NewzIntel.com

Category: Aviation

  • MIL-OSI New Zealand: Minister announces SOE appointments

    Source: New Zealand Government

    Seven reappointments and seven new appointments to eight companies in the State Owned Enterprises portfolio have been made, ensuring these companies are equipped with the skills and expertise necessary to deliver on their commitments to New Zealanders, State Owned Enterprises Minister Simeon Brown says.

    “I have made clear that the Government expects a return on investment from our state-owned enterprises, and that like all commercial entities, they need to make commercial decisions that are in the best interest of the company. This requires SOEs to run profitable businesses that set ambitious targets and performance measures and emphasise distributions to shareholders.

    “The Government is committed to ensuring our state-owned enterprises have strong leadership in place to navigate both the challenges and opportunities they face. These individuals bring a strong mix of governance expertise, commercial acumen, and stakeholder engagement to their roles, which will help ensure the entities they oversee meet the Government’s expectations,” Mr Brown says

    ECNZ and Kordia will benefit from experienced leadership continuity through the reappointments of Victor Wu and Sophie Haslem as the Chairs of ECNZ and Kordia respectively. Victor Wu has successfully guided ECNZ towards its planned wind-up, while Sophie Haslem will continue to oversee Kordia’s strategic transformation, driving improved operational efficiency and enhancing its future resilience.

    In addition, Terry Paddy (Airways), Jan Hilder (AsureQuality), Jane Meares (ECNZ), Nicola Riordan and Linda Robertson (Kordia) have all been reappointed to their respective boards with new term start dates of 1 September for Nicola Riordan and 1 November for the remainder.

    Seven new directors will bring specific skills to help Hawke’s Bay Airport, Landcorp, MetService, and NZ Post achieve Ministers’ expectations, with terms commencing on 1 August:

    • Hawke’s Bay Airport: Megan Allan will bring expertise in financial strategy, operational efficiencies, and stakeholder engagement to enhance the airport’s role as an economic hub for the region.
    • Landcorp (Pāmu): The appointments of Angela Dixon, Stu Husband, and Brent Lawgun will focus on driving Landcorp’s performance turnaround. Collectively, they bring experience in agricultural governance, capital management, and iwi engagement, tailored to meet the Government’s expectations for a sharper focus on core farming operations.
    • MetService: Janie Elrick and Julian Smith bring complementary skills, with backgrounds in finance, risk management, and customer-centred transformational change. They will add value to the Board as the business amalgamates with NIWA over the medium term.
    • NZ Post:  Michelle Henderson, with her commercial acumen and expertise in governance and digital transformation, will support the organisation’s transformation in the postal and logistics sector.

    The Government acknowledges and thanks outgoing appointees for their valuable contributions and service.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Padilla, Schiff, Markey Decry Homeland Security’s Surveillance of Angelenos, Violation of Privacy and First Amendment Rights

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff, Markey Decry Homeland Security’s Surveillance of Angelenos, Violation of Privacy and First Amendment Rights

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Adam Schiff (D-Calif.), and Edward J. Markey (D-Mass.) raised the alarm on the Department of Homeland Security’s (DHS) recent usage of Predator drones and aerial surveillance against peaceful protesters in Los Angeles. This surveillance is a clear threat to the protesters’ privacy and their constitutional rights guaranteed by the First Amendment.

    In their letter to Secretary of Homeland Security Kristi Noem, the Senators likened DHS’ aerial surveillance to authoritarian regimes controlling dissent and warned of the risks of using this technology to target communities of color. They noted that DHS did not give any justification for its use of the drones, nor any details about what information was collected or how it was used.

    On June 8, during the Los Angeles protests, DHS deployed Predator drones with high resolution cameras capable of identifying individuals in a crowd to fly over protests in Paramount and Los Angeles. The Senators blasted DHS’ usage of the footage to create a dramatic video posted June 10 to X with the caption “WATCH: DHS drone footage of LA rioters. This is not calm. This is not peaceful. California politicians must call off their rioting mob.”

    “Even if the technology were perfectly accurate, this form of surveillance could have a chilling effect on constitutionally protected rights, particularly freedom of assembly and speech. Protesters may fear that showing up at a rally could result in DHS or other government entities logging their names into a government database, sharing records with law enforcement, or even subjecting them to reprisal,” wrote the Senators. “That fear is not theoretical. Authoritarian regimes already use facial recognition to track down dissidents. But even in democratic societies, such tools can disproportionately target and harm communities of color, intensifying existing biases in law enforcement and eroding trust in public institutions.” 

    “The publication of these videos appears to be a violation of the Department’s own requirement limiting the disclosure of video collected on an aircraft to authorized personnel with an authorized purpose,” continued the Senators. “Americans could easily understand the publication of this video as an implicit threat to reveal the identities of protesters, instilling fear in any members of the public who seek to exercise their constitutionally protected rights to speech and assembly.” 

    Senators Bernie Sanders (I-Vt.) and Chris Van Hollen (D-Md.) also signed the letter. 

    The lawmakers requested responses by August 21, 2025, to questions including: 

    • What cameras, radar, or other surveillance equipment were equipped on the Predator drones that flew over Paramount and Los Angeles during the June protests? 
    • Did DHS officials identify any individuals based on information collected by the unmanned aircraft that surveilled the California protests, including in combination with other information or with the assistance of facial recognition technology?  
    • Which agencies and officials requested support from the Predator drones, when was the request made, and when and by whom were they approved?  
    • What data privacy protocols are currently used to govern information captured by aerial surveillance at U.S. protests?  
    • How are DHS staff with access to aerial surveillance data trained on data management protocols? 
    • What was the approval process for publishing videos taken by the Predator drones of the protests in Los Angeles on X? 
    • Has DHS deployed manned or unmanned aircraft systems to photograph, record, or otherwise monitor other protests since January 20, 2025? 

    Senator Padilla has been outspoken in criticizing Trump’s unprecedented militarization with the deployment of National Guard troops and active-duty U.S. Marines to respond to overwhelmingly peaceful protests in Los Angeles. Earlier this month, Padilla placed a hold on Trump’s nominee to serve as vice chief of the National Guard Bureau, Lieutenant General Thomas Carden, until the Trump Administration releases all remaining U.S. military forces from their unjustified deployment to Los Angeles. He also recently introduced the VISIBLE Act to require immigration enforcement officers to display clearly visible identification during public-facing enforcement actions. Last month, he led the entire Senate Democratic Caucus in demanding that President Trump immediately withdraw all military forces from Los Angeles and cease all threats to deploy the National Guard or active-duty service members to American cities.

    Full text of the letter is available here and below:

    Dear Secretary Noem,

    In the face of peaceful protests against the Trump administration all across the country — through the public’s exercise of its constitutionally protected rights to assemble and express its views — the Department of Homeland Security (DHS) has responded with surveillance and intimidation. For example, DHS deployed at least two Predator drones over the recent protests in Los Angeles, published the collected footage online, and called for local officials to crack down on protestors. This Big Brotherism invades Americans’ privacy and chills the exercise of their constitutional rights. We are writing to request more information on DHS’s use of aerial surveillance at recent protests and to urge DHS to respect the public’s privacy and the First Amendment.

    DHS has disclosed little about its use of Predator drones to surveil protests across the country. On June 8, 2025, flight watchers noticed aircraft without a callsign circling protests in Paramount, California, and downtown Los Angeles for hours. By listening to Air Traffic Control transmission, these observers determined that the aircraft were Predator drones. DHS later confirmed that it had deployed the drones to support “federal law enforcement partners in the Greater Los Angeles area, including Immigration and Customs Enforcement,” but denied that it was “engaged in surveillance of First Amendment activities.” But DHS has provided no explanation of who specifically requested the support of Predator drones in Paramount and Los Angeles, why that support was needed, what information was collected, or whether drones were deployed during other protests. In other words, DHS is keeping the public in the dark on the important question whether it is conducting aerial surveillance during protests and infringing on Americans’ First Amendment rights.

    Although extraordinary circumstances could justify drone flights over protests, these flights also raise serious concerns about individual privacy and may be intended to intimidate the public and chill free speech rights. As was the case with the Predator drones in Los Angeles, unmanned aircraft are often equipped with high-resolution cameras that can capture images and video of individual protesters within a crowd. DHS could then attempt to use facial recognition technologies to identify those individuals. Facial recognition technologies have known limitations — including reduced accuracy when images are low quality, blurry, obscured, or taken from the side or in poor light — creating serious risks of false identification.

    Even if the technology were perfectly accurate, this form of surveillance could have a chilling effect on constitutionally protected rights, particularly freedom of assembly and speech. Protesters may fear that showing up at a rally could result in DHS or other government entities logging their names into a government database, sharing records with law enforcement, or even subjecting them to reprisal. That fear is not theoretical. Authoritarian regimes already use facial recognition to track down dissidents. But even in democratic societies, such tools can disproportionately target and harm communities of color, intensifying existing biases in law enforcement and eroding trust in public institutions.

    DHS’s own best practices recognize that the use of drones to monitor protests and the retention or publication of images of individuals who are engaged in protest can harm constitutionally protected rights. In particular, in 2013, DHS conducted a privacy impact assessment (PIA) covering the Predator B drone. In that PIA, the Department acknowledged that images and video taken from these drones potentially include images of individuals that can be associated with personally identifiable information. To address the privacy risks with unmanned aircraft, the PIA explained that “the video or other data collected from [Customs and Border Protection] aircraft may only be accessed by authorized personnel with an authorized need to know, and the CBP-held video or other data is controlled through chains of custody and stored in secure locations until it is destroyed.” While this data may be used to support “other DHS components” or “federal law enforcement agencies,” the PIA emphasizes that “each request for information follows a standard process and is reviewed and considered in terms of the requesting agencies’ authorities to receive the sought after information, CBP’s own authority to lend assistance, and CBP’s ability to integrate the information collection into its mission.” Although DHS updated this PIA in 2018 and 2024 to cover tethered and small unmanned aircraft systems, the relevant section and privacy analysis on the Predator drone has not changed.

    But DHS appears to have ignored these requirements in Los Angeles. On June 10, the Department posted a video to X — collected from a drone — overlayed with a dramatic soundtrack and a caption stating “WATCH: DHS drone footage of LA rioters. This is not calm. This is not peaceful. California politicians must call off their rioting mob.”8 The publication of these videos appears to be a violation of the Department’s own requirement limiting the disclosure of video collected on an aircraft to authorized personnel with an authorized purpose. Americans could easily understand the publication of this video as an implicit threat to reveal the identities of protesters, instilling fear in any members of the public who seek to exercise their constitutionally protected rights to speech and assembly.

    Given the serious dangers to individual privacy and free expression from the aerial surveillance of protesters, we request written responses to the following questions by August 21, 2025.

    1. What cameras, radar, or other surveillance equipment were equipped on the Predator drones that flew over Paramount and Los Angeles during the June protests?

    a. Did the drones collect any information on individual protesters?

    b. If so, what information did the drones collect?

    c. What has DHS done with this information?

    2. Did DHS officials identify any individuals based on information collected by the unmanned aircraft that surveilled the California protests, including in combination with other information or with the assistance of facial recognition technology?

    a. If so, how many individuals were identified at the California protests?

    b. Why did DHS seek to identify individual protesters?

    c. Did DHS provide records of the identities of individual protesters to any other agencies or third parties?

    d. How long does DHS intend to maintain records of the identities of individuals at these protests?

    e. Is DHS creating a database of individuals identified at these protests?

    3. Which agencies and officials requested support from the Predator drones, when was the request made, and when and by whom were they approved? Please provide all documents related to the request and approval of these flights.

    4. What data privacy protocols are currently used to govern information captured by aerial surveillance at U.S. protests?

    a. Does DHS still follow the 2013 privacy impact assessment?

    b. If so, how does the aerial surveillance of the Paramount and Los Angeles protests comport with it? If not, why not?

    5. How are DHS staff with access to aerial surveillance data trained on data management protocols?

    6. What was the approval process for publishing videos taken by the Predator drones of the protests in Los Angeles on X? Please provide all documents related to the decision to publish this video.

    7. Has DHS deployed manned or unmanned aircraft systems to photograph, record, or otherwise monitor other protests since January 20, 2025? If so, for each such deployment, please provide:

    a. the date and location of the deployment;

    b. the original request from the state, local, or national agency for this support;

    c. all approval documentation;

    d. the kinds of manned or unmanned aircraft used;

    e. all monitoring equipment on the flights; and

    f. whether any individuals were identifiable, and if so,

    (i) how many were identified,

    (ii) for what purposes,

    (iii) whether that data was provided to any other agencies or third parties,

    (iv) how long DHS intends to maintain the identities of individual protesters, and

    (v) whether DHS is creating a database of protesters identified at these protests.

    Thank you for your attention to this important issue.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Submissions: East Europe – €12 Million Investment Brings Moldova’s First ibis Styles Hotel to Chișinău

    Source: Invest Moldova Agency

    A New Urban Hospitality Hub to Open in Fall 2025 as Part of the “German Village” Concept

    Chișinău, Republic of Moldova – July 31, 2025 – Amid a surge in tourism and international travel, Moldova is set to welcome its first ibis Styles hotel, part of the renowned Accor Group, a global leader in the hospitality industry. Scheduled to open in fall 2025, the project represents a €12 million investment and marks a new milestone in the development of Moldova’s HORECA and tourism infrastructure.

    The hotel is a flagship component of the “German Village” urban concept, developed by Regata Imobiliare SRL, and is strategically located on the main road to Chișinău International Airport (RMO)—one of Europe’s most dynamic airports in its category, with a 48.3% increase in passenger traffic in the first half of 2025 alone, totaling over 2.45 million travelers.

    “The opening of ibis Styles Chișinău marks a defining moment in the evolution of tourism in the Republic of Moldova. Through this project, we are contributing to the creation of a new hub of economic and touristic appeal, offering guests a hospitality experience that meets international standards in a creative and inclusive space. We are proud to be part of a project with such a broad and forward-looking vision for the urban future of Chișinău,”

    – Natalia Dubina, General Manager, ibis Styles Chișinău.

    “We are encouraged by the growing investment in Moldova’s tourism sector, reflecting the country’s rising profile as an attractive destination for the millions of visitors it welcomes each year.”

    – Natalia Bejan, Director, Invest Moldova Agency

    With a modern design inspired by tennis—echoing the creative identity of the wider development—the hotel will feature:

    • 100 contemporary rooms
    • A modular event center (200+ m²)
    • A restaurant with bar and terrace
    • A fitness area
    • 45 parking spaces.

    The investment has already generated approximately 50 new jobs and is expected to attract international hospitality expertise to Moldova, further supporting local economic development.

    This launch also signals Moldova’s increasing attractiveness for global hospitality groups and highlights the country’s potential to emerge as a competitive destination in Central and Eastern Europe, driven by sustainable, functional, and socially impactful development.

    Recent sector tr

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Aviation – Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group
    • Adjusted EBIT improves to EUR 871 million, net profit more than doubles to over 1 billion euros
    • Low oil prices have a positive impact on results
    • Demand from the US remains strong despite weakness of the US dollar, further growth on the North Atlantic
    • Lufthansa Cargo doubles quarterly result compared with previous year
    • Lufthansa Technik posts record result in first half of year
    • Unit cost increase reflects ongoing high cost inflation and higher location costs in home markets
    • Full-year forecast reaffirmed despite uncertainties.

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG: “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG: “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI – Submitted News –

  • MIL-OSI USA: July 31st, 2025 Heinrich Urges USDA and DOI to Provide Adequate Resources and Support to Wildland Firefighters, Following Reports of Firefighters Cleaning Toilets

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, sent a letter to U.S. Department of Agriculture Secretary (USDA) Brooke Rollins and U.S. Department of the Interior (DOI) Secretary Doug Burgum following reports that staff reductions have required the deployment of fire personnel to fill administrative gaps, leaving fire crews understaffed and overwhelmed.

    “Wildfire season is well underway, particularly across the Western United States. Much of the West is predicted to experience higher-than-normal fire behavior through October, and 44 large fires are currently uncontained. With wildfire season likely to continue for several more months, I am extremely concerned by reports that staff reductions have required the deployment of fire personnel to fill administrative gaps, leaving fire crews understaffed and overwhelmed,” Heinrich began.

    “According to recent reports, firings, buyouts, and other personnel changes have led to gross understaffing at both the Departments of Agriculture and the Interior responsible for fire prevention and response, forcing firefighters to wear multiple hats,” Heinrich continued. “In addition to carrying out their own duties, firefighters reportedly have been thrown into serving in administrative and janitorial roles—ranging from cleaning campground bathrooms to answering front desk calls to mowing lawns.”

    Highlighting the impacts of the Trump Administration’s Deferred Resignation Program on firefighting preparedness, Heinrich wrote, “As you know, thousands of staff with red cards left the agencies this year due to the Deferred Resignation Program (DRP). If those personnel roles and responsibilities now must be filled by firefighters at the height of fire season, then the DRP was not only inefficient but has materially threatened public safety.”

    In light of these concerns, Heinrich requested information from the Administration on firefighter staffing levels and support personnel since January 2025—including assessments of staffing gaps, data comparing current firefighting levels to the 10-year average, the impact of reassignments, and the number of firefighters serving in administrative or custodial roles. Heinrich concluded the letter by noting the Secretaries’ Joint Memorandum committing to work together to “ensure that wildland fire personnel have the resources, training, and support to work under safe conditions and to effectively carry out their wildland fire management mission.”

    “Since then, you have made assurances that you have the appropriate staff to meet current and future wildfire challenges. However, these recent news reports cast doubt on those assurances,” noted Heinrich.

    Read the full letter here and below:

    Dear Secretary Rollins and Secretary Burgum:

    Wildfire season is well underway, particularly across the Western United States. Much of the West is predicted to experience higher-than-normal fire behavior through October, and 44 large fires are currently uncontained. With wildfire season likely to continue for several more months, I am extremely concerned by reports that staff reductions have required the deployment of fire personnel to fill administrative gaps, leaving fire crews understaffed and overwhelmed.

