Category: Asia

MIL-OSI Economics: Special Senior Officials Meeting on Energy discusses ASEAN energy cooperation

Source: ASEAN – Association of SouthEast Asian Nations

The Special Senior Officials Meeting on Energy (SOME) 2025 and its Associated Meetings were held from January 22-24, 2025, in Langkawi, Malaysia. Secretary General of the Ministry of Energy Transition and Water Transformation (PETRA), Dato’ Mad Zaidi bin Mohd Karli, as the SOME Chair, led the discussion on the planning of the work plan of ASEAN energy cooperation for the year ahead.

The Meeting endorsed the Priority Economic Deliverable (PED) and Priorities of the energy sector to be implemented in 2025 under Malaysia Chairmanship. Notably, the Meeting endorsed the text of ASEAN Power Grid (APG) Enhanced MoU including its Term of Reference (ToR) APG Related Bodies, as well as the ASEAN Framework Agreement for Petroleum Security, which are planned to be signed this year.

The post Special Senior Officials Meeting on Energy discusses ASEAN energy cooperation appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 31, 2025

MIL-OSI Economics: RBI imposes monetary penalty on The Odisha State Co-operative Bank Ltd

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on The Odisha State Co-operative Bank Ltd., (the bank) for non-compliance with the provisions of Section 9 and Section 26A of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and 56 of BR Act.

The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions 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 contravention of provisions of the BR Act. 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:

failed to dispose of certain Non-Banking Assets within the prescribed period; and
failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.

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: 2024-2025/2042

MIL OSI Economics –

January 31, 2025

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 –

January 31, 2025

MIL-OSI: Allegro MicroSystems Reports Third Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MANCHESTER, N.H., Jan. 30, 2025 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its third quarter ended December 27, 2024.

“We delivered on our commitments with third quarter sales of $178 million and non-GAAP EPS of $0.07, both above the midpoint of our guidance,” said Vineet Nargolwala, President and CEO of Allegro. “During the quarter, we introduced a record number of new magnetic sensing and power products to the market, further expanding our differentiated portfolios. This increasing velocity further solidifies our market leadership and positions us well for above market growth.”

Third Quarter Financial Highlights:

In thousands, except per share data	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Sales
Automotive	$	130,066		$	141,893		$	194,764		$	403,143		$	577,515
Industrial and other		47,806			45,498			60,220			129,039			231,271
Total net sales	$	177,872		$	187,391		$	254,984		$	532,182		$	808,786
GAAP Financial Measures
Gross margin %		45.7	%		45.7	%		52.5	%		45.4	%		55.8	%
Operating margin %		—	%		2.2	%		14.4	%		(1.2	)%		22.3	%
Diluted EPS	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.82
Non-GAAP Financial Measures
Gross margin %		49.1	%		48.8	%		54.6	%		48.9	%		57.0	%
Operating margin %		10.8	%		11.7	%		27.2	%		9.6	%		29.8	%
Diluted EPS	$	0.07		$	0.08		$	0.32		$	0.18		$	1.11

Business Outlook

For the fourth quarter of fiscal year 2025 ending March 28, 2025, the Company expects total net sales to be in the range of $180 million to $190 million.

The Company also estimates the following results on a non-GAAP basis:

Gross Margin is expected to be between 46% and 48%, which contemplates the impact of annual pricing agreements ahead of cost reductions, as well as higher capacity charges resulting from adjusted production levels in the quarter,
Operating expenses are expected to increase by approximately 5% sequentially to $72 million, primarily due to annual payroll tax resets,
As a result of the expected repricing of the term loan and anticipated $30 million Q4 debt repayment, the Company now expects Interest Expense to be approximately $6 million, and
Diluted Earnings per Share are expected to be between $0.03 and $0.07.

Allegro has not provided a reconciliation of its fourth fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Interest Expense, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

Earnings Webcast

A webcast will be held on Thursday, January 30, 2025 at 8:30 a.m., Eastern Time. Vineet Nargolwala, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

About Allegro MicroSystems

Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholder continues to have influence over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

This press release may not be reproduced, forwarded to any person or published, in whole or in part.

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited)

	Three-Month Period Ended						Nine-Month Period Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
Net sales	$	177,872		$	254,984		$	532,182		$	808,786
Cost of goods sold		96,657			121,156			290,534			357,505
Gross profit		81,215			133,828			241,648			451,281
Operating expenses:
Research and development		43,317			44,396			132,031			130,799
Selling, general and administrative		37,939			52,746			116,221			140,135
Total operating expenses		81,256			97,142			248,252			270,934
Operating (loss) income		(41	)		36,686			(6,604	)		180,347
Interest and other (expense) income		(7,561	)		(315	)		(25,902	)		(2,801	)
Loss on change in fair value of forward repurchase contract		—			—			(34,752	)		—
(Loss) income before income taxes		(7,602	)		36,371			(67,258	)		177,546
Income tax (benefit) provision		(803	)		2,969			(9,233	)		17,584
Net (loss) income		(6,799	)		33,402			(58,025	)		159,962
Net income attributable to non-controlling interests		61			57			185			150
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(6,860	)	$	33,345		$	(58,210	)	$	159,812
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:
Basic	$	(0.04	)	$	0.17		$	(0.31	)	$	0.83
Diluted	$	(0.04	)	$	0.17		$	(0.31	)	$	0.82
Weighted average shares outstanding:
Basic		184,011,189			192,724,541			188,886,583			192,384,315
Diluted		184,011,189			194,570,380			188,886,583			194,925,040

Supplemental Schedule of Total Net Sales

The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

	Three-Month Period Ended				Change						Nine-Month Period Ended				Change
	December 27, 2024		December 29, 2023		Amount			%			December 27, 2024		December 29, 2023		Amount			%
	(Dollars in thousands)										(Dollars in thousands)
Automotive	$	130,066	$	194,764	$	(64,698	)		(33	)%	$	403,143	$	577,515	$	(174,372	)		(30	)%
Industrial and other		47,806		60,220		(12,414	)		(21	)%		129,039		231,271		(102,232	)		(44	)%
Total net sales	$	177,872	$	254,984	$	(77,112	)		(30	)%	$	532,182	$	808,786	$	(276,604	)		(34	)%

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	December 27,			March 29,
	2024 (Unaudited)			2024
Assets
Current assets:
Cash and cash equivalents	$	138,452		$	212,143
Restricted cash		10,510			10,018
Trade accounts receivable, net		83,805			118,508
Inventories		193,140			162,302
Prepaid income taxes		36,037			31,908
Prepaid expenses and other current assets		33,683			33,584
Current portion of related party notes receivable		—			3,750
Total current assets		495,627			572,213
Property, plant and equipment, net		320,975			321,175
Deferred income tax assets		65,398			54,496
Goodwill		202,101			202,425
Intangible assets, net		261,553			276,854
Related party notes receivable, less current portion		—			4,688
Equity investment in related party		30,914			26,727
Other assets		65,172			72,025
Total assets	$	1,441,740		$	1,530,603
Liabilities, Non-Controlling Interests and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	39,685		$	35,964
Amounts due to related party		2,102			1,626
Accrued expenses and other current liabilities		57,751			76,389
Current portion of long-term debt		1,374			3,929
Total current liabilities		100,912			117,908
Long-term debt		374,729			249,611
Other long-term liabilities		31,673			31,368
Total liabilities		507,314			398,887
Commitments and contingencies
Stockholders’ Equity:
Preferred stock		—			—
Common stock		1,840			1,932
Additional paid-in capital		1,004,080			694,332
(Accumulated deficit) retained earnings		(38,791	)		463,012
Accumulated other comprehensive loss		(34,084	)		(28,841	)
Equity attributable to Allegro MicroSystems, Inc.		933,045			1,130,435
Non-controlling interests		1,381			1,281
Total stockholders’ equity		934,426			1,131,716
Total liabilities, non-controlling interests and stockholders’ equity	$	1,441,740		$	1,530,603

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)

	Three-Month Period Ended						Nine-Month Period Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
Cash flows from operating activities:
Net (loss) income	$	(6,799	)	$	33,402		$	(58,025	)	$	159,962
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		16,123			20,195			48,578			49,548
Amortization of deferred financing costs		694			185			1,781			292
Deferred income taxes		(3,751	)		(10,119	)		(11,546	)		(28,253	)
Stock-based compensation		10,588			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			—			34,752			—
Provisions for inventory and expected credit losses		3,031			429			7,519			9,851
Change in fair value of marketable securities		—			—			—			3,579
Other non-cash reconciling items		68			(25	)		6,645			18
Changes in operating assets and liabilities:
Trade accounts receivable		(7,061	)		5,081			34,356			(2,564	)
Inventories		(19,243	)		11,312			(38,074	)		(19,909	)
Prepaid expenses and other assets		14,407			7,368			(1,401	)		(13,085	)
Trade accounts payable		(8,203	)		(12,299	)		5,467			(9,604	)
Due to and from related parties		(3,568	)		705			564			6,817
Accrued expenses and other current and long-term liabilities		(4,469	)		9,404			(21,307	)		(20,540	)
Net cash (used in) provided by operating activities		(8,183	)		76,558			41,560			168,951
Cash flows from investing activities:
Purchases of property, plant and equipment		(13,615	)		(34,399	)		(34,564	)		(110,500	)
Acquisition of business, net of cash acquired		319			(408,119	)		319			(408,119	)
Sales of marketable securities		—			—			—			16,175
Net cash used in investing activities		(13,296	)		(442,518	)		(34,245	)		(502,444	)
Cash flows from financing activities:
Net proceeds from Refinanced 2023 Term Loan Facility		—			—			193,483			—
Repayment of 2023 Term Loan Facility		(25,000	)		—			(75,000	)		—
Borrowings of senior secured debt, net of deferred financing costs		—			245,452			—			245,452
Repayment of 2020 Term Loan Facility		—			(25,000	)		—			(25,000	)
Repayments of other debt		—			(743	)		—			(743	)
Finance lease payments		(318	)		—			(703	)		—
Receipts on related party notes receivable		—			938			1,875			2,813
Payments for taxes related to net share settlement of equity awards		(483	)		(10,732	)		(12,780	)		(24,823	)
Proceeds from issuance of common stock under employee stock purchase plan		—			—			1,987			1,899
Repurchases of common stock		(116	)		—			(853,921	)		—
Net proceeds from issuance of common stock		—			—			665,850			—
Payment of debt issuance costs		—			—			—			(1,450	)
Net cash (used in) provided by financing activities		(25,917	)		209,915			(79,209	)		198,148
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(2,680	)		1,349			(1,305	)		375
Net (decrease) increase in cash and cash equivalents and restricted cash		(50,076	)		(154,696	)		(73,199	)		(134,970	)
Cash and cash equivalents and restricted cash at beginning of period		199,038			378,431			222,161			358,705
Cash and cash equivalents and restricted cash at end of period:	$	148,962		$	223,735		$	148,962		$	223,735

Non-GAAP Financial Measures

In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related-party activities and other non-operational costs.

