Australia – Page 432 – NewzIntel.com

MIL-OSI Global: Australia’s social media ban shows how extreme the technology debate has become – there’s a better way

Source: The Conversation – UK – By James Conroy, Professor of Religious and Philosophical Education and Vice Principal, Internationalisation, University of Glasgow

Miyao/Shutterstock

The recent decision by the Australian government to introduce a ban on social media for under-16s has been received with both praise and condemnation.

Those who approve of the proposal tend to consider that children are being exploited by egregious levels of exposure to this technology. Opponents of the ban argue that it is not proportionate to the potential harms of denying young people appropriate access to what have become integral features of everyday existence.

This somewhat adversarial situation falls prey to the twin perils of fatalism and
disasterism. It characterises the wider conversation about how we engage with the digital world. Here, fatalism signifies a weary resignation and disasterism suggests that we are all going to hell in a handcart. More specifically, these impulses impinge directly on school policy making and practice.

In our Economic and Social Research Council funded research project, Teaching for Digital Citizenship, my colleagues and I have sought to uncover more nuanced accounts of how young people engage with technology by collaborating with them.

The students in our study pointed us away from an adversarial framing of the issue and towards the need to foster more traditional forms of democratic thought. These practices draw on a robust tradition of what’s known as education for citizenship. That is, teaching students how to be active, thoughtful and informed citizens in a democratic society.

Such a robust notion of education for citizenship has been championed by a range of thinkers. Most notably, the British political theorist Bernard Crick in the 1990s and the educational thinker Lawrence Stenhouse in the 1970s. They both offered ideas about educational practices that rely not on the technology, nor on corporations, but on older “analogue” traditions of critical thought and engagement in subjects.

The students in our project expressed anxiety and sometimes guilt that they had spent too much time on their apps. By their own estimation, they were using apps for about eight hours a day. They told us that they were working on self discipline, but struggled to maintain these habits.

Proactively, the students’ response to their own growing awareness of the grip that their apps had over their time was to try to engage in more analogue study activities, such as reading books. But they were concerned to discover that their capacity for reading was limited. Some observed that they found it challenging to read more than five pages.

This is not to suggest that there are only downsides to being immersed in digital life. Many students suggested that there were also huge benefits. For example, they reported that gaming helped them acquire new skills and perspective.

These examples illustrate the ambiguities of social media apps and their effect on those of school age.

Ambiguous effects

In many countries, schools are required to provide remedies for a whole range of social ills – and often in a manner that is of questionable relevance to the purpose of education.

In his Ruskin Speech in 1976, former British prime minister James Callaghan asked whether education should be more aligned with the needs of industry, especially in providing the skills for employment. Since then, education in the UK, as elsewhere, has slowly moved away from how we should live, and towards how we are to make our living.

Today, educators accept that young people, along with the rest of us, will spend their lives entangled in a complex digital world. The task of education should therefore primarily be to act as a productive space in which students can critically reflect upon, and form judgments about that world.

Australian prime minister Anthony Albanese said the country’s ban would reduce the
Juergen Nowak / Shutterstock

Our research project engaged representatives from a variety of different sectors, including big tech companies, policymakers, teachers and ethicists. We also carried out an extensive survey, which highlighted that online safety and harm prevention should be prioritised within schools.

Our insights underscore the importance of recognising and reinforcing education as a way of reflecting on the way we live – and an opportunity for providing critical distance from the dilemmas of our everyday lives. The ban on social media in Australia, or indeed on any technology, therefore misses a key consideration about the purpose of education.

As has been seen under governments that have restricted the internet, banning technology rather than securing students’ safety may only serve to heighten the allure of that technology. Indeed, in our discussions with the students, they frequently reported their ability to deploy virtual private networks to circumvent their schools’ firewalls.

In November, Australian communications minister, Michelle Rowland, claimed that “there is wide acknowledgment that something must be done in the immediate term to help prevent young teens and children from being exposed to streams of content, unfiltered and infinite”.

I believe that this misunderstands both the problem and the solution. The actual problem is not that the content is “unfiltered and infinite”. It’s that it is highly curated to serve the profit-making objectives of tech corporations, and not the interests of children.

The solution, then, is not to banish the problem but to address it. Education in the digital age needs to be re-imagined as a vibrant way to reflect and critique the ways we live our lives.

James Conroy 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. Australia’s social media ban shows how extreme the technology debate has become – there’s a better way – https://theconversation.com/australias-social-media-ban-shows-how-extreme-the-technology-debate-has-become-theres-a-better-way-245123

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI Asia-Pac: Boundless future awaits: CE

Source: Hong Kong Information Services

Chief Executive John Lee

I am delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let us remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future.

I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

My thanks to HSBC (The Hongkong & Shanghai Banking Corporation) for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow.

Chief Executive John Lee gave these remarks at the 2025 Hong Kong Chinese New Year Fireworks Display on January 30.

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Global: Art, music and science combine at a new whale exhibition at Winchester Cathedral

Source: The Conversation – UK – By Ryan Reisinger, Associate Professor in Marine Biology and Ecology, University of Southampton

University of Southampton, CC BY-NC-ND

The nave of Winchester Cathedral in Hampshire is, until February 26 2025, home to three monumental ambassadors from the sea, sculpted by artist Tessa Campbell Fraser.

In Campbell Fraser’s immersive art installation, three sculpted sperm whales (the largest of the toothed whales), hang from the cathedral ceiling. Toothed whales have teeth instead of the keratinous baleen that blue whales and others use to feed on tiny animals, such as krill. Sperm whales, which feed mainly on squid, are the largest predators alive today.

Their ecology is strange, but impressive. They are socially sophisticated, massive-brained, far-wandering, deep-diving and loud. Sperm whale clicks are the loudest biologically produced sound ever recorded.

Whales use these strange vocalisations to echolocate as they hunt for prey and to communicate to each other. In this installation, Campbell Fraser has creatively employed sperm whale clicks to vibrate paint on the banners that hang alongside the whales in the cathedral, serving as a visual representation of sperm whale “codas”. These repetitive patterns of clicks, lasting a few seconds, have intrigued researchers since they were first recorded off North Carolina, US, in the 1950s.

We now know that groups of sperm whales are organised into “vocal clans” based on unique coda repertoires. These whale call signatures have probably been learned culturally, but scientists are yet to understand what they mean.

While carrying out her research, Fraser Campbell referenced a multidisciplinary research collaboration that’s seeking to translate whale calls using artificial intelligence. Already, that project has discovered that sperm whale codas are far more complex than previously thought.

The three whale sculptures (which are between three and five metres long) are made, in part, from “ghost gear” – this is abandoned, lost, and discarded fishing gear, collected at sea by British charity Ghost Fishing UK. Floating ghost gear, which includes fishing nets, can kill or entangle marine life such as whales.

At the opening of the exhibition, Campbell Fraser recounted reports of stranded sperm whales whose stomachs were filled with plastic debris. One sperm whale that was found dead in Pas-de-Calais, France, had 25kg of debris, including nets and rope, in its stomach.

Despite this lethal backstory, Fraser Campbell’s method of construction gives the whales an ephemerality and lightness. This seems at odds with their mass in real life, for sperm whales can weigh 45 tonnes, but it is apt considering they are nearly weightless in water. This has allowed baleen whales to evolve such massive bodies. Blue whales are the largest animals to have ever lived, despite feeding almost exclusively on tiny krill.

These three sperm whales are on exhibition until 26 February 2025.
The University of Southampton., CC BY-NC-ND

Using netting in these sculptures represents, on one level, the increasing effects of humans on the ocean and whales. On another level, it hints at the long entanglement between human history and whales. Our spiritual, cultural and intellectual links with whales are represented through rich intersections of art and science.

One famous literary example is the 1851 novel Moby Dick by Herman Melville, which artfully weaved descriptions of whale biology with the human story of pre-industrial whaling. This theme is also explored by our colleague Philip Hoare in his book Leviathan (2009).

Unfortunately, people have negative effects on the oceans. The consequences of pollution, overfishing and climate change are widespread and increasing. Even in the furthest corners of the sea, whales may encounter humans or be affected by our influence, through climate change, noise and plastic pollution.

Our research has shown how whale foraging areas in the remote western Antarctic peninsula overlap with an increasing fishery for Antarctic krill which now requires urgent and careful management to ensure its sustainability for people and whales.

Through an unprecedented compilation of over 1,000 tracks from eight whale species globally, we have produced a world-first map of “whale superhighways” – the blue corridors whales use as they migrate across oceans. This map also highlights how these extensive migrations expose whales to a mosaic of threats at various scales. As a result, protecting whales requires coordinated effort at local and global scales.

The art of acoustics

Of course, scale is a key consideration in the design of cathedrals. Winchester is a particularly fine example – at 170m, it is the longest medieval cathedral in the world.

On February 6, four composer-performers from the University of Southampton’s department of music will perform a specially commissioned, site-specific piece called Echolocations. The music will approach this intersection of art and scientific research from another angle, in part by responding to the expansive acoustics of the cathedral.

Vocalist Liz Gre and pianist Ben Oliver, with live electronics performed by Pablo Galaz and Drew Crawford, will work with this acoustic to evoke the vast aquatic distances across which whales communicate. And inspired by the ghost netting in Fraser Campbell’s sculptures, the music will address the threat that ongoing human activities are having on marine ecosystems via noise pollution.

We are polluting the oceans with plastic and sonic garbage. It sometimes seems we will be incapable of action until whale song ends up a digitally rendered collective memory.

But this performance inspires the same qualities of imagination that enable us to conceive of building the gothic medieval wonder of the cathedral’s nave, conquer oceans to build global trade networks, mine the ocean floor and use machine learning to understand whale song. This level of imagination will be vital in creating a new set of sustainable relations with the rest of the planet.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

Ryan Reisinger receives funding from WWF and the UK Government through Darwin Plus.

Drew Crawford 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. Art, music and science combine at a new whale exhibition at Winchester Cathedral – https://theconversation.com/art-music-and-science-combine-at-a-new-whale-exhibition-at-winchester-cathedral-248024

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI United Kingdom: Committee to consider proposals early engagement on possible Visitor Levy

Source: Scotland – City of Perth

The Council’s Economy and Infrastructure Committee will next week be asked for approval to begin early engagement on the possibility of a Perth and Kinross Visitor Levy Scheme, with a view to allowing elected members to make a decision informed by local feedback at the end of this year.

The Visitor Levy (Scotland) Act 2024 grants local authorities the power to introduce a levy on overnight accommodation, with the funds raised reinvested locally to enhance the visitor experience.

While a scheme like this could create significant opportunities for local investment, Councillor Eric Drysdale, Convener of Economy and Infrastructure, explained the importance of first listening to residents and leaders in the tourism industry locally.

Councillor Drysdale said: “It’s really important to be clear that the question to committee next week is not about whether or not to introduce a Visitor Levy Scheme, it’s about getting the support to start speaking to those most affected about what would need to be taken into consideration. The feedback from this early engagement is essential to make sure that we are able to make an informed decision before committing to the approach in Perth and Kinross.”

Tourism is a significant part of the Perth and Kinross economy, but with high visitor numbers there is also an impact on our local communities.

Councillor Drysdale added: “While visitors bring significant benefits to our local economy, there are also associated costs. The Council introduced the Visitor Rangers service because we recognised that investment was needed to support responsible tourism, and minimise the impact of visitors on our year-round residents.

“With growing demands for critical services to protect health and social care, support pupils with additional support needs, and tackle poverty, we have a duty to explore any opportunities for additional sources of income which can be invested to support growing our visitor economy. That would then allow core funding to be focused on the services which are needed by the most vulnerable people in our communities.”

If approved by committee the early engagement process will last between 6 and 10 months. A full report from the feedback received, along with a draft Visitor Levy Scheme developed during the engagement, would then be presented to councillors in December 2025 to consider whether or not to proceed with introducing a scheme. If approved in December, a statutory consultation period of 12 weeks and then an 18-month implementation would follow. As a result, the earliest possible date for a scheme being introduced would be Summer 2027.

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI: Foresight Reports Full Year and Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

WINNEBAGO, Ill., Jan. 30, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income $12.66 million for the year ended December 31, 2024, a $1.89 million decrease compared to the $14.55 million reported for 2023. Diluted Earnings per Share (EPS) decreased 12% to $3.59 compared to $4.08 the prior year. The results for 2024 produced a Return on Average Equity of 8.66% and Return on Average Assets (ROAA) of 0.79%. The net income in comparison to the prior year was largely the result of an increase in operating expenses.

Net income for the fourth quarter of 2024 equaled $2.49 million, a $4.24 million decrease from the $6.73 million reported in the fourth quarter of 2023. The decrease was primarily due to a $4.04 million increase in the provision for loans losses, reflecting a $3.37 million negative provision in the fourth quarter of 2023. Diluted earnings per share for the fourth quarter of 2024 was $0.69 compared to $1.83 for the fourth quarter of 2023.

Net interest income for the full year 2024 decreased by $283 thousand to $48.99 million as compared to $49.27 million the year before. The net interest margin on a fully taxable equivalent basis decreased nine basis points to 3.25% compared to 3.34% in 2023. The inverted yield curve, which persisted throughout 2024, continued to drive up deposit costs, with limited opportunities to increase yields on earning assets, which are typically priced off of longer-term points of the yield curve.

The provision for loan losses for 2024 of $1.05 million was $54 thousand less than the prior year provision of $1.10 million. Foresight’s asset quality remains strong. Non-performing assets of the Company as of December 31, 2024, was $28.41 million compared to $24.33 million the previous quarter and $16.05 million at the end of 2023.

Noninterest income for the full year 2024 was $7.25 million, a $393 thousand decrease from $7.64 million the year before. The decrease from 2023 was primarily the result of a $438 thousand negative fair value adjustment to the Company’s Originated Mortgage Servicing Rights, which are carried at fair value.

Operating expenses for 2024 totaled $38.96 million, a $2.27 million, or 6.2%, increase over $36.69 million in 2023. The increase in operating expenses was largely driven by an increase in salary and employee benefits related to the addition of the Rockford based banking team as announced earlier in 2024, additional staffing to support our expanded treasury management services initiative, data processing fees related to our digital platform conversion, as well as legal and consulting fees related to our charter consolidation project which is expected to be fully implemented by Q4 2025.

Foresight’s balance sheet experienced modest growth during 2024. Total loans grew by $31.57 million, or 3%, to $1.12 billion at December 31, 2024 compared to $1.08 billion at the end of the previous year. Total deposits increased by $43.15 million, or 3.2%, to $1.40 billion at the end of 2024 compared to $1.36 billion at the end of 2023.

Foresight CEO Peter Q. Morrison stated “2024 was a year of exciting changes for the organization including the addition of the Rockford banking team as well as the announcement of the charter consolidation initiative. We anticipate the legal consolidation to occur in the second quarter of 2025 followed by the conversions to a single data processing platform to be layered in between August and October of 2025. When fully implemented, the consolidation will provide significant savings via the reduction of duplicative operational expenses and well as efficiencies gained by operating under one functional banking platform rather than six, all of which are expected to be accretive to shareholder return.”

The closing price for the Company’s stock was $32.92, as of close of business January 27, 2025. Book value per share of the Company’s common stock increased by $2.51 to $42.59 as of December 31, 2024 compared to $40.08 as of December 31, 2023. The book value per share of common stock, excluding Accumulated Other Comprehensive Income was $51.83 at December 31, 2024 compared to $49.38 at the end of 2023.