    According to recent reports, firings, buyouts, and other personnel changes have led to gross understaffing at both the Departments of Agriculture and the Interior responsible for fire prevention and response, forcing firefighters to wear multiple hats. In addition to carrying out their own duties, firefighters reportedly have been thrown into serving in administrative and janitorial roles—ranging from cleaning campground bathrooms to answering front desk calls to mowing lawns.

    This situation is the opposite to that described by Chief Tom Schultz in his “Wildfire Priority” memorandum, dated July 16, 2025, relating to making staff with ‘red card’ qualifications available for firefighting duties. As you know, thousands of staff with red cards left the agencies this year due to the Deferred Resignation Program (DRP). If those personnel roles and responsibilities now must be filled by firefighters at the height of fire season, then the DRP was not only inefficient but has materially threatened public safety.

    In light of these concerns, please provide responses to the following questions by August 14, 2025:

    1. Since January 20, 2025, have your Departments conducted a review or assessment to understand the extent to which staffing gaps exist for firefighting personnel positions? Have you conducted a similar review or assessment on the staffing gaps for firefighting support staff, such as aircraft inspectors, dispatchers, or public information officers? If so, please provide a copy of those reviews or assessments.

    2. You both have noted that your Departments are on pace to achieve their firefighter staffing goals for 2025, but multiple reports indicate extreme gaps in the staffing levels of firefighters, particularly those with enough experience to lead a crew or direct incident response. Please describe the number of firefighters at each General Schedule pay category for this fire year compared with the 10-year average.

    3. To what extent has the Department of the Interior Secretarial Order 3426 “Ensuring National Parks Are Open and Accessible” contributed to the need to assign wildland firefighters to administrative or custodial roles?

    4. Please provide the following data:

    a. The total number of firefighters who have been assigned to administrative or support roles since January 20, 2025. In responding this question, please provide a listing of all non-fire related roles firefighters have been assigned to carry out.

    b. The total number of firefighters who have been assigned to serve in maintenance roles since January 20, 2025.

    c. The total number of fire team support staff who have departed the Department or have agreed to early retirement or entered into a DRP since January 20, 2025. In responding to this question, provide information for each category listed and for each agency.

    In March, you signed a Joint Memorandum committing to work together to “ensure that wildland fire personnel have the resources, training, and support to work under safe conditions and to effectively carry out their wildland fire management mission.” Since then, you have made assurances that you have the appropriate staff to meet current and future wildfire challenges. However, these recent news reports cast doubt on those assurances.

    We look forward to your timely responses to these important questions. Should you have any questions about this request, please contact my staff at (202) 224-4971.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Senate Appropriations Committee Approves Defense and Labor, Health and Human Services, and Education Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Committee approves Defense funding bill in a 26-3 vote — BILL SUMMARY HERE

    Committee approves LHHS bill in a 26-3 vote — BILL SUMMARY HERE

    ***WATCH and READ: Senator Murray’s opening remarks***

    Washington, D.C. – Today, the Senate Appropriations Committee met for a full committee markup to consider its draft fiscal year 2026 Defense and Labor, Health and Human Services, Education, and Related Agencies appropriations acts.

    “These are not the bills I would have written on my own—but they nevertheless represent serious bipartisan work to make some truly critical investments in families and our country’s future. From defense funding that supports our military and keeps our country safe to funding for health care, child care, schools, seniors, medical research, public health, workforce training and safety—and so many other programs that keep our communities strong,” said Vice Chair Patty Murray in her opening remarks. “So I’m glad this Committee was able to reach a bipartisan compromise to write bills that deliver essential funds to help people, solve problems, and reject so many of the absolutely devastating cuts and so much of the chaos that President Trump is pushing for.”

    Speaking on the path ahead for appropriations, Senator Murray said: “It remains clear as ever to me that we cannot afford to go down the path Trump and Russ Vought want to push us down. Their vision is one where this Committee becomes less bipartisan and less powerful. Where the president and the OMB director call the shots and Republicans in Congress spend their time cutting what they are told to cut, even at the expense of their own constituents. Where instead of securing new investments for folks back home through bipartisan agreements, lawmakers have to plead their case to this administration to unlock funds we’ve already delivered or secure special exceptions for spending cuts. Where biomedical research and education funding gets held up for no reason at all. Where we gut investments in working families while letting Trump’s corruption run rampant.That’s what Trump and Vought want. And we can—and must—reject it.”

    In her opening remarks, Senator Murray also discussed the importance of accountability for this administration as it ignores existing laws and betrays working families nationwide: “I am clear-eyed: the investments we make in these bills today are really only half of the equation. Because the fact of the matter is we have an administration right now that is intent on ignoring Congress, breaking the law, and doing everything it can without any transparency to dismantle programs and agencies that help families. There is no magic bullet that will change that unfortunate reality. Our bills reject devastating cuts—and reject so many of this administration’s absurd proposals—to dismantle the Department of Education, destroy HHS, and more. But I still want to see us to do much more when it comes to demanding accountability, demanding transparency, and demanding the administration actually follow our laws. …. We need more members across the aisle to not only reject these [President Trump’s proposed] cuts but to speak up and speak out against what this administration is already doing to defy our laws and hurt the folks we represent.”

    In a 26-3 vote, the Committee approved the draft fiscal year 2026 Defense appropriations bill.

    “I’m proud of this bipartisan bill. First and foremost, it takes care of our troops with pay raises and quality of life improvements. It also recognizes that we are confronting a world more dangerous today than at any time since the Cold War, and that we all need to sober up, put politics aside, and get to work. This bill focuses on deterring China, and it strengthens our allies—our asymmetric advantage worldwide—from Ukraine to the Pacific to Africa. The strong bipartisan vote is also a powerful rebuke to Trump’s idea that we can run our national security apparatus, or any other part of our nation, on full-year continuing resolutions. I am committed to completing the appropriations process and getting all 12 of these bills across the finish line,” said Senator Chris Coons (D-DE), ranking member of the Defense Subcommittee.

    “Thank you, Chair McConnell and Ranking Member Coons, for working to put together a bill that makes crucial investments in our military—and not just in weapons and infrastructure, though we do have important investments to modernize our military and strengthen our defense base, but we also have investments to support our allies and strengthen partnerships across globe,” said Vice Chair Murray in comments on the bill. “This bill makes crucial investments in the Indo-Pacific, Africa, Europe, and the Middle East—and it rejects dangerous Trump cuts to support our allies in Ukraine and the Baltics. And this legislation invests in our most important security asset: our brave men and women in uniform—from a pay increase for servicemembers to robust child care funding to new investments in preventing suicide, and sexual assault, and conducting lifesaving medical research.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair McConnell.
      • Adopted unanimously.
    • Shaheen amendment to prevent the use of taxpayer funds appropriated in this or any other act from being used to operate or modify a Boeing 747-8i from Qatar.
      • Debated; withdrawn.
    • Durbin amendment to prohibit DOD from providing support to DHS on a non-reimbursable basis to conduct immigration enforcement—ensuring that funds provided by Congress for our national defense are used for our national defense.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Murphy amendment to prevent the transfer of any presidential aircraft to a non-governmental entity—ensuring President Trump cannot take the plane gifted by Qatar with him after leaving office and the plane cannot be transferred to a future Trump presidential library.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Merkley amendment to require DOD to produce a report on the use of the chemical 6PPD in the design and production of tires procured by DOD—with a listing of any relevant DOD initiatives researching potential alternatives.
      • Adopted by voice vote.
    • Merkley amendment to prohibit funds provided in any fiscal year 2026 appropriations act from being eligible for rescissions or deferrals under the Impoundment Control Act’s fast-track procedures, ensuring they can only be considered through annual appropriations bills.
      • Republicans rejected the amendment in a 15-14 party line vote.

    A summary of the bill is available HERE.

    Final bill text, report, and adopted amendments are available HERE.

    In a 26-3 vote, the Committee approved the draft fiscal year 2026 Labor, Health and Human Services, Education, and Related Agencies appropriations bill.

    “At the end of the day, my North Star is delivering for the people of Wisconsin. While no one got everything they wanted in this bill, I’m proud to say we found common ground and are doing just that to address the challenges facing working families across the country. From investing in cancer and Alzheimer’s research, to protecting the Department of Education and early education funding, to strengthening my 988 Suicide Lifeline, we came together to deliver for our constituents. This bill not only puts Donald Trump’s budget in the trash, it also reins in this President’s efforts to dismantle and withhold funding for critical programs our constituents rely on. This bill takes on the kitchen table issues families face by addressing childcare costs, connecting more Americans with good-paying jobs, and taking on the mental health and opioid epidemics. While it is not perfect, I look forward to getting it over the finish line on behalf of Wisconsinites who want to see a Washington that works for them,” said Senator Tammy Baldwin (D-WI), Ranking Member of the Labor, Health and Human Services, Education, and Related Agencies Subcommittee.

    “This bill rejects Trump’s cuts that would devastate our work to fight substance use disorders, HIV, and pandemics, eliminate women’s health investments like Title X funding and the Teen Pregnancy Prevention program and essentially saw CDC in half. It rejects backward proposals from Trump that would hurt our students and workers—like eliminating preschool grants, slashing PELL, gutting public school funding, and ending Job Corps and AmeriCorps. It rejects efforts to gut agencies that protect the rights of patients, students, and workers. And, I’m especially pleased to note it rejects Trump’s 40% cut to lifesaving medical research—and increases the NIH budget by $400 million so that we continue making progress against cancer, Alzheimer’s disease, and so much more,” Vice Chair Murray said in comments on the bill. “At the end of the day, this isn’t about rejecting Trump, it is about investing in families—investing in schools, investing in medical research, investing in workforce training, and community health. In fact, this bill even increases funding for crucial programs with new investments to allow the Social Security Administration to actually help people and undo some of the damage Trump and DOGE have so recklessly caused—and increased investments in child care, something I will never stop fighting to make more progress on.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair Capito.
      • Adopted unanimously.
    • Baldwin amendment to restore funding for the Corporation for Public Broadcasting (CPB) after Republicans single-handedly rescinded funding for CPB earlier this month.
      • Debated; withdrawn.
    • Durbin amendment to reinstate grants and other awards that have been terminated by the Trump administration at agencies—like NIH—that are funded by the bill—and to require disbursements to be made to payees within 72 hours of a request. The amendment contains an exception for cases of a finding of financial mismanagement, fraud, or malfeasance.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Hyde Smith amendment to require CMS to notify the Committee, conduct an analysis, and consult with States prior to terminating critical access hospital (CAH) status for any hospital that met certain distance requirements prior to the 2022 CMS rulemaking. Senator Durbin and Appropriations Democrats voiced support for updating the amendment to provide better support for all rural hospitals, not just those impacted by the 2022 rules.
      • Adopted in a 16-13 vote.
    • Van Hollen amendment to claw back the $100 million slush fund Republicans provided for Russ Vought’s Office of Management and Budget (OMB) in their reconciliation bill earlier this month and instead provide $95 million for the Social Security Administration to improve customer service for Americans seeking to access the benefits they are owed.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Murphy amendment to withhold funds from the Department of Education’s Office of Civil Rights until the Department’s Inspector General certifies that all enforcement actions taken against colleges since January 20 are in accordance with existing laws. Since taking office, President Trump has withheld federal funding from colleges over claims of discrimination on campuses and other infractions. Instead of following established procedures under civil rights laws to thoroughly investigate such claims, President Trump continues to withhold federal funding from certain colleges unless they submit to his administration’s demands.
      • Republicans rejected the amendment in a 15-14 party line vote.

    A summary of the bill is available HERE.

    Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments are available HERE.

    MIL OSI USA News –

  • MIL-OSI Africa: United Nations (UN) Tourism/ International Civil Aviation Organization (ICAO) Ministerial Summit calls for enhanced cooperation to unlock Africa’s growth

    Source: APO


    .

    Jointly organized by UN Tourism, the International Civil Aviation Organization (ICAO), and the Government of Angola, the high-level event drew more than 300 international delegates around the theme “Accelerating Synergies for Resilient and Sustainable Growth”. The three-day conference, focused on strengthening the alignment between two of Africa’s fastest-growing sectors: tourism and air transport. Both are critical enablers for job creation, innovation, and greater regional mobility.

    In his opening remarks, UN Tourism Secretary-General Zurab Pololikashvili said: “Tourism and air transport are not just engines of growth, they are pathways to empowerment, opportunity, and transformation, through strategic leadership and innovation, Africa’s potential can become its reality.” He urged decisive policy action to remove the barriers holding African tourism back.

    H.E Daniel Marcio, Angola’s Minister of Tourism said “Angola is proud to host such a landmark event, which positions Angola as a regional hub for dialogue and action. Tourism is a key pillar of our national strategy for inclusive development, job creation, and cultural promotion.”

    In his intervention, H.E Mr. Ricardo de Abreu, Angola’s Minister of Transport, emphasized the importance of infrastructure and regulatory reform: “We must build air transport systems that are not only modern and efficient but also accessible and responsive to the needs of our people. Connectivity within Africa is essential to realizing the continent’s economic potential.”
    ICAO Council President Salvatore Sciacchitano commended the initiative’s collaborative spirit: “Tourism and aviation must grow hand in hand. Through shared vision and policy coherence, we can drive sustainable development, enhance safety and security, and ensure no country is left behind.”

    Connectivity, Policy Reform, Investment

    The Luanda Conference placed a strong emphasis on advancing Africa’s tourism and air transport sectors through enhanced connectivity, regulatory reform, and cross-sector collaboration. Delegates agreed that aligning aviation and tourism policies is vital to unlocking the continent’s potential, particularly through open skies agreements, cohesive infrastructure planning, and public-private investment. A central focus was also placed on simplifying visa processes, promoting joint destination marketing, and removing travel barriers to stimulate intra-African tourism.

    The Conference began with an expert-led workshop featuring technical sessions on innovation, connectivity, investment, and regional integration. Participants explored how technologies like AI and digital platforms can improve service delivery, while also identifying new funding models to expand infrastructure. In-depth discussions addressed how frameworks such as the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM) can support harmonized policies and boost regional mobility.

    Ministerial Discussions and Commitments

    Over two days of ministerial sessions, high-level officials focused on aligning policy frameworks, driving innovation for inclusive growth, ensuring equitable access to travel, and building resilient transport and tourism systems. The Conference concluded with the formal adoption of the Luanda Ministerial Statement—an affirmation of Africa’s collective commitment to developing a seamless, sustainable, and integrated travel ecosystem. 

    Luanda Ministerial Statement

    Ministers, leaders of delegations and delegates present pledged to:

    • Modernize tourism and aviation infrastructure with support from both public and private investment.
    • Deepen partnerships with key institutions including ICAO, UN Tourism, IATA, AFRAA, AFCAC, and others.
    • Advance mobility reforms through simplified and more affordable visa regimes, fast-track procedures, and longer-validity multi-entry visas.
    • Promote intra-African tourism, including joint destination marketing and greater collaboration with the private sector.
    • Empower youth and women through skills training, entrepreneurship support, and educational initiatives focused on the tourism and aviation sectors.

    This 2nd conference came at a time of record momentum for African tourism. The continent welcomed 74 million international arrivals in 2024, a 7% increase over 2019 and 12% more than in 2023, signalling strong recovery and renewed global interest in African destinations.

    Distributed by APO Group on behalf of World Tourism Organization (UN Tourism).

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Chancellor backs jobs boost in Scottish defence and energy sectors

    Source: United Kingdom – Government Statements

    Press release

    Chancellor backs jobs boost in Scottish defence and energy sectors

    Chancellor Rachel Reeves will outline how the Spending Review will give Scotland a jobs boost, as she visits RAF Lossiemouth and St Fergus Gas Plant today (1 August).

    • 18,000 North Sea jobs can be safeguarded through a £200 million investment in the Aberdeen Acorn energy project whilst creating 15,000 new ones in Scotland’s clean energy transformation.
    • Increase in defence spending will see more jobs added to the 26,100 skilled Scottish jobs already supported by UK Government defence investment, and three new E-7 Wedgetail aircraft will see even more jobs created by Boeing at RAF Lossiemouth.
    • Defence and clean energy commitments, part of the UK Government’s Plan for Change, will provide jobs and build thriving communities from Aberdeen to the Clyde.

    The UK Government is investing in defence and clean energy to protect existing jobs and create thousands more, while keep the UK secure. Increasing defence spending to 2.6%, could lead to around 0.3% higher GDP in the long run, equivalent to around £11 billion of GDP in today’s money, according to government estimates.

    RAF Lossiemouth shows how investment in defence delivers for ordinary families. The Moray base has undergone a huge transformation in recent years and military personnel and civilian workers now work together keep our fighter jets and sub-hunting aircraft in the air.  The addition of three new E-7 Wedgetail aircraft to the RAF’s fleet will see even more jobs created by Boeing at the base, where the Chancellor will meet with some of the over 200 Boeing teammates who work alongside RAF personnel.

    Chancellor, Rachel Reeves said:

    We’re seizing the huge potential and opportunities that Scotland has on offer. Whether it’s in defence to keep the UK safe, or clean energy to power all corners of the country, this government is backing Scotland with billions of pounds of investment to grow the economy and create jobs.

    Scottish Secretary, Ian Murray said:

    The UK Government is investing in defence to ensure Britain’s security and deter our adversaries and drive economic growth.

    This investment is a massive jobs opportunity for Scotland – this ‘defence dividend’ is good news for Scotland, where it will help create skilled jobs, drive economic growth and help tackle the critical skills gaps facing the country in sectors such as nuclear, construction, maritime and project management.

    The Spending Review also saw investments that will make Scotland the home of the UK’s clean energy revolution. While Acorn is still subject to final investment decision, this £200 million is just the beginning to this government’s commitment to investing in Scotland and has the potential to safeguard 18,000 North Sea jobs whilst creating 15,000 new ones in Scotland’s clean energy transformation.

    Great British Energy will also be headquartered in Aberdeen, to drive clean power generation across the UK. Boosting homegrown energy will also make the UK more secure.

