.
    • Gross transaction volume of lease and loan originations during the fourth quarter increased $12 million, or 4%, compared to last year, driven primarily by the 17% increase in active merchant door counts and continued growth in non-furniture verticals. Excluding furniture, fourth quarter origination volume increased approximately 36%. For the full year, overall gross transaction volume increased 5% over the prior year and was up 27%, excluding furniture.
    • Combined gross leased merchandise and finance receivables outstanding at December 31, 2024 decreased 1% compared to the December 31, 2023 balances.
    • The combined lease and loan loss provision as a percentage of the total gross transaction volume originated was 29% for both 2024 and 2023. The resulting allowance on combined leased merchandise and finance receivables at December 31, 2024 was 42% compared to 40% in the prior year.
    • The average monthly net charge-off (“NCO”) rate for combined leased merchandise and finance receivable products for the full year 2024 was 5.3% compared to the prior-year rate of 5.0%, and was in line with the Company’s targeted range for NCO’s.

    Cash Flow and Liquidity

    • Each of the Company’s three business segments generated significant operating cash flows in 2024. Consolidated operating cash flows for the full year grew 30% and totaled $540 million compared to $416 million in 2023.
    • Adjusted free cash flows (a non-GAAP measure) increased 24% to $262 million in 2024, compared to $212 million in the prior year.
    • The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform with a nominal increase in net debt.  Key investments made in 2024 included:
      • Pawn earning assets (pawn receivables and inventories) increased $69 million.
      • A total of 38 pawn stores were acquired for a combined cash purchase price of $76 million. 
      • 61 new, or de novo, pawn stores were added for a total investment of $19 million in fixed assets and working capital.
      • Real estate purchases totaling $86 million as the Company purchased the underlying real estate at 58 of its existing pawn stores, bringing the number of Company-owned properties to 400 locations.
    • Net debt at December 31, 2024 was $1.6 billion, a modest 5% increase over the prior year. Over $1.5 billion of the Company’s long-term financing remains fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032.
    • The Company’s net debt to adjusted EBITDA ratio was 2.8x at December 31, 2024.

    Shareholder Returns

    • The Board of Directors declared a $0.38 per share first quarter cash dividend, which will be paid on February 28, 2025 to stockholders of record as of February 14, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
    • During 2024, FirstCash repurchased $85 million of its common stock. The Company has $115 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
    • Combined shareholder payouts in the form of cash dividends and stock repurchases were over $150 million in 2024 and have totaled almost $800 million over the last five years.
    • The Company generated a 13% return on equity and a 6% return on assets in 2024. Using adjusted net income for 2024, the adjusted return on equity was 15% while the adjusted return on assets was 7%.

    2025 Outlook

    The Company’s outlook for 2025 is highly positive given the continued growth in pawn receivables and expectations for further pawn store additions and AFF merchant partner growth. Anticipated conditions and trends for 2025 include the following:

    Pawn Operations:

    • Pawn operations will continue to be the primary earnings driver, as the Company expects the contribution from the combined U.S. and Latin America pawn segments to be approximately 85% of total segment level pre-tax income for 2025.
    • The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. Over the last five years, the Company has added an average of 115 new and acquired stores per year. The guidance presented below does not assume any material acquisition activity.

    U.S. Pawn

    • U.S. Pawn is anticipated to contribute approximately 65% of total segment level pre-tax income for 2025.
    • Same-store pawn loans began 2025 up 12% compared to a year ago, with January balances to date up similarly. Given the strength of the 2024 same-store results, growth rates are expected to moderate slightly over the course of the year, but still result in strong pawn fee growth that is expected to be in a range of 8% to 11% for the full year. 
    • Similar retail sales growth is projected for 2025, with retail margins expected to be in a normalized range targeted at approximately 42%.
    • Given the strong revenue momentum coupled with modest expense growth, the Company anticipates solid double-digit segment earnings growth in 2025 from this, its largest segment.

    Latin America Pawn

    • LatAm Pawn is anticipated to contribute approximately 20% of total segment level pre-tax income for 2025.
    • U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
    • Same-store pawn receivables began 2025 down 6% on a U.S. dollar basis but up 12% on a constant currency basis. Full year pawn fee growth is expected to remain in a range of 8% to 11% on a local currency basis while it is projected to be down in a range of 2% to 5% on a U.S. dollar basis, given the current exchange rate.
    • Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.
    • While operating expenses are expected to increase by 6% to 9% in Latin America on a local currency basis (given the enacted 10% increase in the Mexico minimum wage for 2025), expenses are anticipated to decline in a range of 3% to 6% on a U.S. dollar basis, which should dampen the overall currency impact on dollar-denominated segment earnings.

    Retail POS Payment Solutions (AFF) Operations:

    • AFF is anticipated to contribute approximately 15% of total segment level pre-tax income for 2025.
    • As a result of recent merchant partner bankruptcies in the furniture sector (Conn’s HomePlus and American Freight), the Company anticipates first half 2025 origination volume being down to the prior year, given lower expected furniture originations, which are more seasonally weighted to the income tax refund season. Despite this headwind, full year origination volume for 2025 is expected to increase in a low single digit range compared to 2024, given continued growth in door counts and originations from new and other existing merchants. Excluding originations from Conn’s HomePlus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024.
    • While full year 2025 net revenues are forecast to decline in a range of 10% to 15% compared to the prior year due to lower LTO balances and first half originations, reduced operating expenses related to the changes in product mix and other expense reduction initiatives are expected to offset much of the decrease in net revenue. Resulting full year segment pre-tax income is expected to be flat to down only slightly compared to the prior year.

    Tax Rates and Currency:

    • The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24% to 25%.
    • Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

    Additional Commentary and Analysis

    Mr. Wessel further commented on FirstCash’s 2024 operating results and the outlook for 2025, “Our core pawn segments continue to see exceptional growth in pawn receivables, pawn fees and retail sales. Strong sequential acceleration in same-store pawn receivable growth rates during the fourth quarter resulted in end of year increases in pawn receivables of 15% in the U.S. and 13% (constant currency basis) in Latin America compared to last year. We believe this growth continues to be driven by inflationary impacts and credit tightening for consumers with small, immediate cash needs. Furthermore, we saw excellent retail sales results in the fourth quarter, with same-store sales up 6% in the U.S. and 7% in LatAm (constant currency) compared to the prior-year quarter while maintaining strong gross margins, which we attribute to our deep value retail pricing, attractive interest-free layaway programs and excellent customer service.

    “Our industry-leading pawn operations were further expanded in 2024 as we added almost 100 locations through new store openings across all markets, coupled with strategic acquisitions in the U.S. and Mexico. Over the last five years, we have opened or acquired more than 550 pawn locations and we began 2025 with a strong pipeline of new store openings already in process. While most of our new store openings will continue to be in Latin America, we currently have three store openings slated for growth markets in the U.S. Additionally, we continue to see accretive acquisition opportunities in multiple markets which can be funded from available cash and credit facilities.

    “While a smaller component of FirstCash’s consolidated operations, AFF posted solid results in 2024 by contributing almost $130 million in segment earnings and generating meaningful cash flow. Although this was a difficult year in the retail furniture industry, given weak sales volumes and store closings at several retailers of size, AFF posted overall origination growth in 2024, driven by successful expansion in other vertical categories and its strong field sales channel.

    “We began 2025 in a strong position to again deliver meaningful earnings growth with the current momentum in our core pawn business in both the U.S. and Latin America and opportunities for additional growth through pawnshop acquisitions and de novo store openings. AFF’s prospects remain positive as well, as it continues to grow and diversify its merchant base. On a consolidated basis, our strong cash flows and balance sheet position us well to support this growth, and combined with ongoing cash dividends and potential share repurchases, are expected to drive further shareholder returns,” concluded Mr. Wessel.

    About FirstCash

    FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

    FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

    Forward-Looking Information     

    This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

    While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail POS payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited, in thousands)
     
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2024   2023   2024   2023
    Revenue:                
    Retail merchandise sales   $      413,671     $ 397,412     $ 1,507,096     $ 1,381,272  
    Pawn loan fees            189,984       178,238              737,126       658,536  
    Leased merchandise income            177,440       190,057              766,241       752,682  
    Interest and fees on finance receivables              70,507       59,571              245,891       233,818  
    Wholesale scrap jewelry sales              32,209       26,856              132,160       125,488  
    Total revenue            883,811       852,134           3,388,514       3,151,796  
                     
    Cost of revenue:                
    Cost of retail merchandise sold            249,831       241,402              909,685       832,393  
    Depreciation of leased merchandise              97,937       103,631              433,306       411,455  
    Provision for lease losses              33,561       34,184              163,395       175,858  
    Provision for loan losses              41,736       32,459              143,827       123,030  
    Cost of wholesale scrap jewelry sold              27,058       22,809              108,769       101,821  
    Total cost of revenue            450,123       434,485           1,758,982       1,644,557  
                     
    Net revenue            433,688       417,649           1,629,532       1,507,239  
                     
    Expenses and other income:                
    Operating expenses            226,547       216,783              900,978       832,149  
    Administrative expenses              43,636       51,887              173,199       176,315  
    Depreciation and amortization              26,434       27,635              104,941       109,161  
    Interest expense              27,197       26,586              105,226       93,243  
    Interest income                  (528 )     (216 )              (1,935 )     (1,469 )
    Loss (gain) on foreign exchange                    508       376                  2,641       (1,529 )
    Merger and acquisition expenses                      42       4,252                  2,228       7,922  
    Other expenses (income), net                    319       (1,142 )                  (522 )     (1,402 )
    Total expenses and other income            324,155       326,161           1,286,756       1,214,390  
                     
    Income before income taxes            109,533       91,488              342,776       292,849  
                     
    Provision for income taxes              25,986       21,899                83,961       73,548  
                     
    Net income   $        83,547     $ 69,589     $      258,815     $ 219,301  
     
    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
     
        December 31,
        2024   2023
    ASSETS        
    Cash and cash equivalents   $            175,095     $ 127,018  
    Accounts receivable, net                     73,325       71,922  
    Pawn loans                   517,867       471,846  
    Finance receivables, net                   147,501       113,901  
    Inventories                   334,580       312,089  
    Leased merchandise, net                   128,437       171,191  
    Prepaid expenses and other current assets                     26,943       38,634  
    Total current assets               1,403,748       1,306,601  
             
    Property and equipment, net                   717,916       632,724  
    Operating lease right of use asset                   324,646       328,458  
    Goodwill               1,787,172       1,727,652  
    Intangible assets, net                   228,858       277,724  
    Other assets                       9,934       10,242  
    Deferred tax assets, net                       4,712       6,514  
    Total assets   $         4,476,986     $ 4,289,915  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Accounts payable and accrued liabilities   $            171,540     $ 163,050  
    Customer deposits and prepayments                     72,703       70,580  
    Lease liability, current                     95,161       101,962  
    Total current liabilities                   339,404       335,592  
             
    Revolving unsecured credit facilities                   198,000       568,000  
    Senior unsecured notes               1,531,346       1,037,647  
    Deferred tax liabilities, net                   128,574       136,773  
    Lease liability, non-current                   225,498       215,485  
    Total liabilities               2,422,822       2,293,497  
             
    Stockholders’ equity:        
    Common stock                          575       573  
    Additional paid-in capital               1,767,569       1,741,046  
    Retained earnings               1,411,083       1,218,029  
    Accumulated other comprehensive loss                 (129,596 )     (43,037 )
    Common stock held in treasury, at cost                 (995,467 )     (920,193 )
    Total stockholders’ equity               2,054,164       1,996,418  
    Total liabilities and stockholders’ equity   $         4,476,986     $ 4,289,915  
     