About Foresight Financial

Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

Forward-Looking Statements

When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

FOR INFORMATION CONTACT:

Peter Morrison President & CEO (815) 847-7500		Todd James Chief Financial Officer (815) 847-7500

The MIL Network –

January 31, 2025

MIL-OSI Australia: $1.5 million for extended Flying-Fox Roost Management—Local Government Grant Program

Source: Government of Queensland

Issued: 30 Jan 2025

Seven Queensland local governments will receive funding under the latest round of Queensland’s Flying-Fox Roost Management—Local Government Grant Program.
The councils will receive a total of $250,000 for nine separate flying-fox roost management projects.
Originally a four-year $2 million initiative ending in 2024, the grant program has been allocated an additional $1.5 million to extend it for a further three years.

Local communities are the winners with Queensland councils continuing to receive funding to reduce nuisance from flying-fox roosts and for projects helping residents and businesses co-exist with flying-foxes.

Originally a four-year $2 million initiative, ending in 2024, the Flying-Fox Roost Management – Local Government Grant Program has received an extra $1.5 million to extend it for a further three years.

The latest round of the program will see seven Queensland councils receive a total of $250,000, for nine flying-fox roost management projects.

Department of the Environment, Tourism, Science and Innovation (DETSI) Deputy Director-General Mr Ben Klaassen said councils will use the funding for projects to prepare roost management plans, undertake roost management activities and for programs to make it easier for residents to live near flying-fox roosts.

“Flying-foxes are essential for the survival of native forests but they can also pose significant challenges for councils that have roosts in parks and reserves in urban areas,” Mr Klaassen said.

“The new funding will help councils address these challenges and reduce the nuisance impacts of flying-fox roosts on nearby communities”

DETSI is working closely with the Local Government Association of Queensland to ensure funds are targeted to the areas of greatest need.

Scenic Rim Regional Council Mayor Tom Sharp said earlier funding received through this program helped develop Council’s “Scenic Rim Flying-Fox Management Strategy 2023–2028” to reduce negative interaction between flying-foxes and residents, while acknowledging their status as protected species.

“We are delighted to receive further funding through this latest grant round which will support ‘on ground’ management action under the strategy,” Cr Sharp said.

View more information on flying-foxes.

Funds have been allocated to:

Logan City Council: $16,120 to develop management plans for two flying-fox roosts
City of Gold Coast: $29,826 for vegetation management at two roosts and $6,540 to update Council’s ‘Statement of Management Intent’ for flying-fox roosts
Mount Isa Regional Council: $38,500 to develop a region-wide roost management plan
Sunshine Coast Regional Council: $34,397 to develop a region-wide roost management plan
Scenic Rim Council: $45,500 for roost management actions at Rathdowney and $25,550 for roost management actions at Canungra
Ipswich City Council: $16,500 to enhance a flying-fox roost at Woodend through weed management and understorey planting which will increase the heat stress resilience of the roost
Whitsunday Regional Council: $42,000 for a residents’ grant program.

The next round of the grant program will open for applications in early 2025.

MIL OSI News –

January 31, 2025

MIL-OSI: Global Drug Screening Market Is Forecasted to Reach $19.5 Billion By 2029

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Due to the expanding consumption of illicit drugs & alcohol across the globe the Drug Screening market is poised to grow substantially in the coming years. Drug abuse and alcohol consumption are growing worldwide. According to the World Drug Report 2023, in 2021, 1 in every 17 people aged 15–64 in the world had used a drug in the past 12 months. The number of users grew from 240 million in 2011 to 296 million in 2021 or 5.8% of the global population aged 15-64. This is a 23% increase, partly due to population growth. Other drugs like Cannabis the second most used drug, with an estimated 219 million users i.e. 4.3% of the global adult population in 2021. In 2021, according to the US Department of Transportation, National Highway Traffic Safety Administration (NHTSA), 13,384 people died in alcohol-impaired driving crashes, i.e. a 14% rise from last year. A report from MarketsAndMarkets projected that: “The global drug screening market, valued at US$7.7 billion in 2023, is forecasted to grow at a robust CAGR of 16.6%, reaching US$9.1 billion in 2024 and an impressive US$19.5 billion by 2029.North America dominates the drug screening market. This market is projected to reach USD 9.3 billion by 2029, at a CAGR of 16.4% during the forecast period. The expanding consumption of illicit drugs & alcohol will advance raise the development of drug screening products & services on the road, thereby driving the overall market growth.” Active companies in news today include: Intelligent Bio Solutions Inc. (NASDAQ: INBS), Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO), bioAffinity Technologies, Inc. (NASDAQ: BIAF), Trinity Biotech plc (NASDAQ: TRIB), SOBR Safe, Inc. (NASDAQ: SOBR).

The MarketsAndMarkets report said: “The growth of the drug screening market is driven by the growing drug & alcohol consumption and the enforcement of stringent laws mandating drug & alcohol testing. Rising regulatory approvals for new product & service launches would offer lucrative growth opportunities for market players in the coming years. The APAC market is projected to register the highest growth in the forecast period due to growing illicit consumption of drugs, the developing healthcare infrastructure, and the rising adoption of stringent regulatory guidelines for drug testing.”

Intelligent Bio Solutions Inc. (NASDAQ: INBS) Adds Quantum TM to 400+ Account Portfolio Utilizing Breakthrough Fingerprint Drug Testing – Intelligent Bio Solutions Inc. (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, announced that Quantum Traffic Management (“Quantum TM”), a leading UK-based traffic management provider, has adopted INBS’ Intelligent Fingerprinting Drug Testing Solution across its 10 nationwide sites to increase workplace testing efficiency and safety.

With over 30 years of industry experience, Quantum TM operates across the utilities, highways, rail, local authority, and events sectors. Previously, Quantum TM relied on saliva and urine testing through external occupational health providers; however, the delays and inefficiencies associated with these methods prompted the company to explore a quicker and more hygienic alternative. INBS’ fingerprint sweat-based system enables Quantum TM to conduct on-the-spot drug screening in-house, facilitating rapid decision-making and improved operational efficiency.

“The Intelligent Fingerprinting Drug Testing Solution provides us with greater control when it comes to drug testing. Having previously faced delays with our former saliva and urine drug testing methods, we needed to find an effective solution that we could manage in-house and increase our testing productivity,” said Scott Powell, Managing Director at Quantum TM. “Intelligent Bio Solutions’ technology enables us to do this, and we have already improved our testing efficiency with rapid, non-invasive screening.” CONTINUED… Read this entire press release for INBS at: https://ibs.inc/news-and-media/

In Additional News This Week, Intelligent Bio Solutions Inc. (NASDAQ: INBS) Partners with IVY Diagnostics to Expand in Europe’s $3.6 Billion Drug Screening Market and in Middle Eastern Regions – Intelligent Bio Solutions Inc. also announced the strengthening of its foothold throughout Europe and the Middle East through its partnership with IVY Diagnostics Srl (“IVY Diagnostics”). As a key distributor, IVY Diagnostics is playing an integral role in expanding the adoption of INBS’ Intelligent Fingerprinting Drug Testing Solution across Europe and the Middle East, with a particular focus on drug rehabilitation and law enforcement applications.

According to Grand View Research, the European and Middle Eastern drug screening markets are projected to grow significantly by 2030, with Europe expected to reach $3.6 billion and the Middle East and Africa $432.7 million. This growing demand emphasizes the strategic importance of INBS’ partnership with IVY Diagnostics.

IVY Diagnostics, a well-known consulting and distribution company within the diagnostics, life sciences and pharmaceutical sectors, has collaborated with another Italian distributor to secure a tender to provide INBS’ drug screening technology for drug rehabilitation programs across Italy. The solution offers a non-invasive, rapid, and hygienic method for drug screening, which has been well received by rehabilitation centers aiming to enhance their testing protocols. In addition to its success in rehabilitation services, INBS’ drug screening system is currently undergoing a trial with the local police force in Turin. The trial aims to explore the effectiveness of fingerprint-based drug testing in roadside screening initiatives, offering a more efficient, less invasive alternative to the traditional methods currently used.

As the demand for drug screening solutions rises across Europe and the Middle East, INBS’ collaboration with IVY Diagnostics positions the Company to effectively capture new opportunities. IVY Diagnostics serves as INBS’ primary contact in Europe, leveraging its extensive network of distributors and expertise in identifying and vetting new partners across key regions, including Romania, Hungary, Slovakia, Austria, and Scandinavia. The collaboration extends to the Middle East, targeting markets such as the UAE, Saudi Arabia, and Qatar. CONTINUED… Read this entire press release for INBS at: https://ibs.inc/news-and-media/

In other developments in the markets of note:

Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) recently announced that the Company’s PrecisionCHD and Epi+Gen CHD tests have received final pricing determinations from the Centers for Medicare & Medicaid Services (CMS). Following the preliminary pricing determination made by CMS in August 2024, CMS finalized the ‘gapfill’ pricing determination for both PrecisionCHD and Epi+Gen CHD. This decision will be effective for claims with dates of service on or after January 1, 2025, and will allow Medicare contractors to determine pricing for PrecisionCHD and Epi+Gen CHD based on actual cost data from Cardio Diagnostics. The Medicare contractors will report to CMS preliminary gapfill pricing for calendar year 2025 by April 1, 2025.

“Receiving this final determination is a crucial step for our innovative solutions to help improve the risk assessment, diagnosis, management and monitoring of coronary heart disease (CHD) for Medicare patients,” said Meesha Dogan, Ph.D., CEO and Co-Founder of Cardio Diagnostics. “This milestone brings us closer to addressing the significant unmet needs in cardiovascular care for the Medicare population, enabling clinicians to better personalize treatment strategies and ultimately improve patient outcomes.”

bioAffinity Technologies, Inc. (NASDAQ: BIAF) recently announced that the Australian Patent Office (IP Australia), has accepted bioAffinity’s patent application for the method of predicting the likelihood of lung cancer used by the CyPath® Lung diagnostic test for early-stage lung cancer.

The Australian patent application, titled “Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning,” will be an important addition to bioAffinity Technologies’ patent portfolio, which includes 17 awarded U.S. and foreign patents and 38 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. Once issued, the Australian patent will expire in 2042 and will be the second awarded for the CyPath® Lung flow cytometry test as a stand-alone assay for the detection of lung cancer.

Trinity Biotech plc (NASDAQ: TRIB) recently announced compelling results from its latest pre-pivotal clinical trial for its next-generation continuous glucose monitoring (CGM) system. The pre-pivotal clinical trial, which included 30 diabetic participants—primarily individuals with Type 1 diabetes—represents a significant milestone in Trinity’s mission to deliver affordable, high-performance CGM technology.

Trinity Biotech’s redesigned ergonomic modular device features a reusable applicator and a rechargeable wearable transmitter that eliminates costly disposable components while delivering a seamless user experience. By using more durable, reusable components, enabled by Trinity’s proprietary self-inserting sensor technology, the Trinity CGM is designed to deliver care at a significantly lower cost than today’s two largest manufacturers. By addressing affordability—a key barrier to adoption of this life changing technology —Trinity’s innovative approach has the potential to bring CGM technology to millions of individuals who have been priced out of the market. This disruptive design not only expands access but also redefines sustainability in the CGM space, further differentiating Trinity’s solution from current market leaders.

SOBR Safe, Inc. (NASDAQ: SOBR) recently announced the new release of SOBRsure™, a revolutionary wristband device designed to detect the presence of alcohol in individuals, supporting sobriety and empowering recovery. Available to purchase today, SOBRsure introduces an enhanced app experience and a new, sleekly-designed wristband that uses advanced transdermal technology to detect alcohol through the skin. This innovative device serves as a powerful monitoring and accountability tool for families, businesses and individuals alike.

“We believe that SOBRsure is not just a technological breakthrough; it’s a lifeline to those navigating alcohol use disorder (AUD) and the path to sobriety,” said David Gandini, CEO of SOBRsafe. “With SOBRsure, we provide an accountability tool that not only supports individuals on their sobriety journey but also offers peace of mind to their families and employers.”

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The MIL Network –

January 31, 2025

MIL-OSI Asia-Pac: Speech by CE at 2025 Hong Kong Chinese New Year Fireworks Display (with photos)

Source: Hong Kong Government special administrative region

â€‹Following is the speech by the Chief Executive, Mr John Lee, at the 2025 Hong Kong Chinese New Year Fireworks Display today (January 30):

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I’m delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let’s remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future.

I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

My thanks to HSBC for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow.

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MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Global: Biden targeted the online right-wing terrorism threat − now it’s up to Trump

Source: The Conversation – USA – By Jason M. Blazakis, Professor of Practice and Director of Center on Terrorism, Extremism and Counterterrorism, Middlebury

U.S. officials say the right-wing terrorism threat is significant. Farion_O/iStock via Getty Images

In the waning days of the Biden administration, the U.S. Department of State took its first major step against terrorism groups primarily focused on what is called “accelerationism” – the effort to inspire independent followers to engage in violence in ways that broadly destabilize society. The U.S. government has long targeted actively violent terrorist organizations such as al-Qaida – the group behind the 9/11 attacks – and the Islamic State group, which carried out beheadings of innocent civilians in Iraq and Syria.

Then-FBI Director Christopher Wray repeatedly warned Congress about the threat to national security from far-right accelerationist groups. In a move to respond to those warnings, the Biden administration labeled the online-only “Terrorgram Collective” and three of its leaders as specially designated global terrorists, which means their financial assets are frozen and anyone who tries to support them can be arrested.

The Terrorgram Collective aims to destroy the current global economic and political structure and spark a war between white people and people of other racial and ethnic backgrounds. To accomplish that, it maintains an online forum on the Telegram social media platform. The forum’s posts, from leaders and followers alike, are characterized by people spouting violent rhetoric and incitement to violence against minorities, Jewish people and governments.

Widespread radicalization

The State Department’s action also specifically targets two U.S. citizens: Dallas Humber of California and Matthew Allison of Idaho, who allegedly played leading roles in the Terrorgram Collective and are facing federal charges for soliciting the murder of government officials.

As my colleagues at Middlebury’s Center on Terrorism, Extremism and Counterterrorism wrote in a 2022 report, Terrorgram’s danger is primarily in its ability to spread far-right propaganda to radicalize almost anyone active on Telegram or elsewhere online.

The State Department has not attributed specific attacks to the Terrorgram Collective but rather warns of its influence and potential to inspire attacks by people who encounter the ideas it spreads. For instance, Terrorgram material was reportedly used as the basis for writings by a 17-year-old high school student who killed two fellow students and injured a third in a Jan. 22, 2025, school shooting in Nashville, Tennessee.

The Telegram app icon on a smartphone screen.
Nikolas Kokovlis/NurPhoto via Getty Images

Little targeting of fascist groups

The Terrorgram action came seven months after the Biden administration’s labeling of a Scandinavia-based far-right extremist group, the Nordic Resistance Movement, as terrorists as well.

These were two of just three times fascist extremist groups anywhere in the world were labeled terrorists by the U.S. government. Early in his first term, President Donald Trump’s State Department did label one far-right group as a specially designated global terrorist organization: the Russian Imperial Movement, based in Russia.

But as the former head of the State Department office that sanctions terrorists, I know that neither Trump nor Biden marshaled the full force of the nation’s anti-terrorism efforts against these groups.