    The Chancellor’s visit comes as defence spending rises to 2.6% of GDP and figures from 23/24 reveal that MOD spend maintains 26,100 skilled jobs across Scotland. The Spending Review also committed £250 million to secure the future of HMNB Clyde – the first stage of a multi-decade, multi-billion renewal project and all three Clyde shipyards are currently fulfilling contracts for the Royal Navy.

    Further information:

    • The Spending Review delivered a record settlement for Scottish public services, with the Scottish Government’s largest settlement, in real terms, since devolution in 1998. Scottish Government’s settlement is growing in real terms between 2024-25 and 2028-29. This translates into an average of £50.9 billion per year between 2026-27 and 2028-29.

    Maria Laine, President United Kingdom, Ireland & Nordic region, Boeing, said:

    Boeing has a long-standing presence in Scotland including at RAF Lossiemouth, the home to the UK’s P-8 Poseidon fleet and where the E-7 Wedgetail will be based when it enters service. As a key partner of the UK Armed Forces, Boeing welcomes the defence spending increase and has seen first-hand how defence infrastructure investments, such as the £100 million Atlantic Building and new E-7 facilities at RAF Lossiemouth, can deliver for local jobs, suppliers and UK national security.

    Michelle Ferguson, Director, CBI Scotland, said:

    Scotland’s energy and defence sectors are vital to our economy, driving investment and supporting thousands of skilled jobs. The Chancellor’s announcement of £200 million for the Acorn energy project is very encouraging, but businesses are eager for final approval to unlock its full potential and secure North Sea jobs. Increased defence spending will further boost Scotland’s skilled workforce and create growth opportunities across key supply-chain. Close collaboration between the Scottish and UK governments will be essential to fully realise these benefits, driving forward national security and Scotland’s transition to a resilient, low-carbon economy.

    Mark Sommerfeld, UK Director of the Carbon Capture and Storage Association, said:

    The Chancellor’s visit to Acorn further highlights the importance of CCUS in securing the future of our foundational industries and delivering a secure low carbon power system – both in Scotland and across the UK. The Government’s commitment to CCUS means that thousands of skilled jobs will be protected, with thousands more created across our industrial heartlands – delivering economic growth and clean power. 

    To maintain global leadership in CCUS and realise the full benefits for our industrial communities, we need to see clear deployment pathways for both Acorn and Viking CCS, as well as other projects developing at pace across the UK. By doing so, the Government can deliver on its economic growth mission and climate goals.

    Katy Heidenreich, Offshore Energies UK Supply Chain and People Director said: 

    We share the Chancellor’s commitment to Scotland’s energy future. Our industry plays a vital role in delivering jobs, growth, and energy security through the production of homegrown energy.

    Government support for projects like Acorn is crucial. The UK Government has committed £200 million in development funding to Acorn — Scotland’s flagship carbon capture and storage initiative — marking a major milestone in advancing the country’s decarbonisation strategy. The project is expected to support around 15,000 jobs during peak construction and repurpose 175 miles of pipeline infrastructure to transport CO₂ from central Scotland to storage.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: DGCA attends Asia-Pacific aviation heads conference in Japan (with photos)

    Source: Hong Kong Government special administrative region

    DGCA attends Asia-Pacific aviation heads conference in Japan  
    The theme for this year’s Conference was “The sustainable skies of the Asia-Pacific region: towards increased economic prosperity and social well-being by air transportation of people and goods in the region”. The five-day Conference, with over 350 participants from 47 member states, administrations and international organisations, concluded on a high note today (August 1). Discussion and information papers covering a wide range of subjects, including aviation safety, air navigation, aviation security, aviation and the environment, aviation technologies, as well as regional co-operation were submitted by aviation authorities and industry organisations to the Conference.
     
    Among the three papers submitted to the Conference by the CAD, one of them was themed “Development of Low-Altitude Economy” to share Hong Kong’s efforts of leveraging advanced air mobility technologies to develop the low-altitude economy in Hong Kong while safeguarding aviation and public safety. The other two papers presented the CAD’s experiences in upholding aviation safety and aviation security requirements for sustainable air cargo operations, and discussed the collaborative achievements in the commissioning of the Three-Runway System at Hong Kong International Airport to ensure the safe and efficient operation of the aerodrome remained unaffected throughout the project. The papers received recognition and support from delegates.
     
    During their stay in Sendai, the CAD delegation attended side meetings with representatives from different aviation authorities and industry organisations such as the Civil Aviation Safety Authority of Australia, the European Union Aviation Safety Agency, the Federal Aviation Administration, the Airports Council International and the International Air Transport Association. Views on matters of mutual interest were shared, and ways to strengthen co-operation were explored with the aim of facilitating aviation developments.
     
    The CAD will continue to maintain close co-operation with its aviation partners and continue to support the ICAO’s global aviation development initiatives.
    Issued at HKT 16:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: As Trump defunds federal firefighting, California steps up: introducing the world’s largest helicopter firefighting fleet

    Source: US State of California 2

    Jul 31, 2025

    What you need to know: California has completed a multi-year effort to modernize its aerial firefighting fleet, with the final delivery of two state-of-the-art Fire Hawk helicopters arriving in Sacramento – bringing CAL FIRE’s Fire Hawk fleet to a total of 16 stationed throughout the state.

    SACRAMENTO – In stark contrast to the Trump administration’s cuts to public safety and emergency response, California continues to ramp up its firefighting arsenal: the state now has the largest civilian helicopter firefighting fleet in the world.

    Governor Gavin Newsom today announced a monumental achievement in CAL FIRE’s ongoing commitment to protecting California, as the final two of sixteen Sikorsky S-70i Fire Hawk helicopters arrived at McClellan Airfield in Sacramento. This arrival completes a multi-year transition that significantly upgrades the department’s aerial firefighting capabilities. This year also marks the full conversion of all ten CAL FIRE Helitack bases from the Vietnam-era Huey UH-1H helicopters to the state-of-the-art Fire Hawk. It’s a full circle moment on an effort that the Governor initiated at the beginning of his first term. 

    This comprehensive modernization effort, which began with the first base receiving a Fire Hawk in 2020, represents a substantial statewide initiative and a long-term investment in the safety and protection of California’s communities, property, and natural landscapes.

    Our fleet of Fire Hawk helicopters – now the largest in the world – is a proven tool in our growing firefighting arsenal. During the devastating Los Angeles fires, we saw them in action, conducting critical missions at night which stopped the Palisades Fire from dipping into Mandeville Canyon and toward the 405 freeway. Hundreds of homes were saved because of these state-of-the-art helicopters and their heroic pilots.

    With the Trump Administration pulling back on federal firefighting, California continues to step up to protect our communities.

    Governor Gavin Newsom

    Earlier this month, the Governor sent a model executive order to the White House for the President to issue to help the federal government match California’s efforts and better manage its forestlands, which make up 57% of California’s forests (compared to just 3% managed by the state). 

    This comes amid the Trump administration’s dangerous cuts to the U.S. Forest Service, which also threatens the safety of communities across the state. The U.S. Forest Service has lost 10% of all positions and 25% of positions outside of direct wildfire response – both of which are likely to impact wildfire response this year. Just last week, the Trump administration proposed a massive reorganization that would shutter the Pacific Regional Forest Service office and other regional Forest Service offices across the West, compounding staff cuts and voluntary resignations across the agency.

    The world’s largest aerial firefighting fleet – just got even bigger

    The new Fire Hawk helicopters add to the largest aerial firefighting fleet in the world. Governor Newsom recently announced that the state’s second C-130 Hercules airtanker is ready for firefighting operations. 

    CAL FIRE’s history with helicopters in firefighting dates back to the 1960s, when the Department first utilized choppers for reconnaissance and transport. Their versatility and ability to operate in challenging terrain led to their adoption for fire suppression in support of ground crews. 

    “The completion of our S-70i Fire Hawk fleet and the transition of all Helitack bases is thanks to the dedication of the entire CAL FIRE aviation program,” said CAL FIRE Chief and Director Joe Tyler. “This is about equipping our firefighters with the most advanced tools available to respond to the increasing complexities of wildland fires.”

    In the 1980s, CAL FIRE began its helicopter fleet with the Bell Huey, and for over four decades, the Huey has been the workhorse of the CAL FIRE Helitack program.

    The impacts of the transition to the purpose-built S-70i Fire Hawk, which began in 2018, are significant:

    • Increased water-dropping capacity: The Fire Hawk can carry nearly three times as much water as its predecessors (1000 gallons), allowing for more effective and immediate suppression efforts.
    • Enhanced night operations: Outfitted for night operations, the Fire Hawk extends CAL FIRE’s ability to fight fires around the clock, a critical advantage in containing rapidly spreading incidents. This capability proved valuable in January when CAL FIRE responded to the Palisades Fire. Multiple CAL FIRE helicopters, and partner agency aircraft, conducted crucial night operations in the Mandeville Canyon area, dropping over 375,000 gallons of water. Operating at low altitudes under night vision goggles (NVG) and navigating complex terrain and hazards such as high-tension power lines, flight crews were instrumental in halting the fire’s advance toward residential neighborhoods. Had the fire breached Mandeville Canyon, projections indicated a rapid spread toward the 405 Freeway corridor, putting hundreds of homes at risk. The combined nighttime and daylight operations ultimately prevented structural loss and showcased the value of CAL FIRE’s modernized aerial fleet and highly trained personnel in defending high-risk urban interface zones. CAL FIRE flew its first night mission with the Fire Hawk in 2022 in response to the Electra Fire.
    • Expanded crew and capabilities: With the capacity for more crew and an external permanently affixed hoist, the Fire Hawk provides greater flexibility for personnel deployment and rescue operations.
    • Improved flight safety: These state-of-the-art helicopters offer a greater degree of safety for firefighters and the community.

    Governor Newsom receives a demo of a CAL FIRE Fire Hawk simulator.

    California’s unprecedented wildfire readiness 

    As part of the state’s ongoing investment in wildfire resilience and emergency response, CAL FIRE has significantly expanded its workforce over the past five years by adding an average of 1,800 full-time and 600 seasonal positions annually – nearly double that of the previous administration. Over the next four years and beyond, CAL FIRE will be hiring thousands of additional firefighters, natural resource professionals, and support personnel to meet the state’s growing demands.

    In recent months, the Governor has announced millions of dollars in investments to protect communities from wildfire – with $135 million available for new and ongoing prevention projects and $72 million going out the door to projects across the state. This is part of over $5 billion the Newsom administration, in collaboration with the legislature, has invested in wildfire and forest resilience since 2019. Additionally, 54 new vegetation management projects spanning nearly 12,000 acres have already been fast-tracked to approval under the streamlined process provided by the Governor’s March 2025 state of emergency proclamation.

    This builds on consecutive years of intensive and focused work by California to confront the severe ongoing risk of catastrophic wildfires. New, bold moves to streamline state-level regulatory processes builds long-term efforts already underway in California to increase wildfire response and forest management in the face of a hotter, drier climate.

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  • MIL-OSI Russia: Magadan Region will present a project on the contribution of Kolyma to the Victory in the Great Patriotic War at the Far East Street within the framework of the EEF

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    At the exhibition “Far East Street”, which will be held in Vladivostok from September 3 to 9 as part of the anniversary, tenth Eastern Economic Forum, Magadan Region will present its opportunities for the development of tourism and recreation – both already implemented and promising projects. The organizer of the exhibition is the Roscongress Foundation with the support of the office of the Plenipotentiary Representative of the President of Russia in the Far Eastern Federal District.

    “The Magadan region shows stable positive dynamics. The region is the “golden heart” of the Far East. The State Duma has adopted in the first reading a bill on the creation of an advanced development area in the region. The preferential regime will stimulate shipbuilding and ship repair, logistics, tourism and other industries. The economy provides an opportunity to develop the social sphere, and therefore, to qualitatively change people’s lives. On behalf of the President, the Magadan master plan is being actively implemented. You can see how the city is changing. Those who come to the region are greeted by a new beautiful airport. You can learn about how the Magadan region is changing, what plans it has for the future, what makes it attractive to investors and tourists at the “Far East Street” exhibition, so that after the EEF you can come and see with your own eyes the northern beauty of nature, get to know the responsive, brave and kind people living in Kolyma,” said Deputy Prime Minister – Presidential Plenipotentiary Envoy to the Far Eastern Federal District, Chairman of the Organizing Committee of the Eastern Economic Forum Yuri Trutnev.

    Guests of the pavilion will be able to get acquainted with the culture and life of the indigenous peoples of the North, and learn about the traditions and way of life that are preserved and developed in the region.

    “The Magadan Region is not only rich in mineral resources and industrial potential, but also unique nature, history, culture and character of the Kolyma people. At the EEF, we will show how the region is developing today and what it plans for the future. The focus is on the economy, tourism, social sphere, opportunities for investors and, of course, the traditions of indigenous peoples. All this is an integral part of our Kolyma,” said Magadan Region Governor Sergei Nosov.

    The concept of the Magadan Region pavilion is based on the economic, cultural and natural features of the region. The exposition consists of three zones: the main and small pavilions, as well as podiums with regional expositions.

    A three-meter copy of the sculpture “Time” will become a traditional component. The five-meter original – a mammoth by sculptor Yuri Rudenko – stands in Magadan on the shore of Nagaev Bay. The “skin” of the monument is covered with various metal parts – gears, bearings – and resembles a clock mechanism. On the podium in front of the pavilion there will be a screen on which films dedicated to the natural beauty of Kolyma will be shown, as part of the projects “Far East – Land of Adventure” and “Paths of the Far East”, as well as a stele with the name “Magadan Region”.

    The main site of the region consists of three zones. The first will introduce visitors to the achievements of the Magadan Region in the economic and social spheres over ten years, including projects implemented with the support of the Ministry for the Development of the Far East and the Arctic. The second will host a demonstration of bone-carving art products of the indigenous peoples of the North living in the region. At the site, you can take a selfie against the backdrop of a golden waterfall, symbolizing the main industry of the Magadan Region – the extraction of precious metals.

    The third zone is the space for the placement of a thematic block, introducing visitors to the tourist sites and routes of the region, including the Talaya sanatorium. Visitors will have the opportunity to get acquainted with the best examples of traditional culture and purchase the products they like.

    The small pavilion will introduce guests to the recently opened art space “Rynda” in Magadan, where you can buy re-esterified fish oil – omega-3, which is produced in the capital of Kolyma at the “Omega-Si” plant. The second zone will host an exhibition and sale of jewelry and souvenirs. The third space, “Kolyma – from Victory to Victory”, will introduce visitors to facts about the role of Kolyma in the Victory in the Great Patriotic War, as well as its contribution to ensuring the success of the country during the special military operation.

    In addition, the exposition of the Magadan Region will be complemented by an installation installed on the embankment, stylized as the Mayak Park, located in Nagaev Bay, created with the help of a single presidential subsidy. Various activities, games, master classes and karaoke are also planned for the pavilion guests.

    The 10th Eastern Economic Forum will be held on September 3–6 at the campus of the Far Eastern Federal University in Vladivostok. During these days, the exhibition will be available to forum participants, and on September 7, 8, and 9, it will be open to everyone. The EEF is organized by the Roscongress Foundation.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Government sets new airspace class for drones

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Resolution of July 31, 2025 No. 1133

    Document

    Resolution of July 31, 2025 No. 1133

    A new airspace class H (“h”) has appeared in Russia, intended for flights of unmanned aerial vehicles. The decree on introducing the corresponding changes to the Federal Rules for the Use of Russian Airspace was signed by Prime Minister Mikhail Mishustin. The adopted decision will create conditions for the further development of civil unmanned aviation and ensure flight safety.

    Russian President Vladimir Putin ordered the establishment of a separate airspace class to simplify the operations of unmanned aerial systems following a meeting on the development of unmanned aerial systems held on January 28, 2025. “H” became the fourth class in Russian airspace – until now it included classes A, C and G.

    Class H is established in the airspace from 0 to 150 m from the earth’s (water’s) surface and on routes specially designated for flights of unmanned aerial vehicles at altitudes below 3050 m.

    Information on flight routes for unmanned aerial systems and the conditions for their use will be published by Rosaviatsia.

    “Our country has become one of the few that has approved a separate class of airspace for drones,” said Deputy Prime Minister Vitaly Savelyev. “This is a truly important step that will improve the integration of unmanned aircraft systems into the airspace and simplify their operation in the context of the ever-growing demand for use in various industries.”

    According to Vitaly Savelyev, the large-scale work carried out by the Russian Ministry of Transport and Rosaviatsia on regulatory regulation of the industry will continue.

    “We are constantly analyzing the law enforcement practice of using unmanned aerial vehicles and are working on fine-tuning this area,” the Deputy Prime Minister emphasized.

    The signed document introduces changes toGovernment Resolution of March 11, 2010 No. 138.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: Aemetis to Review Second Quarter 2025 Financial Results on August 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., Aug. 01, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX) announced that the company will host a conference call to review the release of its second quarter 2025 earnings report:

    Date: Thursday, August 7, 2025

    Time: 11 am Pacific Time (PT)

    Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 655740 

    Live Participant Dial In (International): +1-973-528-0011 entry code 655740

    Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/52764

    Attendees may submit questions during the Q&A (Questions & Answers) portion of the conference call.

    The webcast will be available on the Company’s website (www.aemetis.com) under Investors/Conference Calls, along with the company presentation, recent announcements, and video recordings.

    The voice recording will be available through August 14, 2025, by dialing (Toll Free) 877-481-4010 or (International) 919-882-2331 and entering conference ID number 52764. After August 14th, the webcast will be available on the Company’s website (www.aemetis.com) under Investors/Conference Calls.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, renewable hydrogen, and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com. 

    Company Investor Relations

    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations

    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    The MIL Network –

  • MIL-OSI Security: NATO’s ‘eyes in the sky’ obtain air-to-air refuelling certification

    Source: NATO

    NATO’s Airborne Warning and Control System (AWACS) E-3A fleet, and its Multinational Multi-Role Tanker Transport A330 (MRTT) aircraft have demonstrated their ability to perform air-to-air refuelling. In July 2025, after successful test flights, the necessary airworthiness certification for mid-air fuel transfer procedures was obtained. As NATO strengthens its capabilities, this increases the Alliance’s strategic flexibility, interoperability and operational reach.