Non-GAAP Income Tax Provision

In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:

Tax effect of adjustments to GAAP results—Represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below and elimination of discrete tax adjustments.

*Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Gross Profit	$	81,215		$	85,662		$	133,828		$	241,648		$	451,281
GAAP Gross Margin (% of net sales)		45.7	%		45.7	%		52.5	%		45.4	%		55.8	%

Non-GAAP adjustments
Transaction-related costs		5			10			523			14			523
Purchased intangible amortization		4,875			4,875			3,648			14,625			4,323
Restructuring costs		522			16			166			1,738			166
Stock-based compensation		802			817			1,073			2,180			4,625
Total Non-GAAP Adjustments	$	6,204		$	5,718		$	5,410		$	18,557		$	9,637

Non-GAAP Gross Profit	$	87,419		$	91,380		$	139,238		$	260,205		$	460,918
Non-GAAP Gross Margin (% of net sales)		49.1	%		48.8	%		54.6	%		48.9	%		57.0	%

*Reconciliation of Non-GAAP Operating Expenses*

	Three-Month Period Ended							Nine-Month Period Ended
	December 27, 2024		September 27, 2024			December 29, 2023		December 27, 2024			December 29, 2023
	(Dollars in thousands)							(Dollars in thousands)
GAAP Operating Expenses	$	81,256	$	81,595		$	97,142	$	248,252		$	270,934

Research and Development Expenses
GAAP Research and Development Expenses		43,317		43,510			44,396		132,031			130,799
Non-GAAP adjustments
Transaction-related costs		333		206			343		1,568			352
Restructuring costs		568		260			908		997			908
Stock-based compensation		3,960		3,523			3,870		11,218			10,340
Other costs⁽¹⁾		—		3			—		3			—
Non-GAAP Research and Development Expenses		38,456		39,518			39,275		118,245			119,199

Selling, General and Administrative Expenses
GAAP Selling, General and Administrative Expenses		37,939		38,085			52,746		116,221			140,135
Non-GAAP adjustments
Transaction-related costs		148		275			9,543		1,237			14,419
Purchased intangible amortization		535		535			495		1,605			1,210
Restructuring costs		1,264		2,046			5,795		4,355			5,795
Stock-based compensation		5,826		7,205			5,977		18,853			17,874
Other costs⁽¹⁾		391		(1,820	)		283		(618	)		383
Non-GAAP Selling, General and Administrative Expenses		29,775		29,844			30,653		90,789			100,454

Total Non-GAAP Adjustments		13,025		12,233			27,214		39,218			51,281

Non-GAAP Operating Expenses	$	68,231	$	69,362		$	69,928	$	209,034		$	219,653

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

*Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Operating (Loss) Income	$	(41	)	$	4,067		$	36,686		$	(6,604	)	$	180,347
GAAP Operating Margin (% of net sales)		—	%		2.2	%		14.4	%		(1.2	)%		22.3	%

Transaction-related costs		486			491			10,409			2,819			15,294
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,322			6,869			7,090			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Other costs⁽¹⁾		391			(1,817	)		283			(615	)		383
Total Non-GAAP Adjustments	$	19,229		$	17,951		$	32,624		$	57,775		$	60,918

Non-GAAP Operating Income	$	19,188		$	22,018		$	69,310		$	51,171		$	241,265
Non-GAAP Operating Margin (% of net sales)		10.8	%		11.7	%		27.2	%		9.6	%		29.8	%

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

*Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Net (Loss) Income	$	(6,799	)	$	(33,613	)	$	33,402		$	(58,025	)	$	159,962
GAAP Net (Loss) Income Margin (% of net sales)		(3.8	)%		(17.9	)%		13.1	%		(10.9	)%		19.8	%

Interest expense		7,762			10,353			3,854			23,492			5,381
Interest income		(388	)		(420	)		(857	)		(1,302	)		(2,550	)
Income tax (benefit) provision		(803	)		(9,470	)		2,969			(9,233	)		17,584
Depreciation & amortization		16,123			15,997			20,227			48,578			49,645
EBITDA	$	15,895		$	(17,153	)	$	59,595		$	3,510		$	230,022

Transaction-related costs		486			3,295			10,409			5,623			15,294
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽¹⁾		998			(2,195	)		(551	)		1,610			5,339
Adjusted EBITDA	$	30,321		$	32,311		$	87,242		$	84,581		$	290,363
Adjusted EBITDA Margin (% of net sales)		17.0	%		17.2	%		34.2	%		15.9	%		35.9	%

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, and income (loss) in earnings of equity investments.

*Reconciliation of Non-GAAP Profit before Tax*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP (Loss) Income before Income Taxes	$	(7,602	)	$	(43,083	)	$	36,371		$	(67,258	)	$	177,546

Transaction-related costs		486			3,295			10,409			5,623			15,294
Transaction-related interest		192			141			162			1,042			162
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽¹⁾		1,427			1,428			(551	)		5,662			5,339
Total Non-GAAP Adjustments	$	20,457		$	58,638		$	31,952		$	102,395		$	66,036

Non-GAAP Profit before Tax	$	12,855		$	15,555		$	68,323		$	35,137		$	243,582

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, and income (loss) in earnings of equity investments.

*Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Income Tax (Benefit) Provision	$	(803	)	$	(9,470	)	$	2,969		$	(9,233	)	$	17,584
GAAP effective tax rate		10.6	%		22.0	%		8.2	%		13.7	%		9.9	%

Tax effect of adjustments to GAAP results		398			10,071			3,748			10,074			10,128

Non-GAAP Income Tax (Benefit) Provision	$	(405	)	$	601		$	6,717		$	841		$	27,712
Non-GAAP effective tax rate		(3.2	)%		3.9	%		9.8	%		2.4	%		11.4	%

*Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.⁽¹⁾	$	(6,860	)	$	(33,675	)	$	33,345		$	(58,210	)	$	159,812
GAAP Basic weighted average common shares		184,011,189			189,182,850			192,724,541			188,886,583			192,384,315
GAAP Diluted weighted average common shares		184,011,189			189,182,850			194,570,380			188,886,583			194,925,040
GAAP Basic (Loss) Earnings per Share	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.83
GAAP Diluted (Loss) Earnings per Share	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.82

Transaction-related costs		486			3,295			10,409			5,623			15,294
Transaction-related interest		192			141			162			1,042			162
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽²⁾		1,427			1,428			(551	)		5,662			5,339
Total Non-GAAP Adjustments		20,457			58,638			31,952			102,395			66,036
Tax effect of adjustments to GAAP results⁽³⁾		(398	)		(10,071	)		(3,748	)		(10,074	)		(10,128	)
Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.	$	13,199		$	14,892		$	61,549		$	34,111		$	215,720
Basic weighted average common shares		184,011,189			189,182,850			192,724,541			188,886,583			192,384,315
Diluted weighted average common shares		184,485,792			189,710,595			194,570,380			189,577,693			194,925,040
Non-GAAP Basic Earnings per Share	$	0.07		$	0.08		$	0.32		$	0.18		$	1.12
Non-GAAP Diluted Earnings per Share	$	0.07		$	0.08		$	0.32		$	0.18		$	1.11

(1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.
(2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.
(3) To calculate the tax effect of adjustments to GAAP results, the Company considers each non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.

*Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Operating Cash Flow	$	(8,183	)	$	15,547		$	76,558		$	41,560		$	168,951
GAAP Operating Cash Flow (% of net sales)		-4.6	%		8.3	%		30.0	%		7.8	%		20.9	%
Non-GAAP adjustments
Purchases of property, plant and equipment		(13,615	)		(9,972	)		(34,399	)		(34,564	)		(110,500	)

Non-GAAP Free Cash Flow	$	(21,798	)	$	5,575		$	42,159		$	6,996		$	58,451
Non-GAAP Free Cash Flow (% of net sales)		(12.3	)%		3.0	%		16.5	%		1.3	%		7.2	%

Investor Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
jhoover@allegromicro.com

The MIL Network –

January 31, 2025

MIL-OSI Asia-Pac: ‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Source: Government of India (2)

‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Highlights Modi’s ‘ Maximum governance, minimum government ‘ mantra;

Advocates for Central-State Collaboration to Propel India as a Global Governance Model

Posted On: 30 JAN 2025 4:56PM by PIB Delhi

Union Minister Dr. Jitendra Singh, speaking at the National Conference on Good Governance at the capital township of Gandhinagar here, observed that the “Gujarat Governance Model” offers several best practices which can be successfully replicated elsewhere too.