There’s a hierarchy in the U.S. government’s labels for these organizations. That hierarchy reflects the degree of danger an organization poses as well as the strength of the U.S. response to it.

The highest-level designation and the most significant sanctions the U.S. government can impose come from placing a group on the State Department’s list of foreign terrorist organizations. That list includes groups such as al-Qaida and the Islamic State group – also called ISIS or ISIL – which are subject to asset freezes and extended prison sentences and are barred from entering the U.S.

The second-tier list covers what are called specially designated global terrorists, which carries similar, but less severe, restrictions.

It’s easier to prove someone did something to support a group on the foreign terrorist organization list than to prove support for a group on the specially designated list. And jail time for foreign terrorist organization backers is typically longer.

All three right-wing groups are on the specially designated list, though the Trump administration could upgrade them to the top-level list, as Trump has asked the State Department to do with the Houthi militants in Yemen.

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

– ref. Biden targeted the online right-wing terrorism threat − now it’s up to Trump – https://theconversation.com/biden-targeted-the-online-right-wing-terrorism-threat-now-its-up-to-trump-247977

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI USA: U.S. nuclear generators import nearly all the uranium concentrate they use

Source: US Energy Information Administration

In-brief analysis

January 30, 2025

In 2023, U.S. nuclear generators used 32 million pounds of imported uranium concentrate (U₃O₈) and only 0.05 million pounds of domestically produced U₃O₈. Imports accounted for 99% of the U₃O₈ they used in 2023 to make nuclear fuel. Foreign producers predominantly supply the U.S. front-end nuclear fuel cycle, but federal policies have been implemented recently to build out the domestic U.S. nuclear fuel supply chain. The U.S. Department of Energy (DOE) recently received $2.7 billion in congressional funding to help revive domestic fuel production for commercial nuclear power plants.

U₃O₈ is chemically extracted from uranium ore that has been mined and milled. The fine powder is packaged in steel drums and later enriched and processed further to prepare it for use as fuel in nuclear reactors. U.S. production of U₃O₈ in the third quarter of 2024 totaled 121,296 pounds, a 24% increase from production of 97,709 pounds in the second quarter. Production in the third quarter occurred at five U.S. facilities: three in Wyoming (Nichols Ranch ISR Project, Lost Creek Project, and Smith Ranch-Highland Operation) and two in Texas (Alta Mesa Project and Rosita).

In 2023, the United States imported U₃O₈ and equivalents primarily from Canada, Australia, Russia, Kazakhstan, and Uzbekistan. The origin of U₃O₈ used in U.S. nuclear reactors could change in the coming years. In May 2024, the United States banned imports of uranium products from Russia beginning in August, although companies may apply for waivers through January 1, 2028.

More information regarding U.S. uranium production and sourcing is available in our Domestic Uranium Production Report and Uranium Marketing Annual Report.

Principal contributor: Slade Johnson
Data visualization: Kristen Tsai

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: Bushfires Burn in Victoria

Source: NASA

In its seasonal bushfire outlook, Australia’s national council for fire and emergency services warned that severe rainfall deficits spanning 18 months had caused a substantial amount of dead and dry plant material to accumulate in Victoria’s forests, making it easier for fires to start and spread.
In January 2025, the warning became reality in the southeastern Australian state as bushfires raged in Grampians National Park and Little Desert National Park amid hot, dry, and windy conditions. The MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image of smoke streaming from bushfires burning through parts of the two national parks on January 28, 2025.
The fast-moving fires started on January 27 after dry thunderstorms and lightning struck the region, according to news reports. Unusually high temperatures, which reached above 40 degrees Celsius (104 degrees Fahrenheit), helped fuel the fires. The outbreak follows a similar surge in fire activity that occurred in Victoria in December 2024. At that time, a fire burned in the eastern part of Grampians National Park; this time the burning is centered on the western part of the park.
Victoria officials issued orders on January 29 for residents of Woohlpooer to “leave immediately,” due to increased fire activity on the northwestern edge of the fire. The blaze had crossed a road called Harrops Track and was heading in a northwesterly direction toward Billywing Track. They urged communities surrounding Little Desert National Park to “watch and act,” noting that the fire may travel in a northerly direction toward private properties.

NASA Earth Observatory image by Wanmei Liang, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

MIL OSI USA News –

January 31, 2025

MIL-OSI: Element Launches Risk Solutions Offering with Insurance

Source: GlobeNewswire (MIL-OSI)

Element Risk Solutions, which will be available in the United States and Canada, combines insurance coverage placement with industry-leading claims management and advisory services.

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announces the launch of Element Risk Solutions – a fully integrated risk management offering. This new service, which Element is launching in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. This new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

“Commercial auto insurance market placement has been a persistent challenge for our clients in North America for over 15 years,” shares Angelique Magi, Head of Insurance at Element. “In 2024 alone, commercial auto rates in North America have surged to an on average increase of 20 per cent. This has left our clients with a lack of certainty on securing coverage or increased premiums, impacting their projected cash flow and balance sheet. Element Risk Solutions simplifies the process by providing an automated end-to-end solution that saves time, reduces complexity, and leverages Element’s data capabilities.”

Leveraging a simplified transaction process, clients can access customized insurance products powered by HUB Drive Online, based on their specific needs and vehicle. This new service offering will be available in Q1 of 2025.

“HUB is excited to partner with Element to provide their clients with an all-in-one digital resource that streamlines the process of securing insurance and better managing the costs for doing business,” said Lisa Paul of HUB Transportation Specialty.

“As a purpose-driven organization committed to Move the World Through Intelligent Mobility, we’re always looking for ways to create lasting value for our clients,” says David Madrigal, Element’s Executive Vice President and Chief Commercial Officer. “Element Risk Solutions’ partnership with HUB is a client-focused solution that takes the friction out of insurance placement and reduces fleet risks to help our clients manage their Total Cost of Risk and ensure they can focus on growing their businesses.”

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com/insurance

This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target,” “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.

The MIL Network –

January 31, 2025

MIL-OSI: Dotz Nano to Present at the Small Cap Growth Virtual Investor Conference February 6th

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Jan. 30, 2025 (GLOBE NEWSWIRE) — Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY, “Dotz” or “Company”), a leading developer of innovative climate and industrial nanotechnologies, today announced that Sharon Malka, CEO, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6^th, 2025.

DATE: February 6^th
TIME: 10:30 a.m. ET
LINK: https://bit.ly/4gkzOdq
Available for 1×1 meetings: Monday, February 10^th, 9:00 a.m. to 1:00 p.m. ET

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

Received the first commercial order for the Company’s proprietary in-product tagging solution, DotzShield, from a leading provider of energy solutions to the Oil & Gas industries worldwide;
Dotz’s newly developed modified sorbent demonstrates high adsorption capacity and low energy usage for Direct Air Capture (DAC);
Successful lab-scale pilot demonstration of DotzEarth CO₂ capture technology, showing the sorbents’ high adsorption capacity, selectivity, and robustness;
Signed a strategic collaboration agreement with Bar-Ilan University to pilot an innovative electrochemical DAC technology;
U.S. institutional shareholder invests a further A$2.0 million to support the development of the DotzEarth carbon capture technology.

About Dotz Nano Limited

Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY) is a technology company developing innovative climate and industrial nano-technologies. The Company’s primary focus is centered on ground-breaking carbon dioxide (CO₂) management technologies, leading towards a carbon-neutral future. The Company’s proprietary carbon-based solid sorbents offer an efficient and sustainable approach to facilitate industrial deep decarbonization.

To learn more about Dotz, please visit the website via the following link www.dotz.tech

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

Investor & Media Enquiries John Hurst E: info@dotz.tech P: +61 (0)418 798 663	US IR Robert Meyers E: bob@fnkir.com P: +1-646-878-9204

Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com

The MIL Network –

January 31, 2025

MIL-Evening Report: ‘All I wanted was to bid my daughter a final farewell’ – Gaza hostages, mainstream media and truth

Palestinian politician, MP and activist Khalida Jarrar . . . AFTER being jailed by the Israeli military and released last Sunday as part of the ceasefire deal. Image: www.solidarity.co.nz

COMMENTARY: By Eugene Doyle

Watching footage of Palestinian parliamentarian and hostage Khalida Jarrar emerge from Israeli captivity was jarring — a far, muffled cry from the sense of happiness and relief most of us felt seeing the young female Israeli soldiers released by Hamas around the same time.

What a study in contrast.

Khalida was clearly emaciated, traumatised and had turned, in the same period of time, from a powerful dynamic woman into a fragile, elderly human being who moved with difficulty.

What a difference it makes who holds you captive. It goes without saying I didn’t see this on any mainstream news outlet.

In a previous period of imprisonment — for being a member of the PFLP, a proscribed organisation — the Israelis wouldn’t even allow Khalida Jarrar to attend the funeral of her own daughter.

Instead she sent a message that was read at Suha’s funeral in 2021:

I am in so much pain, my child, only because I miss you.
I am in so much pain, my child, only because I miss you.

From the depths of my agony, I reached out and
embraced the sky of our homeland through the window
of my prison cell in Damon Prison, Haifa.
Worry not, my child.
I stand tall, and steadfast, despite the shackles and the jailer.
I am a mother in sorrow, from yearning to see you one last time.

Suha, my precious.

They have stripped me from bidding you a final goodbye kiss.
I bid you farewell with a flower.
Your absence is searingly painful, excruciatingly painful.
But I remain steadfast and strong,
Like the mountains of beloved Palestine.

No mainstream coverage
I searched online and found no mainstream outlet had covered Khalida’s release amid the flood of stories about the Israeli hostages. A search to see if Australian or New Zealand MPs had called for the release of their fellow legislator netted zero results.

To them, she is no doubt a non-person. Yet, Khalida Jarrar is a leading political activist and one of dozens of legislators imprisoned by the Israelis. She endured. She remained steadfast.

“The entire system of political imprisonment is based on suppressing Palestinian organising,” said Charlotte Kates, coordinator of Samidoun, the Palestinian Prisoner Support Network.

The four female Israeli “Offence” Force (IDF) soldiers, according to all the many images and reports, were fit, happy and well-fed after their 15 months in Hamas captivity.

The four female IDF soldiers, according to all the many images and reports, were fit, happy and well-fed after their 15 months in Hamas captivity. Images: Al Jazeera/www.solidarity.co.nz

In contrast Palestinian prisoners typically had lost 16kg by the time they were freed. The Israelis with all the food and resources in the world made a policy — an actual policy — of mistreating prisoners, reducing food to a minimum, often beating them, finding perverse ways to humiliate them and on many occasions sexually assaulting men, women, boys and girls who had been dragged into their custody without charge.

Many, an unknown number, died at their hands.

Israeli Minister of National Security, Itamar Ben-Gvir, called months ago for legislation to allow the execution of Palestinian prisoners “with a shot in the head” and said he would provide minimal food to them until the law was enacted. I couldn’t find a single Western leader who called for him to be arrested.

Israeli human rights report
These crimes are filling compendia being compiled by the United Nations, the ICC and multiple organisations worldwide. You can read some of it here in an Israeli human rights report, “Welcome to Hell, the Israeli prison system as a network of torture camps”.

Our media has a lot to answer for — for what was done to the thousands of Palestinian hostages because of its starring role in silencing Palestinian voices and hiding from view the realities of the Israeli prison system. Thousands were never charged with any crime — other than being Palestinian.

Entire congregations in mosques, groups of people in refugee centres, were indiscriminately swept up and tossed into Israeli concentration camps.

Were future historians to look back on these times and only have the mainstream media to go by, they would have lots of wonderful photos of the Israeli hostages, know them by name, see family hugs, biographical details, and listen to interviews with friends and relatives. In contrast, the Palestinians would turn towards History and we would see blank faces, erased of personality, all the detail of their stories rubbed out.

That’s why it is imperative to find better sources of news and information, like Middle East Eye, Palestine Chronicle, Electronic Intifada and Pearls & Irritations, that can enrich our understanding of our times and the experience of the victims of Western genocidal violence.

In his excellent article “The Other Hostages”, human rights lawyer Jonathan Kuttab says: “From the Palestinian perspective: there are about 13,000 Palestinian prisoners and detainees in Israeli jails who are just as worthy of our concern and also merit our sympathy, and whose families will rejoice at their long-awaited release.”

Turning a blind eye to Israeli mistreatment of prisoners — and the mainstream media bias in favour of all things Israeli — goes back decades. But let’s look at the months since October 7th.

No fact-checking
All the mainstream media and servile politicians raced to report without fact-checking the lies the Israelis and Americans, including President Biden, told about beheaded babies and mass rapes. Few had the decency to walk back the calumnies even after official retractions and international investigations disproved them.

In October 2023 I wrote one of my first stories post-October 7th on this very topic.

Within a month of October 7, eight BBC journalists wrote to Al Jazeera saying “the corporation is failing to humanise Palestinians . . . investing greater effort in humanising Israeli victims compared with Palestinians, and omitting key historical context in coverage.”

CNN staff told British colleagues last year that their network’s pro-Israel slant amounts to “journalistic malpractice”.

Hats off to Novara Media, one of the larger alternative news and analysis platforms for its exposure of bias. What they found was that Palestinians are “killed” whereas Israelis are “massacred” or “slaughtered”.

Checking over 1000 articles by the UK’s supposedly progressive, left-leaning outlets — The Guardian, The Independent, Daily Mirror – Novara found that “all three publications favoured Israeli lives, narratives and voices.”

Taking a list of emotive words they cross-checked and found that 77 percent were about violence against Israelis and only 23 percent about Palestinians. Well over 95 percent of victims of violence are Palestinians, 100 percent of land thefts are by Israelis. Facts matter.

Journalism ‘used’ for racist war crimes
This is journalism being used in the service of racist war crimes, used to normalise the mistreatment of prisoners and other Palestinian untermenschen.

In the case of The Independent, it ran 70 stories on Israeli hostages (who at peak numbered about 250) and just one story on a Palestinian hostage (they number over 10,000).

British journalist Owen Jones deserves a medal for reports like: “BBC in Civil War over Gaza.” The report details the efforts of journalists within the organisation to deliver more balanced coverage but the extent to which those efforts are thwarted by powerful pro-Israel operatives within the corporation who ensure “systematic pro-Israel propaganda at the corporation.”

Palestinian lawmaker Khalida Jarrar (centre) with her daughter Suha. This story appeared in Electronic Intifada. Its author Ali Abunimah was arrested in Switzerland this week to prevent him giving a speech. Image: www.solidarity.co.nz

“This unprecedented slaughter could not have happened without powerful cheerleaders,” Jones said in a recent piece about media co-conspirators with Israel in the genocide. “Hold them to account.”

Damn right. I pray to whatever gods may be that justice will one day be served on all those who by their actions or by their “journalism” allowed these crimes to be committed.

I’ll give the last word to Khalida Jarrar as I wish her a full and speedy recovery:

“All I wanted was to bid my daughter a final farewell – with a kiss on her forehead and to tell her I love her as much as I love Palestine.”

MIL OSI Analysis – EveningReport.nz –

January 31, 2025

MIL-OSI: YieldMax™ Launches Option Income Strategy ETF on CARVANA CO. (CVNA)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ CARVANA Option Income Strategy ETF (NYSE Arca: CVNY)

CVNY seeks to generate current income by pursuing options-based strategies on CARVANA CO. (CVNA). CVNY is actively managed by Tidal Financial Group. CNVY does not invest directly in CVNA.