    FIRSTCASH HOLDINGS, INC.
    U.S. PAWN SEGMENT RESULTS
    (UNAUDITED)
     
    U.S. Pawn Operating Results and Margins (dollars in thousands)
     
        Three Months Ended        
        December 31,    
        2024   2023   Increase
    Revenue:                    
    Retail merchandise sales   $             267,251     $ 243,697       10 %  
    Pawn loan fees                 133,563       120,083       11 %  
    Wholesale scrap jewelry sales                   23,201       17,463       33 %  
    Total revenue                 424,015       381,243       11 %  
                         
    Cost of revenue:                    
    Cost of retail merchandise sold                 153,641       141,406       9 %  
    Cost of wholesale scrap jewelry sold                   19,755       14,941       32 %  
    Total cost of revenue                 173,396       156,347       11 %  
                         
    Net revenue                 250,619       224,896       11 %  
                         
    Segment expenses:                    
    Operating expenses                 131,439       119,627       10 %  
    Depreciation and amortization                     7,371       6,799       8 %  
    Total segment expenses                 138,810       126,426       10 %  
                         
    Segment pre-tax operating income   $             111,809     $ 98,470       14 %  
                         
    Operating metrics:                    
    Retail merchandise sales margin   43 %   42 %        
    Net revenue margin   59 %   59 %        
    Segment pre-tax operating margin   26 %   26 %        
     
    FIRSTCASH HOLDINGS, INC.
    U.S. PAWN SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
        Twelve Months Ended        
        December 31,    
        2024   2023   Increase
    Revenue:                    
    Retail merchandise sales   $             969,371     $ 854,190       13 %  
    Pawn loan fees                 505,262       435,762       16 %  
    Wholesale scrap jewelry sales                   93,923       78,571       20 %  
    Total revenue             1,568,556       1,368,523       15 %  
                         
    Cost of revenue:                    
    Cost of retail merchandise sold                 560,970       490,544       14 %  
    Cost of wholesale scrap jewelry sold                   77,683       64,545       20 %  
    Total cost of revenue                 638,653       555,089       15 %  
                         
    Net revenue                 929,903       813,434       14 %  
                         
    Segment expenses:                    
    Operating expenses                 503,630       451,543       12 %  
    Depreciation and amortization                   28,980       25,585       13 %  
    Total segment expenses                 532,610       477,128       12 %  
                         
    Segment pre-tax operating income   $             397,293     $ 336,306       18 %  
                         
    Operating metrics:                    
    Retail merchandise sales margin   42 %   43 %        
    Net revenue margin   59 %   59 %        
    Segment pre-tax operating margin   25 %   25 %        
     
    FIRSTCASH HOLDINGS, INC.
    U.S. PAWN SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
    U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)
     
        As of December 31,    
        2024   2023   Increase
    Earning assets:                    
    Pawn loans   $      396,667     $ 344,152       15 %  
    Inventories          245,492       221,843       11 %  
        $      642,159     $ 565,995       13 %  
                         
    Average outstanding pawn loan amount (in ones)   $              283     $ 258       10 %  
                         
    Composition of pawn collateral:                    
    General merchandise   28 %   30 %        
    Jewelry   72 %   70 %        
        100 %   100 %        
                         
    Composition of inventories:                    
    General merchandise   41 %   43 %        
    Jewelry   59 %   57 %        
        100 %   100 %        
                         
    Percentage of inventory aged greater than one year   1 %   1 %        
                         
    Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)   2.8 times   2.8 times        
     

    FIRSTCASH HOLDINGS, INC.
    LATIN AMERICA PAWN SEGMENT RESULTS
    (UNAUDITED)

    Latin America Pawn Segment Results

    Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

    Latin America Pawn Operating Results and Margins (dollars in thousands)

                            Constant Currency Basis
                            Three Months        
                      Ended        
        Three Months Ended           December 31,   Increase /
        December 31,       2024   (Decrease)
        2024   2023   (Decrease)   (Non-GAAP)   (Non-GAAP)
    Revenue:                                
    Retail merchandise sales   $        147,412     $ 155,310       (5) %   $            166,927       7 %  
    Pawn loan fees              56,421       58,155       (3) %                     63,893       10 %  
    Wholesale scrap jewelry sales                9,008       9,393       (4) %                       9,008       (4) %  
    Total revenue            212,841       222,858       (4) %                   239,828       8 %  
                                     
    Cost of revenue:                                
    Cost of retail merchandise sold              96,718       100,870       (4) %                   109,445       9 %  
    Cost of wholesale scrap jewelry sold                7,303       7,868       (7) %                       8,278       5 %  
    Total cost of revenue            104,021       108,738       (4) %                   117,723       8 %  
                                     
    Net revenue            108,820       114,120       (5) %                   122,105       7 %  
                                     
    Segment expenses:                                
    Operating expenses              60,918       63,976       (5) %                     68,628       7 %  
    Depreciation and amortization                5,170       5,466       (5) %                       5,754       5 %  
    Total segment expenses              66,088       69,442       (5) %                     74,382       7 %  
                                     
    Segment pre-tax operating income   $          42,732     $ 44,678       (4) %   $              47,723       7 %  
                                     
    Operating metrics:                                
    Retail merchandise sales margin   34 %   35 %         34 %        
    Net revenue margin   51 %   51 %         51 %        
    Segment pre-tax operating margin   20 %   20 %         20 %        
     
    FIRSTCASH HOLDINGS, INC.
    LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
                          Constant Currency Basis
                    Twelve Months    
                    Ended    
        Twelve Months Ended         December 31,   Increase /
        December 31,   Increase / 2024   (Decrease)
        2024   2023   (Decrease) (Non-GAAP)   (Non-GAAP)
    Revenue:                              
    Retail merchandise sales   $        541,787     $ 533,612       2 %   $              556,686       4 %  
    Pawn loan fees            231,864       222,774       4 %                     238,305       7 %  
    Wholesale scrap jewelry sales              38,237       46,917       (19) %                       38,237       (19) %  
    Total revenue            811,888       803,303       1 %                     833,228       4 %  
                                   
    Cost of revenue:                              
    Cost of retail merchandise sold            350,906       345,309       2 %                     360,452       4 %  
    Cost of wholesale scrap jewelry sold              31,086       37,276       (17) %                       31,977       (14) %  
    Total cost of revenue            381,992       382,585       — %                     392,429       3 %  
                                   
    Net revenue            429,896       420,718       2 %                     440,799       5 %  
                                   
    Segment expenses:                              
    Operating expenses            259,307       243,146       7 %                     266,102       9 %  
    Depreciation and amortization              20,369       21,350       (5) %                       20,855       (2) %  
    Total segment expenses            279,676       264,496       6 %                     286,957       8 %  
                                   
    Segment pre-tax operating income   $        150,220     $ 156,222       (4) %   $              153,842       (2) %  
                                   
    Operating metrics:                              
    Retail merchandise sales margin   35 %   35 %         35 %        
    Net revenue margin   53 %   52 %         53 %        
    Segment pre-tax operating margin   19 %   19 %         18 %        
     
    FIRSTCASH HOLDINGS, INC.
    LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
    Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)
     
                            Constant Currency Basis
                            As of        
                            December 31,    
        As of December 31,       2024   Increase
        2024   2023   (Decrease)   (Non-GAAP)   (Non-GAAP)
    Earning assets:                                
    Pawn loans   $       121,200     $ 127,694       (5) %   $           143,805     13 %  
    Inventories             89,088       90,246       (1) %                 105,686     17 %  
        $       210,288     $ 217,940       (4) %   $           249,491     14 %  
                                     
    Average outstanding pawn loan amount  (in ones)   $                 87     $ 95       (8) %   $                   103     8 %  
                                     
    Composition of pawn collateral:                                
    General merchandise   58 %   63 %                    
    Jewelry   42 %   37 %                    
        100 %   100 %                    
                                     
    Composition of inventories:                                
    General merchandise   65 %   67 %                    
    Jewelry   35 %   33 %                    
        100 %   100 %                    
                                     
    Percentage of inventory aged greater than one year   1 %   1 %                    
                                     
    Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)   4.2 times   4.4 times                    
     
    FIRSTCASH HOLDINGS, INC.
    RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS
    (UNAUDITED)
     
    Retail POS Payment Solutions Operating Results (dollars in thousands)
     
        Three Months Ended        
        December 31,   Increase /
        2024   2023   (Decrease)
    Revenue:                
    Leased merchandise income   $               177,440   $ 190,057     (7) %  
    Interest and fees on finance receivables                       70,507     59,571     18 %  
    Total revenue                     247,947     249,628     (1) %  
                     
    Cost of revenue:                
    Depreciation of leased merchandise                       98,266     104,114     (6) %  
    Provision for lease losses                       33,665     35,564     (5) %  
    Provision for loan losses                       41,736     32,459     29 %  
    Total cost of revenue                     173,667     172,137     1 %  
                     
    Net revenue                       74,280     77,491     (4) %  
                     
    Segment expenses:                
    Operating expenses                       34,190     33,180     3 %  
    Depreciation and amortization                             705     772     (9) %  
    Total segment expenses                       34,895     33,952     3 %  
                     
    Segment pre-tax operating income   $                 39,385   $ 43,539     (10) %  
     
    FIRSTCASH HOLDINGS, INC.
    RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
        Twelve Months Ended        
        December 31,   Increase /
        2024   2023   (Decrease)
    Revenue:                
    Leased merchandise income   $               766,241   $ 752,682     2 %  
    Interest and fees on finance receivables                     245,891     233,818     5 %  
    Total revenue                  1,012,132     986,500     3 %  
                     
    Cost of revenue:                
    Depreciation of leased merchandise                     434,915     413,546     5 %  
    Provision for lease losses                     163,937     177,418     (8) %  
    Provision for loan losses                     143,827     123,030     17 %  
    Total cost of revenue                     742,679     713,994     4 %  
                     
    Net revenue                     269,453     272,506     (1) %  
                     
    Segment expenses:                
    Operating expenses                     138,041     137,460     — %  
    Depreciation and amortization                         2,783     3,030     (8) %  
    Total segment expenses                     140,824     140,490     — %  
                     
    Segment pre-tax operating income   $               128,629   $ 132,016     (3) %  
     
    FIRSTCASH HOLDINGS, INC.
    RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
    Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)
     
        Three Months Ended      
        December 31, Increase /
        2024   2023   (Decrease)
    Leased merchandise   $          124,590   $ 170,278     (27) %  
    Finance receivables                 159,898     102,279     56 %  
    Total gross transaction volume   $          284,488   $ 272,557     4 %  
     
        Twelve Months Ended      
        December 31, Increase /
        2024   2023   (Decrease)
    Leased merchandise   $          568,635   $ 623,069     (9) %  
    Finance receivables                 510,231     405,765     26 %  
    Total gross transaction volume   $       1,078,866   $ 1,028,834     5 %  
     

    Retail POS Payment Solutions Earning Assets (dollars in thousands)

        As of December 31,   Increase /
        2024     2023     (Decrease)
    Leased merchandise, net:                
    Leased merchandise, before allowance for lease losses   $          209,333     $ 267,458       (22) %  
    Less allowance for lease losses                 (80,661 )     (95,752 )     (16) %  
    Leased merchandise, net   $          128,672     $ 171,706       (25) %  
                     
    Finance receivables, net:                
    Finance receivables, before allowance for loan losses   $          264,506     $ 210,355       26 %  
    Less allowance for loan losses               (117,005 )     (96,454 )     21 %  
    Finance receivables, net   $          147,501     $ 113,901       29 %  
     
    FIRSTCASH HOLDINGS, INC.
    RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
    Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)
               
        Three Months Ended      
        December 31,   Increase /
        2024   2023   (Decrease)
    Allowance for lease losses:              
    Balance at beginning of period   $                 93,823     $ 105,472     (11) %  
    Provision for lease losses                       33,665       35,564     (5) %  
    Charge-offs                     (48,607 )     (46,986 )   3 %  
    Recoveries                         1,780       1,702     5 %  
    Balance at end of period   $                 80,661     $ 95,752     (16) %  
                   
    Leased merchandise portfolio metrics:              
    Provision rate (1)   27 %   21 %      
    Average monthly net charge-off rate (2)   7.1 %   5.8 %      
    Delinquency rate (3)   24.4 %   21.7 %      
                   
    Allowance for loan losses:              
    Balance at beginning of period   $               109,197     $ 96,684     13 %  
    Provision for loan losses                       41,736       32,459     29 %  
    Charge-offs                     (35,751 )     (34,680 )   3 %  
    Recoveries                         1,823       1,991     (8) %  
    Balance at end of period   $               117,005     $ 96,454     21 %  
                   
    Finance receivables portfolio metrics:              
    Provision rate (1)   26 %   32 %      
    Average monthly net charge-off rate (2)   4.5 %   5.2 %      
    Delinquency rate (3)   20.0 %   21.8 %      
                       
    (1)        Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.         
                       