The Minister recalled that many of the governance innovations successfully implemented at the Central level were first introduced in Gujarat under Prime Minister Narendra Modi’s leadership as Chief Minister.

Addressing a pan-India audience of policymakers, senior bureaucrats, and governance experts, Dr. Jitendra Singh praised the transformation in governance over the last decade. “This transformation did not happen overnight. Many of the reforms introduced at the national level were first tested and perfected in Gujarat, and today they are being replicated across the country,” he remarked.

Dr. Jitendra Singh underscored the fundamental shift in governance culture under Prime Minister Modi, which has taken policymaking beyond the traditional administrative strongholds of Delhi and into various regions of the country. He cited the Prime Minister’s directive to decentralize governance by ensuring that major policy discussions, conferences and outreach programs are held in different parts of the country and not necessarily in New Delhi. “By moving governance dialogues beyond Delhi, we are ensuring that reforms are more inclusive and reflective of the aspirations of people from all corners of the country,” he said.

Union Minister of State, Dr.Jitendra Singh speaking after inaugurating two-day “National Conference on Good Governance” at Gandhinagar, Gujarat.

The Minister also referred to the evolution of India’s administrative framework, recalling how Sardar Patel envisioned a robust bureaucracy as the ‘steel frame’ of India, a vision that has been further refined through the Modi government’s approach of ‘Maximum Governance, Minimum Government.’ He pointed to landmark reforms, such as the scrapping of nearly 2,000 obsolete laws, the elimination of the requirement for attested documents and the removal of interviews for junior-level government jobs as measures that have streamlined bureaucracy and enhanced transparency.

One of the standout examples of governance innovation, Dr. Jitendra Singh noted, was Gujarat’s early implementation of the 24-hour rural electrification scheme in the early 2000s. “At a time when electricity supply was erratic across the country, Gujarat pioneered uninterrupted rural electrification, a model that was later scaled up at the national level,” he said. Recounting the scale of transformation, Dr. Jitendra Singh spoke about how electricity shortages used to be commonplace in many parts of India. “There was a time when people clapped when the lights came back on after an outage. Today, power cuts are rare, and uninterrupted electricity is an expectation, not a luxury. This is the scale of governance transformation achieved,” he remarked.

The Minister also outlined India’s progress in digital governance, emphasizing major technological interventions in public administration. Initiatives such as online RTI applications, digital life certificates for pensioners using facial recognition technology, and AI-driven administrative decision-making have positioned India as a leader in governance innovation. He stated that the use of emerging technologies will be central to governance in the coming years, making administration more efficient, transparent, and citizen-friendly.

Dr. Jitendra Singh also spoke about the impressive strides made in grievance redressal mechanisms, particularly the CPGRAMS (Centralized Public Grievance Redressal and Monitoring System), which has now become a model for citizen-centric governance worldwide. He highlighted CPGRAMS 7.0 as a transformative leap in public grievance redressal, showcasing the power of technology and citizen-centric policies in governance. He emphasized that AI-driven reforms, including semantic search and predictive analytics, have made governance more responsive, bridging the gap between the administration and citizens. With over 19 lakh feedbacks collected and a 50% rise in satisfaction levels, CPGRAMS reflects growing public trust. He urged stakeholders to further strengthen the system, positioning it as a global model of innovation, transparency, and efficient grievance redressal.

Dr. Jitendra Singh highlighted that between 2019 and 2024, India has witnessed a transformative shift in governance, with e-governance streamlining citizen-government interactions and enhancing transparency. He noted that the widespread adoption of e-Office version 7.0 has enabled paperless administration across Ministries, ensuring efficiency and accountability in governance. The Minister emphasized that India’s commitment to e-governance has been reinforced through platforms like the National Conference on e-Governance (NCeG), which has fostered collaboration between the Centre and States since 1997.

Dr. Jitendra Singh highlighted the success of the fourth Sushasan Saptah—Good Governance Week—held from December 19 to 25, 2024, as a significant step toward transformative governance. He emphasized the Prashasan Gaon ki Ore campaign, which aligned with Prime Minister Narendra Modi’s vision of next-generation reforms by bringing governance closer to citizens through streamlined procedures and technology-driven service delivery. With over 36,000 camps organized across 700+ districts, resolving nearly 2.89 crore service applications, the campaign demonstrated the government’s commitment to transparency, accountability, and citizen empowerment at every level.

Dr. Jitendra Singh further highlighted the government’s commitment to ensuring that governance is responsive and attuned to the needs of the people. He reiterated that under Prime Minister Modi’s leadership, the emphasis remains on making government services more accessible, accountable, and technology-driven. He praised Gujarat for setting a benchmark in administrative efficiency and urged other states to adopt similar governance models to enhance service delivery and public administration.

The National Conference on Good Governance, attended by senior officials and experts, provided a platform to discuss best practices and develop strategies for further strengthening governance mechanisms across India.

While addressing the conference, Secretary, DAR&PG, Shri V. Srinivas described the Gandhinagar Conference as a milestone moment. He emphasized that the conference aligns with the Hon’ble Prime Minister’s vision of leveraging Artificial Intelligence to enhance service delivery and explore emerging technologies in governance. Highlighting the transformative role of technology in bridging the gap between the government and citizens, he informed the gathering that the Gandhinagar event marks the 28th conference since 2014, held under the guidance of MoS Dr. Jitendra Singh.

Dr. Jitendra Singh expressed confidence that continued collaboration between the central and state governments would lead to more impactful reforms, ultimately driving India towards becoming a global model of effective governance.

****

NKR /PSM

(Release ID: 2097631) Visitor Counter : 60

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Text of Vice-President’s address to students from North-East India participating in the Rashtriya Ekatmata Yatra 2025 and Winners of Mann Ki Baat Quiz Competition (Season 4) (Excerpts)

Source: Government of India

The ground impact of Mann Ki Baat is amazing, it’s a great learning for young boys and girls, for politicians, for bureaucrats, for entrepreneurs and it dotes every part of this country. Mann Ki Baat concept is motivational, inspirational and highly informative.

I would urge every young person to seriously go into the earlier episodes of Mann Ki Baat, you’ll find your knowledge level will go up. You will be stead to believe in nationalism. You will be fired by the zeal to always keep nation first.

Mann Ki Baat, when it was a concept, there was no realization of its impact. Now, people wait for Mann Ki Baat and Mann Ki Baat has gone beyond politics. It has become a platform to connect with the executive head of the country, who for the first time in 60 years has created history to be third term Prime Minister in continuation after Pandit Nehru.

Therefore I appeal to all of you, examine the information you have in Mann Ki Baat. Examine the inspirational quotes in Mann Ki Baat. Examine the people, historical figures whom we had forgotten. He rekindled in us an urge of nationalism to really worship our real heroes.

Shri Ashish Chauhan, National Organising Secretary ABVP, I have had the occasion to interact with Sunil Ambekar Ji before I became Governor, State of West Bengal, and I know their commitment, passion, mission and execution is all driven by only one facet, and facet is national welfare, inclusivity, togetherness promulgating brotherhood and sisterhood.

As a matter of fact, this reminds me of what Vivekananda Ji said at Chicago address.

A greatest message to the world at large at that point of time at a conference of Congress of Religions and India’s rich heritage, inclusivity was declared there. I congratulate him but I would say, आपके लंबे चौड़े परिवार में आशीष जी उपराष्ट्रपति का परिवार भी जुड़ गया है और कुछ लोगों को, आप बच्चों को, हमें भी सौभाग्य दो कि हमारे साथ भी चार दिन बिताएं, and this can be a continous program every month.

As Chairman Rajya Sabha, I have developed a mechanism to train young people to handhold members of Parliament. I have a concept of teenage interns who for seven days have the occasion to keep their eyes open, ears open, mouth shut and see what I do and they look around and gain their way. It is heartening together from Muraleedharan ji, Republic Day and Independence Day. I would make a suggestion to both of you at two more days. We now have for last about a decade celebration of Constitution Day, 26th November, when India go to the Constitution, a very important milestone, make that day also the third day.

Then our constitution was challenged. Young boys and girls, you do not know, Indira Gandhi as a Prime Minister imposed emergency. The constitution was shut down, people had no fundamental rights. Lakhs of people were sent to jail, many of them have become Prime Ministers, they spent 18 months in jail.

The doors of judiciary were shut down, for you it is history, but imagine and look around what happened during that period and therefore, I urge both of them, V. Muraleedharan and Ashish Chauhan to add Samvidhan Hatya Divas of 25th June, 1975. Because unless you read history, unless you know the perils we have suffered, unless you know the dangers that are there. Therefore, we have to ensure how democratic roots go deep and democratic roots go deep only when people interact, people communicate, people have occasion to have expression with others and meaningful dialogue

This is a unique gathering of young boys and girls of 9 states, Meghalaya, Tripura, Sikkim, Nagaland, Arunachal, Mizoram, Manipur, Assam-Ashtalakshmi !

I have been to each of the states. I have seen your rich culture, cuisine, tribal traditions and the talent which is there. I have had the occasion to spend time both as governor the state of West Bengal because I was heading Eastern Zone Cultural Centre.

All these are absolutely amazing states, they are gold mine for tourism, they are treasure of culture, ethnicity, variety and imaginable on the planet. We must decide to travel East, receive people from the East.

That interaction has to take a very high level of interaction. I have had the occasion to invite artists and students from North-East to Upa-Rashtrapati Nivas.

In early 1990s, the government thought wisely, Look East but Prime Minister Modi has taken it to the next level ‘Act East’ and that ‘Act East’ is being conversed, furthered by Ashish Chauhan and his worthy team.

Rashtriya Ekatmata Yatra is not an expression, it is our tribute to those who made supreme sacrifice to gain freedom to us. It is our tribute to founding fathers of the Constitution who brought about this nation into existence. It is our tribute to Sardar Patel that he could integrate the princely states and this teaches us one thing, no matter what the challenges are, we will always keep nation first.