CVNY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, CVNY will be a Group C ETF and its first distribution is expected to be announced on March 5, 2025. Please see table below for distribution information for all outstanding YieldMax™ ETFs as of January 29, 2025.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share²
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$	0.7170
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$	0.3298
APLY	YieldMax™ AAPL Option Income Strategy ETF	AAPL	$	0.2841
NVDY	YieldMax™ NVDA Option Income Strategy ETF	NVDA	$	0.8294
AMZY	YieldMax™ AMZN Option Income Strategy ETF	AMZN	$	0.4005
FBY	YieldMax™ META Option Income Strategy ETF	META	$	0.6390
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$	0.3324
NFLY	YieldMax™ NFLX Option Income Strategy ETF	NFLX	$	0.5830
CONY	YieldMax™ COIN Option Income Strategy ETF	COIN	$	0.8339
MSFO	YieldMax™ MSFT Option Income Strategy ETF	MSFT	$	0.3667
DISO	YieldMax™ DIS Option Income Strategy ETF	DIS	$	0.2782
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$	0.3485
JPMO	YieldMax™ JPM Option Income Strategy ETF	JPM	$	0.6929
AMDY	YieldMax™ AMD Option Income Strategy ETF	AMD	$	0.3404
PYPY	YieldMax™ PYPL Option Income Strategy ETF	PYPL	$	0.4264
SQY	YieldMax™ SQ Option Income Strategy ETF	SQ	$	0.6338
MRNY	YieldMax™ MRNA Option Income Strategy ETF	MRNA	$	0.2730
AIYY	YieldMax™ AI Option Income Strategy ETF	AI	$	0.3763
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$	0.1469
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$	0.1898
MSTY	YieldMax™ MSTR Option Income Strategy ETF	MSTR	$	2.2792
ULTY	YieldMax™ Ultra Option Income Strategy ETF	Multiple	$	0.5715
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$	0.7893
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$	0.2862
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	GDX®	$	0.5937
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$	0.7392
ABNY	YieldMax™ ABNB Option Income Strategy ETF	ABNB	$	0.4220
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	COIN	$	0.6530
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	NVDA	$	0.5026
BABO	YieldMax™ BABA Option Income Strategy ETF	BABA	$	0.4693
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	N100	$	0.3873
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$	0.6449
SMCY	YieldMax™ SMCI Option Income Strategy ETF	SMCI	$	1.7215
PLTY	YieldMax™ PLTR Option Income Strategy ETF	PLTR	$	2.9826
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Multiple	$	0.5130
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Multiple	$	0.5256
MARO	YieldMax™ MARA Option Income Strategy ETF	MARA	$	2.1002
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Multiple	$	2.1944
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Multiple	$	1.6771
LFGY	YieldMax™ Crypto Industry & Tech Option Income ETF	Multiple	$	0.6294
GPTY*	YieldMax™ AI & Tech Option Income ETF	Multiple		–

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs” and “ADR” stands for American Depositary Receipt.

You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for GPTY is January 22, 2025.

¹Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

² The Distribution per Share is the most recently declared such amount as of close on January 29, 2025.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosures (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

Holdings

As of January 29, 2025, the YieldMax™ CARVANA Option Income Strategy ETF did not hold any shares of CARVANA CO. (CVNA). As of such date, the holdings of CVNA in such fund were 0.00%.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

The MIL Network –

January 31, 2025

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

Source: European Parliament

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

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

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

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

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

Could the Commission:

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

Submitted: 22.1.2025

Last updated: 30 January 2025

MIL OSI Europe News –

January 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

	Three Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	883,811	$	852,134	$	883,811	$	852,134
Net income	$	83,547	$	69,589	$	95,415	$	92,846
Diluted earnings per share	$	1.86	$	1.53	$	2.12	$	2.04
EBITDA (non-GAAP measure)	$	162,636	$	145,493	$	165,685	$	161,704
Weighted-average diluted shares		45,038		45,425		45,038		45,425

	Twelve Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	3,388,514	$	3,151,796	$	3,388,514	$	3,151,796
Net income	$	258,815	$	219,301	$	302,680	$	276,874
Diluted earnings per share	$	5.73	$	4.80	$	6.70	$	6.06
EBITDA (non-GAAP measure)	$	551,008	$	493,784	$	558,437	$	511,732
Weighted-average diluted shares		45,168		45,693		45,168		45,693

Consolidated Operating Highlights

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

Store Base and Platform Growth

Pawn Stores – 16 pawn locations were added in Mexico during the fourth quarter, consisting of ten acquired stores and six de novo stores. For the full year, a total of 99 pawn locations were added, including 29 stores in the U.S. and 70 stores in Latin America.
As of December 31, 2024, the Company had 3,026 locations, comprised of 1,200 U.S. locations and 1,826 locations in Latin America.

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

U.S. Pawn Segment Operating Results

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

Latin America Pawn Segment Operating Results

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

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

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

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

Cash Flow and Liquidity

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

Shareholder Returns

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

2025 Outlook

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

Pawn Operations:

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

U.S. Pawn

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

Latin America Pawn

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

Retail POS Payment Solutions (AFF) Operations:

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

Tax Rates and Currency:

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

Additional Commentary and Analysis

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

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

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

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

About FirstCash

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

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

Forward-Looking Information

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

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

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue:
Retail merchandise sales	$	413,671		$	397,412		$	1,507,096		$	1,381,272
Pawn loan fees		189,984			178,238			737,126			658,536
Leased merchandise income		177,440			190,057			766,241			752,682
Interest and fees on finance receivables		70,507			59,571			245,891			233,818
Wholesale scrap jewelry sales		32,209			26,856			132,160			125,488
Total revenue		883,811			852,134			3,388,514			3,151,796

Cost of revenue:
Cost of retail merchandise sold		249,831			241,402			909,685			832,393
Depreciation of leased merchandise		97,937			103,631			433,306			411,455
Provision for lease losses		33,561			34,184			163,395			175,858
Provision for loan losses		41,736			32,459			143,827			123,030
Cost of wholesale scrap jewelry sold		27,058			22,809			108,769			101,821
Total cost of revenue		450,123			434,485			1,758,982			1,644,557

Net revenue		433,688			417,649			1,629,532			1,507,239

Expenses and other income:
Operating expenses		226,547			216,783			900,978			832,149
Administrative expenses		43,636			51,887			173,199			176,315
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
Loss (gain) on foreign exchange		508			376			2,641			(1,529	)
Merger and acquisition expenses		42			4,252			2,228			7,922
Other expenses (income), net		319			(1,142	)		(522	)		(1,402	)
Total expenses and other income		324,155			326,161			1,286,756			1,214,390

Income before income taxes		109,533			91,488			342,776			292,849

Provision for income taxes		25,986			21,899			83,961			73,548

Net income	$	83,547		$	69,589		$	258,815		$	219,301

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	175,095		$	127,018
Accounts receivable, net		73,325			71,922
Pawn loans		517,867			471,846
Finance receivables, net		147,501			113,901
Inventories		334,580			312,089
Leased merchandise, net		128,437			171,191
Prepaid expenses and other current assets		26,943			38,634
Total current assets		1,403,748			1,306,601

Property and equipment, net		717,916			632,724
Operating lease right of use asset		324,646			328,458
Goodwill		1,787,172			1,727,652
Intangible assets, net		228,858			277,724
Other assets		9,934			10,242
Deferred tax assets, net		4,712			6,514
Total assets	$	4,476,986		$	4,289,915

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	171,540		$	163,050
Customer deposits and prepayments		72,703			70,580
Lease liability, current		95,161			101,962
Total current liabilities		339,404			335,592

Revolving unsecured credit facilities		198,000			568,000
Senior unsecured notes		1,531,346			1,037,647
Deferred tax liabilities, net		128,574			136,773
Lease liability, non-current		225,498			215,485
Total liabilities		2,422,822			2,293,497

Stockholders’ equity:
Common stock		575			573
Additional paid-in capital		1,767,569			1,741,046
Retained earnings		1,411,083			1,218,029
Accumulated other comprehensive loss		(129,596	)		(43,037	)
Common stock held in treasury, at cost		(995,467	)		(920,193	)
Total stockholders’ equity		2,054,164			1,996,418
Total liabilities and stockholders’ equity	$	4,476,986		$	4,289,915

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS
(UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	267,251		$	243,697			10	%
Pawn loan fees		133,563			120,083			11	%
Wholesale scrap jewelry sales		23,201			17,463			33	%
Total revenue		424,015			381,243			11	%

Cost of revenue:
Cost of retail merchandise sold		153,641			141,406			9	%
Cost of wholesale scrap jewelry sold		19,755			14,941			32	%
Total cost of revenue		173,396			156,347			11	%

Net revenue		250,619			224,896			11	%

Segment expenses:
Operating expenses		131,439			119,627			10	%
Depreciation and amortization		7,371			6,799			8	%
Total segment expenses		138,810			126,426			10	%

Segment pre-tax operating income	$	111,809		$	98,470			14	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	26		%	26		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	969,371		$	854,190			13	%
Pawn loan fees		505,262			435,762			16	%
Wholesale scrap jewelry sales		93,923			78,571			20	%
Total revenue		1,568,556			1,368,523			15	%

Cost of revenue:
Cost of retail merchandise sold		560,970			490,544			14	%
Cost of wholesale scrap jewelry sold		77,683			64,545			20	%
Total cost of revenue		638,653			555,089			15	%

Net revenue		929,903			813,434			14	%

Segment expenses:
Operating expenses		503,630			451,543			12	%
Depreciation and amortization		28,980			25,585			13	%
Total segment expenses		532,610			477,128			12	%

Segment pre-tax operating income	$	397,293		$	336,306			18	%

Operating metrics:
Retail merchandise sales margin	42		%	43		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of December 31,
	2024			2023			Increase
Earning assets:
Pawn loans	$	396,667		$	344,152			15	%
Inventories		245,492			221,843			11	%
	$	642,159		$	565,995			13	%

Average outstanding pawn loan amount (in ones)	$	283		$	258			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	41		%	43		%
Jewelry	59		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

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

Latin America Pawn Segment Results

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

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

											Constant Currency Basis
											Three Months
											Ended
	Three Months Ended										December 31,			Increase /
	December 31,										2024			(Decrease)
	2024			2023			(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	147,412		$	155,310			(5)	%		$	166,927			7	%
Pawn loan fees		56,421			58,155			(3)	%			63,893			10	%
Wholesale scrap jewelry sales		9,008			9,393			(4)	%			9,008			(4)	%
Total revenue		212,841			222,858			(4)	%			239,828			8	%

Cost of revenue:
Cost of retail merchandise sold		96,718			100,870			(4)	%			109,445			9	%
Cost of wholesale scrap jewelry sold		7,303			7,868			(7)	%			8,278			5	%
Total cost of revenue		104,021			108,738			(4)	%			117,723			8	%

Net revenue		108,820			114,120			(5)	%			122,105			7	%

Segment expenses:
Operating expenses		60,918			63,976			(5)	%			68,628			7	%
Depreciation and amortization		5,170			5,466			(5)	%			5,754			5	%
Total segment expenses		66,088			69,442			(5)	%			74,382			7	%

Segment pre-tax operating income	$	42,732		$	44,678			(4)	%		$	47,723			7	%

Operating metrics:
Retail merchandise sales margin	34		%	35		%				34			%
Net revenue margin	51		%	51		%				51			%
Segment pre-tax operating margin	20		%	20		%				20			%

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

										Constant Currency Basis
										Twelve Months
										Ended
	Twelve Months Ended									December 31,			Increase /
	December 31,						Increase /			2024			(Decrease)
	2024			2023			(Decrease)			(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	541,787		$	533,612			2	%	$	556,686			4	%
Pawn loan fees		231,864			222,774			4	%		238,305			7	%
Wholesale scrap jewelry sales		38,237			46,917			(19)	%		38,237			(19)	%
Total revenue		811,888			803,303			1	%		833,228			4	%

Cost of revenue:
Cost of retail merchandise sold		350,906			345,309			2	%		360,452			4	%
Cost of wholesale scrap jewelry sold		31,086			37,276			(17)	%		31,977			(14)	%
Total cost of revenue		381,992			382,585			—	%		392,429			3	%

Net revenue		429,896			420,718			2	%		440,799			5	%

Segment expenses:
Operating expenses		259,307			243,146			7	%		266,102			9	%
Depreciation and amortization		20,369			21,350			(5)	%		20,855			(2)	%
Total segment expenses		279,676			264,496			6	%		286,957			8	%

Segment pre-tax operating income	$	150,220		$	156,222			(4)	%	$	153,842			(2)	%

Operating metrics:
Retail merchandise sales margin	35		%	35		%				35		%
Net revenue margin	53		%	52		%				53		%
Segment pre-tax operating margin	19		%	19		%				18		%

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

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										December 31,
	As of December 31,									2024		Increase
	2024			2023			(Decrease)			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	121,200		$	127,694			(5)	%	$	143,805		13	%
Inventories		89,088			90,246			(1)	%		105,686		17	%
	$	210,288		$	217,940			(4)	%	$	249,491		14	%

Average outstanding pawn loan amount (in ones)	$	87		$	95			(8)	%	$	103		8	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	65		%	67		%
Jewelry	35		%	33		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	177,440	$	190,057		(7)	%
Interest and fees on finance receivables		70,507		59,571		18	%
Total revenue		247,947		249,628		(1)	%

Cost of revenue:
Depreciation of leased merchandise		98,266		104,114		(6)	%
Provision for lease losses		33,665		35,564		(5)	%
Provision for loan losses		41,736		32,459		29	%
Total cost of revenue		173,667		172,137		1	%

Net revenue		74,280		77,491		(4)	%

Segment expenses:
Operating expenses		34,190		33,180		3	%
Depreciation and amortization		705		772		(9)	%
Total segment expenses		34,895		33,952		3	%

Segment pre-tax operating income	$	39,385	$	43,539		(10)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	766,241	$	752,682		2	%
Interest and fees on finance receivables		245,891		233,818		5	%
Total revenue		1,012,132		986,500		3	%

Cost of revenue:
Depreciation of leased merchandise		434,915		413,546		5	%
Provision for lease losses		163,937		177,418		(8)	%
Provision for loan losses		143,827		123,030		17	%
Total cost of revenue		742,679		713,994		4	%

Net revenue		269,453		272,506		(1)	%

Segment expenses:
Operating expenses		138,041		137,460		—	%
Depreciation and amortization		2,783		3,030		(8)	%
Total segment expenses		140,824		140,490		—	%

Segment pre-tax operating income	$	128,629	$	132,016		(3)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	124,590	$	170,278		(27)	%
Finance receivables		159,898		102,279		56	%
Total gross transaction volume	$	284,488	$	272,557		4	%

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	568,635	$	623,069		(9)	%
Finance receivables		510,231		405,765		26	%
Total gross transaction volume	$	1,078,866	$	1,028,834		5	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of December 31,						Increase /
	2024			2023			(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	209,333		$	267,458			(22)	%
Less allowance for lease losses		(80,661	)		(95,752	)		(16)	%
Leased merchandise, net	$	128,672		$	171,706			(25)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	264,506		$	210,355			26	%
Less allowance for loan losses		(117,005	)		(96,454	)		21	%
Finance receivables, net	$	147,501		$	113,901			29	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	December 31,						Increase /
	2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	93,823		$	105,472		(11)	%
Provision for lease losses		33,665			35,564		(5)	%
Charge-offs		(48,607	)		(46,986	)	3	%
Recoveries		1,780			1,702		5	%
Balance at end of period	$	80,661		$	95,752		(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	27		%	21		%
Average monthly net charge-off rate ⁽²⁾	7.1		%	5.8		%
Delinquency rate ⁽³⁾	24.4		%	21.7		%