    Validating the technical compatibility and operational readiness of Boeing’s and Airbus’ aircraft systems enables future rapid deployments and sustained aerial surveillance missions. The linkage of AWACS and MRTT represents another example of cooperation among Allies, and European Allies stepping up, demonstrating transatlantic unity and resolve. NATO’s AWACS fleet is managed by the NATO Airborne Early Warning and Control Force (NAEW&CF), based in Geilenkirchen, Germany. The MRTT Fleet, primarily based out of Eindhoven, the Netherlands, is owned by NATO and managed by the NATO Support and Procurement Agency (NSPA). The Royal Netherlands Air Force (RNLAF) Flight Test Centre, the Multinational MRTT Unit (MMU), European Air Transport Command (EATC) and the Air Refueling Certification Agency (ARCA) provided support during the certification process.

    Following the historic decisions made by leaders at the NATO Summit in The Hague, Allies will continue to future-proof NATO’s ability to guard our skies and maintain vigilance wherever it is needed, meet the new ambitious capability targets and keep our one billion people safe. 

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Aerospace expo to open

    Source: Hong Kong Information Services

    The “National Development & Achievements Series – Endless Exploration: The Journey of Chinese Aerospace, Aviation & Navigation” exhibition will be launched at the Science Museum from tomorrow to September 7.

    Chief Secretary Chan Kwok-ki said at the expo’s opening ceremony that the Chang’e-6’s successful return to earth bringing lunar soil samples from the far side of the Moon last year represents a global first, underscoring China’s leading position in lunar exploration.

    He added that the exhibition showcases the remarkable achievements of the Chang’e lunar exploration programme and the country’s remarkable accomplishments in aerospace, aviation and navigation.    

    The exhibition includes the first concurrent display in Hong Kong of lunar soil samples collected from the far side and near side of the Moon by the Chang’e-6 and the Chang’e-5 respectively.

    Other debut exhibits include the Chang’e-6 returner and parachute, seawater samples collected from 10,000 metres under the sea, and models of the “three pearls” of the shipbuilding industry, namely an aircraft carrier, a luxury cruise ship and a liquefied natural gas carrier.

    The expo will display large-scale aerospace, aviation and maritime models concurrently, including an approximately 12m-tall 1:5 Long March-5 launch vehicle and a full-size Fendouzhe full-ocean-depth manned submersible with a length of approximately 10m displayed outdoors, as well as a 1:8 model of a Y-20 heavy lifter with a wingspan of approximately 6m displayed indoors for the first time.

    It will also present Hong Kong’s significant contributions to the space and deep-sea exploration projects of the country. Plus, interactive exhibits of the “Lunar Base”, the “Zhurong Rover Expedition” and more are available for visitors to experience the challenges of building a lunar base and exploring Mars.

    Fixed-point guided tours will be provided on Saturdays and Sundays from August 9 to September 7. Additionally, lectures will be conducted tomorrow and on August 4, and the public is welcome to participate in lectures and tours on-site. Other activities include experiment classes, workshops and demonstrations.

    MIL OSI Asia Pacific News –

  • MIL-OSI Analysis: European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved

    Source: The Conversation – UK – By Maha Rafi Atal, Adam Smith Senior Lecturer in Political Economy, School of Social and Political Sciences, University of Glasgow

    The trade deal between the US and the European Union, squeezed in days before the re-introduction of Donald Trump’s “liberation day” tariffs, is reflective of the new politics of global trade. Faced with the threat of 30% baseline tariffs from Washington, as well as additional levies on specific sectors, the EU has secured a partial reprieve of a flat 15% tariff on all goods.

    Was this the best the bloc could have achieved? In the time available, it may well have been. The 15% rate is higher than the UK secured earlier this year, but it’s significantly below the level applied to China and Mexico, and on par with Japan.

    The EU has also managed a “zero-for-zero” tariffs deal on some hi-tech goods, notably semiconductors vital for products like phones and laptops. This is something the UK did not push for or secure in its own framework agreed with the US president.



    Read more:
    Donald Trump has reduced tariffs on British metals and cars, but how important is this trade deal? Experts react

    What’s more, EU leaders have argued that agreeing to the deal has security benefits in protecting dwindling US support for European defence. The urgency of Europe’s security concerns in Ukraine made these talks different from trade negotiations in the first Trump administration, when Europe could afford to be more aggressive.

    The biggest winners in this deal are Europe’s carmakers. The US has collapsed various sector-specific duties on goods like aircraft, cars and automotive parts into the 15% ceiling. This effectively reduces tariffs on EU-made cars (from 27.5%).

    American automakers, meanwhile, rely heavily on parts from Mexico and China – still subject to higher tariffs at the time of writing. This makes EU vehicles more competitive for US consumers than “American” cars that rely on overseas parts.

    Most importantly however, like the UK deal before it, the new EU agreement is a statement of understanding between the White House and the European Commission, rather than a formal treaty. A treaty would be subject to parliamentary ratification on both sides.

    But the semi-formal nature of this agreement allows both Trump and European leaders to portray the deal as a “win” by playing fast and loose with what’s actually in it.

    For example, the Trump administration will celebrate an EU commitment to buy US$250 billion (£189 billion) in US energy imports annually. Yet the concession holds no legal weight in the EU. The European Commission, which negotiated with Trump, does not buy any energy nor does it manage the power grid inside its 27 member states.

    The commission can encourage, but cannot compel, those states to buy American. (Indeed, it might want to do so anyway, since it helps it to pivot away from Russian gas). But ultimately, member states and businesses decide where their energy supply comes from, and they are not direct parties to the deal. Only a formal treaty ratified by the European parliament would compel them.

    No guarantees from Trump

    The informal nature of this agreement also allows EU member states to protest against what they see as capitulation to Trump’s demands without real consequence. After all, there is not yet a treaty text they would be required to vote on or implement.

    The Trump administration similarly imposed its sweeping tariff threats in early spring without a vote from Congress, and has been making ad hoc changes to the rates in the same way.

    On the one hand, this means European countries may not ultimately be required to implement some of the deal’s less savoury elements such as the energy purchases or lowering the bloc’s own tariffs on US goods.

    On the other hand, this means the Trump administration – notorious for abrupt changes of turn – can also renege at any time. In reality, there is little the EU can do about this. The question of leverage looms large. Trump’s longstanding antipathy towards the EU – seeing it less as an ally and more as a rival – meant that Brussels was never negotiating from a position of strength.

    The fact that the EU avoided the worst-case scenario, protected key sectors and secured other sector-specific advantages suggests a deal shaped not by triumph, but by containment of Trump. Since the deal was announced, the picture emerging from many European leaders has been one of gloom. True, the EU didn’t win – but it survived. And that, for now, is probably enough.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Maha Rafi Atal 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. European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved – https://theconversation.com/european-gloom-over-the-trump-deal-is-misplaced-its-probably-the-best-the-eu-could-have-achieved-262369

    MIL OSI Analysis –

  • MIL-OSI Russia: Government meeting.

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    On the agenda: the results of a working trip to the Far Eastern and Siberian Federal Districts, writing off debt on budget loans to regions, and increasing the grace period for mortgage payments upon the birth of a second child.

    Opening remarks by Mikhail Mishustin:

    Good afternoon, dear colleagues!

    Before we move on to the agenda of today’s Government meeting, I would like to talk about the results of the trip to Omsk Oblast, which became the final point of our major working trip to the Far Eastern and Siberian Federal Districts.

    The region is developing. Significant infrastructure is being actively built, including transport infrastructure, which is part of the high-speed automobile route “Russia” – from St. Petersburg to Vladivostok. It is necessary to complete all planned work within the established deadlines.

    We visited several healthcare and educational facilities. We made a number of decisions on the hospital and clinic for war veterans so that participants in the special military operation could undergo treatment and recovery in comfortable conditions. Comprehensive support for our heroes is one of the key priorities of the Government.

    Agenda of the meeting

    Materials for the Government meeting on July 31, 2025

    We got acquainted with the course of the admission campaign at Omsk University. We will help with equipping its main building with educational equipment. We will allocate additional funds for major repairs of dormitories.

    The region presented its initiative to create an inter-university campus. The modern educational space will become a point of attraction for talented young people. This will be decided within the framework of the competition of the Ministry of Science and Higher Education.

    Participants of the meeting

    List of participants of the Government meeting, July 31, 2025

    In September, the first branch of a foreign university in our country, the Kazakh National University, will begin teaching students in Omsk. Almost everything is ready for its opening. We will continue to strengthen cooperation between the two countries in the field of higher education and scientific research.

    In the Amur Region, we inspected how the reconstruction of the airport complex is being carried out, the expansion of the road that leads to the airport – the most important objects for the region and residents. Here I would ask, Vitaly Gennadyevich (addressing V. Savelyev), you, the Ministry of Transport to monitor the timing and progress of the work.

    We also visited the customs and logistics terminal and the checkpoint on the border with China – Kani-Kurgan. I know how Vitaly Gennadyevich was actively involved in this. This will be a model checkpoint, to which we distribute, among other things, technological solutions built on domestic software products.

    Completion of its construction will increase the volume of transportation on the new bridge crossing over the Amur River. This is only part, I will say again, of the large work on developing cross-border logistics. Almost 180 billion rubles have been allocated for the modernization of points in the next three years, taking into account the prospective trade turnover and priority areas for the country.

    The most important thing now is that plans for launching such facilities in the region and throughout the country as a whole are implemented clearly and on time.

    In the Trans-Baikal Territory, in Chita, a separate meeting was held on issues of grain export development.

    Our own production covers our domestic needs. Let me remind you that Russia is a world leader in wheat and barley supplies abroad. The potential is even higher. It is important to fully realize it. We will continue to support our farmers, expand port capacities, and create the necessary infrastructure for both storage and transportation of products.

    Oksana Nikolaevna (addressing O. Lut), I would like to ask you to create additional opportunities for domestic agricultural producers to enter foreign markets.

    I know there are a number of questions. I also want to tell the members of the Government that we need to help our exporters in this regard.

    This is also necessary to increase the competitiveness of our economy and to fulfill the task approved by the President to increase exports of the Russian agricultural sector.

    We also inspected the perinatal center in Chita. The national project “Family” provides for its re-equipment already this year. Equipment is being received so that both mothers and babies receive modern treatment.

    This work continues throughout the country. In just six years, advanced equipment will be delivered to 142 perinatal centers, including nine federal ones.

    In Transbaikalia, major repairs are also being carried out at medical institutions, and a number of new ones are being created.

    Mikhail Albertovich (addressing M. Murashko), as we agreed, we need to monitor the construction deadlines to ensure their timely opening. This is very important for people. We need to interact more actively with colleagues from the region in this area.

    Issues of improving healthcare infrastructure were also given attention during a working visit to the Altai Republic. There, under the national project “Long and Active Life”, a hospital admissions department was built using federal funds. High-tech medical care will become even more accessible to local residents. It is in demand there.

    With the head of this Russian subject, Andrey Anatolyevich Turchak, we discussed in detail the progress of the implementation of the individual program of socio-economic development, which, by decision of the President, was formed until 2030.

    We also looked separately at how projects that are important for people are being implemented, including those to strengthen transport connectivity. Roads, bridges, and crossings are being repaired. The airport is being modernized. This is also important given the significant growth in tourist flow to this region. Travelers come there from all over Russia and from abroad. In early July, a separate domestic terminal opened in Gorno-Altaisk, and last week, a new international one, in line with all standards. Its first visitors were guests of the International Environmental Conference, in which we took part.

    Together with our colleagues – heads of government of a number of countries, during the plenary session we exchanged a vision of joint work to protect the environment in the interests of the present and future generations. We will strengthen cooperation in this important area.

    In our country, environmental well-being has been approved by the President as one of the national goals. We will continue to do everything necessary to achieve it. First of all, if we list the priorities, this is the conservation of forests, water bodies, rare species of animals and plants, the development of protected areas. We will also continue to form a closed-loop economy.

    The Ministry of Natural Resources needs to expand cooperation with foreign partners in all these areas. Establish an exchange of best practices, create conditions for ecotourism – all the colleagues who spoke spoke about this – so that more people could see pristine nature.

    And I would also like to say that the topic of ecology and environmental protection is very important for our colleagues from the CIS countries.

    This topic is also relevant for the Altai Territory. We discussed this in detail with Governor Viktor Petrovich Tomenko. In the region, with the support of the federal budget, transport accessibility is being improved, and the infrastructure needed for travelers is being formed. Without a doubt, this work should be continued.

    Colleagues, I ask all area curators to constantly monitor how the implementation of projects is proceeding locally.

    I would like to separately mention one important issue that I discussed with the governors of the Amur Region and the Zabaikalsky Krai – emergency situations caused by forest fires.

    The situation has now stabilized. But the fight against the fire required the involvement of additional forces – specialists, heavy equipment, aviation. In connection with which, of course, the costs of the necessary measures have increased. An order has been prepared to provide almost 1.4 billion rubles to these regions, as well as to Krasnoyarsk Krai and the Republic of Buryatia. These funds will be used to compensate for the costs of extinguishing the fires.

    It is difficult to predict fire situations and their intensity accurately, but I ask the leadership of regions where such cases are not uncommon to pay special attention to prevention. There should be no threats to people’s health and safety. And at the same time, of course, it is necessary to monitor the efficiency of spending budget funds.

    On to another topic.

    Document

    The government has written off debt on budget loans to eight regions that have implemented infrastructure projects

    The government continues to stimulate economic development in Russian regions. To do this, we are reducing the financial burden, primarily for those who actively attract investment and build infrastructure. For them, on the instructions of the President, we have provided the opportunity to write off two-thirds of the debt on budget loans. The corresponding rules were adopted in February.

    Today, we will write off such loans for eight more regions in the amount of over 47.27 billion rubles. These are the republics of Kalmykia and Karelia, as well as the Voronezh, Kirov, Kemerovo, Moscow, Smolensk and Tver regions. They previously allocated funds for the implementation of national projects, improvement of housing and utilities, resettlement of citizens from dilapidated housing, support for industry and other purposes.

    Such a decision on debts should have a positive impact on the budget system of these territories, on the dynamics of their development, which will contribute to the fulfillment of many tasks, including social issues.

    And also – about supporting families with children. This is one of the key priorities of the Government’s work, which the head of state has repeatedly drawn attention to. A number of measures have been taken on his instructions. Today we will supplement them with another one.

    A bill has been prepared that is intended to reduce the burden on parents paying off a mortgage. Currently, when a child is born, the borrower is entitled to a six-month credit holiday if his or her income has decreased by more than 20%, and the costs of servicing the loan exceed 40% of average monthly income.

    Now, for those who have given birth to or adopted a second or subsequent child, the grace period will be increased to one and a half years. At the same time, interest on the principal debt will be charged only from the 7th to the 18th month. And they can be paid not immediately, but after the obligations under the current agreement are paid off. In equal parts and with the same frequency as before.

    This will support families during the most difficult period, when one of the parents is caring for a child and is unable to go to work. And of course, we expect that together with other current measures, this will affect the demographic situation in the country as a whole.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Hong Kong Science Museum’s new exhibition to showcase country’s achievements in aerospace, aviation and navigation (with photos)

    Source: Hong Kong Government special administrative region – 4

         Jointly presented by the Hong Kong Special Administrative Region Government and the China National Space Administration (CNSA), the “Bank of China (Hong Kong) Presents: National Development and Achievements Series – Endless Exploration: The Journey of Chinese Aerospace, Aviation and Navigation” exhibition will be launched at the Hong Kong Science Museum (HKScM) from tomorrow (August 1) to September 7. This is the first time for Hong Kong to showcase the country’s achievements in these three major arenas in the same exhibition. Featuring a rich array of artefacts, models, graphics, videos and interactive exhibits, the exhibition not only presents important developments in relevant fields, but also aims to inspire the public, especially youngsters, with a passion for technological innovation while enhancing national confidence in science and technology.
     
         Addressing the opening ceremony today (July 31), the Chief Secretary for Administration, Mr Chan Kwok-ki, said that the Chang’e-6’s successful return to earth bringing lunar soil samples from the far side of the Moon last year represents a global first, underscoring China’s leading position in lunar exploration. Hong Kong is proactively integrating into national development matters and making significant contributions, with local scientists having the opportunity to participate in major national scientific research projects. These achievements affirm Hong Kong’s unique advantages in contributing to national development with an international vision. He further said that this exhibition showcases the remarkable achievements of the Chang’e lunar exploration programme as well as the country’s remarkable accomplishments in aerospace, aviation and navigation. It also highlights Hong Kong’s role as a cultural hub connecting China with the world, telling the good story of China and promoting patriotism to the public.

         Other officiating guests today included the Chief Engineer of the CNSA, Dr Li Guoping; the First-level Inspector of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Liu Maozhou; the Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, Mr Sun Yu; the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Convenor of the Working Group on Patriotic Education under the Constitution and Basic Law Promotion Steering Committee, Legislative Council Member, Dr Starry Lee; the Chairperson of the Science Sub-committee of the Museum Advisory Committee, Professor Alexander Wai; the Director of Leisure and Cultural Services, Ms Manda Chan; and the Museum Director of the HKScM, Mr Patrick Lau.
     
         This exhibition achieves several “firsts”, including the first concurrent display in Hong Kong of lunar soil samples collected from the far side and near side of the Moon by the Chang’e-6 and the Chang’e-5 respectively. Other exhibits debuting in Hong Kong include the Chang’e-6 returner and parachute, seawater samples collected from 10,000 metres under the sea, as well as models of the “three pearls” of the shipbuilding industry, namely an aircraft carrier, a luxury cruise ship and a liquefied natural gas carrier.
     
    Moreover, the HKScM will display large-scale aerospace, aviation and maritime models concurrently, including an approximately 12m-tall 1:5 Long March-5 launch vehicle and a full-size Fendouzhe full-ocean-depth manned submersible with a length of approximately 10m displayed outdoors, as well as a 1:8 model of a Y-20 heavy lifter with a wingspan of approximately 6m displayed indoors for the first time.
     