Our nationalism can never be compromised, no gain whatsoever can be a justifiable ground to overlook national interest. The spirit of nationalism should be 24×7 in us.

The nation for the first time is having an atmosphere of hope and possibility. No nation in the world has grown as fast as exponentially in economic terms, in infrastructure terms, in digitalisation terms, in technological penetration as Bharat. India today, the youth are bubbling with aspiration because they have tested everything is achievable.

When there will be celebration of Independence centenary at 2047, you will be in your prime, you will be driving the engine, you will be feeling the progress. It is your time, you are the greatest system, stakeholders.

I’m reminded what Vajpayee Ji said, mark what he says he was a great poet a great prime minister Bharat Ratna Atal Bihari Vajpayee Ji. He was the first non-congress prime minister of this country, “निज हाथों में हँसते-हँसते, आग लगाकर जलना होगा, कदम मिलाकर चलना होगा|” Understand the meaning of it that you will face all trials and tribulations, but we’ll be marching ahead in togetherness for our nation and we must march together.

Act East policy has done wonders.

●     Airports have gone to 17 from , five states of North East are connected by air. There are three international airports.

●     Digital connectivity, I gather 95% is by 4G so far.

●     Road connectivity and efforts are for rail connectivity.

The number of visits the Prime Minister has made there is remarkable. All I am suggesting is, and through you to every Indian, there is no more attractive tourist destination in the world than the Northeast. We Indians, all of us in togetherness must make it a habit to travel east, tour east and contribute for development of the east.

The number of tourists going to the North-East every year is now over 1.25 crores, it’s a great development.

India is changing and the world is changing because the world is recognizing India as a power. In 1990, when I was a minister, as Lok Sabha member and went to Jammu and Kashmir Srinagar not 20 people were on street, and mind you, for the last 2-3 years, more than two crore tourists are going to Jammu and Kashmir, look at the big change.

India in the world because of the seminal cultural contribution of the North East is a place unrivaled in the world. Let us share our thoughts, I commend to Mr. Chauhan, you must expand now not arithmetically but geometrically.

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Signing of Memorandum of Understanding between Data Informatics and Innovation Division, Ministry of Statistics and Programme Implementation (MoSPI) and Indraprastha Institute of Information Technology (IIIT-Delhi) on 30.01.2025

Source: Government of India

Posted On: 30 JAN 2025 4:31PM by PIB Delhi

A Memorandum of Understanding was signed under the Data Innovation lab initiative between Data Informatics and Innovation Division, Ministry of Statistics and Programme Implementation (MoSPI) and Indraprastha Institute of Information Technology (IIIT-Delhi) on 30.01.2025.

The Ministry has initiated several reforms to modernise the National Statistical System in the last one year. In July 2024, MoSPI embarked on the scheme for Data Innovation (DI) Lab initiative as to infuse innovation, and build an ecosystem for research-driven solutions. The DI Lab is designed to serve as a platform to harness emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics to enhance data collection, processing, and dissemination.

As part of the Outreach Activities, the Lab has been engaging with premier academic institutions. More than 100 academic institutions have been approached. MoU with several reputed institutions including IITs and IIMs have been signed.

A key objective of this partnership is to leverage academic expertise to tackle real-world challenges in official statistics by creating a link between academia and practitioners.. The statistical landscape is evolving, and new methodologies are needed to address issues like data integration, real-time analytics, and predictive modeling.

In this collective endeavour and collaborative approach towards improving Official Statistics, the partnership was formalised through this Memorandum of Understanding (MoU) between MoSPI and IIIT Delhi. Collaboration with IIIT Delhi is a crucial step in creating an ecosystem for innovation. With the signing of this MoU, MoSPI is reinforcing its commitment to fostering long-term collaboration between Government and Academia and infusing fresh ideas in the system. This is expected to lead to impactful innovations that will significantly enhance the functioning of MoSPI and strengthen the statistical ecosystem of the country.

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Samrat/Dheeraj : @pibmospi[at]gmail[dot]com

(Release ID: 2097621) Visitor Counter : 25

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Source: Government of India (2)

Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Ministry of Rural Development sanctions 27 roads measuring 50.13 km of roads with an estimated investment of Rs. 50.35 crore

PM-JANMAN projects set to boost growth and prosperity in Maharashtra

Posted On: 30 JAN 2025 4:16PM by PIB Delhi

In a significant move to strengthen rural connectivity and accelerate economic growth in the Maharashtra, the Ministry of Rural Development has sanctioned 27 roads measuring 50.13 km under Connectivity component of PM-JANMAN, with an estimated investment of Rs. 50.35 crore, to the State of Maharashtra.

This landmark initiative will:

– Provide all weather road connectivity to 27 PVTG habitations in the State.

– Improve socio-economic condition of the Particularly Vulnerable Tribal Groups (PVTGs) living in the State.

– Enhance connectivity in rural areas, bridging the gap between remote villages and urban centers.

– Foster economic development, trade and commerce in the region

– Improve access to essential services like healthcare, education and markets

– Create employment opportunities and stimulate local economies

The projects under PM-JANMAN will have a transformative impact on the region, contributing to the growth and prosperity of the Tribal Groups in Maharashtra and cementing the government’s commitment to inclusive development.

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MG/KSR

(Release ID: 2097617) Visitor Counter : 30

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a review meeting on the implementation of new criminal laws in the presence of Gujarat Chief Minister Shri Bhupendra Patel in New Delhi

Source: Government of India (2)

Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a review meeting on the implementation of new criminal laws in the presence of Gujarat Chief Minister Shri Bhupendra Patel in New Delhi

Gujarat government should ensure the implementation of the new criminal laws in all commissionerates by April 30, 2025, and across the entire state at the earliest

Gujarat has done a commendable job by timely filing charge sheets in over 92 per cent of cases involving sentences of more than 10 years

There should be a video conferencing cubicle for every court in the prisons

Other states should also adopt Gujarat’s initiative of the Forensic Crime Manager

Gujarat government has done a commendable job in converting Zero FIRs into 100 per cent regular FIRs

Gujarat High Court has made a great initiative by issuing directives to all subordinate courts to implement e-processes

Posted On: 30 JAN 2025 4:16PM by PIB Delhi

The Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired a review meeting on the implementation of the three new criminal laws in Gujarat in the presence of the Chief Minister of Gujarat, Shri Bhupendra Patel, in New Delhi today. The meeting reviewed the implementation and present status of various new provisions relating to police, jail, courts, prosecution and forensics in Gujarat. The meeting was attended by Gujarat’s Minister of State for Home, the Union Home Secretary, Gujarat’s Chief Secretary and Director General of Police, the Director General of the National Crime Records Bureau (NCRB), and several senior officials from the Union Home Ministry and the State Government.

During the discussion, the Union Home Minister and Minister of Cooperation Minister said that the essence of the three new criminal laws introduced by Prime Minister Shri Narendra Modi lies in the provision of delivering justice within three years, from the filing of an FIR till the Supreme Court’s verdict in any case. Appreciating the work done so far by the Gujarat government in implementing the new criminal laws, Shri Shah said that the Gujarat government should ensure the implementation of the new criminal laws in all commissionerates by April 30, 2025, and across the entire state at the earliest. He said it should be reviewed monthly by the Chief Minister of Gujarat, fortnightly by the State Home Minister and weekly at the level of Chief Secretary, Additional Chief Secretary (Home) and Director General of Police.

Shri Amit Shah stated that Gujarat has commendably achieved timely filing of charge sheets in over 92 per cent of cases involving sentences of more than 10 years. He emphasized that for the remaining cases, a review should be conducted to ensure the utilization of the provision in the Act that allows seeking permission from the court. The Home Minister said that Gujarat has done a commendable job in converting Zero FIRs into 100 per cent regular FIRs. He emphasized the need to establish a system where FIRs can be transferred between two states through the Crime and Criminal Tracking Network and Systems (CCTNS). He also suggested that Gujarat should adopt CCTNS 2.0.

Regarding the provision of electronic evidence in the new laws, the Home Minister mentioned that the state’s Home and Health Departments should hold meetings to ensure that post-mortem and other medical reports from hospitals are received electronically. Shri Shah also emphasized the need to establish a system for recording evidence via video conferencing in prisons, government hospitals, banks, forensic science laboratories (FSL), and other premises. He said that there should be a video conferencing cubicle for every court in the prisons.

The Union Home Minister and Minister of Cooperation said that the police should provide the details of people detained for questioning on the electronic dashboard, along with the seizure list and the cases to be forwarded to the courts. He also directed the state Director General of Police for continuous monitoring of these cases. Shri Shah asked to increase the network connectivity speed in police stations to 30 mbps over the prescribed standards.

Shri Amit Shah said that the state government should issue circulars to ensure that provisions of organised crime, terrorism, mob lynching, are not misused. For this, strict provisions should be made for permission from the highest level. He highlighted that the Bharatiya Nagarik Suraksha Sanhita (BNSS) includes a provision for Trial in Absentia, which allows legal action against absconding criminals. He emphasized that Trial in Absentia should be initiated against fugitives who have been evading the country for a long time in cases related to national security.

The Home Minister emphasized ensuring the availability of at least two forensic science mobile vans in every district. He also stated that efforts should be made to ensure that all 12 kits used in mobile forensic vans are manufactured in India. Shri Shah said that other states should also adopt Gujarat’s initiative of Forensic Crime Manager. He emphasized the need to clear pending forensic cases through a special campaign. Highlighting the importance of forensic experts, he urged for the prompt recruitment of vacant positions in the forensic department.