Allowance for loan losses:
Balance at beginning of period	$	109,197		$	96,684		13	%
Provision for loan losses		41,736			32,459		29	%
Charge-offs		(35,751	)		(34,680	)	3	%
Recoveries		1,823			1,991		(8)	%
Balance at end of period	$	117,005		$	96,454		21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	32		%
Average monthly net charge-off rate ⁽²⁾	4.5		%	5.2		%
Delinquency rate ⁽³⁾	20.0		%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
		December 31,						Increase /
		2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period		$	95,752		$	79,576			20	%
Provision for lease losses			163,937			177,418			(8)	%
Charge-offs			(186,123	)		(167,952	)		11	%
Recoveries			7,095			6,710			6	%
Balance at end of period		$	80,661		$	95,752			(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29			%	28		%
Average monthly net charge-off rate ⁽²⁾	6.3			%	5.4		%
Delinquency rate ⁽³⁾	24.4			%	21.7		%

Allowance for loan losses:
Balance at beginning of period		$	96,454		$	84,833			14	%
Provision for loan losses			143,827			123,030			17	%
Charge-offs			(130,812	)		(117,961	)		11	%
Recoveries			7,536			6,552			15	%
Balance at end of period		$	117,005		$	96,454			21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28			%	30		%
Average monthly net charge-off rate ⁽²⁾	4.3			%	4.7		%
Delinquency rate ⁽³⁾	20.0			%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

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

Pawn Operations

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

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

	Three Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,201		1,824		3,025
New locations opened	—		6		6
Locations acquired	—		10		10
Consolidation of existing pawn locations ⁽¹⁾	(1	)	(14	)	(15	)
Total locations, end of period	1,200		1,826		3,026


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

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

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

Retail POS Payment Solutions

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

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

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

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

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

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

Adjusted Net Income and Adjusted Diluted Earnings Per Share

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

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

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

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

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

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

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

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

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

Free Cash Flow and Adjusted Free Cash Flow

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

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

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

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

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

Adjusted Return on Equity and Adjusted Return on Assets

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

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

	Twelve Months Ended
	December 31, 2024
Adjusted net income ⁽¹⁾	$	302,680

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,014,721
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	15		%

Average total assets (average of five most recent quarter-end balances)	$	4,345,922
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

Constant Currency Results

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

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

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

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	December 31,		Favorable /
	2024	2023	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.9		(20)	%
Three months ended	20.1	17.6		(14)	%
Twelve months ended	18.3	17.8		(3)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1	%
Three months ended	7.7	7.8		1	%
Twelve months ended	7.8	7.8		—	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,409	3,822		(15)	%
Three months ended	4,348	4,070		(7)	%
Twelve months ended	4,071	4,328		6	%

FIRSTCASH HOLDINGS, INC.
INTERSEGMENT TRANSACTIONS
(UNAUDITED)

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

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

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

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

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

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

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

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

The MIL Network –

January 31, 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 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 Australia: Firearms incident at Gulfview Heights

Source: South Australia Police

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

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

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

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

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

MIL OSI News –

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%).

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Chemicals and Products

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

Renewables and Energy Solutions

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

Page 2

SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



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

1.Q4 on Q3 change

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

Quarter Analysis1

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

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

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

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

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

Full Year Analysis1

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

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

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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.

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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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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS



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

1.Q4 on Q3 change

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

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

Quarter Analysis1

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

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

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

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

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

Full Year Analysis1

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

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

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

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

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS



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

1.Q4 on Q3 change

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

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

Quarter Analysis1

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

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

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

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

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

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

Full Year Analysis1

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

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

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS



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

1.Q4 on Q3 change

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

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

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

Quarter Analysis1

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

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

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

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

Full Year Analysis1

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

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

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

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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.

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

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

FORTHCOMING EVENTS



Date			Event
February 25, 2025			Shell LNG Outlook 2025 publication

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

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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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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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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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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

3,164

2,879

1,099

Taxation charge/(credit)

13,401

12,991

Of which:

3,125

2,834

1,099

Income tax excluding Pillar Two income tax

13,150

12,991

39

45

—

Income tax related to Pillar Two income tax

251

—

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

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

(4,899)

2,947

2,571

Currency translation differences

(3,248)

1,397

Of which:

(5,028)

2,912

2,578

Recognised in Other comprehensive income

(4,504)

1,396

129

35

(7)

(Gain)/loss reclassified to profit or loss

1,256

1

Condensed Consolidated Balance Sheet

Retirement benefits



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

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

Assets classified as held for sale



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

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

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

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

(856)

(144)

(1,021)

Other

1,536

(550)

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

Cash flow from investing activities – Other investing cash inflows

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

1,762

1,074

960

Other investing cash inflows

4,576

4,269

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

9. Post-balance sheet events

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

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ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders	16,093	19,359
113	100	62	Income/(loss) attributable to non-controlling interest	427	277
(45)	477	811	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	257	650
(7)	26	34	Add: Current cost of supplies adjustment attributable to non-controlling interest	14	(5)
989	4,894	1,381	CCS earnings	16,792	20,281



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

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Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	4,894	2,631	2,289	760	341	(481)	(647)
Less: Identified items	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Less: CCS earnings attributable to non-controlling interest	126
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,028
Add: Non-controlling interest	126
Adjusted Earnings plus non-controlling interest	6,153	2,871	2,443	1,182	463	(162)	(643)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,571	949	2,413	322	(73)	(1)	(39)
Add: Depreciation, depletion and amortisation excluding impairments	5,578	1,369	2,691	564	862	86	6
Add: Exploration well write-offs	150	2	148	—	—	—	—
Add: Interest expense excluding identified items	1,173	49	183	13	14	2	912
Less: Interest income	619	5	8	—	25	—	581
Adjusted EBITDA	16,005	5,234	7,871	2,081	1,240	(75)	(346)
Less: Current cost of supplies adjustment before taxation	665			334	331
Joint ventures and associates (dividends received less profit)	(62)	(146)	(90)	51	63	61	—
Derivative financial instruments	133	(373)	47	98	88	(106)	380
Taxation paid	(3,028)	(814)	(2,074)	(241)	23	(33)	112
Other	(365)	(32)	(406)	275	107	(75)	(234)
(Increase)/decrease in working capital	2,665	(247)	(78)	792	2,131	(136)	204
Cash flow from operating activities	14,684	3,623	5,268	2,722	3,321	(364)	115



Q4 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	1,381	1,733	2,151	226	(1,828)	(272)	(629)
Less: Identified items	(6,033)	(2,235)	(909)	(567)	(1,857)	(445)	(19)
Less: CCS earnings attributable to non-controlling interest	97
Add: Identified items attributable to non-controlling interest	(11)
Adjusted Earnings	7,306
Add: Non-controlling interest	108
Adjusted Earnings plus non-controlling interest	7,414	3,968	3,060	794	29	173	(609)
Add: Taxation charge/(credit) excluding tax impact of identified items	2,121	1,065	1,560	128	(271)	(4)	(358)
Add: Depreciation, depletion and amortisation excluding impairments	5,986	1,457	2,951	569	915	89	6
Add: Exploration well write-offs	243	63	180	—	—	—	—
Add: Interest expense excluding identified items	1,165	36	135	10	21	1	961
Less: Interest income	595	4	14	1	24	7	544
Adjusted EBITDA	16,335	6,584	7,872	1,500	670	253	(544)
Less: Current cost of supplies adjustment before taxation	1,109			572	537
Joint ventures and associates (dividends received less profit)	246	208	(250)	32	225	29	1
Derivative financial instruments	(1,030)	(1,596)	52	4	293	(268)	487
Taxation paid	(3,604)	(731)	(2,015)	(282)	(270)	(413)	108
Other	(947)	(229)	388	(508)	(422)	146	(322)
(Increase)/decrease in working capital	2,683	(639)	(260)	1,593	1,191	(1,012)	1,810
Cash flow from operating activities	12,575	3,597	5,787	1,767	1,150	(1,265)	1,540

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS



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

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

E. Net debt and gearing

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

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



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

F. Operating expenses and Underlying operating expenses

Operating expenses

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

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Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,839	982	2,470	270	1,632	480	5
Selling, distribution and administrative expenses	3,231	39	96	2,258	471	241	126
Research and development	331	40	69	73	46	37	66
Operating expenses	9,401	1,061	2,635	2,602	2,149	757	196



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,138	1,164	2,394	367	1,766	453	(6)
Selling, distribution and administrative expenses	3,139	(1)	(39)	2,408	453	209	110
Research and development	294	27	75	55	34	22	81
Operating expenses	9,570	1,190	2,430	2,830	2,253	684	185



Q4 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,807	1,187	2,595	433	1,815	732	44
Selling, distribution and administrative expenses1	3,621	39	109	2,520	530	271	153
Research and development1	469	42	102	67	52	93	112
Operating expenses	10,897	1,268	2,806	3,021	2,397	1,096	309



Full year 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	23,379	4,153	9,351	1,322	6,605	1,934	14
Selling, distribution and administrative expenses	12,439	164	176	9,149	1,637	887	426
Research and development	1,099	125	263	209	151	94	257
Operating expenses	36,918	4,441	9,791	10,681	8,392	2,915	698



Full year 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	25,240	4,529	9,186	1,463	7,394	2,610	58
Selling, distribution and administrative expenses1	13,433	154	325	9,426	2,023	1,058	446
Research and development1	1,287	126	318	252	181	96	314
Operating expenses	39,960	4,808	9,829	11,141	9,598	3,763	818

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

Underlying operating expenses

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

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Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

9,401

9,570

10,897

Operating expenses

36,918

39,960

(174)

(552)

(274)

Redundancy and restructuring (charges)/reversal

(1,009)

(325)

(88)

(154)

(58)

(Provisions)/reversal

(454)

(434)

—

Other

252

—

(262)

(706)

(332)

Total identified items

(1,210)

(758)

9,138

8,864

10,565

Underlying operating expenses

35,707

39,201

G. Free cash flow and Organic free cash flow

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

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



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

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

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

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

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

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

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

13,162

14,684

12,575

Cash flow from operating activities

54,684

54,191

131

2,705

4,088

(Increase)/decrease in inventories

1,273

6,325

751

4,057

(704)

(Increase)/decrease in current receivables

6,578

12,401

1,524

(4,096)

(701)

Increase/(decrease) in current payables1

(5,789)

(11,581)

2,407

2,665

2,683

(Increase)/decrease in working capital

2,062

7,145

10,755

12,019

9,891

Cash flow from operating activities excluding working capital movements

52,622

47,052

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

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: Shell plc publishes fourth quarter 2024 press release

Source: GlobeNewswire (MIL-OSI)

London, January 30, 2025

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

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

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

Shell plc Chief Executive Officer, Wael Sawan

SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
Q4 2024 Adjusted Earnings² of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets¹.
Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement.

$ million²		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,165	4,568	4,391	1,337
Upstream		1,682	7,676	4,509	2,076
Marketing		839	1,709	1,363	811
Chemicals & Products³		(229)	475	2,032	1,392
Renewables & Energy Solutions		(311)	(123)	850	1,277
Corporate		(380)	(24)	16	30
Less: Non-controlling interest (NCI)		106
Shell	Q4 2024	3,661	14,281	13,162	6,924
	Q3 2024	6,028	16,005	14,684	4,950
	FY 2024	23,716	65,803	54,684	21,084
	FY 2023	28,250	68,538	54,191	24,392

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

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

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

CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow¹ related to the timing impact of payments for emissions certificates and biofuel programmes.
Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.

$ billion²	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Divestment proceeds	0.6	1.0	0.8	0.2	0.8
Free cash flow	6.9	9.8	10.2	10.8	8.7
Net debt	43.5	40.5	38.3	35.2	38.8

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

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

Q4 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	63	63	—
Realised gas price ($/thousand scf)	7.9	8.1	—
Production (kboe/d)	941	905	930 – 990
LNG liquefaction volumes (MT)	7.5	7.1	6.6 – 7.2
LNG sales volumes (MT)	17.0	15.5	—

Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

UPSTREAM

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	75	71	—
Realised gas price ($/thousand scf)	6.6	7.0	—
Liquids production (kboe/d)	1,321	1,332	—
Gas production (million scf/d)	2,844	3,056	—
Total production (kboe/d)	1,811	1,859	1,750 – 1,950

Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

MARKETING

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

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

Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.

2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

CHEMICALS & PRODUCTS

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

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

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

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

RENEWABLES & ENERGY SOLUTIONS

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

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

Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.

Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

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

CORPORATE

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

2024 FULL YEAR

$ billion	Adj. Earnings	CFFO excl. WC	CFFO	Cash capex	Free cash flow
FY 2024	23.7	52.6	54.7	21.1	39.5
FY 2023	28.3	47.1	54.2	24.4	36.5

Operational performance	FY 2023	FY 2024	% change
Oil and gas production (kboe/d)	2,791	2,836	2%
LNG liquefaction volumes (MT)	28.3	29.1	3%
Marketing sales volumes (kb/d)	3,045	2,843	(7)%
Refinery processing intake (kb/d)	1,349	1,344	(0)%
Chemicals sales volumes (kT)	11,245	11,875	6%

Macro indicators	FY 2023	FY 2024	% change
Brent ($/bbl)	83	81	(2)%
Henry Hub ($/MMBtu)	2.5	2.2	(13)%
EU TTF ($/MMBtu)	13.0	11.0	(16)%
Indicative refining margin ($/bbl)	12.5	7.7	(38)%
Indicative chemicals margin ($/t)	133	152	14%

UPCOMING INVESTOR EVENTS

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

USEFUL LINKS

Results materials Q4 2024

Quarterly Databook Q4 2024

Webcast registration Q 4 202 4

Dividend announcement Q 4 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

CAUTIONARY STATEMENT

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

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

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

Shell’s Net Carbon Intensity

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

Shell’s Net-Zero Emissions Target

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

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

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

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

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

CONTACTS

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

The MIL Network –

January 30, 2025

MIL-OSI Australia: Transcript – Rural Queensland Today with Ben Dobbin

Source: Australian Executive Government Ministers

BEN DOBBIN [HOST]: Welcome back to Rural Queensland Today on the Resonate Broadcast Network, it’s my great pleasure to bring in Senator Anthony Chisholm, the Assistant Minister for Regional Development, Ag, Fisheries and Forestry. He’s a Queenslander and it’s great to have him on the show. Good morning, Anthony. Thanks so much for being with us.

ANTHONY CHISHOLM [ASSISTANT MINISTER]: Good morning, Ben. Good to be with you and your listeners.

DOBBIN: Mate, a lot going on but some good news. Yesterday you joined the University of Queensland to speak about the Federal Government’s efforts to help students pursue a career in the ag sector through the AgConnections program.

CHISHOLM: Yeah, we think this will be an important program, Ben. And when you get around and meet with farmers on the land, you know that they’re always struggling to find future workers and I think for a lot of Queenslanders, particularly those from the city, they don’t necessarily think about a career in Ag, they don’t have that exposure. But there’s so many different jobs in agriculture these days, particularly when you consider how much new tech is involved. We want to grow that next generation of workers and think that this is a really good program. The University of Queensland have obviously got a proud history in this regard of connecting the two and ensuring that we have that future production line of workers coming through that are going to experience the ag sector, become passionate about it and go on to have a fabulous career in agriculture.