    (2)        Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.         
                       
    (3)        Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).         
     
    FIRSTCASH HOLDINGS, INC.
    RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     
      Twelve Months Ended        
        December 31,       Increase /
        2024   2023   (Decrease)
    Allowance for lease losses:                
    Balance at beginning of period   $                 95,752     $ 79,576       20 %  
    Provision for lease losses                     163,937       177,418       (8) %  
    Charge-offs                   (186,123 )     (167,952 )     11 %  
    Recoveries                         7,095       6,710       6 %  
    Balance at end of period   $                 80,661     $ 95,752       (16) %  
                     
    Leased merchandise portfolio metrics:                
    Provision rate (1) 29 %   28 %        
    Average monthly net charge-off rate (2) 6.3 %   5.4 %        
    Delinquency rate (3) 24.4 %   21.7 %        
                     
    Allowance for loan losses:                
    Balance at beginning of period   $                 96,454     $ 84,833       14 %  
    Provision for loan losses                     143,827       123,030       17 %  
    Charge-offs                   (130,812 )     (117,961 )     11 %  
    Recoveries                         7,536       6,552       15 %  
    Balance at end of period   $               117,005     $ 96,454       21 %  
                     
    Finance receivables portfolio metrics:                
    Provision rate (1) 28 %   30 %        
    Average monthly net charge-off rate (2) 4.3 %   4.7 %        
    Delinquency rate (3) 20.0 %   21.8 %        
     
    (1)        Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
     
    (2)        Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.
     
    (3)        Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).
     

    FIRSTCASH HOLDINGS, INC.
    PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

    Pawn Operations

    As of December 31, 2024, the Company operated 3,026 pawn store locations comprised of 1,200 stores in 29 U.S. states and the District of Columbia, 1,725 stores in 32 states in Mexico, 72 stores in Guatemala, 17 stores in El Salvador and 12 stores in Colombia.

    The following tables detail pawn store count activity for the three and twelve months ended December 31, 2024:

        Three Months Ended December 31, 2024
        U.S.   Latin America   Total
    Total locations, beginning of period   1,201     1,824     3,025  
    New locations opened   —     6     6  
    Locations acquired   —     10     10  
    Consolidation of existing pawn locations (1)   (1 )   (14 )   (15 )
    Total locations, end of period   1,200     1,826     3,026  
                 
                 
        Twelve Months Ended December 31, 2024
        U.S.   Latin America   Total
    Total locations, beginning of period   1,183     1,814     2,997  
    New locations opened   1     60     61  
    Locations acquired   28     10     38  
    Consolidation of existing pawn locations (1) (2)   (12 )   (58 )   (70 )
    Total locations, end of period   1,200     1,826     3,026  
     

    (1)        Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

    (2)        Includes 10 pawnshops located in Acapulco, Mexico that were severely damaged by a hurricane in the fall of 2023, which the Company elected to consolidate with other stores in this market. The Company expects to replace certain of these locations in this market over time as the city’s infrastructure recovers.

    Retail POS Payment Solutions

    As of December 31, 2024, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 13,600 active retail merchant partner locations, which is net of the closing of approximately 1,000 Conn’s HomePlus and American Freight locations due to bankruptcy during the fourth quarter of 2024. This compares to the active door count of approximately 11,600 locations at December 31, 2023. 

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES
    (UNAUDITED)

    The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

    While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others. 

    The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)

    Adjusted Net Income and Adjusted Diluted Earnings Per Share

    Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

    The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

        Three Months Ended December 31,   Twelve Months Ended December 31,
        2024   2023   2024   2023   2024   2023   2024   2023
        In
    Thousands    		   In
    Thousands    		   Per
    Share    		   Per
    Share    		   In
    Thousands    		   In
    Thousands    		   Per
    Share    		   Per
    Share
    Net income and diluted earnings per share, as reported   $      83,547   $ 69,589     $      1.86   $ 1.53     $    258,815   $ 219,301     $      5.73   $ 4.80  
    Adjustments, net of tax:                                
    Merger and acquisition expenses                    31     3,271                 —     0.07                1,706     6,089              0.04     0.13  
    Non-cash foreign currency loss (gain) related to lease liability                  504     (607 )            0.01     (0.01 )              2,627     (1,778 )            0.06     (0.04 )
    AFF purchase accounting and other adjustments              9,572     21,472              0.21     0.47              38,289     54,341              0.85     1.19  
    Other expenses (income), net              1,761     (879 )            0.04     (0.02 )              1,243     (1,079 )            0.02     (0.02 )
    Adjusted net income and diluted earnings per share   $      95,415   $ 92,846     $      2.12   $ 2.04     $    302,680   $ 276,874     $      6.70   $ 6.06  
     

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)

    Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

    The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands): 

        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2024   2023   2024   2023
    Net income   $         83,547     $ 69,589     $       258,815     $ 219,301  
    Income taxes             25,986       21,899               83,961       73,548  
    Depreciation and amortization             26,434       27,635             104,941       109,161  
    Interest expense             27,197       26,586             105,226       93,243  
    Interest income                (528 )     (216 )             (1,935 )     (1,469 )
    EBITDA           162,636       145,493             551,008       493,784  
    Adjustments:                        
    Merger and acquisition expenses                     42       4,252                 2,228       7,922  
    Non-cash foreign currency loss (gain) related to lease liability                  720       (867 )               3,755       (2,540 )
    AFF purchase accounting and other adjustments (1)                     —       13,968                       —       13,968  
    Other expenses (income), net               2,287       (1,142 )               1,446       (1,402 )
    Adjusted EBITDA   $       165,685     $ 161,704     $       558,437     $ 511,732  
     

    (1)        For the three and twelve months ended December 31, 2023, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)

    Free Cash Flow and Adjusted Free Cash Flow

    For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

    Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash, generated by business operations, that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2024   2023   2024   2023
    Cash flow from operating activities   $        198,149     $ 99,105     $        539,958     $ 416,142  
    Cash flow from investing activities:                
    Pawn loans, net (1)                 (2,276 )     24,448                 (71,999 )     (34,978 )
    Finance receivables, net               (53,128 )     (27,448 )            (139,314 )     (115,442 )
    Purchases of furniture, fixtures, equipment and improvements               (12,213 )     (13,425 )               (68,245 )     (60,148 )
    Free cash flow              130,532       82,680                260,400       205,574  
    Merger and acquisition expenses paid, net of tax benefit                        31       3,271                     1,706       6,089  
    Adjusted free cash flow   $        130,563     $ 85,951     $        262,106     $ 211,663  
     

    (1)        Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)

    Adjusted Return on Equity and Adjusted Return on Assets

    Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

    Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

        Twelve Months Ended
        December 31, 2024
    Adjusted net income (1)   $ 302,680  
           
    Average stockholders’ equity (average of five most recent quarter-end balances)   $ 2,014,721  
    Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)   15 %
           
    Average total assets (average of five most recent quarter-end balances)   $ 4,345,922  
    Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)   7 %
     
    (1)       See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.
     

    Constant Currency Results

    The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

    The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     
    Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso
     
        December 31,   Favorable /
        2024   2023   (Unfavorable)
    Mexican peso / U.S. dollar exchange rate:                
    End-of-period   20.3   16.9     (20) %  
    Three months ended   20.1   17.6     (14) %  
    Twelve months ended   18.3   17.8     (3) %  
                     
    Guatemalan quetzal / U.S. dollar exchange rate:                
    End-of-period   7.7   7.8     1 %  
    Three months ended   7.7   7.8     1 %  
    Twelve months ended   7.8   7.8     — %  
                     
    Colombian peso / U.S. dollar exchange rate:                
    End-of-period   4,409   3,822     (15) %  
    Three months ended   4,348   4,070     (7) %  
    Twelve months ended   4,071   4,328     6 %  
     

    FIRSTCASH HOLDINGS, INC.
    INTERSEGMENT TRANSACTIONS
    (UNAUDITED)

    Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. For the three months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

    • U.S. pawn retail merchandise sales includes $1.0 million and $1.6 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $266.3 million and $242.1 million, respectively.
    • U.S. pawn cost of retail merchandise sold includes $0.5 million and $0.9 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $153.1 million and $140.5 million, respectively.
    • Retail POS payment solutions depreciation of leased merchandise includes $0.3 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $97.9 million and $103.6 million, respectively.
    • Retail POS payment solutions provision for lease losses includes $0.1 million and $1.4 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $33.6 million and $34.2 million, respectively.

    For the twelve months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

    • U.S. pawn retail merchandise sales includes $4.1 million and $6.5 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $965.3 million and $847.7 million, respectively.
    • U.S. pawn cost of retail merchandise sold includes $2.2 million and $3.5 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $558.8 million and $487.1 million, respectively.
    • Retail POS payment solutions depreciation of leased merchandise includes $1.6 million and $2.1 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $433.3 million and $411.5 million, respectively.
    • Retail POS payment solutions provision for lease losses includes $0.5 million and $1.6 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $163.4 million and $175.9 million, respectively.

    As of December 31, 2024 and 2023, these intersegment amounts are as follows:

    • Retail POS payment solutions leased merchandise, net includes $0.2 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated net leased merchandise totaled $128.4 million and $171.2 million, respectively.

    For further information, please contact: 
    Gar Jackson
    Global IR Group
    Phone:    (817) 886-6998
    Email:     gar@globalirgroup.com

    Doug Orr, Executive Vice President and Chief Financial Officer
    Phone:    (817) 258-2650
    Email:     investorrelations@firstcash.com
    Website:  investors.firstcash.com

    The MIL Network –

  • MIL-OSI Africa: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

    Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

    Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

    Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

    Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

    Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

    The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

    Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

    There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

    All these strategies are already in use, if modestly. Their application would have to expand considerably.

    Misplaced panic

    The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

    This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

    Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

    So, 3.6% is nothing new.

    As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

    In general, therefore, rich countries have not been carrying the greatest burden.

    The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

    This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

    Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

    Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

    In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

    The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

    In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

    The way forward

    Some alternative strategies are leading the way.