The Union Home Minister stated that the Gujarat High Court has issued directives on January 22, 2025, for all subordinate courts to implement e-processes, which is a commendable initiative. He emphasized that other states should also make efforts in this direction. Shri Shah urged for the prompt recruitment of vacant positions in the Directorate of Prosecution. He also stressed that judicial officers should be included in training programs, and training sessions should be conducted in coordination with Judicial Academies.

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Raj Kumar/Vivek/Ashutosh/Priyabhanshu/Pankaj

(Release ID: 2097618) Visitor Counter : 18

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: The Two-Day National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi, chaired by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports Concluded Today

Source: Government of India (2)

The Two-Day National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi, chaired by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports Concluded Today

Labour Welfare for Building & Construction Workers, along with Gig & Platform Workers, is a Top Priority for the Government of India, said Dr. Mandaviya

Chintin Shivir Provides Collaborative Platform for Cross-Learning and Sharing Best Practices Demonstrated by States/UTs

Three Committees Formed to Develop Sustainable Model for Comprehensive Social Security Coverage

Posted On: 30 JAN 2025 3:53PM by PIB Delhi

The two-day Workshop with Hon’ble Labour Ministers and Labour Secretaries of States & UTs, concluded today under the Chairmanship of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports. Sushri Shobha Karandlaje, Hon’ble Minister of State for the Ministry of Labour and Employment, along with Hon’ble Labour Ministers from various States/UTs, Ms. Sumita Dawra, Secretary, Ministry of Labour & Employment, and senior officials from States/UTs, were present during the workshop. These meetings marked a successful culmination of the six regional workshops and several other consultations, held over the last year with all 36 States and UTs. Over ten subjects during the five sessions spread over two days, were extensively discussed and inputs gathered, with the objective to design targeted action items. Three Committees comprising five States each were formed. Building on the discussions during the workshop, these Committees will hold consultations and develop a sustainable model for comprehensive social security coverage for workers, to be presented in March 2025.

Taking note of the deliberations and suggestions made during the two-day workshop, the Union Minister during his address laid out a comprehensive action plan for all stakeholders. He urged States to assess the feasibility of adopting best practices showcased by different States/UTs during the last two days. He emphasized that the Ministry is committed and would continue to work closely with State Governments to design various reforms and initiatives to ensure welfare of organized and unorganized workers. Holistic and sustainable welfare programmes providing pension, healthcare, life and accident insurance, etc. are being discussed.

Social security for unorganized sector workers, such as the ones in Building and Construction work, in the gig & platform economy, and other sectors was extensively discussed. The Union Minister emphasized developing sustainable social security models for these workers. Further, the welfare of contract labour and the transformation of the role of the inspector to inspector-cum-facilitator were the other main agenda items for day two.

States showcased the progress made in utilizing BOCW cess funds in giving social security coverage, besides developing education and skill development institutions for children of Building and Construction Workers. Innovative ways of utilizing these resources for providing various social welfare initiatives like pension were widely deliberated.

Progress made in onboarding unorganized workers onto the eShram portal showcased the Government’s efforts towards strengthening the last-mile delivery of benefits to these workers. So far over 30 crore unorganized workers are registered on the eShram portal. The Ministry is also working on designing a dedicated Social Security and Welfare Scheme for Gig & Platform workers. Modalities of funding, data collection, and administration of the Scheme were discussed and States were urged to prioritize the sharing of data of unorganized workers, with a focus on gig & platform workers and support in their registration on eShram on mission mode. Integration of eShram and Government portals like NCS, and SIDH are contributing to promoting employment generation, employability, skill development, etc.

Shift from inspector to inspector-cum-facilitator model was another major reform discussed with State/UT administrators. The overall objective of this reform is to reduce the compliance burden and promote ease of doing business, along with ensuring decent working conditions, equal opportunities at work and improved employee-employer relationships.

Sushri Shobha Karandlaje, Hon’ble Minister of State for Ministry of Labour and Employment during her closing remarks, underscored the important contribution made by India’s workforce in achieving the goal of becoming a Viksit Bharat by 2047. Maximizing social security coverage and ensuring labour welfare of both organized and unorganized workers was the main goal of all the consultations held over last year and this two-day Chintin Shivir. She reiterated the whole-of-Government approach needed to take all the initiatives to a logical conclusion in a time-bound manner.

Engaged in the spirit of cooperative federalism, the two-day meetings displayed the Government’s commitment towards promoting labour welfare and facilitating ease of doing business and promoting industrial growth across States/UTs.

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Himanshu Pathak

(Release ID: 2097602) Visitor Counter : 87

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Prime Minister pays homage to Mahatma Gandhi at Rajghat

Source: Government of India

Posted On: 30 JAN 2025 2:48PM by PIB Delhi

The Prime Minister, Shri Narendra Modi today paid homage to Mahatma Gandhi on his death anniversary at Rajghat.

The Prime Minister posted on X;

“Paid homage to Pujya Bapu at Rajghat earlier today. We reiterate our commitment towards realising his vision for our nation.”

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MJPS/ST

(Release ID: 2097579) Visitor Counter : 35

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal: Prime Minister

Source: Government of India (2)

Posted On: 30 JAN 2025 1:12PM by PIB Delhi

The Prime Minister, Shri Narendra Modi said that National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.

Responding to an article written by Union Minister G Kishan Reddy on National Critical Mineral Mission (NCMM), Shri Modi wrote;

“Union Minister Shri @kishanreddybjp elaborates on how the National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.”

Union Minister Shri @kishanreddybjp elaborates on how the National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal. https://t.co/AxIMrFTm8p

— PMO India (@PMOIndia) January 30, 2025

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MJPS/ST

(Release ID: 2097558) Visitor Counter : 93

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Non-conventional approach to measure the radial dimension of CMEs can help predict adverse effects on Earth

Source: Government of India

Posted On: 30 JAN 2025 3:44PM by PIB Delhi

A novel method has been found to determine the instantaneous expansion speed and radial size of Coronal Mass Ejections (CMEs) from the Sun when it passes over a spacecraft at a single-point in the interplanetary medium.

The radial dimension of CMEs governs the longevity of the CMEs and their associated geomagnetic storms on the Earth and hence it is important to determine it, to predict the influence of the CMEs on the Earth’s communication system.

CMEs are magnetized plasma bubbles ejected from the Sun and evolve in the interplanetary medium. They are the major drivers of perturbations in the Earth’s magnetic field, known as geomagnetic storms. Such storms can cause severe impacts on ground and space-based technological systems, such as communication disruptions, deorbiting satellites, and power grid failures.

The duration over which the Earth experiences such a magnetic perturbation is influenced by the radial dimension of a CME, along with other parameters, during its passage over the Earth. The changes in the radial dimension of CME depend on its expansion in the interplanetary medium, which has yet to be adequately understood. CMEs expand during their journey due to the pressure difference between CME and ambient solar wind. Limited efforts have been made to investigate the evolution of radial sizes of CMEs so far.

The measurements of expansion speeds of CMEs have been done mostly utilizing single-point in situ measurements, which are known to be insufficient to estimate the instantaneous expansion speed of CMEs.

In order to overcome this challenge, Astronomers at the Indian Institute of Astrophysics, an autonomous institute of the Department of Science and Technology (DST), devised a novel method to estimate a CME’s instantaneous expansion speed even using a single-point in situ spacecraft and will be helpful for sub-L1 monitors.

They found a method to first infer the accelerations of CME substructures (leading edge, center, and trailing edge) even from single-point in situ observations that are used to estimate their propagation speeds at an instant. This can be used for estimating the instantaneous expansion speed.

“Our non-conventional approach utilizes the propagation speed of any two CME substructures at the same instance to determine the instantaneous expansion speed,” said Wageesh Mishra, a faculty at IIA and a co-author of the study.

This approach also computes the radial size and the distance traveled by the CME substructures at various instances as well.

“This study has implications for understanding the longevity of perturbations on the Earth’s magnetosphere caused by CMEs,” said Anjali Agarwal, a Ph.D. student at IIA and the first author of the paper published on this work.

The novel method is demonstrated in a case study of a CME that erupted from the Sun on 2010 April 3, using remote and in situ observations from the NASA and ESA SOHO (SOlar and Heliospheric Observatory), STEREO (Solar TErrestrial RElation Observatory), and Wind spacecraft. The researchers noted that the accurate estimation of CME’s expansion speed is essential for predicting its arrival time at Earth, especially its substructures such as center and TE, which are crucial for space weather.

“The instantaneous expansion speed of a CME derived from our proposed non-conventional approach using a single-point in situ spacecraft provides a substantial outcome — CME substructures evolve differently in the ambient medium, possibly because of different forces acting on them,” said Wageesh Mishra IIA.

Unlike earlier studies, the authors suggest, a CME, during its journey, experiences a change in the aspect ratio — a measure of the radial dimension of CME with respect to its increasing distance from the Sun. They found that the aspect ratio of CME first increases and then remains constant up to a certain height, followed by a systematic decrease in the IP medium.

Wageesh Mishra said, “We are looking forward to utilizing single-point in situ observations from the Aditya Solar wind Particle EXperiment (ASPEX) onboard the Aditya-L1 spacecraft, India’s first space-based solar observatory, with implementing our non-conventional approach, to understand CMEs expansion.”

Figure caption: The left panel shows the CME observed in STEREO/HI-1 (top) and the evolution of its kinematics and the dimension (bottom). The right panel shows the in situ measured speed of CME substructures across their identified thickness (top) and the evolution of its size and expansion speed corresponding to different aspect ratios, compared with that measured from in situ observations near the Earth (bottom).