DOBBIN: It’s a pretty significant day. You are right with the University of Queensland. It’s a first of its kind that will encourage students to diverse their disciplines. I’ve got a son who is at University of Queensland and all he wants to do is be back on the land at the farm, but he has to go and do a degree and so he’s doing engineering. But this now offers people who can go and get some skills, can go and get a university degree with some hands-on experience through an unbelievable team. But I’ve got to say, is this, is this a band aid from the State Government’s dark days when they closed the Ag colleges? I mean there was always a pathway and I understand this is a state level and you’re a Federal Senator, but I mean this seems to me like, yes, I’m so pleased this is happening, but it could have also been prevented a little bit if the State Government hadn’t gone and shut all these Ag colleges down a few years ago. Is that the reason why UQ and why the Federal Government have stepped in for this?

CHISHOLM: We’ve also provided support to some of the other universities around the country, including Charles Sturt, ANU, and Charles Darwin University. So, there is some diversity there. It’s funny you mentioned the Ag colleges and I was out in Longreach just before Christmas, and they’ve turned the Longreach college there into a Regional University Study Hub, which will be a great addition. But I understand the point you’re making and from my point of view, who’s got responsibility for workforce issues within agriculture, what I want to see is growing the pie, and this is what I talk to industry about. So, we need people in school thinking about a career in agriculture. We need those who are studying at university thinking about agriculture. We need to look at what we can do in vocational training to ensure that there’s people coming through interested in agriculture. But I think the challenge is exposing people to the industry and then realising that you don’t have to have a family farm, you don’t have to grow up in a farming location. There are so many diverse jobs and a great career and you’ll have so much fun at the same time. That’s what it’s about. So, we understand that there’s going to be a need for people coming in on visas overseas or backpackers of the PALM scheme. All of that is in the mix. But we also want to grow those people who live in Australia and get an opportunity in Ag, and I’m confident that once they get that taste, they’ll really enjoy and want a career in that area.

DOBBIN: Yeah, this is a very, very good initiative. I’ve got to be honest with you, and everybody needs to be congratulated on this. You also are Assistant Minister for Regional Development. Gee whiz, you’ve got a headache there trying to get the regions right. I mean, we are a little bit behind in this state and you know it too well. And you talked about Longreach, you talked about some of these areas that are growing, but we’ve got some challenges. How do we fast track it and not just be so laser focused on the south east?

CHISHOLM: Yeah, it’s something that I see as an important responsibility for me. I try and get around the country as much as I can. I’m off to Toowoomba today to help open a bridge out of town there. So, I think it’s about ensuring that we’re working with councils and investing in infrastructure that’s going to make a difference. I think the other challenge in many of these places is housing and the program that we’ve had to support councils to develop their headworks, whether it be sewerage, whether it be guttering and be able to build more houses in what is often the case where they lack builders or lack a market for new houses. So, I think those sorts of things are really important that are going to make a difference in these regional rural communities. I was in Normanton last year and they’ve got some money to develop some land for housing. So, that just shows you that the work that’s going on. We will continue to invest in the Growing Regions Program and the Regional Precincts and Partnership Program that invest in place-based infrastructure as well. But obviously childcare is another really important issue because a lot of people moving to these towns want to know that they’ve got access for childcare. So, I think across a range of measures we’re making progress. But I accept what you’re saying and it can’t happen quick enough and we need to ensure that we’re constantly out there listening, but then acting on that and delivering at the same time.

DOBBIN: Well, this is a great news story and we’ve led the show with the Ag Skills Accelerator given the green light. You were part of the University of Queensland yesterday, where there is now going to be, as you said, an opportunity for people who haven’t been born and bred in the bush, who can make a choice to choose Ag and go into there and do a university degree and create a future for themselves around this industry. A great news story. Senator, we really appreciate your time this morning. Anthony Chisholm, Assistant Minister for Regional Development, Ag and Fisheries, thanks so much for being with us.

CHISHOLM: Thanks, Ben. Good to be with you.

MIL OSI News –

January 30, 2025

MIL-OSI Australia: Press conference, Ipswich

Source: Australian Executive Government Ministers

SHAYNE NEUMANN [MEMBER FOR BLAIR]: Good morning. I’m Shayne Neumann, the Federal Member for Blair, the local MP for this area. I’m joined by Senator Anthony Chisholm, who’s the Assistant Minister for Regional Development, and Deputy Mayor Nicole Jonic, and the local councillor, Cr Andrew Antoniolli. We’re here to announce a fantastic initiative and congratulate the Ipswich City Council for their foresight in relation to the Ipswich CBD. Can I just say, cities are built on tolerance, technology and talent, and Ipswich has got a lot of great talent here in the area in relation to the arts community. We’re here in front of the very popular Ipswich Art Gallery, and we’ve got the Civic Centre just over here, and the Community Gallery as well. 100,000 people visit this gallery every year, one of the most visited regional galleries in the country, and of course, it’s a recipient of two works from the National Gallery at the moment, on loan in our Sharing the National Collection, and it’s been a great hit. Well, I’m very pleased to say that the council has been successful in a Federal Government grant of $3.8 million under the Urban Precincts and Partnerships Program. Now, what will that do? It will make a big difference. It will help the council in their planning for the remediation of this particular building – it’s an older building – and also the redevelopment here of the gallery and the redevelopment of the Civic Centre, looking at cycling, looking at commerce, looking at green space in this area. And this shows that the Albanese Labor Government is building on the infrastructure commitments that we’ve made in the electorate of Blair, from the Toogoolawah Gateway Project that we announced and the Mount Glen Rock Walking Trails Project, nearly $5 million for the Somerset Council just a few short weeks ago. We’re announcing this $3.8 million to the Ipswich City Council today. This will make a big difference in our local community. It’s good for commerce, it’s good for jobs, it’s good for the arts community, and it’s good for the environment as well. I’ll hand it over to the Assistant Minister to talk further about the project.

ANTHONY CHISHOLM [ASSISTANT MINISTER]: Thanks, Shayne, and it’s good to be with you in Ipswich and I acknowledge your hard work for this area and your passion to deliver for this community that does see extraordinary growth in population and a lot of people who want to come and live here. We know to keep up with that growth, we’ve got to invest in infrastructure, and Shayne’s mentioned some of the road projects and other community infrastructure that we do. But what you can’t neglect is arts and culture. And Ipswich in this region has a proud history when it comes to arts and culture, and we want to ensure, as part of the Federal Government, that we’re continuing to invest to ensure that those people who come here and those who live here still get to enjoy that arts and culture, but they shouldn’t just be in the big cities, they should be in places like Ipswich that have a good art gallery, and people want to come and spend time here, whether it be locals or those who are visiting. So I’m really pleased that the Federal Government, as part of the Urban Precincts and Partnerships Program, will contribute $3.8 million to the vision that the council have set out. Thanks to the Deputy Mayor and Councillor Antoniolli for being with us today. I acknowledge that Ipswich City Council have a real vision for what they want to deliver on to make this community great from a lifestyle point of view, and arts and culture play an important part of that. So, really pleased to be here with the Federal Member, Shayne Neumann, announcing this project, and we look forward to working with the Ipswich Council to deliver on this and make this community an even better place to live. I’ll now hand over to the Deputy Mayor.

NICOLE JONIC [IPSWICH DEPUTY MAYOR]: Thank you. I’d just like to thank the Federal Government for this announcement, this $3.8 million for our city centre. It will help us revitalise the project, and it helps council to make our projects shovel-ready. It will boost our art gallery with fantastic attendance and our civic centre, and it will also help our precinct just come together and flow. And that’s what our residents need. We focus on the liveability of our city. And again, thank you. Thank you very much.

JOURNALIST: Deputy Mayor, will it sort of be like a continuation of Nicholas Street into the square too, so it’s like one big, connected kind of place?

JONIC: Exactly, yeah. It’s that walkability, that connectability, to our arts and culture and city park, to make it so that people, when they come to visit, they can come and see the art gallery, they can try our cafes, they can go and watch a show, and it’s all in the precinct, which is just going to lift it up, and with the urban greening as well.

JOURNALIST: While you’re here as well, what happened on Tuesday, if that motion comes before the council again in regards to the media policy and what the mayor says would have gagged her, will you be supporting that motion?

JONIC: It’s been laid on the table to a future meeting. So I intend to work really closely with my fellow councillors between now and then, so that we can come together and work on a positive outcome. People want to hear about positive things in Ipswich because there is so many positive things to celebrate, and that’s what we’re here to do today.

JOURNALIST: Why did Paul Tully introduce that motion?

JONIC: I have no idea what Paul Tully has to say, but you need to contact him.

JOURNALIST: He’s not responding to media. Is that okay for a councillor introducing a motion like that not to respond to media about something that’s quite big and controversial?

JONIC: We’re here today to celebrate this fantastic announcement. So let’s celebrate our city and all the positivity especially this. [Inaudible]…

NEUMANN: We’ll hand over to Andrew now to talk further about this project. He’s the local councillor.

ANDREW ANTONIOLLI [IPSWICH COUNCILLOR]: Yeah, thanks, Shayne. And thanks, Anthony, very much for your presence here today. You know, our industry has been the foundation of our city. Our industrial innovation has been, in many respects, something that people still talk about. We are the birthplace of Queensland Rail here in Ipswich. But it’s arts and culture that tell the story of the city, and I would really like to thank the Federal Government for their contribution towards our arts and culture here in Ipswich through this project and through this money, because at the end of the day, this city has a proud, fantastic history to tell through the story of our arts and culture. So we look forward to the fulfilment of this vision through this money, and we thank very much the Federal Government for that contribution. Thank you.

JOURNALIST: Andrew, what will change here? What’s planned with the precinct?

ANTONIOLLI: Well, certainly this precinct alone, it has some limitations, particularly with respect to people with disabilities and inability to move around, walk around, because it isn’t compliant. So we certainly will be working towards those sorts of things, yes.

NEUMANN: Yeah, and just on that, Tony, we’re talking about the fact that there’s vines and plant vegetation that’s impacting on the building. There’s a maintenance schedule that the council is working on. In addition to that, there’s of course some improvements in development in this centre. The Civic Centre was built back in the days when Gough Whitlam was Prime Minister and Bill Hayden was the local MP for Oxley. I got two lots of millions of dollars’ worth of funding to maintain and paint and, you know, refurbish that. But the Civic Centre is not big enough for Ipswich now. So the growth in population is such that we need to look at the redevelopment here. That’s why the council’s got a great vision, and that’s why the Albanese Labor Government is supportive of that vision across Ipswich here. It’s a great initiative. I really want to commend the council. This is a demonstration of the council’s vision in terms of economic development. But we’ve got great artists – everyone from Glenn Smith to Rob Butler to Tallman and Sally Harrison – three of whom are on my wall in my electorate office with their wonderful artwork.

JOURNALIST: Senator, some questions from the Gold Coast in regards to light rail. What is Labor’s position on having light rail to the Gold Coast airport?

CHISHOLM: We’re continuing to work constructively with council and the State Government in that regard. We’ve obviously got a proud history in terms of the Federal Labor Government and what we’ve supported in regards to light rail on the Gold Coast. We understand, like Ipswich, the Gold Coast is a growing region, and we’ll continue to work constructively with the Council and State Government in that regard.

JOURNALIST: The idea of light rail on the Gold Coast was to always connect to the airport, the second biggest in Queensland. Without that final fourth stage, has essentially billions been wasted?

CHISHOLM: I was on the Gold Coast recently and I saw a number of people using the light rail, so I’ve got no doubt it’s made a difference to the community there. But obviously it would make sense longer term for it to be connected to the airport. I know that where it goes down to the north of the Gold Coast, it is making a significant difference around connectivity there. But there’s obviously always a lot of projects that need support in South East Queensland, particularly when we do have such high growth. As I said, we’ll continue to work constructively.

JOURNALIST: What are your thoughts on Burleigh becoming a bus depot and buses taking an increased load compared to light rail?

CHISHOLM: That’s not something that I’m aware of. I’m happy to come back to you with a bit of detail.

JOURNALIST: Shayne, the- obviously it’s been a tough week for the council. What’s your thoughts on what happened this week with the council trying to gag the Mayor?

NEUMANN: Well, that’s your perspective of it. Look, it’s very important that we have a council that’s united and visionary. Today, we’re providing funding for the council’s vision. So I’m just delighted to work together with the council to make sure Ipswich is a great place in which to live for individuals and families, that we get the infrastructure we need and deserve, that we get a sustainable environment here in Ipswich, and I’m delighted that we made this announcement today. I’m really pleased with the vision of Ipswich and I’m very pleased to work with the local council.

JOURNALIST: Can Ipswich Council ever be united while Paul Tully is still on it?

NEUMANN: Paul Tully is a democratically elected figure, as is Andrew and Nicole behind me. Of course, it’s up to democracy to prevail in relation to these types of matters. But I’m going to work with whoever’s been elected. We’ve got to respect the democratic wishes of the people of Ipswich. And all of these councillors and the Mayor have been democratically elected. I would encourage them to work together for the benefit of the city of Ipswich, and I’m confident they can in the future.

JOURNALIST: You were in a party that went through a lot of infighting between 2007 and 2013. How do you recommend they resolve some of this drama that’s going on at the moment?

NEUMANN: Well, in the words of Winston Churchill, it’s always better to jaw jaw than war war.

JOURNALIST: Nicole, do you support the Mayor?

JONIC: Of course I support the Mayor. I support our Mayor of the city. She has a civic responsibility. She was democratically elected. And we all need to come together to resolve any issues that we might have.

JOURNALIST: Why is Ipswich then one of the only councils where the Mayor isn’t on the LDMG?

JONIC: I’d have to take that on notice, that question. But …

JOURNALIST: [Talks over] Didn’t you vote for that?

JONIC: …all the votes are democratic, and we don’t want to de-rail today’s announcement because it is really positive …

JOURNALIST: [Interrupts] But you’re an elected official and these are questions that Ipswich ratepayers have. Isn’t there a simple answer?

JONIC: Ipswich ratepayers want to hear positive things for our city and that’s what we’re here to do today. People out there are really, really struggling, and they don’t want to hear about political infighting because of names getting listed first on the media statement. They want to hear about announcements like this and again, I just want to thank the Albanese Government for this, because it’s going to really lay the foundation for council to get on with the work that we have planned to help celebrate our creative community and the community of Ipswich.

NEUMANN: Thanks very much.

JOURNALIST: Do you have a Blue Card?

UNIDENTIFIED SPEAKER: Sorry?

JOURNALIST: Deputy Mayor, do you have a Blue Card?

NICOLE JONIC: Of course I do.

MIL OSI News –

January 30, 2025

MIL-OSI Australia: AEC urging voter focus on digital literacy ahead of 2025 federal election [31 January 2025]

Source: Australian Electoral Commission

Updated: 31 January 2025

The AEC has today launched additional tools that aim to help voters navigate the increasingly complex information environment. The AEC’s message to ‘Stop and Consider’ comes with the nation set to go to the polls for the 2025 federal election in the coming months.

New voter guides

The voter’s guide to election communication is a new repository of information for voters. The materials it contains are easy to consume, providing contextual information about the election communication environment as well as a range of tangible tips and resources.