    In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

    In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

    Spain needs to choose between being an open and prosperous country or a closed off poor country.

    The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

    New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

    – Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last
    – https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

    MIL OSI Africa –

  • MIL-OSI Global: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

    Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

    Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

    Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

    Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

    Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

    The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

    Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

    There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

    All these strategies are already in use, if modestly. Their application would have to expand considerably.

    Misplaced panic

    The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

    This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

    Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

    So, 3.6% is nothing new.

    As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

    In general, therefore, rich countries have not been carrying the greatest burden.

    The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

    This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

    Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

    Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

    In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

    The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

    In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

    The way forward

    Some alternative strategies are leading the way.

    In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

    In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

    Spain needs to choose between being an open and prosperous country or a closed off poor country.

    The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

    New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

    Alan Hirsch receives funding from the New South Institute for research and the University of Cape Town for advice and supervision.

    – ref. Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last – https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Sweden and Colombia sign law enforcement agreement

    Source: Government of Sweden

    Sweden and Colombia sign law enforcement agreement – Government.se

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    Press release from Ministry for Foreign Affairs, Ministry of Justice

    Published

    On 28 January, Sweden signed a bilateral law enforcement agreement with Colombia during Maria Malmer Stenergard’s visit to Colombia.

    On behalf of the Government, Minister for Foreign Affairs Maria Malmer Stenergard signed a bilateral law enforcement agreement at a ceremony in Bogotá on 28 January together with Colombia’s Minister of Justice Ángela María Buitrago and Minister of National Defence Iván Velásquez. 

    The agreement aims to increase cooperation between Sweden and Colombia in the fight against cross-border organised crime, terrorism, drug trafficking and cybercrime. It also paves the way for increased information exchange, cooperation on capacity building and the exchange of experiences. 

    “Organised crime is a cross-border problem that requires international cooperation with our partners around the world. The Government looks forward to working together with Colombia in this area of vital importance to both our countries,” says Ms Malmer Stenergard. 

    This cooperation agreement that we have now concluded with Colombia is essential to further strengthening our agencies’ efforts to combat serious crime. It’s widely acknowledged that drug smuggling, especially of cocaine, helps finance serious organised crime that severely undermines individuals’ sense of security and integrity, and which is also a systemic threat to our free and open society as a whole. Cross-border problems demand cross-border solutions, and this cooperation is a key part of that,” says Minister for Justice Gunnar Strömmer.

    The law enforcement agreement is part of the bilateral partnership agreement between Sweden and Colombia signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, during his visit to Sweden.

    Press contact

    MIL OSI Europe News –

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

    Source: Interpol (news and events)

    30 January 2025

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI China: Defense Ministry Spokesperson’s Remarks on Recent Media Queries Concerning the Military on January 17, 2025 2025-01-21 The Lai Ching-te administration, in collusion with foreign forces, has been making constant provocations for “Taiwan independence”.

    Source: People’s Republic of China – Ministry of National Defense 2

    On the morning of January 17, 2025, Senior Colonel Wu Qian, Director General of the Information Office of the Ministry of National Defense (MND) and Spokesperson for the MND, answered recent media queries concerning the military.

    Senior Colonel Wu Qian, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on January 17, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    (The following English text is for reference. In case of any divergence of interpretation, the Chinese text shall prevail.)

    I have one piece of information at the top.

    According to the cooperation plan between the Chinese and French militaries, General Wu Yanan, Commander of the PLA Southern Theatre Command and Rear Admiral Guillaume Pinget, Joint Commander of the French Armed Forces in the Asia-Pacific had a video phone call on the morning of January 17. They had an in-depth exchange of views on issues of common interest.

    Question: After an earthquake struck the city of Rikaze in Xizang, President Xi Jinping made important instructions. The PLA and the PAP are actively involved in rescue and disaster relief efforts. Please share more information on it.

    Wu Qian: On January 7, a 6.8-magnitude earthquake jolted Dingri County in the city of Rikaze in Xizang Autonomous Region and caused heavy casualties. President Xi Jinping attached great importance to the disaster relief work and gave important instructions. He emphasized that every effort be made to search for and rescue survivors, treat the injured, and minimize fatalities.

    Military organs and troops at all levels resolutely implemented the important instructions of President Xi and the CMC, making all out efforts to protect the safety of people’s lives and property and ensure social stability. The CMC Joint Operations Command Center promptly activated the emergency response mechanism and guided the PLA Western Theater Command and PAP troops to organize ground and air forces to effectively carry out rescue operations. As of January 15, the PLA and the PAP had all together deployed 2,055 service members and 869 militia personnel, 20 transport aircraft, helicopters, and unmanned aerial vehicles, as well as 297 sets of vehicles and engineering equipment. They have rescued 27 people, relocated 2,756 people, set up 21 field medical support stations, treated and provided medical service to 22,359 injured, constructed 2,812 tents or portable houses, provided more than 95,000 portions of hot meals, transported disaster relief supplies of over 4,300 tons, and cleared more than 4,700 cubic meters of debris.

    When the people are affected by disasters, the military will come to their rescue. When the military and the people unite, there is no challenge we cannot overcome. The Tibetan for “Hello, PLA” echoing through the earthquake-stricken area reflects the profound bond between the military and the people. Standing together with the people in earthquake-stricken areas, the people’s military put into practice the fundamental mission of serving the people wholeheartedly with concrete actions, and built an unbreakable great wall of steel to protect the people.

    Question: Since the beginning of 2025, the PLA and the PAP have commenced their annual military training, making an all out effort to meet the military’s centenary goal. Please provide more information about this.

    Wu Qian: In 2025, military training will focus on responding to real security threats, enhance training under real combat scenarios, strengthen exercises on joint operations system, and fully leverage the deterring and conflict-preventing functions of military training. We will implement the arrangements made at the on-site meeting on basic training and the on-site meeting on combined training, conduct training in accordance with the new basic training outline, and address challenging issues by extensively conducting cross-service mixed formations training. We will give priority to training on new equipment such as new-type fighter jets, vessels and missiles, actively explore training in emerging fields such as unmanned systems and intelligent technologies, and create new growth points for combat capabilities. We will use more “technology+” and “cyber+” methods to solve training problems and advance innovations in technology-enhanced training. We will continue to carry out joint exercises and training with the armed forces of relevant countries and regions on more subjects, expand the scale of forces, increase joint training time, actively participate in international military sports competitions, and promote in-depth and practical training exchanges and cooperation between China and foreign countries.

    Question: General Liu Zhenli, Chief of the Joint Staff Department of the CMC, led a delegation to visit Malaysia and Indonesia. Please brief us more on the bilateral military relations between China and these two countries.

    Wu Qian: General Liu Zhenli, member of the CMC and Chief of the Joint Staff Department of the CMC, visited Malaysia and Indonesia from January 6 to 12. During the visit, the two sides exchanged views on issues of mutual interest, such as the relations between the two countries and militaries, and international and regional situation. The visit aimed at implementing the important consensus reached between the leaders of China and these two countries, enhance strategic communication, deepen cooperation, and elevate the mil-to-mil relationship to new heights.

    Both Malaysia and Indonesia are friendly neighbors of China across the sea. Under the strategic guidance of President Xi Jinping and the leaders of these two countries, China-Malaysia and China-Indonesia relations have witnessed rapid and comprehensive growth, and started a new chapter of building a community with a shared future. As an important part of bilateral relationship, the mil-to-mil relations have also made positive progress. Sound exchanges and cooperation have been realized in high-level exchanges, joint training and exercises, maritime security, and multilateral coordination under the ASEAN framework. We stand ready to work together with the two militaries to further consolidate strategic mutual trust, strengthen personnel exchanges, extend substantive cooperation, jointly uphold international fairness and justice, work together to implement the Global Security Initiative (GSI) and make joint contributions to peace, stability and prosperity of the region and beyond.

    Question: The first Type 076 amphibious assault ship PLANS Sichuan had its launching and commissioning ceremony recently in Shanghai, which received wide media coverage around the world. According to media of the Taiwan region, the ship has astonishing capabilities for three-dimensional landing operations, and the deployment of the ship would be the most dangerous moment for Taiwan. Some foreign news outlets also claimed that the ship will break regional balance of military power and bring unstable factors. What’s your comment?

    Wu Qian: It is a common practice for countries around the world to develop weapons and equipment in accordance with their national defense requirements. China’s independent development and construction of the Type 076 amphibious assault ship is a normal arrangement consistent with China’s national security needs and the overall development of the PLA Navy. The goal is to safeguard national sovereignty, security and development interests and better protect peace and stability in the region and beyond. The vessel is a new-type amphibious assault ship independently developed by China. It applies electromagnetic catapult and arresting technology, and can carry fixed-wing aircraft, helicopters and amphibious equipment. The ship has strong capabilities for amphibious and far-seas operations. After its launching, the ship will conduct equipment adjustments, mooring trials and sea trials.

    China stays committed to the path of peaceful development and a defense policy that is defensive in nature. The launching of the ship is a normal arrangement in the development of the PLA Navy. It is not targeted at any specific entity, region or country.

    Question: According to media reports, China’s military exchanges with foreign countries witnessed solid progress with many highlights in the year 2024. Please brief us more information.

    Wu Qian: In 2024, officers, soldiers and civilian personnel engaged in military diplomacy carried forward our fine traditions and made innovative efforts in our undertaking, and continued to improve the quality and efficiency of international military cooperation. First, shaping a favorable strategic environment. Staying in line with the directions set by head-of-state diplomacy, the Chinese military maintained close and practical military cooperation with Russia; progressively restored strategic communications and institutionalized dialogues with the US; deepened strategic communications with European countries, and engaged in exchanges with defense authorities and militaries from dozens of other countries. Second, safeguarding national sovereignty and security. We lodged diplomatic representations and released information in a timely way to respond to provocations and violations made by certain countries on the Taiwan question and the South China Sea issue, refuting the wrong words and deeds of relevant parties. Third, expanding multilateral diplomacy. As the host, the Chinese military successfully held the 11th Beijing Xiangshan Forum and the West Pacific Naval Symposium. We also actively participated in multilateral events like the Shangri-La Dialogue and the Defense Ministers’ Meeting of the Shanghai Cooperation Organization to make our voice heard on multilateral stages. Fourth, deepening cooperation on joint training and exercises. For the first time, our troops participated in Exercise Peace Unity in Africa and Exercise Formosa in Brazil, which contributed to regional peace and stability. Fifth, fulfilling the responsibilities of a major country. China’s Blue Helmets (peacekeepers) stayed on their combat posts in war zones; Channel 16 (of the PLAN vessel-protection task forces) remains a code for peace in the Gulf of Aden and waters off the coast of Somalia; the Ark Peace, the PLAN hospital ship provided medical services to people of 13 countries in Asia and Africa; and humanitarian demining courses were organized for Cambodia and Laos. The Chinese military has been taking concrete actions to deliver hope, warmth and strength.

    In the new year, staff for military diplomacy will continuously act on Xi Jinping Thought on Strengthening the Military and Xi Jinping Thought on Diplomacy in promoting military diplomacy. We will uphold the concept of building a community with a shared future for mankind and go all out to achieve the centenary goal of the PLA.

    Question: According to media reports, the Chinese military’s oxygen supply support system for plateau units has achieved initial results in recent years, effectively meeting the oxygen needs of troops stationed at high altitudes. Please provide more information about this.