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NKR/PSM

(Release ID: 2097599) Visitor Counter : 46

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Asia-Pac: Prime Minister pays tributes to Mahatma Gandhi on his death anniversary

Source: Government of India (2)

Posted On: 30 JAN 2025 9:06AM by PIB Delhi

The Prime Minister Shri Narendra Modi today paid tribute to Mahatma Gandhi on his death anniversary. Shri Modi also paid tributes to all those martyred for our nation and recalled their service as well as sacrifices.

The Prime Minister posted on X;

“Tributes to Pujya Bapu on his Punya Tithi. His ideals motivate us to build a developed India. I also pay tributes to all those martyred for our nation and recall their service as well as sacrifices.”

Tributes to Pujya Bapu on his Punya Tithi. His ideals motivate us to build a developed India. I also pay tributes to all those martyred for our nation and recall their service as well as sacrifices.

— Narendra Modi (@narendramodi) January 30, 2025

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MJPS/ST

(Release ID: 2097511) Visitor Counter : 71

MIL OSI Asia Pacific News –

January 31, 2025
MIL-OSI Europe: EIB Group achieves record results in 2024, targets €95 billion in investments for 2025
Source: European Investment Bank
- The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024.
- A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability.
- There was a sharp increase in higher-risk activities, with a record €8 billion committed for equity and quasi-equity investment.
- Financing for security and defence projects doubled to €1 billion in 2024, with a further doubling planned in 2025.
The European Investment Bank (EIB) Group signed €89 billion in new financing last year. The Group made more investments than ever before to strengthen EU energy security, mobilising over €100 billion for projects in new and upgraded infrastructure such as grids and interconnectors, renewables, net-zero industries, efficiency and storage. Nearly 60% of the total financing supported the green transition, climate action and environmental sustainability.

Our preliminary results once again signal robust profitability. At the same time, higher-risk EIB operations to back Europe’s most innovative companies have sharply increased. A record €8 billion in equity and quasi-equity investment from the EIB and the European Investment Fund (EIF) is expected to mobilise €110 billion in growth capital for startups, scale-ups and European pioneers.

Eligible security and defence investment doubled in 2024, and the goal is to double this figure again this year. Furthermore, the EIB Group significantly extended its eligible investments in dual-use projects, which now include border protection, military mobility, de-mining and de-contamination, space, cybersecurity, anti-jamming equipment, seabed and critical infrastructure protection, research and development, and drones.

Looking ahead, the EIB Group plans to increase its overall investments to €95 billion in 2025, with flagship initiatives to support European tech champions and a dedicated TechEU programme, critical raw materials, water management, the energy efficiency of small and medium-sized companies, and a dedicated platform to promote sustainable and affordable housing.

In parallel with increasing its investment capacity and impact, the EIB Group is making significant progress in cutting red tape for clients and has shortened the time to market required to approve and deploy new investments. During 2024, it introduced simplified appraisal procedures covering more than 40% of its operations.

“We have broken records with our financing in 2024. We have made ourselves ready to support EU priorities in this new political mandate. And we will play an even more relevant role in 2025 – building on the excellent performance of the EIB Group to increase our impact, bolstering Europe’s security and competitiveness with strategic and ambitious investments,” said EIB Group President Nadia Calviño as she presented the annual operational results of the EIB Group in Brussels.

Making records

The EIB Group financing committed in 2024 is expected to power almost 15 million households with clean energy, create up to 1.5 million new jobs in Europe over the next few years, advance therapies against cancer, and help secure affordable housing from Croatia to Latvia.

In more detail, highlights from last year include:
- Stepped up higher-risk activities, expected to mobilise about €110 billion in new investments. This includes a record €7.2 billion of investments by the EIF in the equity funds ecosystem, and €1 billion in venture debt by the EIB.
- More than €14 billion in total investment deployed by the EIF to support Europe’s small businesses and innovators, including in 102 venture capital funds, such as a dedicated fund to back women-owned and gender-balanced startups in space and deep tech.
- A record €51 billion – around 60% of last year’s investments – to support the green transition, climate action and environmental sustainability, from the world’s first zero-emissions tyre factory in Romania to support for sustainable mobility in Valencia, keeping the EIB Group well on track to meet its target of supporting €1 trillion in climate and environmental sustainability investment in the critical decade to 2030.
- A record €31 billion to back EU energy security, including for efficiency, renewables, storage and electricity grids, which is expected to support over €100 billion in investment. Flagship initiatives include counter-guarantees to bolster European wind manufacturers, electric vehicle battery manufacturing in France and the Princess Elisabeth Island in Belgium. For grids and storage, financing rose to a record €8.5 billion, mobilising 40% of Europe’s total investment in that sector in 2024, including transmission network upgrades and interconnectors in Spain, Czechia and Germany.
- Support for eligible security and defence projects doubled to €1 billion, including the deployment of dual-use satellites in Poland, port upgrades to meet the needs of NATO vessels in Denmark and investment by the EIF in dedicated private investment funds. A further doubling of annual investments to €2 billion is expected this year.
- A record €38 billion to accelerate social and territorial cohesion, including credit lines for farmers in Romania, innovative startups in Greece and just transition projects in Estonia.
- The EIB Group has also provided financial support to boost climate resilience and adaptation from post-landslide reconstruction in Italy to recovery investments in European regions affected by devastating floods.
- With more than €2.2 billion disbursed since 2022, EIB Group investments in Ukraine are helping to repair schools, kindergartens and hospitals, upgrade transport and protect energy infrastructure, as well as support the private sector.
Beyond Ukraine, the EIB Group’s operations outside the European Union are supporting stability in the EU neighbourhood and partner countries on their path to EU membership, including with rail upgrades in countries such as Albania and Montenegro.

Supporting EU global priorities and helping strengthen Europe’s voice in the world, EIB Group financing also helps drought-stricken countries like Jordan to manage water supplies. Thanks to reinforced partnerships inside and outside the European Union, EIB investments are helping eliminate diseases like polio and support sustainable infrastructure around the world from Vietnam to India.

Ready for the challenges ahead

Under President Calviño, who took office in January 2024, the EIB Group has updated its internal policies and investment strategy to maximise impact and scale up support for shared European priorities.

Changes include:
- A Strategic Roadmap, aligned with EU policies and agreed by the EU 27 Member States (the EIB’s shareholders) to focus resources on impactful investment on eight core priorities.
- A revamped framework expanding the EIB Group’s activity in the areas of security and defence, with streamlined internal procedures and new partnerships with external stakeholders, such as the NATO Innovation Fund and the European Defence Agency.
- EIB governors approved the increase of the gearing ratio, an outdated limit on EIB Group’s investments.[1] This will enable the EIB Group to make the necessary strategic investments to deliver on EU policy goals while preserving its leverage and capital ratios.
- An action plan with building blocks for a deeper capital markets union.
- Actions and proposals to cut red tape, improve the usability of EU sustainability reporting rules and optimise the use of EU budget instruments.
- A stepped up time to market initiative to simplify internal processes and boost efficiency, enabling much faster approvals for new financing.
- An action plan to improve transparency, accountability and well-being in the workplace, including the appointment of an ombudsperson to swiftly address common workplace issues and improve the working environment.
More relevant than ever in 2025

Looking ahead, the EIB Group Operational Plan covers up to €95 billion in new investment in 2025, supported by the Group’s stellar credit rating and strong capital position.

New initiatives aligned with the priorities of the new European Commission expected to be rolled out in 2025 include:
- Maintaining a 60% green finance target.
- Scaling up support for leading technologies, including clean-tech, artificial intelligence, chips, high-performance and quantum computing, health sciences and medical technologies, and Europe’s cutting-edge industrial capacity.
- An exit platform to facilitate the listing of European scale-ups in EU markets or the acquisition of these promising innovators by European companies.
- An extension of the highly successful European Tech Champions Initiative (ETCI) as part of the broader goal to boost equity and venture debt investments to scale up Europe’s innovative startups.
- Further doubling of support for Europe’s security and defence industry
- A pan-European investment platform for affordable and sustainable housing, together with the European Commission and increased financing for the housing sector.
- Increasing investment for critical raw materials projects, such as the Keliber lithium production facility in Finland agreed last year.
- A dedicated water programme of about €4.5 billion to focus investment on flood resilience, and to address water scarcity amid intensifying droughts.
- New support for Europe’s farmers through agricultural insurance and other de-risking schemes, building on a €3 billion facility to improve access to financing for young farmers and women.
- A €2.5 billion programme to scale up energy efficiency investments by small and medium-sized companies so they can lower their CO₂ emissions and electricity bills.
EIB Group press conference on annual results

Background information

The EIB Group is the financing institution of the European Union owned by its Member States. It supports investment contributing toward EU policy goals, including sustainable growth, social and territorial cohesion, innovation and security. It finances its operations in global capital markets and has been consistently profitable in its operations since its inception. The EIB Group is the pioneer and one of the largest issuers of green bonds, while all of its operations are aligned with the Paris Climate Agreement.

[1] Subject to final approval by the Council of the European Union.
MIL OSI Europe News –
January 31, 2025
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 –

January 31, 2025
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 –

January 31, 2025
MIL-OSI Video: UK Baroness Hazarika: Lord Speaker’s Corner | House of Lords | Episode 25

Source: United Kingdom UK House of Lords (video statements)

From politics to comedy to campaigning against anti-social behaviour, broadcaster Ayesha Hazarika is the latest guest on Lord Speaker’s Corner.

Baroness Hazarika grew up in Coatbridge, Scotland and is the first person of Indian Assamese heritage to join the House of Lords. She rose to become a senior adviser to Labour figures including Harriet Harman and Ed Miliband, playing a crucial role preparing them for PMQs:

‘I think Prime Minister’s Questions gets a very bad rap, because it does often become quite Punch and Judy, but I think it’s a really important function of our democracy. There are not many democracies around the world where the principal politician in the land is called to the same spot week in, week out, and faces questions on any topic from any Member of Parliament across the country.’