Tips to ‘Stop and Consider’

The AEC’s Stop and Consider advertising campaign is being expanded for the 2025 federal election. Digital and social ads will be seen more often during the election – they will include a new call to action, to ‘get tips’, and direct voters to the new Stop and Consider hub to find out how to spot misleading information about the electoral process.

Communication channel catalogue

The communication channel catalogue is a new web-based resource that outlines some of the communication channels used by campaigners during a federal election. The communication channels featured in the catalogue are ones that often lead to voter questions or concerns.

Communication tactics catalogue

The communication tactics catalogue outlines some key themes of misleading communication voters may face. Being familiar with such tactics allows voters to consume information.

AEC Disinformation Register

The Disinformation Register on electoral processes for the 2025 federal election is now live.

The AEC first published a register as a tool during the 2022 federal election. The AEC is not the arbiter of truth in election campaigning but is the authoritative source of information about how federal election processes work in Australia.

AI & elections: AEC snapshot

The use of AI in elections is a rapidly evolving environment. As part of the new voter’s guide to campaigning the AEC has produced a snapshot of that environment. There are also tips and suggestions relating to AI throughout the other areas of the web-based guide.

More ‘AEC TV’ explainers

An expanded range of short-form videos are now also available for voters on the AEC’s YouTube channel, AEC TV. These videos are a mix of new and existing explainer products that provide detailed information about Australia’s electoral system and the AEC’s processes. They will be distributed via various channels throughout the coming months.

Active social media presence

The AEC has maintained a very active social media presence during recent federal elections, by-elections and the 2023 referendum. This has provided regular fact-based contributions to online conversations about election processes.

The AEC has active accounts on Instagram, X, Threads, Facebook and LinkedIn. For each recent federal election AEC leaders have also held ‘Ask Me Anything’ (AMA) sessions on Reddit. While the channels where the AEC has an account have not changed recently, the agency is watching the environment closely and may opt to expand our presence ahead of, or during, the election period.

Media resources:

Quotes attributable to Electoral Commissioner Jeff Pope – below.
A range of high-res images are available for use.
The AEC Newsroom provides a range of other valuable information and resources.

Quotes

Australian Electoral Commissioner Jeff Pope

“A federal election must be held in the next few months, so now is the perfect time to encourage all Australians to have a healthy degree of scepticism when it comes to what they see, hear or read.”

“In the lead-up to and during elections there’s lots of things said and written about how to vote.”

“While it’s not the AEC’s job to decide what’s true or not when it comes to political communication, we’re the experts when it comes to the electoral process.”

“People might come across false or misleading information about the process, including AI-generated content.”

“Research with voters last year found many are at risk of electoral process information that isn’t correct. The reality is anyone can be affected.”

“Australia has one of the most trusted electoral systems in the world. We all have a responsibility to protect it.”

“The AEC has tips on how to stop, check and consider – like what to look for, being aware of potentially manipulative tactics and how to not let emotion influence decisions.”

“One of the easiest things people can do once they’ve stopped and considered something is to simply ignore it if they’re not sure – or at the very least don’t share it if you can’t verify the information.”

“Simply learning about the process can help too – get information directly from the AEC on things like how to fill out ballot papers in line with the voting instructions, how votes are counted and how a result is determined.”

“Digital literacy is something we can all do – being vigilant when we encounter information – and supporting others to do the same.”

MIL OSI News –

January 30, 2025

MIL-OSI Australia: Interview – Rural Queensland Today

Source: Australian Ministers for Education

BEN DOBBIN [HOST]: Welcome back to Rural Queensland. Today on the Resonate Broadcast Network, it’s my great pleasure to bring in Senator Anthony Chisholm, the Assistant Minister for Regional Development, Ag, Fisheries and Forestry. He’s a Queenslander and it’s great to have him on the show. Good morning, Anthony. Thanks so much for being with us.

ANTHONY CHISHOLM [HOST]: Good morning, Ben. Good to be with you and your listeners.

DOBBIN: Mate, a lot going on but some good news. Yesterday you joined the University of Queensland to speak about the Federal Government’s efforts to help students pursue a career in the ag sector through the AgConnections program.

CHISHOLM: Yeah, we think this will be an important program, Ben. And when you get around and meet with farmers on the land, you know that they’re always struggling to find future workers and I think for a lot of Queenslanders, particularly those from the city, they don’t necessarily think about a career in Ag, they don’t have that exposure. But there’s so many different jobs in agriculture these days, particularly when you consider how much new tech is involved. We want to grow that next generation of workers and think that this is a really good program. The University of Queensland have obviously got a proud history in this regard of connecting the two and ensuring that we have that future production line of workers coming through that are going to experience the ag sector, become passionate about it and go on to have a fabulous career in agriculture.

DOBBIN: It’s a pretty significant day. You are right with the University of Queensland. It’s a first of its kind that will encourage students to diverse their disciplines. I’ve got a son who is at University of Queensland and all he wants to do is be back on the land at the farm, but he has to go and do a degree and so he’s doing engineering. But this now offers people who can go and get some skills, can go and get a university degree with some hands-on experience through an unbelievable team. But I’ve got to say, is this, is this a band aid from the State Government’s dark days when they closed the Ag colleges? I mean there was always a pathway and I understand this is a state level and you’re a Federal Senator, but I mean this seems to me like, yes, I’m so pleased this is happening, but it could have also been prevented a little bit if the State Government hadn’t gone and shut all these Ag colleges down a few years ago. Is that the reason why UQ and why the Federal Government have stepped in for this?

CHISHOLM: We’ve also provided support to some of the other universities around the country, including Charles Sturt, ANU, and Charles Darwin University. So, there is some diversity there. It’s funny you mentioned the Ag colleges and I was out in Longreach just before Christmas, and they’ve turned the Longreach college there into a Regional University Study Hub, which will be a great addition. But I understand the point you’re making and from my point of view, who’s got responsibility for workforce issues within agriculture, what I want to see is growing the pie, and this is what I talk to industry about. So, we need people in school thinking about a career in agriculture. We need those who are studying at university thinking about agriculture. We need to look at what we can do in vocational training to ensure that there’s people coming through interested in agriculture. But I think the challenge is exposing people to the industry and then realising that you don’t have to have a family farm, you don’t have to grow up in a farming location. There are so many diverse jobs and a great career and you’ll have so much fun at the same time. That’s what it’s about. So, we understand that there’s going to be a need for people coming in on visas overseas or backpackers of the PALM scheme. All of that is in the mix. But we also want to grow those people who live in Australia and get an opportunity in Ag, and I’m confident that once they get that taste, they’ll really enjoy and want a career in that area.

DOBBIN: Yeah, this is a very, very good initiative. I’ve got to be honest with you, and everybody needs to be congratulated on this. You also are Assistant Minister for Regional Development. Gee whiz, you’ve got a headache there trying to get the regions right. I mean, we are a little bit behind in this state and you know it too well. And you talked about Longreach, you talked about some of these areas that are growing, but we’ve got some challenges. How do we fast track it and not just be so laser focused on the south east?

CHISHOLM: Yeah, it’s something that I see as an important responsibility for me. I try and get around the country as much as I can. I’m off to Toowoomba today to help open a bridge out of town there. So, I think it’s about ensuring that we’re working with councils and investing in infrastructure that’s going to make a difference. I think the other challenge in many of these places is housing and the program that we’ve had to support councils to develop their headworks, whether it be sewerage, whether it be guttering and be able to build more houses in what is often the case where they lack builders or lack a market for new houses. So, I think those sorts of things are really important that are going to make a difference in these regional rural communities. I was in Normanton last year and they’ve got some money to develop some land for housing. So, that just shows you that the work that’s going on. We will continue to invest in the Growing Regions Program and the Regional Precincts and Partnership Program that invest in place-based infrastructure as well. But obviously childcare is another really important issue because a lot of people moving to these towns want to know that they’ve got access for childcare. So, I think across a range of measures we’re making progress. But I accept what you’re saying and it can’t happen quick enough and we need to ensure that we’re constantly out there listening, but then acting on that and delivering at the same time.

DOBBIN: Well, this is a great news story and we’ve led the show with the Ag Skills Accelerator given the green light. You were part of the University of Queensland yesterday, where there is now going to be, as you said, an opportunity for people who haven’t been born and bred in the bush, who can make a choice to choose ag and go into there and do a university degree and create a future for themselves around this industry. A great news story. Senator, we really appreciate your time this morning. Anthony Chisholm, Assistant Minister for Regional Development, Ag and Fisheries, thanks so much for being with us.

CHISHOLM: Thanks, Ben. Good to be with you.

MIL OSI News –

January 30, 2025

MIL-OSI: Nokia Corporation Financial Report for Q4 and full year 2024

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Financial Statement Release
30 January 2025 at 08:00 EET

Nokia Corporation Financial Report for Q4 and full year 2024

Strong Q4 growth and profitability as market trends improve

Q4 net sales increased 9% y-o-y in constant currency (10% reported). Network Infrastructure net sales grew strongly with all units contributing, Nokia Technologies grew significantly and Cloud and Network Services also grew in Q4.
Comparable gross margin in Q4 increased by 250bps y-o-y to 47.2% (reported increased 280bps to 46.1%), with a strong contribution from Nokia Technologies along with smaller contributions from other businesses.
Q4 comparable operating margin increased 380bps y-o-y to 19.1% (reported up 540bps to 15.3%), mainly due to higher gross margin, continued cost control and higher contribution from Nokia Technologies.
Q4 comparable diluted EPS for the period of EUR 0.18; reported diluted EPS for the period of EUR 0.15.
Q4 free cash flow of EUR 0.05 billion, net cash balance of EUR 4.9 billion.
Full year 2024 net sales declined 9% in both reported and constant currency, of which 7 percentage points was related to India. Comparable operating profit was EUR 2.6 billion (reported EUR 2.0 billion).
Full year comparable diluted EPS of EUR 0.39; reported diluted EPS of 0.23.
Board proposes dividend authorization of EUR 0.14 per share.
Nokia issues full year 2025 outlook on an organic basis. Nokia expects comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

This is a summary of the Nokia Corporation Financial report for Q4 and full year 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q4 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2024 RESULTS

In the following quote, net sales growth rates are on a constant currency basis
We saw a strong finish to 2024 with 9% net sales growth year-on-year in Q4. I am optimistic that the improving market trends we are now seeing will persist into 2025. Alongside the net sales growth, we saw excellent profitability in Q4 with a comparable operating margin of 19.1%. This meant our full year comparable operating profit was EUR 2.6 billion, at the mid-point of our guidance of EUR 2.3 to 2.9 billion.

All business groups delivered a strong operational performance in the quarter. Net sales growth in Network Infrastructure accelerated to 17%, with IP Networks growing 24%, Fixed Networks 16% and Optical Networks 7%. This reflected a strong recovery in demand from communication service providers, notably in North America.

Mobile Networks net sales stabilized with continued resilience in gross margin. We also secured many important deals, winning 18 000 additional base station sites, since the start of 2024 on a net basis. This was achieved while maintaining our commercial and pricing discipline to protect our gross margins.

Cloud and Network Services returned to 7% net sales growth in the quarter, despite a headwind of 4 percentage points from a prior business disposal, and its operating margin improved over the full year. Both Core Networks and Enterprise Campus Edge grew strongly. The fourth quarter saw the acquisition of Rapid’s technology assets. This will bolster our R&D capacity in Network as Code and increase our developer access. Taken together with our autonomous networks application suite, we are accelerating our efforts to help operators fully automate and monetize their networks.

Nokia Technologies had an extremely active quarter. We signed a deal with Transsion, a previously unlicensed mobile devices vendor, along with multimedia deals with HP and Samsung, as well as many other smaller deals. Our annual net sales run-rate increased to approximately between EUR 1.3 and 1.4 billion in Q4, progressing towards our mid-term EUR 1.4 to 1.5 billion target.

We delivered a strong cash performance throughout 2024, ending with full year free cash flow of EUR 2.0 billion. This means we continue to have a strong balance sheet supporting our business with net cash of EUR 4.9 billion at the end of the year, even after returning EUR 1.4 billion to shareholders through dividend and share buybacks. The Board is proposing an increase in the dividend to EUR 0.14 per share in respect of the financial year 2024. We also continue to execute against our outstanding share buyback program to offset any dilution from the equity component of our pending Infinera acquisition. Going forward, our target remains to maintain a net cash position of between 10-15% of annual net sales.

Q4 also saw further progress in efforts to expand our presence in the data center market. We signed important deals with Microsoft and Nscale for our data center switching products, along with announcing partnerships with both Kyndryl and Lenovo. We are now stepping up our investments to broaden our addressable market in data center IP networking. We will invest up to an additional EUR 100 million in annual operating expenses with a view to driving incremental net sales of EUR 1 billion by 2028. In the short-term this will moderate the pace of operating margin expansion in Network Infrastructure, but we anticipate a strong return on investment considering the momentum we already have today in the market.

Looking further ahead into 2025, we expect the improved trends we have seen in Network Infrastructure in the second half of this year, to sustain and drive strong growth. Cloud and Network Services is also expected to grow with strong 5G Core momentum and growth in our Enterprise Campus Edge business. End markets in Mobile Networks are improving and we currently assume largely stable net sales. Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating profit.

At the Nokia level, we currently estimate we will deliver comparable operating profit of between EUR 1.9 and 2.4 billion in 2025. We also target free cash flow conversion from comparable operating profit of between 50% and 80%. Excluding the one-time items that benefited 2024 by over EUR 700 million which were mostly in the first half of the year, this guidance would imply a strong improvement in our comparable operating profit in 2025 despite select increased investments.

Given the market volatility in 2024, our results demonstrate the responsiveness and capacity of the Nokia team to execute in all market conditions. I thank the whole Nokia team for their commitment, hard work and drive which made these results possible.

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q4’24	Q4’23	YoY change	Constant currency YoY change	Q1-Q4’24	Q1-Q4’23	YoY change	Constant currency YoY change
Reported results
Net sales	5 983	5 416	10%	9%	19 220	21 138	(9)%	(9)%
Gross margin %	46.1%	43.3%	280bps		46.1%	40.4%	570bps
Research and development expenses	(1 136)	(1 080)	5%		(4 512)	(4 277)	5%
Selling, general and administrative expenses	(789)	(774)	2%		(2 890)	(2 878)	0%
Operating profit	917	534	72%		1 999	1 661	20%
Operating margin %	15.3%	9.9%	540bps		10.4%	7.9%	250bps
Profit/(loss) from continuing operations	746	(51)			1 711	649	164%
Profit/(loss) from discontinued operations	67	18	272%		(427)	30
Profit/(loss) for the period	813	(33)			1 284	679	89%
EPS for the period, diluted	0.15	(0.01)			0.23	0.12	92%
Net cash and interest-bearing financial investments	4 854	4 323	12%		4 854	4 323	12%
Comparable results
Net sales	5 983	5 416	10%	9%	19 220	21 138	(9)%	(9)%
Gross margin %	47.2%	44.7%	250bps		47.1%	41.1%	600bps
Research and development expenses	(1 129)	(1 023)	10%		(4 298)	(4 143)	4%
Selling, general and administrative expenses	(638)	(615)	4%		(2 423)	(2 448)	(1)%
Operating profit	1 142	830	38%		2 619	2 337	12%
Operating margin %	19.1%	15.3%	380bps		13.6%	11.1%	250bps
Profit for the period	977	555	76%		2 175	1 590	37%
EPS for the period, diluted	0.18	0.10	80%		0.39	0.28	39%
ROIC⁽¹⁾	13.0%	9.9%	310bps		13.0%	9.9%	310bps

¹ Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for details.