    Wu Qian: President Xi and the CMC have always cared for the well-being and health of officers and soldiers stationed on the plateau regions, and have paid close attention to the issue of providing them with adequate oxygen supply. In recent years, we have developed a plateau oxygen supply support system covering large areas, establishing permanent storage points and a tiered distribution network. This system ensures that our troops on the plateau have access to oxygen during routine duties and can carry portable oxygen supplies during mobile operations. The transition from using oxygen solely for life-saving purposes to using it for improving health and conducting operations has significantly decreased the incidence of plateau-related diseases and acute altitude sickness among military personnel.

    First, we have constructed more permanent oxygen production and supply stations, and equipped more oxygen generators to high-altitude units, making oxygen supply available at the soldiers’ bedside. Second, mobile oxygen production facilities, like oxygen-generating cabins, have been deployed to mission areas, effectively overcoming the challenge of sustaining oxygen supply in remote locations. Third, portable individual oxygen supply devices have been issued to to troops, allowing for flexible utilization based on mission requirements. Fourth, we have intensified our efforts in technological innovation, initiating multiple projects for the development of new oxygen production and supply equipment.

    It is cold in the border areas, yet the troops there are full of passion. For a long time, border defense troops stationed on the plateau have guarded the borders in extremely harsh conditions, making great sacrifices for the country and the people. Their dedication to the country will never be forgotten, and their well-being always tugs at the heartstrings of the people.

    Question: It is reported that a naval vessel recently rescued a sick fisherman while performing a mission in the waters of Huangyan Dao. Could you please give us more details about it?

    Wu Qian: Recently, a Chinese fisherman on Qiongqionghai 03003, who was fishing near Huangyan Dao, suddenly suffered from gastric bleeding. The replenishment ship Qinghaihu of the PLA Navy, which was operating in the vicinity, promptly responded and transferred the ailing fisherman aboard for initial medical treatment. It then navigated to waters east of Yongxing Dao, where a rescue helicopter from the Sansha Maritime Search and Rescue Sub-center airlifted the fisherman to the People’s Hospital of Sansha City for further treatment. The fisherman has now been discharged from the hospital and is in stable condition. The Chinese military will continue to protect the safety of the people’s lives and property and contribute to peace and stability in the South China Sea.

    Question: According to the “Taiwan Central News Agency”, Lai Ching-te, leader of the Taiwan region recently said that countries like China and Russia threaten the rule-based international order and undermine peace and stability in the Indo-Pacific region and beyond. Therefore, Taiwan needs to continue to raise “defense budget” and enhance “defense capabilities.” What’s your comment?

    Wu Qian: Lai Ching-te and his kind have betrayed their ancestors and what he said was far away from the truth. International documents including the Cairo Declaration and the Potsdam Proclamation have confirmed that the Taiwan region should be returned to China. Such fact is an important part of the post-WWII international order. The victory and outcome of the WWII must be respected and safeguarded. There is no other status of the Taiwan region in the international law than being a part of China.

    The Lai Ching-te administration, in collusion with foreign forces, has been making constant provocations for “Taiwan independence”. It is now the biggest source of chaos that undermines peace and stability across the Taiwan Strait and the Asia Pacific. We warn the Lai Ching-te administration and separatists for “Taiwan independence” that any attempt to seek independence by force is just like holding back the tide with a broom, and will eventually lead to self-destruction. Those seeking “Taiwan independence” will never have a good end. The PLA will spare no effort to fight separatism and promote national reunification. We have full confidence that the Taiwan region will return to the motherland and will have a better future after its return.

    Wu Qian: The Chinese Spring Festival of the Year of the Snake is just around the corner. In Chinese tradition, the snake is a symbol of wisdom and vitality It also implies adapability and the conquering of the unyielding with the yielding. As families reunite to bid farewell to the past and embrace the future, I would like to extend warm New Year wishes to you all on behalf of my colleagues. Rest assured that the Chinese military will continue to stand by your side, offering warmth and protection. We will always be the sturdy support you can count on. May our country prosper and our people live in harmony.

    Senior Colonel Wu Qian, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on January 17, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    MIL OSI China News –

  • MIL-OSI: Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 30, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company was announced in the list of Top 25 most trusted crypto exchanges by Forbes. Ranking eight on the list, Bitget has reported an influx of users in the last year along with a multitude of upgrades and collaborations which has supported its position in entering the club. With top players such as Coinbase, Binance and Robinhood, the list highlights crypto exchanges from all over the globe.

    Recently in its transparency report, Bitget recorded a 400% increase in its userbase surpassing 100M users in December and Spot trading volume increased from $160 billion in Q1 to $600 billion in Q4. Right from collaborating with Turkish national athletes, to legendary football league LALIGA to having new chiefs joining the company and the establishment of multiple licenses, Bitget has strengthened its position as a global leader, becoming the second largest crypto exchange ecosystem.

    Bitget is focusing in its expansion markets via localized marketing, partnerships, and educational initiatives. The exchange offers simplified onboarding, fiat gateways, and localized customer support to ease access. Bitget also invests in blockchain education, strategic sponsorships, and incentive programs to retain users in high-growth regions. With the joining of Hon NG, CLO at Bitget, the team is heavily invested in compliance. Recently, Bitget achieved UK approval, a BSP license in El Salvador and even opened a new exchange in Vietnam to run it as per local requirements.

    A recent report from CCData highlights Bitget’s success as the market share rose to 4.25%, surpassing its previous all-time high recorded in April 2024. Comparing the change in market share of the combined spot and derivatives market, Bitget, Coinbase and Crypto(dot)com were the biggest beneficiaries of 2024, increasing their market share by 4.05%, 3.89% and 3.39% to 10.5%, 5.43%, and 4.71% respectively.

    Previously, Bitget Token (BGB) was ranked as one of the top 10 best-performing cryptocurrencies by Forbes for H1 2024. Since then, BGB has surpassed all expectations with a surge of over 1000% last year. By reducing BGB’s supply, enhancing utility, and expanding real-world applications, Bitget plans to strengthen more functionalities and products in the Bitget ecosystem driving sustainable growth and long-term value for holders.

    Bitget’s debut on Forbes’ 2025 list of the world’s most trustworthy crypto exchanges highlights its remarkable growth and increasing credibility in the industry. With a strong BTC-ETH holding score and a focus on transparency, Bitget stands as one of the most secure crypto exchanges in the world. With transparent proof of reserves insuring 100% of its assets and a $600M Protection Fund safeguarding users, the exchange has accelerated its growth worldwide. The inclusion in the Forbes ranking list shows the exchange’s rising influence in the cryptospace.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbcc6417-899e-4a61-92b8-900a237e68f3

    The MIL Network –

  • MIL-OSI Security: West Africa: INTERPOL border operation nets 45 arrests, seizures worth millions

    Source: Interpol (news and events)

    30 January 2025

    Operation Screen targets international crime networks threatening regional security

    LYON, France – An INTERPOL-coordinated border security operation in West Africa has resulted in 45 arrests and the seizure of drugs, counterfeit medicines, and stolen vehicles worth millions of dollars.

    Held from 21 October to 24 November, Operation Screen West Africa 2024 brought together law enforcement agencies from 12 West African countries to strengthen border security and disrupt transnational organized crime networks.

    The operation notably led to the detection of a suspected Islamic State member at the Mali-Niger-Burkina Faso tri-border area and thwarted the plans of a North African suspect planning to transit through Europe to join ISIS in Syria.

    Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases.

    Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports.

     

    Over 1.3 million checks against INTERPOL’s databases were carried out by frontline officers, including in Togo.

    Weapons and ammunitions were seized in Côte d’Ivoire during the operation.

    Senegalese sea patrols participated in the INTERPOL-coordinated border security operation.

    Additionally, 11 suspects wanted internationally under INTERPOL Red Notices were arrested during the operation.

    Operational seizures included:

    • 1.6 tonnes of cocaine worth over USD 50 million in Cabo Verde

    • 10 tonnes of amphetamines in Burkina Faso

    • 33 types of counterfeit medicines in Benin and Togo

    • 40 tonnes of substandard pharmaceuticals in Côte d’Ivoire

    Over 100 luxury vehicles stolen in Canada and European countries were also recovered, exposing a network that trafficked stolen cars to West Africa. Almost 50 per cent of the stolen vehicles originated from Canada, where data sharing via INTERPOL’s database has helped identify over 1,500 stolen Canadian vehicles worldwide since February 2024.

    The proceeds from these stolen vehicles often fund organized crime activities, including arms smuggling, drug trafficking, and terror networks.

    Côte d’Ivoire’s Police Commissaire Divisionnaire Ami Flora Savane Fanny said:

    “By addressing critical challenges that transcend borders, Operation Screen has demonstrated the power of international collaboration in combating the scourges of organized crime and terrorism which undermine the security of our populations and weaken the foundations of our institutions.”

    Mohamed Moussa, INTERPOL’s Operation Screen Coordinator, added:

    “This operation marks a critical step in disrupting transnational organized crime networks that threaten regional stability and undermine efforts to build peace and foster development across West Africa.”

    Note to Editors

    The 12 participating countries were Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, the Gambia, Ghana, Liberia, Mauritania, Nigeria, Senegal, Sierra Leone and Togo.

    The operation fell under Project I-CT Shield, funded by the German Foreign Federal Office.

    MIL Security OSI –

  • MIL-OSI NGOs: Four diseases you have probably never heard of

    Source: Médecins Sans Frontières –

    In the most remote places in the world, people are daily battling diseases that many people may never have heard of. Called neglected tropical diseases, the World Health Organization (WHO) officially recognises 20 such conditions. They’re called neglected diseases because diagnostics and treatments for them are overlooked by governments, pharmaceutical companies, and philanthropists.

    In Médecins Sans Frontières (MSF) projects, from South Sudan to Nigeria, and Ethiopia to Honduras, these diseases are hard to neglect. Our teams see how they are distressing, disfiguring, and stigmatising for people who are infected. Here are four neglected tropical diseases we see in communities we serve, and what can be done to prevent, control, eliminate, and eradicate them.

    1. Noma

    In the extreme northwest of Nigeria, an MSF team works with the Ministry of Health at the Sokoto noma hospital – a place where noma patients can receive treatment, reconstructive surgery, and mental health support away from stigma. Noma is a disease that disfigures the people it infects, and it can be fatal for 90 per cent of children who contract it.

    Noma begins as ulcers in the mouth that quickly turn gangrenous, eating away at facial tissue. If antibiotics are used early enough, noma is completely treatable. That’s why our project also focuses on community outreach activities, as awareness and prevention measures.

    Noma is the newest neglected tropical disease recognised by WHO. It was added to the official list in December 2023 after years of advocacy from noma survivors and people who support them. While we hope that the addition of noma to the list will mean more investment into understanding, preventing, and treating the disease, new developments are yet to be seen. Insights into noma will be a game changer for the estimated 140,000 people who are infected every year. 

    2. Schistosomiasis

    Schistosomiasis gets its common name, snail fever, because it is caused by a parasite in snails. These snails live in freshwater, making people who live near lakes and rivers susceptible to the disease. Schistosomiasis is found in tropical and subtropical countries around the world, but in South Sudan, the highest prevalence of the disease is in Jonglei state, where MSF runs a hospital in the remote town of Old Fangak.

    Old Fangak is subject to frequent and extreme flooding, and our teams suspect that many women and girls there are suffering from an advanced form of schistosomiasis, female genital schistosomiasis. Many of the interventions for the disease are preventive, and a vaccine is even in the early stages of development. But this is little comfort for people who have already been infected. People with female genital schistosomiasis have debilitating inflammation, and the disease can turn into cancer. In Old Fangak, we are working to ensure women and girls are accurately diagnosed and provided with the best treatment. 