         Apart from the exhibits from the Mainland, the exhibition also presents Hong Kong’s significant contributions to the space and deep-sea exploration projects of the country. There are also interactive exhibits, namely the “Lunar Base”, the “Zhurong Rover Expedition” and more, for visitors to experience the challenges of building a lunar base and exploring Mars.
     
    Fixed-point guided tours will be provided on Saturdays and Sundays from August 9 to September 7. A series of lectures will be conducted on August 1 and August 4 by experts invited from the Mainland, who will share their knowledge of aviation, aerospace and navigation, as well as the achievements and future plans of the country in related fields. Members of the public are welcome to participate in the tours and lectures on-site. Other activities include experiment classes, workshops and demonstrations for the public to explore the scientific principles behind aviation and deep-sea navigation.
       
         The exhibition is jointly organised by the Leisure and Cultural Services Department and the News Center of the CNSA, as solely sponsored by the Bank of China (Hong Kong) Limited. It is one of the activities of the Chinese Culture Promotion Series. For details of the exhibition and activities, please visit the HKScM website at hk.science.museum/en/web/scm/exhibition/exploration2025.html.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: NASA Invites Proposals to Lease Aircraft Hangar in Cleveland

    Source: NASA

    NASA’s Glenn Research Center in Cleveland is seeking proposals for the use of its historic aircraft hangar, along with a parking lot, tarmac, and a small neighboring office building. Proposals are due by 1 p.m. EDT on Nov. 28.  
    The hangar, formally known as the Flight Research Building, is available for lease by signing a National Historic Preservation Act agreement for a 10-year base period and two optional five-year extensions.
    NASA first announced plans to lease the Flight Research Building and other facilities in May 2024 under the government’s Enhanced Use Lease authority. These lease agreements allow space, aeronautics, and other related industries to use agency land and facilities, reducing NASA’s maintenance costs while fostering strategic partnerships that spur innovation.
    “Glenn is making great progress as we modernize our Cleveland and Sandusky campuses to support NASA’s future missions,” said Dr. Jimmy Kenyon, Glenn’s center director. “Through Enhanced Use Leases, we’re ensuring full use of land and facilities while preserving an iconic, historic building and creating regional economic opportunities.”
    The property available for lease includes up to 6.7 acres of land, which contains the heated aircraft hangar, Operations and Integration Building, parking lot, and tarmac. The hangar is 160 feet by 280 feet, and the Operations and Integration Building is 5,947 square feet. Proceeds from this lease will be used to maintain Glenn facilities and infrastructure. 
    Visible from Brookpark Road and Cleveland Hopkins International Airport, Glenn’s hangar was the first building completed after the center was established in 1941. It has sheltered many unique aircraft used to perform vital research. From studying ice accumulation on aircraft wings to the first use of laser communications to stream 4K video from an aircraft to the International Space Station, Glenn flight research has contributed to aviation safety, atmospheric studies, and cutting-edge technology development.
    Interested parties should contact both Carlos Flores at carlos.a.flores-1@nasa.gov and Diana Munro at diana.c.munro@nasa.gov to sign up for a walk-through from Monday, Sept. 8, to Friday, Sept. 12, or the week of Oct. 6.  
    For a 360-degree virtual tour of the Flight Research Building, visit:
    https://www3.nasa.gov/specials/hangar360/
    -end-
    Jan WittryGlenn Research Center, Cleveland216-433-5466jan.m.wittry-1@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: Carronade Shares Perspectives on Viasat

    Source: GlobeNewswire (MIL-OSI)

    Carronade Supports Spin-Off or IPO of the Defense and Advanced Technologies Business

    Potential 215% to 520% Upside in the Stock if Company Completes a Separation

    Defense and Advanced Technologies is Worth $50/share Alone

    DARIEN, Conn., July 31, 2025 (GLOBE NEWSWIRE) — Carronade Capital Management, LP on behalf of its managed entities (“Carronade Capital”, “our” or “we”), have beneficial ownership of approximately 2.6% of the outstanding shares of Viasat, Inc., (NASDAQ: VSAT) (“Viasat” or the “Company”) today issued the following open letter outlining its perspective on Viasat’s ongoing strategic review and offering a clear and effective way to unlock the substantial, unrealized value embedded within the Company.

    Carronade’s letter underscores a compelling case for separating the undervalued and underappreciated Defense and Advanced Technologies (“DAT”) segment, which could be one of the most attractive pure-play defense-technology platforms in the market today, with best-in-class margins, double-digit revenue growth and significant exposure to next-gen defense technologies. Carronade believes a successful execution of a DAT separation would crystallize value for shareholders, empower both DAT and Communications Services segments to chart focused, capital-efficient growth strategies and bolster financial flexibility to drive the share price up to $100 per share. Carronade believes the remaining Communications Services segment would have less debt and be positioned for free cash flow generation.

    Carronade urges Viasat’s Board and management team to prioritize a DAT spin as the key outcome of the ongoing strategic review and believes it would garner strong investor support.

    The full letter follows:

    Carronade Capital Management, LP on behalf of its managed entities (“Carronade Capital,” “our,” or “we”) have beneficial ownership of approximately 2.6% of the outstanding shares of Viasat, Inc., (“Viasat” or the “Company”), making us one of Viasat’s top investors. We have been investors in Viasat since 2023 and are long-term believers in the Company’s mission, the strength of its leadership team, and the extraordinary strategic position the Company holds at the intersection of secure communications, global connectivity, and aerospace and defense technology.

    Today, we wanted to share our view that the current valuation of Viasat fails to reflect the value of its most important asset — the Defense and Advanced Technologies (“DAT”) business. We believe that the time has come to separate this crown jewel through a spin-off or IPO, a step which we believe should unlock tremendous value and can result in the pre-event Viasat shares trading at a range of ~$50 to $100+ per share. With the strategic review process already underway, we believe this is the clearest, most effective way to unlock the substantial, unrealized value embedded within the Company.

    Highlight A Premier High-Growth Aerospace and Defense Tech Platform

    The case for separation is compelling. In our view, the DAT segment could be one of the most attractive standalone defense-technology platforms in the public markets today. With best-in-class margins, double-digit revenue growth, and significant exposure to next-generation defense and dual-use technologies, DAT is already delivering on a vision to which many public and private peers can only aspire.

    Excluding the non-recurring contribution from the litigation settlement in Q2 FY2024, as reported revenue within DAT grew almost 17% in the last 12 months, with LTM EBITDA margins of 28%. Demonstrating the continued rapid trajectory of this business, the Company reported in Q4 FY2025 that the backlog within DAT grew 50% year over year with a book-to-bill of 1.2x. These figures also screen extremely well under the “Rule of 40”, combining profitability with robust growth, and we strongly believe the business would be rewarded accordingly on a standalone basis.

    We believe DAT’s business lines span critical and rapidly growing areas. This is further enhanced by market share gains, driving growth that continues to exceed overall TAM growth. DAT has the potential to benefit across the following new initiatives and new technologies:

    • Golden Dome – falls under Tactical Networking and Space & Mission Systems within DAT (providing encrypted mesh networking, battle management systems, ISR integration)
      • DAT’s tactical networking and secure communications systems are highly applicable to layered air and missile defense systems such as the Golden Dome. Its encrypted mesh networks and ISR data links can help integrate interceptors, radars, and command nodes in contested environment        
    • Next-Generation Encryption – part of Information Security & Cyber Defense, a core DAT unit
      • Develops advanced, Type 1-certified encryption for high-assurance military communications. As defense agencies adopt edge-resilient encryption, we believe DAT stands to benefit from long-cycle upgrades across satellites, tactical radios, and classified networks
    • Drones (UAVs and UAS) – spans Tactical Networking and Space & Mission Systems
      • Anti-jam networking solutions for a wide range of unmanned aerial systems. As demand accelerates for autonomous ISR and strike platforms, we believe DAT is well positioned to scale its footprint across drone technology
    • Direct-to-Device (D2D) – supported by both Advanced Technology & Other and Space & Mission Systems
      • DAT is advancing D2D capabilities through both government waveform programs and a commercial joint initiative with UAE-based Space42, focused on developing a global, 3GPP-compliant multi-orbit NTN platform designed to enable future connectivity directly to unmodified smartphones and IoT devices using licensed L-band and S-band spectrum
    • Low Earth Orbit (LEO) – squarely in Space & Mission Systems
      • The Space & Mission Systems team provides space-qualified hardware, optical inter-satellite links, and advanced ground integration tools that support LEO network resilience. As multi-orbit architectures gain traction, they benefit from integration roles across both government and commercial constellations

    The above are all long-cycle, durable growth markets with deep commercial and government demand, and we believe DAT is already winning. Yet despite this backdrop, from our perspective the market is barely valuing DAT at all — its performance is being obscured by broader investor concerns with respect to Communication Services, as evidenced by a nearly 20% short interest in the stock.

    Carronade’s Analysis Supports $50 – $100+ per Share Valuation

    This disconnect is further underscored by the current valuation environment for DAT’s aerospace and defense peers. Mid-cap defense-technology companies such as Kratos Defense & Security Solutions, AeroVironment, Karman Holdings, Redwire, and Mercury Systems (“Comp Set”) have historically traded between 20x-40x EV/EBITDA, and in many cases are significantly higher today, as public investors seek exposure to the growth in the aerospace and defense industry. By contrast, the market appears to be pricing Viasat as a structurally challenged communications conglomerate. We believe this framing fails to recognize both the profitability and the growth trajectory of DAT.

    It is not an overstatement to say that from a value perspective, Viasat is an aerospace and defense tech focused company first, that also happens to be in the satellite communications business. Our analysis suggests, utilizing a 20% discount to the median 2025E EBITDA multiple of the DAT Comp Set, less overall net debt, a valuation of over $50/share – more than 3x the current stock price – excluding any value for the $1.3 billion EBITDA Communication Services business or the $8/share in value from the Ligado Networks settlement. In total, using the historical ranges for the DAT Comp Set and 4.0x1 on the Communication Services business, we believe the stock is worth between ~$50-$100/share, and well in excess of $100/share if DAT trades at the current median of the Comp Set.

    While each peer has a distinct focus, they are all aerospace and defense technology companies that we believe are well positioned to benefit from similar tailwinds. Over the past five years, this Comp Set has generally traded at 20x to 40x EBITDA, with further multiple expansion seen in 2025. The chart below illustrates the implied Viasat share price after applying these historical ranges to DAT, alongside a fixed 4.0x multiple for Communication Services and our assumptions for the present value of the recent Ligado Networks settlement.

    DAT’s implied size, revenue growth, leading margins, and exposure to the most exciting aerospace and defense themes, highlight the favorable comparability to the Comp Set as shown below. With 50% year over year backlog growth, strong book-to-bill, and new recent awards, we believe growth trends are supported into 2026 and beyond.

    We believe the separation of DAT would not only catalyze a re-rating of that business but also deliver material benefits to the remaining company. Viasat could retain a portion of the spin-off for future monetization. If an IPO were pursued, proceeds could be used to de-lever the balance sheet, bolstering capital flexibility, while reducing financial risk. Moreover, the current stock price implies standalone valuation near the lows after adjusting for the approximately $8/share Ligado Networks settlement value that was unanticipated by most market participants. Finally, we believe separating DAT would allow both businesses to be valued on their own strategic and financial merits and create transparency into the dramatically different growth, TAMs, margin profiles, and capital requirements of each.

    Resilient Global Communications Business

    Carronade also believes the Communications Services segment is materially misunderstood by the market with competitors such as Starlink and Kuiper catalyzing a substantial amount of pessimism on the shares. We believe a separation will help shine a light on the positive trajectory of this business.

    With five-to-ten year contract terms in the in-flight connectivity (“IFC”) business, this unit of Communication Services has approximately 1,600 additional commercial aircraft that will be put into service under existing customer agreements with commercial airlines over time, on top of the 4,120 currently in-service aircraft, representing 39% growth2. The durability of IFC growth, coupled with a high-growth government business and an inflecting maritime business, as evidenced by NexusWave recently exceeding 1,000 vessel orders3, in our view demonstrates the long-term viability of the core satellite business. Critically, in our view Communication Services is set to generate consistent positive free cash flow in the coming quarters, and more significantly, the long-term cash generation of the satellite business is set to inflect strongly after the successful deployment of the ViaSat-3 F2 and F3 satellites. According to a research report from Deutsche Bank on March 24th4, each new ViaSat-3 satellite has the potential to add 2 to 3 percentage points of growth to Communication Services revenue, while also shifting the revenue mix toward higher-margin, internally provisioned capacity and reducing reliance on low-margin wholesale sales. Once capital expenditures for the ViaSat-3 constellation are complete, we expect annual capex to decline to below $1 billion (from ~$1.3 billion in FY2026), creating substantial room for accelerated free cash flow generation and debt paydown.

    Given all of the above, we believe our valuation of 4.0x on the Communication Services segment is conservative and unjustifiably below similar business valuations. SES, when accounting for the present value of 100MHz of possible C-band monetization, and pro forma for the Intelsat acquisition, trades at 4.25x-4.50x on the base business. Similarly, both Eutelsat and Iridium trade at high-single-digit EBITDA multiples5. In our view, the growth opportunities, end customers, and stickiness of contracts are significantly more attractive for Viasat’s Communication Services business.

    As a result of the settlement with Ligado Networks, the Company is set to receive $568 million in fiscal year 2026, coupled with a lease stream through 2107 that increases 3% per year6 that is worth north of $500 million from a present value perspective, which positions it for further de-levering. The Company’s remaining spectrum portfolio offers substantial flexibility for future monetization to which we ascribe no value in this analysis. In our view, these dynamics are obscured in the current structure and would be far more visible in a standalone Communications Services business.

    The Time to Act is Now

    With strong commercial momentum across both segments, from NexusWave surpassing 1,000 vessel orders and sustained growth in in-flight connectivity for the Communication Services business, and a proven track record of growth and profitability within DAT, we believe Viasat is at a critical inflection point. In our view, the growth and profitability of DAT is only set to accelerate due to rapidly increasing investment within drone technology, direct-to-device, advanced encryption, Golden Dome, and LEO. Yet we are seeing that public markets continue to discount the stock due to a misplaced narrative. We believe executing a spin-off or IPO of DAT, the Company’s most valuable asset, would not only crystallize value for shareholders, it would empower both businesses to chart focused, capital-efficient growth strategies with improved investor visibility.

    We applaud management exploring various paths to unlock portfolio value, drive returns and shareholder value, but urge them to consider our proposed path forward. We believe a spin-off or IPO of DAT would be met with broad investor support and would position Viasat to emerge as two distinct, category-leading companies: one a premier, high-growth aerospace and defense tech platform; the other a resilient, cash-generating global connectivity business while unlocking tremendous value resulting in ~$50 to $100+ per share.

    About Carronade Capital

    Carronade Capital Management, LP (“Carronade Capital Management”) is a multi-strategy investment firm based in Connecticut with approximately $2.5 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital Management, founded in 2019 by industry veteran Dan Gropper, currently firm employs 14 team members and is based in Darien, Connecticut. Carronade Capital was launched on July 1, 2020. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Aurelius Capital Management, LP, Fortress Investment Group and Elliott Management Corporation.

    Important Disclaimers

    Not an Offer or Solicitation. This press release is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person.

    Not Financial Advice. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Viasat, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should conduct their own financial research and analysis and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    Forward-Looking Statements. This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade Capital or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade Capital does not undertake any obligation to update or revise any forward-looking information or statements.

    Data and Analysis. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analysis provided herein is intended to assist the reader in evaluating the matters described herein and maybe based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Projected information presented herein is generated using an internal Carronade model and is therefore inherently limited. This information is generated based on certain estimates and assumptions which are subject to change based on prevailing market and economic conditions, as well as Carronade’s ongoing assessment of the Company. All figures are estimates and, unless required by law, are subject to revision without notice.

    Holdings and Trading. Certain of the funds(s) and/or account(s) (“Accounts”) managed by Carronade Capital Management, LP (“Carronade Capital Management”) currently beneficially own shares of the Company. Carronade Capital Management in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade Capital Management’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade Capital Management’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade Capital Management, concentration of positions in the portfolios managed by Carronade Capital Management, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade Capital Management may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade Capital Management also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Media Contact:
    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    Investor Contacts:
    Andy Taylor / Stas Futoransky
    Carronade Capital Management, LP
    (203) 485-0880
    ir@carronade.com

    1Derived by using a discount to SES SA, Eutelsat Communications, and Iridium Communications as the peer set for Communications Services; for illustrative purposes only.
    2Viasat 2025 Annual Report
    3Viasat July 1, 2025 Press Release
    4Deutsche Bank report “Multiple Paths to Unlocking Value; Upgrade to Buy”
    5Source: Bloomberg
    6Viasat June 13, 2025 Press Release

    Charts accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1b382282-b275-4da4-a882-c526b3387fc4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/710e4232-9a2e-4280-9767-20bd501b699a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1786b60d-3b34-4f9e-8100-77a6b4c15b9a

    The MIL Network –

  • MIL-OSI USA: State of Emergency Ahead of Heavy Rainfall

    Source: US State of New York

    overnor Kathy Hochul today will declare a State of Emergency for several New York counties and urges New Yorkers to prepare for heavy rain and the potential for localized flooding, as parts of the state are forecast to be impacted by periods of heavy rain today into Friday. Beginning this afternoon, torrential rain is forecast to impact downstate New York, primarily in the Mid-Hudson, New York City, and Long Island Regions. With the forecast enhanced to moderate risk, flash flooding becomes more likely with significant flooding possible. Flood Watches in Place for New York City, Long Island, and Hudson Valley through Friday afternoon. Significant rainfall is also expected in the Southern Tier and Capital Regions. Roadway and rail travel will be impacted during the Thursday evening commute, and employers in the affected areas are recommended to release employers early to avoid long delays and ensure safe travel home.

    The State of Emergency includes the Bronx, Delaware, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster, Westchester and contiguous counties. The State released non-essential employees in New York City, Sullivan, Rockland, Orange, Ulster, Dutchess, Westchester, Nassau, and Suffolk Counties at 1:00 p.m.