In this episode, Baroness Hazarika talks about her unlikely career path from politics to stand-up comedy and broadcasting, and back to politics. She also explains to Lord McFall how she will use her new political platform to campaign against anti-social behaviour and crime:

‘I don’t like calling this low-level crime, because I don’t think it’s low-level crime. But I think this stuff is not easy, but the more we talk about it and the more we press government ministers, that puts the pressure on them to keep on keeping this a priority.’

Finally, Baroness Hazarika tells Lord McFall about receiving the phone call to offer her a place in the Lords, explaining ‘I really couldn’t believe it, because if you’re somebody like me from my background and you’ve loved politics your whole life, it’s a real honour to be asked to join the House of Lords for the party that you have served and the party you love.’

She shares that this wasn’t the first thought that went through her head though, saying ‘The person said, “I’m calling on behalf of Keir Starmer. This is really serious. Are you by yourself? I think you better sit down.” And the first thing I thought was, “Oh my goodness, what have I been saying on my social media? Am I about to get cancelled, or am I about to get suspended from the Labour Party? Have I said something terrible?’

See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

#HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers

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

MIL OSI Video –

January 31, 2025
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 –

January 30, 2025
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 –

January 30, 2025
MIL-Evening Report: Grattan on Friday: Dutton walks more softly on China, with election in mind

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

When Peter Dutton was asked this week whether a Coalition government would continue to foster trade relations with China, he declared unequivocally that “the relationship with China will be much stronger than it is under the Albanese government”.

Two points stood out: Dutton’s own positive rhetoric, and his apparent confidence about the future of Australia-China relations.

It’s not unusual for opposition leaders to undertake a makeover, to their person or policy, as an election approaches. Anthony Albanese lost weight and acquired new glasses. Earlier, he’d made Labor a small policy target.

Dutton is simultaneously attempting a softening on some fronts – while retaining the “hard man” image on others.

Mid-last year Dutton said: “I’m pro-China and the relationship that we have with them. I want that trading relationship to increase. […] We need to make sure we strengthen the trading relationship because there are many businesses here who rely on it. But we have to be realistic about working to keep peace […] we live in a very uncertain time. The Prime Minister also says that we live in the most precarious period since the Second World War, and he’s right, and we need to work hard at peace as well.”

Contrast Dutton as defence minister in 2021. “Does the Chinese government wish to occupy other countries? Not in my judgement. But they do see us as tributary states. And that surrender of sovereignty and abandonment of any adherence to the international rule of law is what our country has fought against since Federation.”

It’s not that Dutton has changed his views on China. Rather, he’s camouflaged them with a softer tone, and in what he chooses to emphasise. Of course circumstances have changed – Australia now has a much better relationship with China. But significantly, Dutton needs to appeal to the local Chinese-Australian voters.

At the 2022 election, the Liberals took a big hit among voters of Chinese heritage.

The party’s review of its election performance, undertaken by former party director Brian Loughnane and frontbencher Jane Hume, said: “In the top 15 seats by Chinese ancestry the swing against the Party (on a 2PP basis) was 6.6%, compared to 3.7% in other seats. There are more than 1.2 million people of Chinese heritage living in Australia today. Rebuilding the Party’s relationship with the Chinese community must be a priority during this term of Parliament.”

Marginal Labor seats that are targets for the Liberals, where the Chinese vote is significant, include Reid and Bennelong in NSW and Chisholm and Aston in Victoria.

Dutton (and the PM) will attend a Lunar New Year celebration in Box Hill in Melbourne this weekend.

It’s notable that David Coleman, named by Dutton last weekend as the opposition’s new spokesman on foreign affairs, has worked extensively with the Chinese community. One of the contenders for the post was the high-performing James Paterson. There may have been stronger arguments for keeping Paterson in home affairs, but his very hawkish stand on China might have been in the mix.

Talking up the positive side of the Coalition’s record on China, Dutton harked back to the signing of the free trade agreement under the Abbott government, and said “we want there to be mutual respect in the relationship”.

Over its years in government the Coalition’s relationship with China has varied between pragmatic friendship and suspicious negativity. After relatively smooth sailing in the Abbott period, things soured when the Turnbull government called China out over foreign interference, introducing legislation, and banned Huawei from the 5G network. Then relations plunged dramatically when the Morrison government demanded an inquiry into the origins and handling of the outbreak of COVID in Wuhan.

Despite Dutton’s confidence, it’s more than possible that managing the China relationship after the election could be trickier than it has been during this one, no matter who is in power.

The Albanese government can claim the greatly-improved bilateral relationship as one of its major foreign policy achievements. China has brought Australia out of the deep freeze, lifting the $20 billion worth of trade barriers it had imposed. Dialogue and ministerial exchanges have resumed. Anthony Albanese has been welcomed in China.

But this week’s speculation relating to the new Chinese artificial intelligence platform DeepSeek is just the latest reminder of perennial security suspicions about the penetration of Chinese technology.(Incidentally, Dutton has an account on the Chinese-owned TikTok – despite it being banned from official government devices – in part to engage with the local Chinese community, as well as with younger people generally.)

Australia’s minerals industry is potentially vulnerable to Chinese displeasure. The Senate in the next fortnight will consider the government’s Future Made in Australia legislation, that provides a tax incentive for processing critical minerals. The Chinese have a global stranglehold on this processing – and have shown a willingness to weaponise it, for example against Japan. China’s multi-billion dollar funding of nickel processing in Indonesia has had a dire impact on producers here in Australia.

The change of government in Australia certainly facilitated the improvement in the bilateral relationship, but that improvement was also strongly driven by China’s own interests. Similarly, the future of the relationship is more in China’s hands than in Australia’s.

China expert Richard McGregor, from the Lowy Institute, says:“ Relations with China are inherently volatile.

“The day-by-day relationships have returned to a degree of normality. But all of the structural stresses which created antagonism are still there.”

These include China’s “military assertiveness in the region, competition between the US and China, Australia’s concern about foreign interference and hacking, China’s efforts to build their power in the Pacific at the expense of Australia. None of that has gone away,” McGregor says. The single biggest change of recent years “is that “China has become much more powerful and is far more willing to throw its weight around”.

Separate to any hiccups in the bilateral relationship, Australia could find itself caught in the crossfire if there is a serious deterioration in the US-China relationship under Donald Trump – notably if his tariff policy leads to a trade war. Simon Jackman, from the University of Sydney, warns that if US policy hit the (already struggling) Chinese economy, that would affect Australian exporters.

“US tariffs or import bans that slowed China’s economy would cause some short to medium headaches for Australian exporters,” Jackman says. “As in Trump Mark 1 and COVID, Australian export industries would find themselves looking for opportunities elsewhere, if global supply chains had to re-equilibrate in response to an upheaval in the US-China trade relationship.”

Ironically, the earlier search for diversified markets when the Chinese imposed their restrictions on Australian producers would have helped prepare exporters for such a contingency.

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

– ref. Grattan on Friday: Dutton walks more softly on China, with election in mind – https://theconversation.com/grattan-on-friday-dutton-walks-more-softly-on-china-with-election-in-mind-248561

MIL OSI Analysis – EveningReport.nz –

January 30, 2025
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.

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MIL OSI NGO –

January 30, 2025
MIL-OSI Australia: Doorstop interview, Shellharbour

Source: Australian Treasurer

Stephen Jones:

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

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

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

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

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

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

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

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

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

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

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

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

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

Journalist:

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

Jones:

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

Journalist:

What achievements are you most proud of Stephen?

Jones:

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

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

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

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

Journalist:

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

Jones:

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

Journalist:

Are you confident that Whitlam will remain Labor heartland?

Jones:

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

Journalist:

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

Jones:

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

Journalist:

Are you going to remain here?

Jones:

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

Journalist:

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

Jones:

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

Journalist:

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

Jones:

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

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

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

Journalist:

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

Jones:

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

Journalist:

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

Jones:

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

MIL OSI News –

January 30, 2025

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

Source: Securelist – Kaspersky

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

Introduction

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

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

Our findings, in a nutshell, are as follows:

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

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

Technical details

Background

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

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

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

Overview of the Tria Stealer campaign

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

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

Delivery method

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

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

First-time execution

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

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

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

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

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

Building the required strings before sending them to the bot

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

Sending messages to the bot

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

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

Main activity

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

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

android.permission.READ_SMS;
android.permission.RECEIVE_SMS;
android.permission.INTERNET;
android.permission.ACCESS_NETWORK_STATE;
android.permission.READ_PHONE_STATE;
android.permission.READ_CALL_LOG;
android.permission.SYSTEM_ALERT_WINDOW;
android.permission.WAKE_LOCK;
android.permission.RECEIVE_BOOT_COMPLETED;
android.permission.FOREGROUND_SERVICE.