    3. Visceral leishmaniasis

    Visceral leishmaniasis is also called kala azar (‘black fever’ in Hindi), and is most commonly found in Brazil, across East Africa, and in India. We’ve been treating visceral leishmaniasis for decades in Ethiopia. People infected with this neglected tropical disease will have their tissue attacked by a parasite, which is transmitted through the bites of sandflies. Initial mild symptoms – often mistaken for other diseases – develop into a prolonged fever, enlarged spleen, anaemia, and substantial weight loss. Without treatment, it can quickly become fatal.

    Thankfully, there is a cure. A combination of two drugs injected daily for 17 days can save an infected person’s life. Timely diagnosis and access to the drugs remain a challenge in the treatment of visceral leishmaniasis in East Africa, but continued advocacy has made progress in the last few years.

    4. Sleeping sickness

    In the last 25 years, there has been a 97 per cent reduction in the number of people suffering from sleeping sickness, also known as human African trypanosomiasis. This neglected disease, caused by parasites from tsetse fly bites, was eliminated in Equatorial Guinea, Côte d’Ivoire, Benin, Togo, Uganda, and Chad in 2024. Now, Guinea also joins the list of countries that have eliminated sleeping sickness.

    The parasites that cause sleeping sickness attack the brain and spinal cord, leaving infected people to eventually fall into a coma. Without treatment, it’s fatal. Before the 1970s, the only available treatment, derived from arsenic, killed one in 20 people. Today, thanks to the work of our partner organisation Drugs for Neglected Diseases initiative, there is a simple and safe oral treatment. 

    MIL OSI NGO –

  • MIL-OSI Europe: OSCE strengthens Albania’s asset recovery efforts

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

    Headline: OSCE strengthens Albania’s asset recovery efforts

    Panelists at an OSCE workshop on asset recovery and extended confiscation in Tirana, 28 January 2025. (OSCE/Joana Karapataqi) Photo details

    The OSCE Transnational Threats Department and the Office of the Co-ordinator of OSCE Economic and Environmental Activities, in co-operation with the OSCE Presence in Albania, organized a workshop on asset recovery and extended confiscation on 28 and 29 January 2025 in Tirana.
    The event brought together key institutions involved in asset recovery including the Prosecutor General’s Office, the Special Structure against Corruption and Organized Crime, district prosecutors and judges, the National Bureau of Investigation, the Albanian State Police, and the Agency for the Administration of Seized and Confiscated Assets. The participants engaged in discussions on international good practices and examined case studies.
    Strengthening the application of extended confiscation mechanisms ensures that crime does not go unpunished and that the recovery of illegal assets is effective, while extended confiscation is a powerful mechanism in disrupting criminal activity as it allows authorities to confiscate assets beyond those that are direct proceeds of crime.
    In his opening remarks, Ambassador Michel Tarran, Head of the OSCE Presence in Albania emphasized the critical role of asset recovery in combating organized crime and corruption. “Through this workshop, we aim to foster a deeper understanding of extended confiscation and asset recovery processes, strengthen institutional collaboration and provide participants with practical tools to enhance their efforts in combating transnational organized crime,” he said.
    Prosecutor General Olsian Çela highlighted that support to the asset recovery efforts in Albania is a further step in the implementation of the Memorandum of Understanding and Co-operation signed between his Office and the OSCE.
    The workshop was conducted as part of the OSCE extra-budgetary project “Strengthening Asset Recovery Efforts in the OSCE Region,” funded by Austria, Germany, Italy and the United States of America.

    MIL OSI Europe News –

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

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

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

    MIL OSI USA News –

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

    Source: Interpol (news and events)

    30 January 2025

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

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

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

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

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

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

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

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

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

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

    Full Year Analysis1

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

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

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

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

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

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

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

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

    Renewables and Energy Solutions

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

             Page 3

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 4

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 5

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Full Year Analysis1

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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

    1.Q4 on Q3 change

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

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

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

    Quarter Analysis1

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

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

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

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

    Full Year Analysis1

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

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

    1.Q4 on Q3 change

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

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

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

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

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

    Quarter Analysis1

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

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

    Full Year Analysis1

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PRELIMINARY RESERVES UPDATE

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

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

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

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

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 13

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 4 “Earnings per share”.

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 15

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

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

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

             Page 16

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    2. Segment information

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

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

             Page 18

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

             Page 19

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 20

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    4. Earnings per share

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

             Page 21

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    5. Share capital

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

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

    6. Other reserves

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

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

    7. Derivative financial instruments and debt excluding lease liabilities

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

             Page 22

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    assets in Marketing and Chemicals and Products.

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

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

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

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    Taxation charge/credit

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

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

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

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

    Condensed Consolidated Balance Sheet

    Retirement benefits

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

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

    Assets classified as held for sale

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

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

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

    Cash flow from investing activities – Other investing cash inflows

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

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

    9. Post-balance sheet events

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

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

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

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

    Identified Items

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

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

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

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

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

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

             Page 32

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

             Page 33

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

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

             Page 34

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

             Page 35

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    Underlying operating expenses

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

             Page 36

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

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

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

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

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

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

             Page 37

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    I.    Divestment proceeds

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

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

    J.    Structural cost reduction

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

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

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

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

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

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

             Page 38

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

    Forward-Looking Non-GAAP measures

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

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

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

    This Unaudited Condensed Financial Report contains inside information.

    January 30, 2025

             Page 39

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI: Shell plc publishes fourth quarter 2024 press release

    Source: GlobeNewswire (MIL-OSI)

    London, January 30, 2025

    “2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets1.

    Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

    We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.”

    Shell plc Chief Executive Officer, Wael Sawan


    SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

    • Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
    • Q4 2024 Adjusted Earnings2 of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
    • Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets1.
    • Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
    • Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement. 
    $ million2 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,165 4,568 4,391 1,337
    Upstream 1,682 7,676 4,509 2,076
    Marketing 839 1,709 1,363 811
    Chemicals & Products3 (229) 475 2,032 1,392
    Renewables & Energy Solutions (311) (123) 850 1,277
    Corporate (380) (24) 16 30
    Less: Non-controlling interest (NCI) 106      
    Shell Q4 2024 3,661 14,281 13,162 6,924
    Q3 2024 6,028 16,005 14,684 4,950
    FY 2024 23,716 65,803 54,684 21,084
    FY 2023 28,250 68,538 54,191 24,392

    1Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

    2Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    3Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.3) billion and Products $0.0 billion.

    • CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow1 related to the timing impact of payments for emissions certificates and biofuel programmes.
    • Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.
    $ billion2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Divestment proceeds 0.6 1.0 0.8 0.2 0.8
    Free cash flow 6.9 9.8 10.2 10.8 8.7
    Net debt 43.5 40.5 38.3 35.2 38.8


    1 Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

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

    Q4 2024 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 63 63 —
    Realised gas price ($/thousand scf) 7.9 8.1 —
    Production (kboe/d) 941 905 930 – 990
    LNG liquefaction volumes (MT) 7.5 7.1 6.6 – 7.2
    LNG sales volumes (MT) 17.0 15.5 —
    • Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
    • Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

    UPSTREAM

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 75 71 —
    Realised gas price ($/thousand scf) 6.6 7.0 —
    Liquids production (kboe/d) 1,321 1,332 —
    Gas production (million scf/d) 2,844 3,056 —
    Total production (kboe/d) 1,811 1,859 1,750 – 1,950
    • Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
    • First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

    MARKETING

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Marketing sales volumes (kb/d) 2,945 2,795 2,500 – 3,000
    Mobility (kb/d) 2,119 2,041 —
    Lubricants (kb/d) 81 77 —
    Sectors & Decarbonisation (kb/d) 745 678 —

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

    • Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.
    • 2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

    CHEMICALS & PRODUCTS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook1
    Refinery processing intake (kb/d) 1,305 1,215 —
    Chemicals sales volumes (kT) 3,015 2,926 —
    Refinery utilisation (%) 81 76 80 – 88
    Chemicals manufacturing plant utilisation (%) 76 75 78 – 86
    Global indicative refining margin ($/bbl) 5.5 5.5 —
    Global indicative chemical margin ($/t) 164 138 —

    1Oil sands production: In Q1 2025, Shell’s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

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

    • Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.

    RENEWABLES & ENERGY SOLUTIONS

    Key data Q3 2024 Q4 2024
    External power sales (TWh) 79 76
    Sales of pipeline gas to end-use customers (TWh) 148 165
    Renewables power generation capacity (GW)* 7.3 7.4
    • in operation (GW)
    		 3.4 3.4
    • under construction and/or committed for sale (GW)
    		 3.9 4.0

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

    • Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.
    • Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

    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.

    CORPORATE

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Adjusted Earnings ($ billion) (0.6) (0.4) (0.6) – (0.4)

    2024 FULL YEAR

    $ billion Adj. Earnings CFFO excl. WC CFFO Cash capex Free cash flow
    FY 2024 23.7 52.6 54.7 21.1 39.5
    FY 2023 28.3 47.1 54.2 24.4 36.5
    Operational performance FY 2023 FY 2024 % change
    Oil and gas production (kboe/d) 2,791 2,836 2%
    LNG liquefaction volumes (MT) 28.3 29.1 3%
    Marketing sales volumes (kb/d) 3,045 2,843 (7)%
    Refinery processing intake (kb/d) 1,349 1,344 (0)%
    Chemicals sales volumes (kT) 11,245 11,875 6%
    Macro indicators FY 2023 FY 2024 % change
    Brent ($/bbl) 83 81 (2)%
    Henry Hub ($/MMBtu) 2.5 2.2 (13)%
    EU TTF ($/MMBtu) 13.0 11.0 (16)%
    Indicative refining margin ($/bbl) 12.5 7.7 (38)%
    Indicative chemicals margin ($/t) 133 152 14%

    UPCOMING INVESTOR EVENTS

    February 25, 2025 Shell LNG Outlook 2025 publication
    March 25, 2025 Capital Markets Day 2025
    May 2, 2025 First quarter 2025 results and dividends
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

    USEFUL LINKS

    Results materials Q4 2024

    Quarterly Databook Q4 2024

    Webcast registration Q4 2024

    Dividend announcement Q4 2024

    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, Cash capital expenditure, 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 for cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile 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 where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this 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”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this 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; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this 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 for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this 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

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

    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, 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, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended December 31, 2024 will be delivered to the Registrar of Companies for England and Wales in due course.

    The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2024 and full year 2024 unaudited results available on www.shell.com/investors.