    “I am urging all New Yorkers to stay vigilant, stay informed, and use caution as we expect excessive rainfall with the potential for flash flooding,” Governor Hochul said. “State agencies are on standby for heavy downpours and localized flooding and will be monitoring the situation in real-time to ensure the safety of all New Yorkers in the path of the storm.”

    A widespread one to three inches of rain is expected with locally higher totals up to five inches possible. Average rainfall rates of a half inch per hour are expected with rates of one to two inches likely. Isolated rates over two inches per hour are possible, most likely Thursday afternoon or evening. Most of the rain will fall in as little as three to six hours from Thursday afternoon through Thursday night. Up to two inches of rain may impact the Southern Tier, Capital Region, and Upper Mid-Hudson Regions.

    The Thursday evening commute will be impacted with areas of flash flooding possible and minor to moderate water level rises could occur on some waterways. Some roads may become impassable from flooding, most likely around underpasses and roads with little or no drainage. The heaviest rainfall rates may be capable of producing subway flooding and overwhelming NYC sewers. Flooding in basements and subterrain floors is also possible.

    Residents are encouraged to monitor their local forecasts, weather watches and warnings. For a complete listing of weather alerts, visit the National Weather Service website at alerts.weather.gov.

    New Yorkers should ensure that government emergency alerts are enabled on their mobile phones. They should also sign up for real-time weather and emergency alerts that will be texted to their phones by texting their county or borough name to 333111.

    Agency Preparations

    Division of Homeland Security and Emergency Services

    The Division’s Office of Emergency Management (OEM) is in contact with their local counterparts and is prepared to facilitate requests for assistance. OEM is in enhanced monitoring status and the Office of Fire Prevention and Control has activated the State Fire Operations Center.

    Water rescue teams from the Office of Fire Prevention and Control, New York State Police and Department of Environmental Conservation are staged in Orange County and Ulster Counties.

    State stockpiles are ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring the storm track and statewide impacts closely.

    Department of Transportation

    The State Department of Transportation is monitoring weather conditions and prepared to respond with 3,428 supervisors and operators available statewide. All field staff are available to fully engage and respond.

    Statewide equipment numbers are as follows:

    • 1,430 large dump trucks
    • 337 large loaders
    • 92 chippers
    • 87 tracked and wheeled excavators
    • 33 water pumps
    • 32 traffic and tree crew bucket trucks
    • 28 traffic tower platforms
    • 16 vacuum trucks with sewer jets

    The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

    Thruway Authority

    The Thruway Authority has 669 operators and supervisors prepared to respond to any wind or flood related issues across the state with small to medium sized excavators, plow/dump trucks, large loaders, portable Variable Message Signs (VMS) boards, portable light towers, smaller generators, smaller pumps and equipment hauling trailers, as well as signage and other traffic control devices available for any detours or closures. VMS and social media are utilized to alert motorists of weather conditions on the Thruway.

    Statewide equipment numbers are as follows:

    • 337 Large and Small Dump Trucks
    • 63 Loaders
    • 31 Trailers
    • 5 Vac Trucks
    • 14 Excavators
    • 8 Brush Chippers
    • 99 Chainsaws
    • 24 Aerial Trucks
    • 22 Skid Steers
    • 86 Portable Generators
    • 65 Portable Light Units

    The Thruway Authority encourages motorists to download its mobile app which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

    Department of Public Service

    New York’s utilities have approximately 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. The utilities will work with the local, county, and state transportation agencies to navigate closed roadways in any areas experiencing flooding. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

    New York State Police

    State Police instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service, and all watercraft and specialty vehicles are staged and ready for deployment.

    Department of Environmental Conservation

    The Department of Environmental Conservation’s (DEC) Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers, and regional staff remain on alert and continue to monitor weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

    DEC swift water teams are activated and pre-staged in the Hudson Valley.

    DEC reminds local officials to watch for potential flooding in their communities. Municipalities are encouraged to undertake local assessments of flood-prone areas and to remove any accumulating debris. DEC permits and authorization are not required to remove debris unless stream banks or beds will be disturbed by debris removal and/or the use of heavy equipment. Municipalities and local governments are advised to contact DEC’s Regional Permit Administrators if assistance is required and to help determine if a permit is necessary.

    If a permit is necessary, DEC can issue Emergency Authorizations to expedite approval of projects in place of an individual permit. DEC approves Emergency Authorizations for situations that are deemed an emergency based on the immediate protection of life, health, general welfare, property, or natural resources.

    Office of Parks, Recreation and Historic Preservation

    New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

    Metropolitan Transportation Authority

    The Metropolitan Transportation Authority is closely monitoring weather conditions to ensure safe, reliable service. MTA employees will be poised to respond to any weather-related issues. To reduce the likelihood of flooding and respond to any instances of flooding, MTA crews will inspect drains in flood-prone areas to ensure they are functional, and supervisors will monitor flood-prone locations for any reports of flooding to ensure quick response. Elevator and escalator specialists will be deployed to flood-prone locations to attend to any weather-related elevator and escalator troubles.

    Customers are encouraged to check mta.info for the latest service updates, and to use caution while navigating the system. Customers should also sign up for real-time service alerts via text or email. These alerts are also available via the MTA app and the TrainTime app.

    Port Authority of New York and New Jersey

    The Port Authority of New York and New Jersey is closely monitoring weather forecasts and is working with airport terminal operators and other airport partners in preparation. Air travelers should check with their airlines for updated information on their flights or check the Federal Aviation Administration website for any FAA programs that may affect flight operations at their departure airport before leaving for the airport and allow for additional travel time. Motorists who use the Port Authority’s six bridges and tunnels are strongly encouraged to sign up for email alerts, bus riders can use the MyTerminal app for real-time alerts on bus service at the Midtown Bus Terminal, or for PATH riders, check train service information via the PATH mobile app, RidePATH.

    Before and During the Storm

    • Stay Informed: Monitor your local weather forecast and follow any warnings that may be broadcast.
    • Follow Instructions from Local Officials: If you are advised by emergency officials to take immediate action such as evacuation, do not wait – follow all orders promptly.
    • Do Not Walk, Swim or Drive Through Floodwaters: One foot of moving water can sweep a vehicle away. If you have doubts, remember: “Turn Around, Don’t Drown!”
    • Know your evacuation route and how to get to higher ground
    • Know your area’s type of flood risk — visit FEMA’s Flood Map Service Center.
    • Have a flood emergency plan in place that includes considerations for your children, pets and neighbors.
    • Have an emergency go bag ready to grab for you, your family and your pets that includes any medications you may need.
    • Check in with elderly neighbors or those who may have mobility issues.
    • Do not touch downed power lines
    • Keep your phone charged
    • Keep a small disaster supply kit in the trunk of your car.

    After Flood Waters Have Receded

    • Wait until an area has been declared safe before entering. Be careful driving, since roads may be damaged and power lines may be down.
    • If your home or apartment has been flooded, DO NOT turn on electrical appliances until an electrician has checked the system and appliances.
    • Throw out any medicine or food that may have had contact with flood waters.
    • Keep your automobile fueled. If electric power is cut off, gasoline stations may not be able to pump fuel for several days.
    • Do not touch downed power lines.

    For more preparedness information and safety tips from DHSES, visit dhses.ny.gov. The National Weather Service website also includes Flood Safety Tips and Spring Safety Resources.

    MIL OSI USA News –

  • MIL-OSI Russia: Georgia and Türkiye are ready for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    Tbilisi, July 31 (Xinhua) — Georgia and Turkey have confirmed their readiness for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway, the Georgian Ministry of Economy and Sustainable Development reported on Thursday after a meeting in Tbilisi between Minister of Economy Mariam Kvrivishvili and Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu.

    The parties discussed the development of regional transport infrastructure, including the Baku-Tbilisi-Kars railway line, the East-West highway, the Anaklia deep-water port and the new international airport in Tbilisi.

    The importance of the Middle Corridor as a strategic direction for cargo transit was emphasized, as well as the need to attract additional volumes of transportation. Attention was also paid to cooperation in the areas of logistics, transport, tourism and civil aviation.

    In 2024, the modernization of the Baku-Tbilisi-Kars railway section in Georgia was completed, as a result of which the line’s capacity increased from 1 million to 5 million tons of cargo per year. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI USA: Klobuchar, Moran Introduce Bipartisan Legislation to Support Biorefineries, Renewable Chemicals, and Biomanufacturing

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Jerry Moran (R-KS) introduced bipartisan legislation to enhance the ability of the Biorefinery, Renewable Chemical, and Biobased Products Assistance program to support the development of advanced biofuels, renewable chemicals, and biobased products. 

    The Agricultural Biorefinery Innovation and Opportunity (Ag BIO) Act will update the underlying loan guarantee program and restore a grant program to support public-private partnership investment in pilot and demonstration-scale facility development.

    “Developing our biomanufacturing capabilities is good for our farmers and good for our economy,” said Klobuchar. “This legislation will create jobs and strengthen the Biorefinery, Renewable Chemical, and Biobased Products Assistance program, while also solidifying America as a leading manufacturer of these products.”

    “Investing in the bioeconomy will provide new markets for our farmers while furthering the goal of domestic manufacturing, supply chain resiliency and energy security,” said Moran. “Developing innovative products like advanced biofuels will provide new and better products using home-grown feedstocks, creating new jobs and driving our economy forward.”

    “The Ag BIO Act represents a strategic investment that will be necessary if American manufacturing is going to lead the world in the production of plant-based materials,” said James Glueck, Executive Director of the Plant Based Products Council. “This bill provides a clear pathway to scale up biomanufacturing capacity, open new markets for farmers, and build more resilient domestic supply chains. The Ag BIO Act is more than a piece of legislation — it’s a much-needed tool for revitalizing rural economies and advancing a modern manufacturing strategy grounded in American agriculture,” Glueck added. “We are grateful to Sens. Klobuchar and Moran for their leadership and vision.”

    “This legislation represents a strategic investment in the future of rural America and the farmers, workers, and innovators who fuel our economy,” said John Bode, President and CEO of the Corn Refiners Association. “By backing next-generation biomanufacturing, the Ag BIO Act will help cement U.S. leadership in sustainable innovation while delivering economic opportunity where it’s needed most.”

    “The Ag Energy Coalition applauds Senators Klobuchar and Moran for proposing bipartisan legislation to modernize the Biorefinery, Renewable Chemical, and Biobased Manufacturing Assistance Program as part of the upcoming farm bill.  Biorefineries are the lifeblood of rural America in terms of driving manufacturing innovations, building new agriculture markets, and creating jobs and economic opportunity,” said Lloyd Ritter, Ag Energy Coalition.  “Revitalizing this program will help build and expand facilities to produce everything from SAF to biobased products and renewable chemicals. That is an essential investment in the nation’s energy and bioeconomy transformation and in a rural economic renaissance.” 

    “The Ag BIO Act is important to the future of our nation’s ag bioeconomy. The U.S. can, and should, be the world leader in bioproduct research, development, and manufacturing, and the investments in this bill will go a long way to help make that happen,” said Kent Roberson, Ag Bioeconomy Spokesperson. “In a future with a strong American ag bioeconomy, farmers will benefit from new markets for their feedstocks, consumers will have more options to satisfy their needs, and workers will have good-paying jobs close to home. We’re excited to see the bipartisan Ag BIO Act introduced and are eager to help Congress enact this important legislation.” 

    Klobuchar has been a long-time supporter of biofuels and biomanufacturing. 

    In January, Klobuchar and Moran joined Senators Joni Ernst (R-IA), Tammy Duckworth (D-IL) and Chuck Grassley (R-IA) reintroduced the Farm to Fly Act, which would help accelerate the production and development of sustainable aviation fuel (SAF) through existing U.S. Department of Agriculture (USDA) programs to allow further growth for alternative fuels to be used in the aviation sector and create new markets for American farmers.

    MIL OSI USA News –

  • MIL-OSI USA: Sens. Markey, Padilla, Schiff Decry Homeland Security’s Surveillance of Americans, Violation of Privacy and First Amendment Rights

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (July 31, 2025) – Senator Edward J. Markey (D-Mass.), member of the Committee on Commerce, Science, and Transportation, and Senators Alex Padilla (D-Calif.) and Adam Schiff (D-Calif.) today led a letter to Secretary of Homeland Security Kristi Noem on the Department of Homeland Security’s (DHS) recent usage of Predator drones and aerial surveillance against peaceful protesters in Los Angeles. This surveillance is a clear threat to the protesters’ privacy and their constitutional rights that are guaranteed by the First Amendment. Senators Bernie Sanders (I-Vt.) and Chris Van Hollen (D-Md.) also signed the letter.

    In the letter the lawmakers write, “Even if the technology were perfectly accurate, this form of surveillance could have a chilling effect on constitutionally protected rights, particularly freedom of assembly and speech. Protesters may fear that showing up at a rally could result in DHS or other government entities logging their names into a government database, sharing records with law enforcement, or even subjecting them to reprisal. That fear is not theoretical. Authoritarian regimes already use facial recognition to track down dissidents. But even in democratic societies, such tools can disproportionately target and harm communities of color, intensifying existing biases in law enforcement and eroding trust in public institutions.”

    The lawmakers continue, “On June 10, the Department posted a video to X — collected from a drone — overlayed with a dramatic soundtrack and a caption stating ‘WATCH: DHS drone footage of LA rioters. This is not calm. This is not peaceful. California politicians must call off their rioting mob.’ The publication of these videos appears to be a violation of the Department’s own requirement limiting the disclosure of video collected on an aircraft to authorized personnel with an authorized purpose. Americans could easily understand the publication of this video as an implicit threat to reveal the identities of protesters, instilling fear in any members of the public who seek to exercise their constitutionally protected rights to speech and assembly.”

    The lawmakers request responses by August 21, 2025, to questions including:

    1. What cameras, radar, or other surveillance equipment were equipped on the Predator drones that flew over Paramount and Los Angeles during the June protests?
    2. Did DHS officials identify any individuals based on information collected by the unmanned aircraft that surveilled the California protests, including in combination with other information or with the assistance of facial recognition technology?
    3. Which agencies and officials requested support from the Predator drones, when was the request made, and when and by whom were they approved?
    4. What data privacy protocols are currently used to govern information captured by aerial surveillance at U.S. protests?
    5. How are DHS staff with access to aerial surveillance data trained on data management protocols?
    6. What was the approval process for publishing videos taken by the Predator drones of the protests in Los Angeles on X?
    7. Has DHS deployed manned or unmanned aircraft systems to photograph, record, or otherwise monitor other protests since January 20, 2025?

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Moran Introduce Bipartisan Legislation to Support Biorefineries, Renewable Chemicals, and Biomanufacturing

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Jerry Moran (R-KS) introduced bipartisan legislation to enhance the ability of the Biorefinery, Renewable Chemical, and Biobased Products Assistance program to support the development of advanced biofuels, renewable chemicals, and biobased products. 

    The Agricultural Biorefinery Innovation and Opportunity (Ag BIO) Act will update the underlying loan guarantee program and restore a grant program to support public-private partnership investment in pilot and demonstration-scale facility development.

    “Developing our biomanufacturing capabilities is good for our farmers and good for our economy,” said Klobuchar. “This legislation will create jobs and strengthen the Biorefinery, Renewable Chemical, and Biobased Products Assistance program, while also solidifying America as a leading manufacturer of these products.”

    “Investing in the bioeconomy will provide new markets for our farmers while furthering the goal of domestic manufacturing, supply chain resiliency and energy security,” said Moran. “Developing innovative products like advanced biofuels will provide new and better products using home-grown feedstocks, creating new jobs and driving our economy forward.”

    “The Ag BIO Act represents a strategic investment that will be necessary if American manufacturing is going to lead the world in the production of plant-based materials,” said James Glueck, Executive Director of the Plant Based Products Council. “This bill provides a clear pathway to scale up biomanufacturing capacity, open new markets for farmers, and build more resilient domestic supply chains. The Ag BIO Act is more than a piece of legislation — it’s a much-needed tool for revitalizing rural economies and advancing a modern manufacturing strategy grounded in American agriculture,” Glueck added. “We are grateful to Sens. Klobuchar and Moran for their leadership and vision.”

    “This legislation represents a strategic investment in the future of rural America and the farmers, workers, and innovators who fuel our economy,” said John Bode, President and CEO of the Corn Refiners Association. “By backing next-generation biomanufacturing, the Ag BIO Act will help cement U.S. leadership in sustainable innovation while delivering economic opportunity where it’s needed most.”

    “The Ag Energy Coalition applauds Senators Klobuchar and Moran for proposing bipartisan legislation to modernize the Biorefinery, Renewable Chemical, and Biobased Manufacturing Assistance Program as part of the upcoming farm bill.  Biorefineries are the lifeblood of rural America in terms of driving manufacturing innovations, building new agriculture markets, and creating jobs and economic opportunity,” said Lloyd Ritter, Ag Energy Coalition.  “Revitalizing this program will help build and expand facilities to produce everything from SAF to biobased products and renewable chemicals. That is an essential investment in the nation’s energy and bioeconomy transformation and in a rural economic renaissance.” 

    “The Ag BIO Act is important to the future of our nation’s ag bioeconomy. The U.S. can, and should, be the world leader in bioproduct research, development, and manufacturing, and the investments in this bill will go a long way to help make that happen,” said Kent Roberson, Ag Bioeconomy Spokesperson. “In a future with a strong American ag bioeconomy, farmers will benefit from new markets for their feedstocks, consumers will have more options to satisfy their needs, and workers will have good-paying jobs close to home. We’re excited to see the bipartisan Ag BIO Act introduced and are eager to help Congress enact this important legislation.” 

    Klobuchar has been a long-time supporter of biofuels and biomanufacturing. 

    In January, Klobuchar and Moran joined Senators Joni Ernst (R-IA), Tammy Duckworth (D-IL) and Chuck Grassley (R-IA) reintroduced the Farm to Fly Act, which would help accelerate the production and development of sustainable aviation fuel (SAF) through existing U.S. Department of Agriculture (USDA) programs to allow further growth for alternative fuels to be used in the aviation sector and create new markets for American farmers.