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

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

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

Building strings indicating the malicious app is opened

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

SMS and call monitor

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

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

Building strings for retrieving SMS content

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

App messages and mail stealer

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

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

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

onNotificationPosted function

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

Building a message to be sent to the bot

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

Account takeover

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

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

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

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

Attribution

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

Victimology

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

Different campaign from UdangaSteal

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

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

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

Conclusion

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

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

Indicator of Compromises

Tria Stealer

File hashes

Telegram bots

7112694573:AAFHHrDEy-iwmlyYB7JZDXS6iwCFq6NMkEc	adffg_404bot
7081364304:AAG6FcxeZtkc98RlhjLXnP2LDMG4DEy9C6s	Beinfooo_bot
6544439978:AAE0uKQog9_ncKNsmlgQuoz8jSmahQZ1X2M	bosinfooo_bot
7462160646:AAELOVCtGCZP6bN3j-2n13BFj1-m2X0csCg	bukanspamhuy_bot
6638550564:AAGalDVGRDkstOZ03vpl3nTUn6g0qYnHSJk	Dalllez77_bot
7048703894:AAFA64ghS6hE3H96SyMLz_7nplj7beTn6kM	demo_hey_bot
6460021704:AAEqy8oTs2aFCBf6Z1_4oeSVSeRuHkf8BJc	dmspmbot
7182267203:AAFnGr0m9lAgsrvxrKyMNwykdwBx3GES3g4	EmpatLima454545_Bot
7183780742:AAFyUu_yFQ7WzspK_tPe_oTEtqeBbuzeVQs	Erorrrrr_bot
7004348743:AAFjC2fdmkdlobDOS_CDs-4zlLdcM4ZLIU4	geeeeyl_bot
7155428051:AAGo5mBcUNlv5GXesDomY0kmICv57QK5Gdc	Ma7ko_bot
6997362162:AAGq-yxpaI7ciRwMovIEfq_vKRiERtL9h_c	Mr_Boy999_bot
7427152480:AAGdMhWSn6lkLur6qlG0N6q92i0PFvcaiN8	newsinfohuy_bot
7428836801:AAEhvj2eEKUjH5Rg76sr02tm6ubgqmpVXNA	okeetessuc_bot
6663431103:AAEJYxnkOaaSD0yuLjll49B3UUlHsr0T35A	tcausmytc_bot
7245598298:AAHcn9EndJ-peGQD6a4wBNXhx9HaYmXDGoA	tcththsatu_bot
6971388615:AAHEFDoHF3E6CdbAWgC6dg6wYg741RRWXAw	venitcuc_bot
7123651826:AAGYmP8pUZUzqshR-oOQndFM-u25A7F5ams	Wa86_bot
7052659548:AAEAiHIDq_Wtr0sy9DSUlx2Zi4Rp2PaEGhA	weachatt_bot
6373705951:AAHgGVw_OXvXbuZHFAQNlWiARRETgRuRYU4	Weheebot
7081353385:AAFxw7UkQUiJPhJ-h4Nk2ZV02_JVcsiy-8U	workinghus_bot
6931159844:AAF2DDIwXvWyvLbOKtuptPfE__AW_QbAAgc	Xin69999_bot
7127627140:AAHu-WX7jnhIIDI7Qv21omXALAV4DJ-sa2Y	heyt077_bot
7231091758:AAHEo7QNythFlHOa6s_gpSDzvb1oVYEMM5M	Heyt378_bot
7545156259:AAGILcWHcP6MiYgEmRCZbm3-Sh2UwP2CPJw	Bijiontameledak_bot
7362820488:AAEaoqD6ZObICBdNU9Ih_RoAggFWXPnAwnc	Heysatu_bot
7339265971:AAFp_alNY0L6BXrNo_BX6W15SSloZ5XgBaU	heyt721_bot
7452580223:AAHLvKsBrhbzyjvF2mK6Ac4X67n1rhBFYt8	heyapp721_bot
7270774627:AAEe7BnL1hGMr83Dn-wy1lwMX-x1d_d_ZXo	Heywhatssatu_bot
7387092110:AAHBMveHZERcyzu9tw4Bh8__f0PmRjRmph4	Heyapp378_bot
6457485799:AAF_5mQnxoeIRqzK3B3PPv_gFcM5-g8T2cY	Fash66kkkkkkk_bot
6765461490:AAEJR-V_QAPlAMvGy3ELM9V0hVs1IcDjIk0	Hehahaahahbotfash_bot

UdangaSteal

File hashes

daa30cd6699c187bb891448b89be1340
162ed054914a8c71ad02126693c40997
9698fa3e7e64272ff79c057e3b8be5d8
9a0147d4c9d6ed3be82825ce35fdb4ee
e4da1332303b93f11d40787f7a79b917
4ff2572a40300c0cce4327ec34259902

MIL OSI Economics –

January 30, 2025

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

Source: Hong Kong Information Services

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

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

MIL OSI Asia Pacific News –

January 30, 2025

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.

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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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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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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

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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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.

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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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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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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.

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

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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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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”.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 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.

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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.

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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).

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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”.

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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.

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders	16,093	19,359
113	100	62	Income/(loss) attributable to non-controlling interest	427	277
1,041	4,391	536	Income/(loss) for the period	16,521	19,636
			Current cost of supplies adjustment:
(84)	668	1,089	Purchases	389	815
23	(162)	(263)	Taxation	(91)	(203)
9	(2)	19	Share of profit/(loss) of joint ventures and associates	(26)	33
(52)	503	846	Current cost of supplies adjustment	272	645
			Of which:
(45)	477	811	Attributable to Shell plc shareholders	257	650
(7)	26	34	Attributable to non-controlling interest	14	(5)
989	4,894	1,381	CCS earnings	16,792	20,281
			Of which:
883	4,768	1,285	CCS earnings attributable to Shell plc shareholders	16,351	20,008
106	126	97	CCS earnings attributable to non-controlling interest	442	273



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
5,839	6,138	6,807	Production and manufacturing expenses	23,379	25,240
3,231	3,139	3,621	Selling, distribution and administrative expenses	12,439	13,433
331	294	469	Research and development	1,099	1,287
9,401	9,570	10,897	Operating expenses	36,918	39,960

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

11,630

12,015

9,931

Current debt

11,630

9,931

65,448

64,597

71,610

Non-current debt

65,448

71,610

77,078

76,613

81,541

Total debt

77,078

81,541

4. Earnings per share



EARNINGS PER SHARE
Quarters				Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders ($ million)	16,093	19,359

			Weighted average number of shares used as the basis for determining:
6,148.4	6,256.5	6,558.3	Basic earnings per share (million)	6,299.6	6,733.5
6,213.9	6,320.9	6,631.1	Diluted earnings per share (million)	6,363.7	6,799.8

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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

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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



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

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

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

8. Other notes to the unaudited Condensed Consolidated Financial Statements

Consolidated Statement of Income

Interest and other income



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

Depreciation, depletion and amortisation



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

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

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

assets in Marketing and Chemicals and Products.

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

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

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

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

3,164

2,879

1,099

Taxation charge/(credit)

13,401

12,991

Of which:

3,125

2,834

1,099

Income tax excluding Pillar Two income tax

13,150

12,991

—

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

(7)

(Gain)/loss reclassified to profit or loss

1,256

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.

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

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

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

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

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

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

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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 –

January 30, 2025

MIL-OSI: STMicroelectronics Supervisory Board to propose new member at 2025 AGM
Source: GlobeNewswire (MIL-OSI)

PR No: C3310C

STMicroelectronics Supervisory Board to propose new member at 2025 AGM

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

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

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

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

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

Attachment
- CC3310C_New SB member proposed 30jan2025
The MIL Network –
January 30, 2025

MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹30,000 crore on January 31, 2025

Source: Reserve Bank of India

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on January 31, 2025 (Friday).

As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	MUC amount per PD	Minimum bidding commitment per PD under ACU auction
6.79% GS 2031	10,000	239	239
6.79% GOI SGrB 2034	5,000	120	120
7.34% GS 2064	15,000	358	358

The underwriting auction will be conducted through multiple price-based method on January 31, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2037

MIL OSI Economics –

January 30, 2025

MIL-OSI Economics: Regeneration of Jakarta: Enhancing the Livelihood of People and the Value of State Assets

Source: Asia Development Bank

Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

About ADBI

The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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MIL OSI Economics –

January 30, 2025
MIL-OSI China: Solomon Islands wishes to elevate bilateral relationship with China in new year: PM

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

Solomon Islands wishes to elevate bilateral relationship with China in new year: PM

SYDNEY, Jan. 28 — The Solomon Islands’ Prime Minister Jeremiah Manele has extended his warm greetings and best wishes to the Chinese people as they celebrate the Chinese New Year, saying he wishes that the two countries would elevate their relationship to new heights in the Year of the Snake.

“Xinnian kuaile!” Manele began his mostly English pre-recorded video with the Chinese greeting of Happy New Year.

The Year of the Snake symbolizes or signifies a time of transformation, growth and retrospection, Manele said.

“The Solomon Islands values its bilateral relationship with the People’s Republic of China,” the prime minister said.

Since the establishment of diplomatic ties between China and the Solomon Islands in 2019, the two countries have achieved fruitful results in cooperation in many fields, including people-to-people exchanges, trade, health, security, and infrastructure developments, Manele said.

The Solomon Islands is “profoundly honored and privileged” to have a comprehensive strategic partnership with China, he said.

“Wanshi ruyi,” Manele concluded his video speech, again with a popular Chinese New Year greeting, which means “may everything go as you wish.”

MIL OSI China News –

January 30, 2025

Category: Asia

‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra SinghHighlights Modi’s ‘ Maximum governance, minimum government ‘ mantra;

Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)Ministry of Rural Development sanctions 27 roads measuring 50.13 km of roads with an estimated investment of Rs. 50.35 crore

Misplaced panic

The way forward

Misplaced panic

The way forward

1. Noma

2. Schistosomiasis

3. Visceral leishmaniasis

4. Sleeping sickness

MSF appeals for humanitarian access in Goma as casualties seek medical care

Destruction of life and homes leaves people unable to return safely to Rafah

Three questions on the intensification of the armed conflict in North and South Kivu

Introduction

Technical details

Background

Delivery method

First-time execution

Main activity

SMS and call monitor

App messages and mail stealer

Account takeover

Attribution

Victimology

Different campaign from UdangaSteal

Conclusion

Indicator of Compromises

Tria Stealer

File hashes

Telegram bots

UdangaSteal

File hashes

About ADBI

ADBI News

‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Highlights Modi’s ‘ Maximum governance, minimum government ‘ mantra;

Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Ministry of Rural Development sanctions 27 roads measuring 50.13 km of roads with an estimated investment of Rs. 50.35 crore