    CONTACTS

    • Media: International +44 207 934 5550; USA +1 832 337 4355

    The MIL Network –

  • MIL-OSI China: Chinese New Year celebrated across world

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

    Chinese New Year celebrated across world

    Updated: January 30, 2025 10:21 Xinhua
    A participant tries on a traditional Chinese costume during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. The Confucius Institute of Far Eastern Federal University of Russia hosted a Chinese New Year cultural experience event, attracting many participants. [Photo/Xinhua]
    Participants try Chinese calligraphy during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    Participants paint Beijing Opera masks during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    Performers present a lion dance during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. The 2025 “Happy Chinese New Year” celebrations kicked off here recently, and will last till Feb. 12. [Photo/Xinhua]
    Local Chinese language learners perform Chinese crosstalk during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    A local martial arts lover performs during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    Artists of China Conservatory of Music stage a performance in Brussels, Belgium, Jan. 29, 2025. A concert celebrating the Spring Festival was held at Bozar Art Center in Brussels on Wednesday. [Photo/Xinhua]
    Zhang Qianyuan of China Conservatory of Music performs the Suona Concerto “A Hundred Birds Paying Homage to the Phoenix” in Brussels, Belgium, Jan. 29, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA: VIDEO: In Floor Speech, Rosen Calls Out Trump Administration’s Reckless and Chaotic Freeze on Federal Funding

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    During Speech, Senator Rosen Shared the Stories of Nevadans Impacted by Trump’s Reckless Actions
    VIEW FULL SPEECH HERE
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) spoke on the Senate floor against the Trump Administration’s chaotic and reckless freeze on all federal grants and loans. She highlighted the dire impact it will have on Nevada, specifically referencing the state’s programs to address homelessness and support seniors, as well as federal funding to benefit firefighters, law enforcement, and veterans.
    Below are excerpts of Senator Rosen’s floor remarks:
    Since President Trump’s Administration issued the guidance on Monday night, my office has received hundreds of calls and emails from Nevadans who are rightfully concerned about what this would mean for them, for their families, for their jobs. 
    We also received additional emails and calls from non-profits, service providers, and community stakeholders who depend on this funding to support Nevadans. 
    […]
    My office also heard from Northern Nevada HOPES, a community health center based in Reno, Nevada.
    Northern Nevada HOPES provides affordable, high-quality health care services to people in our community who need it most. 
    In fact, 56% of their patients live at or below the Federal Poverty Level, and 10% are experiencing homelessness. 
    This is what Northern Nevada HOPES told my office, “At Northern Nevada HOPES, this pause has significant implications for the services we provide to over seventeen thousand patients, many of whom are children and families. As we assess the situation, we have been forced to take immediate actions, including implementing a hiring freeze and preparing to limit care for patients who rely on our sliding fee scale, including those who are uninsured or underinsured.”
    Think about that. Think about these children. Think about these families.
    President Trump’s chaos and reckless actions have put the health of Nevadans in jeopardy. 
    […]
    I can keep going on and on about all of the ways President Trump’s freeze would hurt my state of Nevada. 
    I could talk about how this freeze led to a disruption in the Medicaid website, which was down for hours, affecting Nevadans who rely on this critical program to literally stay alive in many cases.
    This is precisely the problem – the chaos and disruption that this reckless action caused is just unnecessary and harmful.
    It’s helping no one.
    [PAUSE]
    I want to ask everyone at home. I want to ask you at home to think about this: how is any of this actually helping you?
    Is it helping you at the grocery store?Is it helping you at the gas pump? 
    Is it helping you get an affordable home? 
    It’s not.
    That’s why I call on President Trump to fully and permanently rescind this harmful Executive Order to freeze federal funds now. 

    MIL OSI USA News –

  • MIL-OSI China: Chinese satellite enterprises provide expanded, improved global services

    Source: China State Council Information Office

    Chinese space companies have been expanding their satellite services, including communication, navigation and remote sensing, while also accelerating the deployment of satellite constellations in pursuit of better services.

    At the start of 2025, China Great Wall Industry Corporation (CGWIC), which offers commercial launch and satellite in-orbit delivery services, completed the delivery of an intelligent remote sensing satellite, known as IRSS-1, to an Omani company.

    Launched on Nov. 11, 2024, this one-meter resolution satellite weighs 95 kilograms and has a design life of five years. It will be used for surveys of land and forests, as well as urban planning and disaster monitoring.

    The successful delivery of the satellite will play an important role in improving Oman’s remote sensing satellite application capabilities, the CGWIC said.

    WIDE REMOTE SENSING COVERAGE

    Users from around the world who log on to the website of Chang Guang Satellite Technology Co., Ltd, can browse satellite images captured by the company’s Jilin-1 satellite constellation.

    The Jilin-1 constellation, which had its first group of satellites launched back in October 2015, now features more than 117 satellites and is capable of observing any point on the globe about 40 times a day, according to Huang Jian, head of Chang Guang’s overseas business data application.

    The Jilin-1 constellation can cover the world six times a year and the entire China 24 times annually, and so can provide frequent updates of satellite images of any location, Huang said, while adding that this capability supports the company’s overseas business expansion.

    Chang Guang has been cooperating with more than 130 overseas users in providing services regarding land surveys, urban building investigations, agriculture and forestry.

    In response to disasters and emergencies, the company has recently provided satellite images of fires and floods in different parts of the world, following a request from the United Nations.

    Notably, the company is planning a new constellation consisting of 200 satellites, according to Xuan Ming, chairman and general manager of Chang Guang. This new constellation will have a spatial resolution of 20 centimeters and can cover the entire globe once a day.

    Its temporal resolution, combined with the contribution of the Jilin-1 constellation, will make it possible to revisit any point on Earth within approximately three minutes.

    EFFICIENT COMMUNICATION NETWORKS

    The commercialization of China’s aerospace sector started in 2014, when the country’s State Council, in a guideline, encouraged private capital to participate in the construction of national civil space infrastructure.

    Founded in 2018, Geespace is a science and technology innovation enterprise under the Chinese automaker Geely. It currently operates 30 satellites in three orbital planes, thereby achieving 24-hour coverage of 90 percent of the world, and provides satellite communication services to overseas users.

    These satellites are part of the Geesatcom constellation. The low-orbit communication constellation can enable direct satellite connection for automotive autonomous driving, intelligent internet connection, smartphones and other consumer electronic products.

    Geesatcom in June 2024 completed its first commercial deployment test in the Middle East. It will cooperate with a number of global operators in switching on a worldwide commercial application.

    Through a combination of Geesatcom and its ground system, Geespace provides global medium-and-low-speed satellite communication operations, satellite-based high-precision positioning services and a satellite remote sensing AI service, according to Wan Yang, founder of Geespace.

    In the future, Geespace expects to provide access to its satellite application services to clients in both Southeast Asia and Africa.

    Another Chinese commercial satellite constellation, Spacesail, will provide satellite communication services to Brazil and broadband internet access for that country’s remote and under-served regions from 2026.

    Spacesail is a low Earth orbit mega-constellation with full frequency bands and a multi-layer and multi-orbit design. Its commercial network construction was officially launched on Aug. 6, 2024.

    The market for connecting smartphones directly to satellites has become increasingly promising. “Except for the North Pole and South Pole, almost any location on Earth, including oceans, deserts and remote mountainous regions where traditional communications are difficult to achieve, will enjoy a stable network connection — with smartphones directly connected to satellites,” said Wang.

    By the end of June 2024, 546 commercial space enterprises were registered and effectively operating in China, China Space Foundation Secretary General Wang Cheng said in November last year at the 15th China International Aviation and Aerospace Exhibition (Airshow China) in Zhuhai, south China’s Guangdong Province.

    This booming development of Chinese commercial satellite companies was firmly supported by a series of related policies.

    China has issued both a medium- and long-term development plan for civil space infrastructure for the period from 2015 to 2025, aiming to support and regulate the development of its commercial space industry.

    The country is also mapping a development plan for civil space infrastructure from 2026 to 2035, according to Li Guoping, chief engineer at the China National Space Administration (CNSA).

    MIL OSI China News –

  • MIL-OSI Video: What just happened in Davos, and how is the world different now?

    Source: World Economic Forum (video statements)

    What happened at the World Economic Forum’s Annual Meeting 2025, where the world met to discuss ‘Collaboration for the Intelligent Age’?

    On Day 1, Donald Trump was inaugurated for his second term as US president, and announced he was withdrawing from the Paris climate deal, as well as the World Health Organisation, and vowed to use trade tariffs to re-shore jobs. On Day 4 he addressed the meeting in a link-up from Washington.

    We hear some of that and talk to the people who lead the Forum’s work throughout the year, reflect on the impact of the meeting, held at a pivotal moment for world affairs.

    Catch up on all the action from the Annual Meeting 2025 at wef.ch/wef25 (http://wef.ch/wef25) and across social media using the hashtag #WEF25.

    Davos 2025 sessions mentioned in this episode:

    Special address by Donald J. Trump, President of the United States of America: https://www.weforum.org/stories/2025/01/davos-2025-special-address-donald-trump-president-united-states/

    All Hands on Deck for the Energy Transition: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/all-hands-on-deck-for-the-energy-transition/

    The Dawn of Artificial General Intelligence?: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/the-dawn-of-artificial-general-intelligence/

    Debating Tariffs: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/debating-tariffs/

    Forum reports and initiatives mentioned in this episode:

    Chief Economists Outlook: January 2025: https://www.weforum.org/publications/chief-economists-outlook-january-2025/

    Global Risks Report 2025: https://www.weforum.org/publications/global-risks-report-2025/

    The Future of Jobs Report 2025: https://www.weforum.org/publications/the-future-of-jobs-report-2025/

    Global Cybersecurity Outlook 2025: https://www.weforum.org/publications/global-cybersecurity-outlook-2025/

    First Movers Coalition: https://initiatives.weforum.org/first-movers-coalition/home

    1t.org: https://www.1t.org/

    AI Governance Alliance: https://initiatives.weforum.org/ai-governance-alliance/home

    AI Competitiveness through Regional Collaboration: (https://initiatives.weforum.org/ai-governance-alliance/aicompetitive) https://initiatives.weforum.org/ai-governance-alliance/aicompetitive

    Global Lighthouse Network: https://initiatives.weforum.org/global-lighthouse-network/home

    Yes/Cities: https://initiatives.weforum.org/alliance-for-urban-innovation/yes-cities

    Related podcasts:

    Global Risks Report: the big issues facing the world at Davos 2025 (https://www.weforum.org/podcasts/radio-davos/episodes/global-risks-report-2025/) : https://www.weforum.org/podcasts/radio-davos/episodes/global-risks-report-2025/

    The global economy ‘at a crossroads’ ahead of Davos: Chief Economists Outlook (https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-ralph-ossa-wto/) : https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-ralph-ossa-wto/

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    MIL OSI Video –

  • MIL-OSI USA: January 29th, 2025 Heinrich Delivers Hour-Long Floor Remarks on President Trump’s Unlawful Federal Funding Blockade