    MIL OSI USA News –

  • MIL-OSI USA: Sens. Markey, Padilla, Schiff Decry Homeland Security’s Surveillance of Americans, Violation of Privacy and First Amendment Rights

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (July 31, 2025) – Senator Edward J. Markey (D-Mass.), member of the Committee on Commerce, Science, and Transportation, and Senators Alex Padilla (D-Calif.) and Adam Schiff (D-Calif.) today led a letter to Secretary of Homeland Security Kristi Noem on the Department of Homeland Security’s (DHS) recent usage of Predator drones and aerial surveillance against peaceful protesters in Los Angeles. This surveillance is a clear threat to the protesters’ privacy and their constitutional rights that are guaranteed by the First Amendment. Senators Bernie Sanders (I-Vt.) and Chris Van Hollen (D-Md.) also signed the letter.

    In the letter the lawmakers write, “Even if the technology were perfectly accurate, this form of surveillance could have a chilling effect on constitutionally protected rights, particularly freedom of assembly and speech. Protesters may fear that showing up at a rally could result in DHS or other government entities logging their names into a government database, sharing records with law enforcement, or even subjecting them to reprisal. That fear is not theoretical. Authoritarian regimes already use facial recognition to track down dissidents. But even in democratic societies, such tools can disproportionately target and harm communities of color, intensifying existing biases in law enforcement and eroding trust in public institutions.”

    The lawmakers continue, “On June 10, the Department posted a video to X — collected from a drone — overlayed with a dramatic soundtrack and a caption stating ‘WATCH: DHS drone footage of LA rioters. This is not calm. This is not peaceful. California politicians must call off their rioting mob.’ The publication of these videos appears to be a violation of the Department’s own requirement limiting the disclosure of video collected on an aircraft to authorized personnel with an authorized purpose. Americans could easily understand the publication of this video as an implicit threat to reveal the identities of protesters, instilling fear in any members of the public who seek to exercise their constitutionally protected rights to speech and assembly.”

    The lawmakers request responses by August 21, 2025, to questions including:

    1. What cameras, radar, or other surveillance equipment were equipped on the Predator drones that flew over Paramount and Los Angeles during the June protests?
    2. Did DHS officials identify any individuals based on information collected by the unmanned aircraft that surveilled the California protests, including in combination with other information or with the assistance of facial recognition technology?
    3. Which agencies and officials requested support from the Predator drones, when was the request made, and when and by whom were they approved?
    4. What data privacy protocols are currently used to govern information captured by aerial surveillance at U.S. protests?
    5. How are DHS staff with access to aerial surveillance data trained on data management protocols?
    6. What was the approval process for publishing videos taken by the Predator drones of the protests in Los Angeles on X?
    7. Has DHS deployed manned or unmanned aircraft systems to photograph, record, or otherwise monitor other protests since January 20, 2025?

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q2 on Q1 change

    Quarter Analysis1

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

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

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

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

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

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

    Shareholder distributions

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

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    Half Year Analysis1

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

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

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

    Adjusted Earnings and Adjusted EBITDA2 for the first half 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.3 billion.

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

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

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

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

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

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

    4.Not incorporated by reference.

    PORTFOLIO DEVELOPMENTS

    Integrated Gas

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

    Upstream

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

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

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

    Chemicals and Products

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

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

             Page 2

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    1,838    2,789    2,454    -34 Income/(loss) for the period   4,627    5,215    -11
    101    306    (220)     Of which: Identified items A 407    (1,139)    
    1,737    2,483    2,675    -30 Adjusted Earnings A 4,220    6,354    -34
    3,875    4,735    5,039    -18 Adjusted EBITDA A 8,610    11,175    -23
    3,629    3,463    4,183    +5 Cash flow from operating activities A 7,092    8,895    -20
    1,196    1,116    1,151      Cash capital expenditure C 2,313    2,192     
    129    126    137    +2 Liquids production available for sale (thousand b/d)   128    137    -7
    4,545    4,644    4,885    -2 Natural gas production available for sale (million scf/d)   4,594    4,919 -7
    913    927    980    -2 Total production available for sale (thousand boe/d)   920    986    -7
    6.72    6.60    6.95    +2 LNG liquefaction volumes (million tonnes)   13.32    14.53    -8
    17.77    16.49    16.41    +8 LNG sales volumes (million tonnes)   34.26    33.28    +3

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

             Page 3

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

             Page 4

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    UPSTREAM          
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    2,008    2,080    2,179    -3 Income/(loss) for the period   4,088    4,451    -8
    276    (257)   (157)     Of which: Identified items A 19    182     
    1,732    2,337    2,336    -26 Adjusted Earnings A 4,068    4,270    -5
    6,638    7,387    7,829    -10 Adjusted EBITDA A 14,024    15,717    -11
    6,500    3,945    5,739    +65 Cash flow from operating activities A 10,445    11,466    -9
    2,826    1,923    1,829      Cash capital expenditure C 4,749    3,839     
    1,334    1,335    1,297    — Liquids production available for sale (thousand b/d)   1,334    1,314    +2
    2,310    3,020    2,818    -24 Natural gas production available for sale (million scf/d)   2,663    2,977    -11
    1,732    1,855    1,783    -7 Total production available for sale (thousand boe/d)   1,793    1,828    -2

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

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

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

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

             Page 5

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    MARKETING        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    766    814    202    -6 Income/(loss) for the period   1,580    1,099    +44
    (354)   (49)   (825)     Of which: Identified items A (402)   (832)    
                     
    1,199    900    1,082    +33 Adjusted Earnings A 2,100    1,863    +13
    2,181    1,869    1,999    +17 Adjusted EBITDA A 4,049    3,686    +10
    2,718    1,907    1,958    +43 Cash flow from operating activities A 4,625    3,277    +41
    429    256    644      Cash capital expenditure C 684    1,109     
    2,813    2,674    2,868    +5 Marketing sales volumes (thousand b/d)   2,744    2,816    -3

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

             Page 6

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

             Page 7

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    (174)   (77)   545    -125 Income/(loss) for the period   (252)   1,856    -114
    (51)   (581)   (499)     Of which: Identified items A (631)   (956)    
                     
    118    449    1,085    -74 Adjusted Earnings A 567    2,700    -79
    864    1,410    2,242    -39 Adjusted EBITDA A 2,274    5,068    -55
    1,372    130    2,249    +956 Cash flow from operating activities A 1,502    1,900    -21
    775    458    638      Cash capital expenditure C 1,233    1,138     
    1,156    1,362    1,429    -15 Refinery processing intake (thousand b/d)   1,258    1,429    -12
    2,164    2,813    3,052    -23 Chemicals sales volumes (thousand tonnes)   4,977    5,934    -16

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

             Page 8

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

             Page 9

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    (254)   (247)   (75)   -3 Income/(loss) for the period   (501)   478    -205
    (245)   (205)   112      Of which: Identified items A (450)   501     
    (9)   (42)   (187)   +78 Adjusted Earnings A (51)   (24)   -116
    102    111    (91)   -8 Adjusted EBITDA A 213    175    +21
    1    367    847    -100 Cash flow from operating activities A 368    3,313    -89
    555    403    425      Cash capital expenditure C 958    863     
    70    76    74    -9 External power sales (terawatt hours)2   146    151    -3
    132    184    148    -28 Sales of pipeline gas to end-use customers (terawatt hours)3   315    338    -7

    1.Q2 on Q1 change

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

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

             Page 10

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

    Additional Growth Measures

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

    1.Q2 on Q1 change

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

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

                                             
     
    CORPORATE      
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024   Reference 2025 2024
                 
    (539)   (483)   (1,656)   Income/(loss) for the period   (1,022)   (2,010)  
    (77)   (26)   (1,080)   Of which: Identified items A (102)   (1,066)  
    (463)   (457)   (576)   Adjusted Earnings A (920)   (944)  
    (346)   (261)   (213)   Adjusted EBITDA A (607)   (304)  
    (2,283)   (531)   (1,468)   Cash flow from operating activities A (2,814)   (2,013)  

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

    Quarter Analysis1

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

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

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

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

    Half Year Analysis1

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

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

    Identified items in the first half 2024 included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency

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

    accumulated other comprehensive income.

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

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

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

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

             Page 11

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE THIRD QUARTER 2025

    Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 – $22 billion.

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 12

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 3 “Earnings per share”.

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

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

             Page 13

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

             Page 14

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2025 510    (803)   19,766    158,834    178,307    1,861      180,168   
    Comprehensive income/(loss) for the period —    —    6,159    8,381    14,540    227      14,767   
    Transfer from other comprehensive income —    —    18    (18)   —    —      —   
    Dividends³ —    —    —    (4,302)   (4,302)   (113)     (4,415)  
    Repurchases of shares4 (17)   —    17    (7,038)   (7,038)   —      (7,038)  
    Share-based compensation —    516    (486)   (426)   (396)   —      (396)  
    Other changes —    —    —    29    29    (24)     5   
    At June 30, 2025 493    (288)   25,473    155,458    181,137    1,951      183,088   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (494)   10,874    10,381    180      10,560   
    Transfer from other comprehensive income —    —    170    (170)   —    —      —   
    Dividends3 —    —    —    (4,387)   (4,387)   (150)     (4,537)  
    Repurchases of shares4 (17)   —    17    (7,020)   (7,020)   —      (7,020)  
    Share-based compensation —    544    (213)   (406)   (76)   —      (76)  
    Other changes —    —    —    (96)   (96)   (1)     (98)  
    At June 30, 2024 528    (454)   20,625    164,709    185,407    1,783      187,190   

    1.    See Note 4 “Share capital”.

    2.    See Note 5 “Other reserves”.

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

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

             Page 15

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

             Page 16

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    Going Concern

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

    Key accounting considerations, significant judgements and estimates

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

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

    2. Segment information

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

    The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period.

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

             Page 17

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    ADJUSTED EARNINGS BY SEGMENT

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             3,601
    Income/(loss) attributable to non-controlling interest             43
    Income/(loss) for the period 1,838    2,008    766    (174)   (254)   (539)   3,644   
    Add: Current cost of supplies adjustment before taxation     104    333        436
    Add: Tax on current cost of supplies adjustment     (24)   (91)       (115)
    Less: Identified items before taxation (102)   271    (460)   (64)   (300)   (63)   (717)
    Add: Tax on identified items (203)   (5)   (106)   (13)   (55)   14    (369)
    Adjusted Earnings 1,737    1,732    1,199    118    (9)   (463)   4,314   
    Adjusted Earnings attributable to Shell plc shareholders             4,264
    Adjusted Earnings attributable to non-controlling interest             50
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             4,780
    Income/(loss) attributable to non-controlling interest             95
    Income/(loss) for the period 2,789    2,080    814    (77)   (247)   (483)   4,875
    Add: Current cost of supplies adjustment before taxation     52    (67)       (15)
    Add: Tax on current cost of supplies adjustment     (14)   12        (2)
    Less: Identified items before taxation 348    121    (44)   (679)   (260)   4    (510)
    Add: Tax on identified items 43    378    4    (99)   (54)   29    301
    Adjusted Earnings 2,483    2,337    900    449    (42)   (457)   5,670
    Adjusted Earnings attributable to Shell plc shareholders             5,577
    Adjusted Earnings attributable to non-controlling interest             94
                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             3,517
    Income/(loss) attributable to non-controlling interest             133
    Income/(loss) for the period 2,454    2,179    202    545    (75)   (1,656)   3,650
    Add: Current cost of supplies adjustment before taxation     74    59        133
    Add: Tax on current cost of supplies adjustment     (19)   (17)       (36)
    Less: Identified items before taxation (260)   (215)   (1,111)   (333)   198    (1,105)   (2,826)
    Add: Tax on identified items (40)   (58)   (286)   165    87    (25)   (157)
    Adjusted Earnings 2,675    2,336    1,082    1,085    (187)   (576)   6,415
    Adjusted Earnings attributable to Shell plc shareholders             6,293
    Adjusted Earnings attributable to non-controlling interest             122

             Page 18

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             8,381
    Income/(loss) attributable to non-controlling interest             138
    Income/(loss) for the period 4,627    4,088    1,580    (252)   (501)   (1,022)   8,519
    Add: Current cost of supplies adjustment before taxation     156    266        422
    Add: Tax on current cost of supplies adjustment     (38)   (79)       (116)
    Less: Identified items before taxation 246    392    (504)   (743)   (559)   (59)   (1,227)
    Add: Tax on identified items (160)   373    (102)   (111)   (110)   43    (68)
    Adjusted Earnings 4,220    4,068    2,100    567    (51)   (920)   9,984
    Adjusted Earnings attributable to Shell plc shareholders             9,841
    Adjusted Earnings attributable to non-controlling interest             144
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             10,874
    Income/(loss) attributable to non-controlling interest             215
    Income/(loss) for the period 5,215    4,451    1,099    1,856    478    (2,010)   11,089
    Add: Current cost of supplies adjustment before taxation     (79)   (148)       (227)
    Add: Tax on current cost of supplies adjustment     11    37        48
    Less: Identified items before taxation (1,336)   (261)   (1,123)   (908)   668    (1,111)   (4,070)
    Add: Tax on identified items (197)   (443)   (290)   48    167    (45)   (761)
    Adjusted Earnings 6,354    4,270    1,863    2,700    (24)   (944)   14,219
    Adjusted Earnings attributable to Shell plc shareholders             14,027
    Adjusted Earnings attributable to non-controlling interest             192

    CASH CAPITAL EXPENDITURE BY SEGMENT

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 988    2,774    427    704    468    32    5,393
    Add: Investments in joint ventures and associates 209    52    1    71    72    1    406
    Add: Investment in equity securities —    —    —    —    16    2    17
    Cash capital expenditure 1,196    2,826    429    775    555    36    5,817
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 943    1,727    252    451    358    17    3,748
    Add: Investments in joint ventures and associates 174    197    4    7    30    1    413
    Add: Investments in equity securities —    —    —    —    14    —    15
    Cash capital expenditure 1,116    1,923    256    458    403    19    4,175

             Page 19

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,024    1,769    644    601    377    30    4,445
    Add: Investments in joint ventures and associates 127    60    —    37    35    1    261
    Add: Investments in equity securities —    —    —    —    13    —    13
    Cash Capital expenditure 1,151    1,829    644    638    425    32    4,719
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,930    4,501    679    1,155    826    49    9,141
    Add: Investments in joint ventures and associates 383    248    5    78    102    3    819
    Add: Investment in equity securities —    —    —    —    30    2    32
    Cash capital expenditure 2,313    4,749    684    1,233    958    54    9,993
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,882    3,535    1,071    1,074    797    64    8,424
    Add: Investments in joint ventures and associates 310    304    38    63    43    2    761
    Add: Investments in equity securities —    —    —    —    22    3    25
    Cash capital expenditure 2,192    3,839    1,109    1,138    863    69    9,211

    REVENUE BY SEGMENT

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,576    1,193    28,241    18,388    7,996    12    65,406
         Inter-segment 2,412    8,502    2,177    8,775    835    —    22,701
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,602    1,510    27,083    21,610    9,417    12    69,234
         Inter-segment 2,675    9,854    1,849    8,255    1,164    —    23,797

             Page 20

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,052    1,590    32,005    24,583    7,222    11    74,463
         Inter-segment 2,157    10,102    1,363    9,849    957    —    24,428
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 19,179    2,703    55,324    39,998    17,413    23    134,640
         Inter-segment 5,086    18,356    4,026    17,030    1,999    —    46,498
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 18,247    3,349    62,045    48,319    14,959    22    146,942
         Inter-segment 4,560    20,390    2,718    20,161    1,962    —    49,791

    Identified items

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

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

             Page 21

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

             Page 22

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

    3. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    3,601    4,780    3,517    Income/(loss) attributable to Shell plc shareholders ($ million) 8,381    10,874   
               
          Weighted average number of shares used as the basis for determining:    
    5,947.9    6,033.5    6,355.4    Basic earnings per share (million) 5,990.5    6,397.7   
    6,004.7    6,087.8    6,417.6    Diluted earnings per share (million) 6,046.0    6,461.0   

             Page 25

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    4. Share capital

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

    At Shell plc’s Annual General Meeting on May 20, 2025, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €140 million (representing approximately 2,007 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 19, 2026, or the end of the Annual General Meeting to be held in 2026, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    5. Other reserves

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

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

    6. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at June 30, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.

             Page 26

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    The movement of the derivative financial instruments between December 31, 2024 and June 30, 2025, is a decrease of $230 million for the current assets and a decrease of $940 million for the current liabilities.

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

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million June 30, 2025 December 31, 2024
    Carrying amount1 46,720    48,376   
    Fair value2 42,864    44,119   

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

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

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

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    Taxation charge/credit

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    2,332    4,083    3,754    Taxation charge/(credit) 6,415    7,358   
          Of which:    
    2,277 4,024 3,666 Income tax excluding Pillar Two income tax 6,301    7,192   
    55 59 88 Income tax related to Pillar Two income tax 113    167

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    4,127    1,711    698    Currency translation differences 5,837    (1,296)  
          Of which:    
    4,117 1,618 (406) Recognised in Other comprehensive income 5,736    (2,388)  
    9 92 1,104 (Gain)/loss reclassified to profit or loss 101    1,092

    Condensed Consolidated Balance Sheet

    Assets classified as held for sale

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

    Assets classified as held for sale and associated liabilities at June 30, 2025, principally relate to Shell’s UK offshore oil and gas assets in Upstream and mining interests in Canada in Chemicals and Products. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

    The major classes of assets and liabilities classified as held for sale at June 30, 2025, are Property, plant and equipment ($9,759 million; December 31, 2024: $8,283 million), Deferred tax liabilities ($3,312 million; December 31, 2024: $2,042 million) and Decommissioning and other provisions ($3,165 million; December 31, 2024: $3,053 million).