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23
Net sales	2 031	1 712	2 431	2 450	1 054	977	463	251	6	25
YoY change	19%		(1)%		8%		84%		(76)%
Constant currency YoY change	17%		(2)%		7%		85%		(76)%
Gross margin %	45.4%	44.7%	38.1%	38.3%	48.1%	47.6%	99.8%	100.0%
Operating profit/(loss)	398	264	187	281	236	223	356	169	(35)	(106)
Operating margin %	19.6%	15.4%	7.7%	11.5%	22.4%	22.8%	76.9%	67.3%

SHAREHOLDER DISTRIBUTION

Dividend

The Board of Directors proposes that the Annual General Meeting 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

Under the current authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

On 30 January 2025, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 4 February 2025 and the dividend will be paid on 13 February 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Following this announced distribution of the fourth installment and executed payments of the previous installments, the Board has no remaining distribution authorization.

Share buyback programs

In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of the year instead of the initial two year timeframe. The program was completed on 21 November 2024 and the repurchased 157 646 220 shares were canceled on 4 December 2024.

On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a new share buyback program targeting to repurchase 150 million shares for an aggregate purchase price not exceeding EUR 900 million. Under this share buyback program, by 31 December 2024, Nokia had repurchased 19 186 046 of its own shares at an average price per share of approximately EUR 4.14.

OUTLOOK

	Full Year 2025
Comparable operating profit⁽¹⁾	EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition)
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition)

¹Please refer to Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report. release.

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook. Considering the pending Infinera acquisition along with the transfer of Managed Services from Cloud and Network Services to Mobile Networks (further details of this transfer are included in the Additional Topics section), Nokia is not currently providing assumptions by business group as it did previously.

	Full year 2025
Group Common and Other operating expenses	approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 450 million
Capital Expenditures	EUR 550 million

2026 TARGETS

Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

Net sales	Grow faster than the market
Comparable operating margin⁽¹⁾	≥ 13%
Free cash flow⁽¹⁾	55% to 85% conversion from comparable operating profit

¹ Please refer to Alternative Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

Network Infrastructure	13 – 16% operating margin
Mobile Networks	6 – 9% operating margin
Cloud and Network Services	7 – 10% operating margin
Nokia Technologies	Operating profit more than EUR 1.1 billion
Group common and other	Approximately EUR 300 million of operating expenses

ADDITIONAL TOPICS

Progress on Infinera acquisition
On 27 June 2024, Nokia announced a definitive agreement under which Nokia will acquire Infinera, a global supplier of innovative open optical networking solutions and advanced optical semiconductors. The acquisition process continues to proceed as expected. On 13 September 2024, the applicable waiting period under the US pre-merger review expired and the Department of Justice decided not to investigate the planned transaction. On 1 October 2024, Infinera shareholders approved the planned acquisition. On 7 October 2024, Nokia and Infinera received approval from the Committee on Foreign Investment in the United States (CFIUS). During the fourth quarter Nokia received many of the outstanding required approvals for the deal. At this point approval from the European Union and Taiwan, along with contractual closing conditions, are the major items outstanding to proceed to closing. Assuming the current target timelines, Nokia and Infinera now expect the deal to close during the first quarter of 2025.

Nokia exercised NSB call option to simplify ownership structure in China

Nokia and its joint venture partner China Huaxin have been together reviewing the future ownership structure of Nokia Shanghai Bell (NSB). Following those discussions, Nokia exercised its call option, outlined in NSB’s shareholders’ agreement, to initiate the process to become the sole shareholder by purchasing China Huaxin’s approximately 50% share in NSB. This will allow Nokia to simplify its ownership structure in China while Nokia remains committed to continue serving the local market.
Since the creation of the joint venture Nokia has recorded a liability on its balance sheet based on the estimated future cash settlement to acquire China Huaxin’s ownership interest. The execution of the call option is subject to completing required steps under the shareholders’ agreement.

Managed Services business transferred from Cloud and Network Services into Mobile Networks in 2025
Nokia has moved its Managed Services business into Mobile Networks (MN), effective 1 January 2025. The Managed Services business provides outsourced network management of multi-vendor RAN networks for operators and since 2021 has been part of our Cloud and Network Services (CNS) business group. Considering CNS is increasingly transitioning towards cloud-native software sales, ‘as-a-service’ product offerings and helping customers to monetize networks through API’s, Nokia believes that this business is more aligned and fits better with its MN business. Based on 2024 results, this change is expected to lead to a transfer of approximately EUR 430 million of net sales and approximately EUR 40 million of comparable operating profit from CNS to MN. Nokia will provide recast financial information for 2024 for MN and CNS reflecting this change prior to Nokia’s Q1 financial results.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete, successfully integrate and realize the expected benefits from our ongoing transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

Nokia’s webcast will begin on 30 January 2025 at 11.30 a.m. Finnish time (EET). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia plans to publish its “Nokia in 2024” annual report, which includes the review by the Board of Directors and the audited annual accounts, during the week starting on 10 March 2025.
Nokia plans to publish its first quarter 2025 results on 24 April 2025.
Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

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2024_Q4_Nokia_Earnings_release_English

The MIL Network –

January 30, 2025

MIL-Evening Report: Will new $10,000 apprentice payments help solve job shortages in construction? Not anytime soon

Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

In an election pitch last week, Prime Minister Anthony Albanese announced new incentive payments of $10,000 for eligible apprentices in residential construction.

The federal government has committed to an ambitious target of building 1.2 million new homes over the next five years through the National Housing Accord. That means it urgently needs to boost Australia’s construction workforce.

But a recent strategic review into incentives for Australian apprentices and trainees found cost-of-living pressures were a major barrier to apprenticeship entry and completion.

Only about half of apprentices currently finish their apprenticeships.

The new program has been touted as the federal government’s initial response. It will target 62,690 apprentices and cost $627 million.

But previous attempts to attract new apprentices with cash payments have had mixed results. A similar 2023 scheme to get more tradies into “green jobs” only attracted about 2,200 sign-ups in the first year.

There are also concerns the new scheme may have unintended consequences, such as diverting talent from important sectors of the new economy – including the previous “green jobs” scheme.

How will it work?

From July 1, eligible apprentices in the new Housing Construction Apprenticeship Program will receive five payments of $2,000 each: after six, 12, 24 and 36 months, and upon completion. The payments are staged to encourage apprentices to complete their training.

Cash payments won’t be the only new financial incentive. There’ll also be a boost to the Living Away From Home Allowance to help cover the costs of relocating, while an increase in the Disability Australian Apprentice Wage Support payment provides financial support to employers who hire apprentices with disability.

Will the scheme succeed?

The government’s previous attempts to address chronic labour shortages through cash incentives have had mixed results.

Introduced in 2023, the New Energy Apprenticeships Program also offers $10,000 in staged payments to apprentices in priority green roles, such as electric vehicle technicians.

Despite 2,200 apprentices joining in the first year, the program was deemed too restrictive by the industry. That was despite employers themselves receiving $15,000 per apprentice (which is also what is proposed for the construction scheme).

As part of the strategic review, the Centre for International Economics was commissioned to conduct an international literature review. It found that financial incentives such as wage or training subsidies and incentives were only “somewhat relevant” to the Australian context, and there was mixed support, at best, for their effectiveness.

A major factor behind the mixed results may be the crowding-out effect in economic theory.

This suggests that increasing public spending (by giving financial incentives) could undermine the intended effect by reducing or even eliminating private-sector investment. And it does not address apprehension among employers, especially small and medium-sized enterprises, about taking on more apprentices.

More than six months after the government expanded eligibility for clean energy work, the green energy sector continues to face significant skills shortages.

While these payments may help in the long run, their staggered nature over three years won’t provide immediate relief.

The plan will likely only contribute to the government’s home-building targets by 2029, if and when more Australians enrol and complete their apprenticeships in the construction sector.

Will this have effects outside the construction industry?

More strategically, by shifting the focus from “new economy” industries outlined in the Future Made in Australia policy, this scheme risks weakening efforts to transform Australia’s economy.

The cash incentive for apprentices in home-building comes at a time when there is intense global competition for skills in “new industries”.

However, despite the many state and federal government initiatives for fee-free TAFE courses since the COVID pandemic, recently released data indicates a continued trend of long-term decline in Vocational Education and Training (VET) enrolments.

Albanese was asked about the government’s commitment to technology and digital innovation, with increasing global competition in artificial intelligence.

He responded by discussing the government’s commitment to the “new economy”.

However, the construction sector has until now not been identified as an essential part of the new economy’s priority industries by the government.

Instead, expanding incentives to construction apprentices marks a shift away from the priorities on green energy and new industries, and towards more traditional trades.

The cash incentives could divert school leavers from considering apprenticeships in key future industries. That is something that schemes such as the new energy program were specifically designed to do in response to multiple skills and training reviews over the past two decades.

So, despite the lack of evidence that cash incentives work, and the fact they may cause unintended effects, the proposed incentive payments appear to be a pitch addressing cost-of-living/cost-of-building concerns for the upcoming election.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Will new $10,000 apprentice payments help solve job shortages in construction? Not anytime soon – https://theconversation.com/will-new-10-000-apprentice-payments-help-solve-job-shortages-in-construction-not-anytime-soon-248446

MIL OSI Analysis – EveningReport.nz –

January 30, 2025

MIL-Evening Report: As antisemitic attacks reach ‘disturbing’ levels, is strengthening hate crime laws the answer?

Source: The Conversation (Au and NZ) – By Keiran Hardy, Associate Professor, Griffith Criminology Institute, Griffith University

Mike Burgess, head of the Australian Security Intelligence Organisation, has issued a stark warning following the discovery of explosives in a caravan in northwest Sydney, alongside a note bearing the address of a Sydney synagogue.

We have seen a disturbing escalation in the targeting of Jewish interests, and a disturbing escalation in the severity and recklessness of the targeting.

In response to the recent spate of antisemitic incidents in Sydney – which include a childcare centre being set alight and graffitied – NSW Premier Chris Minns has also pledged to strengthen the state’s hate laws.

Changes to these laws would bring NSW in line with other states. However, they will have limited impact on a serious social problem. Both nationally and in the states, many existing laws can be used to prosecute people for these crimes, including incitement to violence on the basis of religion, race or ethnicity.

Responding quickly to the growing crisis around antisemitic attacks is understandable, but greater long-term investments must also be made to prevent extreme, hateful beliefs from developing in our communities in the first place.

What crimes are being committed?

Different laws can be triggered depending on the nature of a particular offence.

The firebombing of a Melbourne synagogue late last year was treated as an act of terrorism, while a joint counter-terrorism team is investigating the caravan explosives.

Other hateful acts can be charged as arson, property damage or serious vilification.

For conduct to be treated as terrorism, it must be done for the purpose of advancing a political, religious or ideological cause.

Extreme right-wing or neo-Nazi beliefs can certainly satisfy this. But whether an individual case will be treated as terrorism depends on whether there is enough evidence of an underlying ideological motive.

Serious vilification offences apply when someone incites others to cause harm on the basis of race, religion, sexuality or gender identity.

Both nationally and in the states, new offences also apply for displaying Nazi symbols. Neo-Nazis who were arrested after a march in Adelaide this month, for example, were charged with various offences, including failing to cease loitering and displaying a Nazi symbol.

What is NSW considering changing?

The biggest change would be to section 93Z of the NSW Crimes Act.

Section 93Z is a serious vilification offence, but it applies only to the incitement of violence. Equivalent offences in other states are broader because they also include incitement to hatred, serious contempt or severe ridicule.

In Queensland, this requires threats or inciting threats of physical harm. In Victoria, changes likely to pass in parliament soon would remove a similar harm requirement.

In NSW, vilification on broader grounds is still unlawful, but it falls under civil law. Complaints can be made to Anti-Discrimination NSW and this may lead to lawsuits and potential compensation – but not criminal prosecution.

It makes sense for NSW to match section 93Z to equivalent laws in other states. But this would go against the very recent recommendations of the NSW Law Reform Commission.

In its report last November, the commission concluded that strengthening laws is not always the best way to address underlying social issues. It said the low prosecution rate for section 93Z could be explained by police preferring other, more serious offences for these types of crimes.

Still, it appears Minns may go ahead with the reforms, saying an antisemitic attack “begins with hateful, racist language”.

If I can stop it at its source with changes to the law, that’s exactly what we’ll do.

Would these changes make a difference?

The proposed changes are quite technical and are unlikely to have a significant impact on the growing threat of antisemitism.

Widening section 93Z could generate some additional prosecutions for hate speech that falls below inciting violence. But in most cases, other, more serious offences are already available to prosecutors.

Ultimately, in addition to the ongoing investigations, there needs to be greater investment in efforts to understand extremism in Australian society. This includes developing clearer answers to these questions:

why extreme, hateful beliefs are thriving in our communities
who is most likely to develop these beliefs and act on them, and
how extremist narratives can best be countered, in our communities and online.

Countering violent extremism programs are improving over time. These include interventions for at-risk youth and broader efforts to educate communities. But investments in these approaches have never kept pace with changes to the criminal law.

Antisemitism has no place in Australian society, and changing the law in NSW will send a quick message that the government is taking the problem seriously. But taking it seriously also means doing whatever else we can as a society to ensure no one experiences hate or violence for who they are or what they believe.

Keiran Hardy receives funding from the Australian Research Council for a Discovery Project on conspiracy-fuelled extremism.

– ref. As antisemitic attacks reach ‘disturbing’ levels, is strengthening hate crime laws the answer? – https://theconversation.com/as-antisemitic-attacks-reach-disturbing-levels-is-strengthening-hate-crime-laws-the-answer-248549

MIL OSI Analysis – EveningReport.nz –

January 30, 2025

MIL-OSI Australia: Southern suburbs man to face court

Source: South Australia Police

Today, detectives from the Joint Anti Child Exploitation Team, a joint team between the South Australia Police and the Australian Federal Police, arrested a southern suburbs man for online child sex offences.

The 34-year-old was charged with possess child exploitation material. He was refused police bail and will appear in the Christies Beach Magistrates Court tomorrow, Friday 31 January.

Detective Chief Inspector George Fenwick, from SAPOL’s Public Protection Branch, said, “Possession and sharing of child abuse material is not a victimless crime. South Australia Police, alongside our partner agencies, are absolutely committed to prosecuting anyone who offends against our community’s most vulnerable.

“I urge anyone in the community who needs to access support to visit the ACCCE website – www.accce.gov.au – for a full list of available support services with contact details.”

CO2500004351

MIL OSI News –

January 30, 2025

Category: Australia

Ambiguous effects

The art of acoustics

Widespread radicalization

Little targeting of fascist groups

New voter guides

Tips to ‘Stop and Consider’

Communication channel catalogue

Communication tactics catalogue

AEC Disinformation Register

AI & elections: AEC snapshot

More ‘AEC TV’ explainers

Active social media presence

Media resources:

Quotes

Australian Electoral Commissioner Jeff Pope

How will it work?

Will the scheme succeed?

Will this have effects outside the construction industry?

What crimes are being committed?

What is NSW considering changing?

Would these changes make a difference?