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    VIDEO
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) delivered remarks on the Senate floor uplifting stories from communities across New Mexico on how President Trump’s unlawful unilateral blockade of all federal grant funding is creating chaos and harming the lives of New Mexicans.
    VIDEO: U.S. Senator Martin Heinrich (D-N.M.) delivers hour-long remarks on the Senate floor uplifting New Mexicans voices and highlighting how President Trump’s unlawful federal funding blockade threw the entire country into chaos, January 29, 2025.
    “In an overnight maneuver on Monday, President Trump unlawfully and unilaterally blockaded much of the federal budget,” Heinrich said. “Hitting “send” on a two-page memo, the Trump administration triggered a chaotic 24-hours that threw every town, county, Tribe, nonprofit, doctor’s office, hospital, nursing home, school, and preschool into total disarray.”
    “We need to call out Trump’s brazen action for what it really was: a power grab, and it was a test run to see just how much he can get away with,” Heinrich continued. “President Trump and his cronies are testing how far they can go to dismantle and dismember our democracy in service of his strongman impulses and ideological agenda.
    As a member of the Senate Appropriations Committee, I know how much work goes in to writing and passing our funding laws. I am here now talking on the Senate floor because I will fight like hell to stop this – or any – of Trump’s brazen, illegal funding blockades.”
    In his remarks, Heinrich uplifted New Mexicans’ voices by reading letters he has received over the last 48 hours from constituents. Find the video of Heinrich reading letters from New Mexicans here.
    He detailed a number of federal funding programs that impact New Mexico and were thrown into uncertainty by Trump’s funding freeze. Find the video of Heinrich detailing those programs here.
    Heinrich provided specific examples of New Mexico organizations that were disrupted by Trump’s funding freeze. Find the video of Heinrich providing those specific examples here.
    Heinrich also detailed how the Trump administration’s ongoing unlawful hold on Infrastructure Law and Inflation Reduction Act federal funds is harming New Mexico’s Communities. Find the video of Heinrich detailing the Infrastructure Law and Inflation Reduction Act federal funds here.
    Heinrich concluded his remarks by calling on his Republican colleagues to demand that President Trump work together with Democrats on the challenges Americans want them to solve, saying, “This type of chaos and uncertainty is not what Americans elected President Trump to deliver. It’s certainly not what New Mexicans sent me to Washington to deliver. Americans are calling on us — all of us — to work together on policies that will bring down the cost of their groceries, rent, internet, and health care. They want us to help get fentanyl off our streets, make our communities safer, and support survivors of sexual assault, and put our veterans in safe housing. They want us to help the small businesses, support the public lands that are the beating heart of their local economies, and create jobs they can build their families around, in their home communities. What they don’t want is all of this chaos.”
    He finished, “I would hope that my Republican and Democratic colleagues alike would join me in calling on the President to get back to following the laws we passed together. Let’s get back to creating certainty that our communities — and our democracy itself — depend upon. As Benjamin Franklin put it years ago, this is a Republic — If We Can Keep It. I will fight like hell to keep it. And I know I am not alone.”
    To share how Trump’s blockade is affecting you, write to Senator Heinrich here.
    Earlier today, Heinrich joined a press conference with Senate Democratic Leader Chuck Schumer (D-N.Y.) to highlight how President Trump’s unlawful federal grant funding freeze threw the lives of New Mexicans into chaos. Find the video of that press conference here.
    Yesterday, Heinrich delivered remarks on the Senate floor slamming Trump’s unlawful federal funding blockade. In his remarks, Heinrich pointed to the illegality of this action, citing the law that Congress passed — the Impoundment Control Act of 1974 — after President Richard Nixon tried to withhold Congressionally appropriated funds.
    Heinrich also hosted a press conference with the N.M. Delegation on the federal funding blockade and released a statement condemning Trump’s unlawful direction.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock to Vote Against Kennedy Leading America’s Health Care System Following Concerning Nomination Hearing

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock to Vote Against Kennedy Leading America’s Health Care System Following Concerning Nomination Hearing

    During a Wednesday Senate Finance committee hearing, Senator Reverend Warnock questioned Robert F. Kennedy Jr., President Trump’s nominee to run the Department of Health and Human Services (HHS)
    Senator Reverend Warnock’s questioning defended the importance of the Centers for Disease Control and Prevention (CDC), which employs over 10,000 hardworking Georgians
    Senator Reverend Warnock expressed concerns over disturbing comments and long-held beliefs of Kennedy that would threaten health care costs, quality, and access for millions of Georgians and Americans
    Senator Reverend Warnock: “The CDC is an agency filled with hard-working, dedicated public health servants. They wake up every single day working to keep us safe. We don’t think often enough about their work because it’s easy not to celebrate folks who are protecting you from that which doesn’t appear because of the work that they’re doing”

    Watch Senator Warnock at Wednesday’s Senate Finance committee hearing  HERE
    Washington, D.C. – Today, during a Senate Finance committee hearing on the nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services (HHS), U.S. Senator Reverend Warnock (D-GA) pressed Kennedy on disturbing comments and long-held beliefs of Kennedy that would threaten health care costs and thousands of Georgia health care jobs.
    “Mr. Kennedy, you have compared the CDC’s work to Nazi death camps. You’ve compared it to sexual abusers in the Catholic Church. You’ve also said that many of them belong in jail,” said Senator Reverend Warnock. “For me, those are disturbing characterizations of the CDC workers that I know, who are trying to keep the American public safe every single day.”
    During the line of questioning, Senator Warnock also asked the nominee about the bureaucratic hoops many people in Georgia have to jump through in order to access health care. This line of questioning led to Kennedy admitting that people in these situations need health care as opposed to programs, like work requirements in Georgia, one of the many barriers to entry for Medicaid in the state.
    “A woman I think of all the time, her name is Heather. She’s a traveling nurse from Dalton, Georgia who falls into the Medicaid coverage gap. Heather experienced a series of small strokes leaving her unable to work full time. She’s dedicated her life to caring for patients, but now she can’t afford her own medical care out-of-pocket costs because she doesn’t make enough to qualify for tax credits to buy private insurance. What does Heather need? Does she need work requirements, or does she need access to health care so she can finally get healthy and get back to work?” Senator Warnock asked Kennedy.
    “The individual that you described would need healthcare and not a work requirement,” said Kennedy.
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. Last year, the Senator visited the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia for the first time as Senator to learn about the agency’s efforts to protect public health, including work to combat the maternal mortality crisis and how federal funding plays a role in keeping Georgia and the country safe from infectious diseases. In addition to pushing for solutions to close the coverage gap, Senator Warnock led a delegation of Georgia lawmakers in urging the Centers for Medicare & Medicaid Services to provide tools to Medicaid non-expansion states like Georgia to help them protect health care access for Medicaid enrollees who lose eligibility after the end of the public health emergency declaration. Senator Warnock made his first visit to Georgia’s legislative session as a U.S. Senator last year, highlighting the need to expand Medicaid for more than 640,000 Georgians.
    Watch the Senator’s full remarks and line of questioning  HERE.
    See below a full transcript of the exchanges between Senator Warnock and Secretary of Health and Human Services nominee Robert F. Kennedy Jr.:
    Senator Reverend Warnock (SRW): “I want to talk to you first about the CDC, or the Centers for Disease Control and Prevention. I’m proud of the work that the CDC does, proud that it’s located in Georgia, with more than 10,000 employees in my state. If confirmed, you would be the cabinet secretary over the CDC. Representing HHS is about 29% of the federal budget, CDC is a part of that.
    “Do you agree that the CDC’s work is critical to Georgia, critical for our country, and the health of the entire world?”
    Robert F. Kennedy Jr. (RFK): Yes, Senator.
    SRW: Senator Isakson, my Republican predecessor would have agreed with that, bless his memory, he was a fierce advocate for the CDC, as am I. The CDC is an agency filled with hard-working, dedicated public health servants.
    “They wake up every single day working to keep us safe. We don’t think often enough about their work because it’s easy not to celebrate folks who are protecting you from that which doesn’t appear because of the work that they’re doing. So grateful for the work that the CDC employees do, some of them are members of my church. I saw that deep commitment firsthand when I visited the CDC just last summer.
    “Mr. Kennedy, you have compared the CDC’s work to Nazi death camps. You’ve compared it to sexual abusers in the Catholic Church. You’ve also said that many of them belong, this is a direct quote, many of them belong in jail. For me those are disturbing characterizations of the CDC workers that I know who are trying to keep the American public safe every single day and as you are presented as the nominee for this position, I need to know, do you stand by those statements that you, you made in the past or do you retract those previous statements?”
    RFK: “Senator, I don’t believe that I ever compared the CDC to Nazi death camps. I support the CDC, my job is not to dismantle or harm the CDC, my job is to empower the scientists if I’m privileged to be confirmed.”
    SRW: “So, you retract those statements?”
    RFK: “I’m not retracting it. I never said it.”
    SRW: “Well, actually I have a transcript. Let me read your words, you said ‘That the institution CDC and the vaccine program is more important than the children that is supposed to protect and you know it’s the same reason we had a pedophile scandal in the Catholic Church it’s because people were able to convince themselves that the institution of the church was more important than those little boys and girls who were being raped’
    “That’s pretty provocative language you said in another statement to me ‘This is like Nazi death camp. […] What happened to these kids? 1 in 31 boys in this country, their minds are being robbed from them.”
    RFK: “I was not comparing the CDC to Nazi death camps, I was comparing the injury rate to our children to other atrocities and I wouldn’t compare the, of course, the CDC to Nazi death camps to any extent.
    “And any statement that I made has been interpreted that way, I don’t agree with that.”
    […]
    SRW: “It sounds like you stand by those statements?”
    RFK: “My objective is to support the CDC. There’s nothing I’m going to do that is going to harm CDC. I want to make sure that our science is gold standard science, that it’s free from that same government oversight investigation committee, and that the panels [… ] within CDC. I think 97% of the people on it had conflicts. I don’t believe that that’s right. I think we need to end those conflicts and make sure that scientists are doing unobstructed science.”
    SRW: “Last week the White House gagged HHS and the CDC, preventing them from communicating all important public health information to anyone. Including our allies in the United States and global disease prevention. Do you agree with that action?”
    RFK: “I was not consulted on it, but that’s pretty much standard operating procedure for the incoming administration.”
    SRW: “So you agree with the action that gagged HHS and CDC from communicating important public health information?”
    RFK: “That directive made sure that no use public health and only non-essential travel and mass communications were temporarily suspended, pending the confirmation of a new HHS secretary, this is standard operating procedure for administration.”
    SRW: “I don’t think what we’ve seen over the last several days is standard operation for a new administration. I think we’re seeing some unprecedented actions, but you agree with it.
    “Last night mem members of the CDC, along with other federal employees were actually invited to resign, these buyouts. I actually got text messages from folks I know from the CDC (who work) for the CDC that do this important work who got that note. It’s really important because my experience is that when you send out that kind of note, the folks who resign are the folks who you least likely want to see resign.
    “They got other options, they’re gifted folks, they’ve got a lot of expertise. A lot of them are doing this work because of their patriotism, because of their commitment. Do you agree with the buyouts that were presented to CDC employees just last night?”
    RFK: “I agree the vast majority of the scientists and experts at CDC are patriots and government servants.
    SRW: “Can you tell me yes or no? […] Ok, you agree with the buyouts.”
    “In our meeting, I asked you to confirm your support for the Affordable Care Act. You also mentioned that you and President Trump want to fix the ACA by making premiums more affordable.
    “Did you know that tax credits that help families afford health insurance and save George’s an average of $531 per month per person are set to expire at the end of the year? Did you know that?”
    RFK: “I do.”
    SRW: “Do you support Congress extending these tax credits so that Americans can continue to afford health care?
    *RFK gives non “Yes” or “No” response
    SRW: “I think that the fact that you find it difficult to answer basic questions is deeply troubling for me as you present yourself as a nominee to run HHS.
    SRW: “Based on our conversations, it’s my understanding that you support work requirements and Medicaid. In 2020, President Trump approved a proposal from Georgia state leaders requiring Georgians to jump through a number of onerous bureaucratic hoops and fill out even more paperwork, to verify work and get access to health care.
    “I asked this as someone who represents a state that has not expanded Medicaid, the federal government, because of this waiver, spent $70 million on Georgia’s Medicaid waiver. 82% of that went to administrative costs.
    “The point that I’m making is that the folks that they’re insisting need to work, 90% of those folks are working. They are caregivers or they have a disability.
    “Let me give you one example. A woman I think of all the time, her name is Heather. She’s a traveling nurse from Dalton, Georgia who falls into the Medicaid coverage gap. Heather experienced a series of small strokes leaving her unable to work full time. She’s dedicated her life to caring for patients, but now she can’t afford her own medical care out-of-pocket costs because she doesn’t make enough to qualify for tax credits to buy private insurance.
    “What does Heather need? Does she need work requirements, or does she need access to health care so she can finally get healthy and get back to work?
    RFK: “The individual that you described would need healthcare and not a work requirement.

    MIL OSI USA News –