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    684    570    2,027    Other 1,254    2,536   

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

    Dividends received from joint ventures and associates

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    2,361    523    792    Dividends received from joint ventures and associates 2,884    1,530   

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

    Proceeds from sale of property, plant and equipment and businesses

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    (57)   559    710    Proceeds from sale of property, plant and equipment and businesses 502    1,033   

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

    8. Reconciliation of Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    4,909    5,549    5,593    Production and manufacturing expenses 10,459    11,403   
    3,077    2,840    3,094    Selling, distribution and administrative expenses 5,917    6,069   
    278    185    263    Research and development 464    475   
    8,265    8,575    8,950    Operating expenses 16,840    17,947   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
         
               
    June 30, 2025 March 31, 2025 June 30, 2024 $ million June 30, 2025 June 30, 2024
    10,457    11,391    10,849    Current debt 10,457    10,849   
    65,218    65,120    64,619    Non-current debt 65,218    64,619   
    75,675    76,511    75,468    Total debt 75,675    75,468   

    9. Post-balance sheet events

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

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

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.

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

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             4,264
    Add: Non-controlling interest             50
    Adjusted Earnings plus non-controlling interest 1,737 1,732 1,199 118 (9) (463) 4,314
    Add: Taxation charge/(credit) excluding tax impact of identified items 497 2,205 413 (103) 20 (217) 2,815
    Add: Depreciation, depletion and amortisation excluding impairments 1,585 2,353 557 872 90 6 5,463
    Add: Exploration well write-offs 3 203 — — — — 206
    Add: Interest expense excluding identified items 53 171 12 16 2 820 1,074
    Less: Interest income — 26 — 39 2 492 559
    Adjusted EBITDA 3,875 6,638 2,181 864 102 (346) 13,313
    Less: Current cost of supplies adjustment before taxation     104 333     436
    Joint ventures and associates (dividends received less profit) 92 1,542 161 70 10 — 1,876
    Derivative financial instruments 542 25 13 3 (66) 410 928
    Taxation paid (967) (1,948) (132) (87) (60) (238) (3,432)
    Other (265) (413) 533 471 142 (395) 74
    (Increase)/decrease in working capital 352 655 67 383 (128) (1,715) (386)
    Cash flow from operating activities 3,629 6,500 2,718 1,372 1 (2,283) 11,937
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             5,577
    Add: Non-controlling interest             94
    Adjusted Earnings plus non-controlling interest 2,483 2,337 900 449 (42) (457) 5,670
    Add: Taxation charge/(credit) excluding tax impact of identified items 803 2,619 391 99 63 (191) 3,784
    Add: Depreciation, depletion and amortisation excluding impairments 1,404 2,213 566 852 90 6 5,130
    Add: Exploration well write-offs — 29 — — — — 28
    Add: Interest expense excluding identified items 51 200 12 14 2 841 1,119
    Less: Interest income 4 11 — 4 2 461 481
    Adjusted EBITDA 4,735 7,387 1,869 1,410 111 (261) 15,250
    Less: Current cost of supplies adjustment before taxation     52 (67)     (15)
    Joint ventures and associates (dividends received less profit) (286) (159) 203 54 10 — (178)
    Derivative financial instruments 542 14 10 (508) (169) 73 (38)
    Taxation paid (773) (1,999) (174) 63 52 (68) (2,900)
    Other (68) (386) 396 125 (17) (257) (206)
    (Increase)/decrease in working capital (687) (913) (344) (1,081) 380 (19) (2,663)
    Cash flow from operating activities 3,463 3,945 1,907 130 367 (531) 9,281

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    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             6,293
    Add: Non-controlling interest             122
    Adjusted Earnings plus non-controlling interest 2,675 2,336 1,082 1,085 (187) (576) 6,415
    Add: Taxation charge/(credit) excluding tax impact of identified items 940 2,312 359 297 (10) 49 3,947
    Add: Depreciation, depletion and amortisation excluding impairments 1,375 2,750 548 867 95 6 5,642
    Add: Exploration well write-offs 5 264 — — — — 269
    Add: Interest expense excluding identified items 44 166 10 23 1 904 1,149
    Less: Interest income — (1) — 30 (9) 595 616
    Adjusted EBITDA 5,039 7,829 1,999 2,242 (91) (213) 16,806
    Less: Current cost of supplies adjustment before taxation     74 59     133
    Joint ventures and associates (dividends received less profit) 96 (288) (54) 46 64 — (135)
    Derivative financial instruments (133) 9 7 304 607 (79) 713
    Taxation paid (1,039) (1,955) (17) (186) (138) (113) (3,448)
    Other (104) (341) (57) 263 180 20 (38)
    (Increase)/decrease in working capital 324 484 153 (361) 225 (1,083) (258)
    Cash flow from operating activities 4,183 5,739 1,958 2,249 847 (1,468) 13,508
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             9,841
    Add: Non-controlling interest             144
    Adjusted Earnings plus non-controlling interest 4,220 4,068 2,100 567 (51) (920) 9,984
    Add: Taxation charge/(credit) excluding tax impact of identified items 1,299 4,824 804 (3) 83 (408) 6,599
    Add: Depreciation, depletion and amortisation excluding impairments 2,988 4,566 1,123 1,724 180 13 10,593
    Add: Exploration well write-offs 3 232 — — — — 234
    Add: Interest expense excluding identified items 104 371 24 29 4 1,661 2,193
    Less: Interest income 4 37 1 43 3 953 1,040
    Adjusted EBITDA 8,610 14,024 4,049 2,274 213 (607) 28,563
    Less: Current cost of supplies adjustment before taxation     156 266     422
    Joint ventures and associates (dividends received less profit) (194) 1,384 365 124 20 — 1,698
    Derivative financial instruments 1,084 39 23 (504) (235) 484 891
    Taxation paid (1,741) (3,946) (306) (24) (8) (306) (6,331)
    Other (332) (799) 928 597 126 (651) (132)
    (Increase)/decrease in working capital (335) (257) (277) (698) 252 (1,734) (3,049)
    Cash flow from operating activities 7,092 10,445 4,625 1,502 368 (2,814) 21,218
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             14,027
    Add: Non-controlling interest             192
    Adjusted Earnings plus non-controlling interest 6,354 4,270 1,863 2,700 (24) (944) 14,219
    Add: Taxation charge/(credit) excluding tax impact of identified items 1,936 4,834 717 635 (9) (42) 8,071
    Add: Depreciation, depletion and amortisation excluding impairments 2,785 5,477 1,084 1,737 201 12 11,296
    Add: Exploration well write-offs 13 811 — — — — 823
    Add: Interest expense excluding identified items 87 335 22 40 2 1,825 2,312
    Less: Interest income — 9 — 44 (5) 1,155 1,204
    Adjusted EBITDA 11,175 15,717 3,686 5,068 175 (304) 35,517
    Less: Current cost of supplies adjustment before taxation     (79) (148)     (227)
    Joint ventures and associates (dividends received less profit) (101) (834) 38 102 78 — (717)
    Derivative financial instruments (1,213) 5 (32) (98) 2,585 (228) 1,019
    Taxation paid (1,506) (3,757) (191) (205) (382) (23) (6,064)
    Other (59) (572) 337 (115) 151 124 (135)
    (Increase)/decrease in working capital 599 905 (639) (3,000) 706 (1,581) (3,010)
    Cash flow from operating activities 8,895 11,466 3,277 1,900 3,313 (2,013) 26,838

             Page 31

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    Identified items

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

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

    See Note 2 “Segment information” for details.

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs.

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

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

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

             Page 32

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q2 2025 Q1 2025 Q2 2024
    Adjusted Earnings – current and previous three quarters (Reference A) 19,529 21,558 27,558
    Add: Income/(loss) attributable to NCI – current and previous three quarters 351 441 409
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 25 25 (25)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 0 18 7
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 19,904 22,005 27,935
    Add: Interest expense after tax – current and previous three quarters 2,577 2,639 2,650
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,206 1,329 1,395
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 21,274 23,315 29,190
    Capital employed – average 225,296 224,933 227,939
    ROACE on an Adjusted Earnings plus NCI basis 9.4% 10.4% 12.8%

    E.    Net debt and gearing

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

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

                           
     
    $ million  
      June 30, 2025 March 31, 2025 June 30, 2024
    Current debt 10,457    11,391    10,849   
    Non-current debt 65,218    65,120    64,619   
    Total debt 75,675    76,511    75,468   
    Of which: Lease liabilities 28,955    28,488    25,600   
    Add: Debt-related derivative financial instruments: net liability/(asset) 589    1,905    2,460   
    Add: Collateral on debt-related derivatives: net liability/(asset) (366)   (1,295)   (1,466)  
    Less: Cash and cash equivalents (32,682)   (35,601)   (38,148)  
    Net debt 43,216    41,521    38,314   
    Total equity 183,088    180,670    187,190   
    Total capital 226,304    222,190    225,505   
    Gearing 19.1  % 18.7  % 17.0  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

             Page 33

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
       
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 899 1,940 179 1,459 431 — 4,909
    Selling, distribution and administrative expenses 30 43 2,319 441 138 106 3,077
    Research and development 36 71 49 38 23 61 278
    Operating expenses 965 2,055 2,547 1,939 592 168 8,265
                                                   
       
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 947 2,139 349 1,621 486 8 5,549
    Selling, distribution and administrative expenses 38 42 2,053 442 153 111 2,840
    Research and development 22 32 42 25 21 43 185
    Operating expenses 1,006 2,213 2,444 2,088 661 162 8,575
                                                   
       
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 1,050 2,219 320 1,573 422 10 5,593
    Selling, distribution and administrative expenses 64 62 2,295 293 279 101 3,094
    Research and development 32 61 47 37 24 62 263
    Operating expenses 1,146 2,341 2,662 1,902 725 173 8,950
                                                   
       
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 1,846 4,079 528 3,080 916 8 10,459
    Selling, distribution and administrative expenses 67 85 4,371 884 292 218 5,917
    Research and development 57 103 92 63 44 104 464
    Operating expenses 1,971 4,268 4,991 4,027 1,253 330 16,840
                                                   
       
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 2,006 4,487 685 3,207 1,001 16 11,403
    Selling, distribution and administrative expenses 126 120 4,483 713 437 190 6,069
    Research and development 58 119 81 71 36 111 475
    Operating expenses 2,190 4,726 5,249 3,990 1,475 317 17,947

    Underlying operating expenses

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

             Page 34

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                       
         
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    8,265    8,575    8,950    Operating expenses 16,840    17,947   
    (119)   (44)   (210)   Redundancy and restructuring (charges)/reversal (162)   (283)  
    (1)   (101)   (212)   (Provisions)/reversal (102)   (212)  
    —    23    123    Other 23    252   
    (120)   (121)   (299)   Total identified items (241)   (242)  
    8,145    8,453    8,651    Underlying operating expenses 16,598    17,704   

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

    H.    Cash flow from operating activities excluding working capital movements

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

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

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    11,937    9,281    13,508    Cash flow from operating activities 21,218    26,838   
    (27)   854    (954)   (Increase)/decrease in inventories 827    (1,562)  
    3,635    (2,610)   1,965    (Increase)/decrease in current receivables 1,025    1,770   
    (3,994)   (907)   (1,269)   Increase/(decrease) in current payables (4,901)   (3,218)  
    (386)   (2,663)   (258)   (Increase)/decrease in working capital (3,049)   (3,010)  
    12,323    11,944    13,766    Cash flow from operating activities excluding working capital movements 24,267    29,848   

    I.    Divestment proceeds

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

             Page 35

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    J.    Structural cost reduction

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

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

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

    Structural cost reductions are stewarded internally to support management’s oversight of spending over time. The 2028 target reflects annualised saving achieved by end-2028.

               
       
      $ million
    Structural cost reduction up to second quarter 2025 compared with 2022 levels (3,905)  
       
    Underlying operating expenses 2024 35,707
    Underlying operating expenses 2022 39,456
    Total decrease in Underlying operating expenses (3,749)  
    Of which:  
    Structural cost reductions (3,119)  
    Change in Underlying operating expenses excluding structural cost reduction (630)  
       
    Underlying operating expenses first half 2025 16,598
    Underlying operating expenses first half 2024 17,704   
    Total decrease in Underlying operating expenses (1,106)  
    Of which:  
    Structural cost reductions (786)  
    Change in Underlying operating expenses excluding structural cost reduction (320)  

             Page 36

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    PRINCIPAL RISKS AND UNCERTAINTIES

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

    1.Portfolio risks

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

    2.Climate change and the energy transition

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

    3.Country risks

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

    4.Financial risks

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

    5.Trading risks

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

    6.Health, safety, security and the environment

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

    7.Information technology and cybersecurity risks

    We rely heavily on information technology systems in our operations.

    8.Litigation and regulatory compliance

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

    9.Reputation and risks to our licence to operate

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

    10.Our people and culture

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

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

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

             Page 37

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    2025 PORTFOLIO DEVELOPMENTS

    Integrated Gas

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

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

    Upstream

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

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

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

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

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

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

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

    Chemicals and Products

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

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

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

    Renewables and Energy Solutions

    In January 2025, we completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA.

             Page 38

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    RESPONSIBILITY STATEMENT

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

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

    On behalf of the Board

                                 
    Wael Sawan   Sinead Gorman    
    Chief Executive Officer   Chief Financial Officer    
    July 31, 2025   July 31, 2025    

             Page 39

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    INDEPENDENT REVIEW REPORT TO SHELL PLC

    Conclusion

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

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

    Basis for Conclusion

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

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

    Conclusions Relating to Going Concern

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

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

    Responsibilities of the Directors

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

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

    Auditor’s Responsibilities for the review of the financial information

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

    Use of our report

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

    Ernst & Young LLP

    London

    July 31, 2025

             Page 40

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, July 31, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s net carbon intensity

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

    Shell’s net-zero emissions target

    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking non-GAAP measures

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

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

             Page 41

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    This announcement contains inside information.

    July 31, 2025

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

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

             Page 42

    The MIL Network –

  • MIL-OSI Economics: Change in Top Management at Lufthansa Airlines

    Source: Lufthansa Group

    On September 1, 2025, Francesco Sciortino will join the Executive Board of Lufthansa Airlines and take over responsibility as Hub Manager for Frankfurt. He will also become Accountable Manager for the Lufthansa airline. Francesco Sciortino is currently a Member of the Executive Board and Chief Operating Officer (COO) of Austrian Airlines. Previously, he was Managing Director and Accountable Manager at Germanwings and SunExpress. Francesco Sciortino is also a captain on Airbus A330/340 aircraft at Lufthansa.

    The previous Hub Manager for Frankfurt, Klaus Froese, has taken over the role on an interim basis and is transferring to Lufthansa’s Boeing 747 fleet as a captain as planned.

    Heiko Reitz, Member of the Executive Board of Lufthansa Airlines, will take over responsibility as Hub Manager for Munich on September 1, 2025. Jens Ritter, who holds this position in addition to his role as Chief Executive Officer (CEO), will focus on the further development of Lufthansa Airlines as CEO and drive forward the consistent implementation of the turnaround program for the future.

    At the beginning of 2025, Lufthansa Airlines introduced two Hub Managers with explicit responsibility for improving operational processes between the Lufthansa teams and their partners at both locations in Frankfurt and Munich. Since then, operational stability and punctuality have improved significantly, as has customer satisfaction.

    MIL OSI Economics –

  • MIL-OSI Russia: New Hangzhou-Dubai flight launched

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    HANGZHOU, July 31 (Xinhua) — A new flight linking the eastern Chinese city of Hangzhou and the United Arab Emirates (UAE) city of Dubai was launched on Wednesday.

    The first passenger flight on this route arrived at Hangzhou Xiaoshan International Airport at about 15:24 on Wednesday. The new passenger flight will be operated daily by Emirates using Boeing 777-300ER aircraft starting from Thursday, Xiaoshan Airport Authority said, adding that the arrival of the Emirates aircraft at the airport also marked the official opening of the airport for Emirates, one of the world’s leading airlines.

    Flight EK311 is scheduled to depart Hangzhou at 00:10 Beijing time and arrive in Dubai at 04:55 local time. On the return journey, flight EK310 will leave Dubai at 09:40 local time and arrive in Hangzhou at 22:00 Beijing time. The one-way flight time is approximately 8 hours 45 minutes.

    Emirates China CEO Li Xun said Hangzhou’s vibrant cross-border e-commerce ecosystem and rich sci-tech resources are closely aligned with Dubai’s status as a free trade port.

    The launch of a new air route between the two cities will create more opportunities for their cooperation in areas such as the digital economy, international trade and passenger transportation, he noted.

    With the launch of the new route, Xiaoshan Airport now operates 10 Hangzhou-Dubai flights per week, up from the previous 3. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • London’s Heathrow hit by more flight cancellations after air traffic failure

    Source: Government of India

    Source: Government of India (4)

    At least 16 flights to and from London’s Heathrow Airport were cancelled on Thursday, a day after technical problems with Britain’s air traffic control system caused widespread disruption across the country’s airports.

    National Air Traffic Services (NATS), which provides air traffic control services for planes flying in UK airspace and the eastern part of the North Atlantic, said on Wednesday its systems were fully operational with capacity returning to normal after it switched to a back-up system.

    The second outage in as many years at NATS also affected Gatwick Airport near London, Edinburgh Airport in Scotland and other locations, resulting in 122 cancellations as of 1830 GMT on Wednesday, according to aviation analytics firm Cirium.

    Heathrow’s website showed that at least 16 flights, including departures to Brussels and Toronto and arrivals from New York and Berlin, had been cancelled on Thursday.

    Heathrow, Britain’s largest and Europe’s busiest airport, did not immediately respond to a Reuters request for comment on the latest cancellations.

    Ryanair Chief Operating Officer Neal McMahon called on NATS chief executive Martin Rolfe to resign, saying no lessons had been learnt since the August 2023 disruption caused by a malfunctioning in the automatic processing of flight plans.

    NATS, which on Wednesday apologised to those affected by the failure, did not immediately respond to a Reuters request for a response to McMahon’s comments.

    Heathrow was also hit by a fire at a power sub-station in March which stranded thousands of passengers.

    (Reuters)