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Category: Aviation

  • MIL-OSI Australia: Interview – Doorstop, Melbourne

    Source: Australian Ministers for Education

    MARY DOYLE, MEMBER FOR ASTON: Well hello everyone, and welcome here to Boronia Heights Primary School and where Matt is the, I was about to say Premier. Where Matt is the boss of the school, that’s right. So thank you, and what a warm welcome Matt’s given us here this morning. And I’d like to also welcome Premier Jacinta Allan, Prime Minister, Anthony Albanese, Federal Education Minister, Jason Clare, and also the State Education Minister, Ben Carroll. Thank you guys for coming here on this very auspicious occasion too, the signing of the agreement that just happened. Now I’d like to introduce our Prime Minister of Australia, Anthony Albanese. Thank you.

    ANTHONY ALBANESE, PRIME MINISTER: Well, thanks very much, Mary, and it’s fantastic to be back here in the electorate of Aston that you so ably represent with such passion and commitment. And there’s nowhere that it’s more important to be in Australia than in a school, particularly when we’re talking about education.

    Before speaking about why we’re here today, I do want to address the joint counter terrorism major investigation in Dural in Sydney. The AFP Commissioner and ASIO Director-General are continuing to work with New South Wales Police. It is critical that the police are able to continue to conduct this investigation. It remains an active one. We know that some people are in custody over issues related to this investigation. There’s zero tolerance in Australia for hatred and for antisemitism. And I want any perpetrators to be hunted down and locked up – it’s as simple as that. They have no place in this sort of engagement. It’s designed to create fear and terror in the community, and it will not succeed. Because our community is stronger than the cowards who engage in this sort of activity.

    Can I say about why we’re here today – for Labor, nothing is more important than education. It is in our DNA. And what we are doing today here in Victoria is so important. Working in cooperation with Jacinta Allan and her Government, including Minister Ben Carroll. And I want to give a big thank you to Jacinta and Ben for the leadership that they have shown in bringing this arrangement to a conclusion. Of course, it’s not about politicians and it’s not about government. It’s actually about the kids who we sat down with today. Them being able to have access to the best opportunities in life that come from a great start in life. And a great start in life means best quality public education and it means making sure that no child falls behind.

    What this agreement does is not just inject $2.5 billion of additional funding into Victorian schools, but in addition to that, it’s an agreement, quite frankly, Jacinta and her Government are doing it already, which is how do we address some of the concerns that parents have had over a period of time about things like learning and phonics and the basics of literacy and numeracy? How do we lift people up? What this funding will do is enable for testing to not have to wait for NAPLAN, not have to wait until a child is 8, but make sure that in the early years, if someone needs extra assistance, they can get it. They can get that smaller group tutoring or indeed one on one learning as well. This is so important, that every child has the opportunity to be the best that they can. To lift them up, which is what good quality schools and good quality learning will do. And a shout out as well to our teachers, many of whom are here. They do fantastic work. No one goes into teaching because of the salary that it provides. They go because of the satisfaction that they get from watching a young mind expand and grow and watching people learn. The young people we met in there this morning, were telling myself and the Premier, that the best thing about school is learning. How good is that? To hear that from a six year old really brightens your day because it is so important as we move forward. We have a great partnership with the Allan Government here in Victoria. Fair funding for schools has been talked about for a long period of time. 14 years ago, David Gonski brought down his report. What we’re doing here is actually delivering, doing in the best tradition of Labor Governments, in the best tradition as well of Australia helping out our youngest Australians.

    JACINTA ALLAN, PREMIER OF VICTORIA: Thanks, Prime Minister. Thank you. Well, I’d like to echo the Prime Minister and Mary’s thanks for Boronia Heights Primary School for their really warm welcome to us here this afternoon and thanks to Mat for your leadership of this great school and thanks to the school leaders as well to Zoe and Samuel, Mackenzie and Ryan who have led us around this school so beautifully. And along with Ben and Mary and Jason, I’d also like to acknowledge Jackson Taylor, the local State Member for this fabulous local community.

    And as you can see, this week in Victoria, it’s back to school week. It’s back to school for tens of thousands of students and their families as we gear up for another school year. And I know families just want the very best start in life for their kids. And that best start comes from getting a good, strong education. And that good, strong education can be found in any one of our great government schools here in Victoria. And that’s why, that’s why this agreement that we have signed today – been negotiating for a little while – but signed today, this agreement is about demonstrating that federal Labor governments, state Labor governments are going to continue to back, back the work that principals like Mat do in our great government schools, back teachers, back staff, most importantly back the students as well so that they can get and continue to receive that top quality education. And it was back to school week for my own family as well. And as I dropped my kids off to school this morning in Bendigo, I could see the excitement, I could see the energy and I can see firsthand what a difference Labor governments make when they invest in our government schools. And that’s why this announcement today and this agreement today is just so important. $2.5 billion over the next 10 years of additional funding.

    And I want to thank the Prime Minister, thank Jason and thank Ben for reaching this agreement. Because this is going to go directly to supporting students, supporting teachers, but also those families I talked about earlier who just want the best for their kids, regardless of their background, regardless of what part of the state they’re from, they know they can get that opportunity at our government schools. Also too, I think it’s important to note that this investment comes on top of the existing investment that Victorian Labor Governments have been making in our government schools here in Victoria. $17 billion in new school buildings right across the state. And if I can make the point, since 2018, 50 per cent of all new schools in Australia have been built right here in Victoria. We’ve worked hard to support our teachers and staff with a whole range of initiatives. We’re also supporting the teachers of the future with free uni degrees, supporting that pipeline of teachers for the year ahead. The work that Ben has done on phonics has been so important. We also, though, focus on the whole student as well and the wellbeing and cost of living pressures that we know families are experiencing. And that’s why the rollout of the School Saving Bonus. Ben’s just told me that today it’s just ticked over $100 million has been redeemed through the school saving bonus. That’s $100 million that supported families, $100 million that stayed in families’ pockets because we’ve supported them with some of those essential back to school costs. That’s what Labor Government investment looks like. Teachers, staff, school, buildings and supporting families with those cost of living pressures. And that’s why this agreement is just so important. Because it means for the decade ahead we can continue to plan, continue to support the great work of our schools here in Victoria and continue to support families as they want the best for their kids. So, does Federal and State Labor governments and we’re going to continue to support them every step of the way.

    JASON CLARE, MINISTER FOR EDUCATION: Well, this is a big deal and this is a big day for public schools in Victoria. You want to know what this is about? It’s about the young people sitting behind these desks just out of shot here at the moment. And it’s about those year one students that we saw in the classroom just a moment ago and the ones that will follow them and kids who aren’t even born yet. This is about the future. This is about making sure that every child gets a great start in life, what every parent wants for their child, a great education. And what every Australian child deserves. That’s what this is about. And I tell you what, this is real leadership in action. Prime Minister, this wouldn’t have happened without your leadership and I want to thank you for it. Premier, I want to thank you for your leadership as well. As you said, this is a classic example of two Labor governments working together in the interests of Australian children and the future of our country. You get it. You know how to get things done and you get how important what’s happening in that classroom really is.

    The power of education to change lives, the power of a great education system to change nations. And that’s what this fundamentally is about. And I want to thank my dear friend Ben Carroll, a real reforming Education Minister who’s doing the heavy lifting here in Victoria already. And these reforms will help to fund and resource more of what Ben is already driving here in Victoria. You know, this is $2.5 billion. But more important than that, this is tied to real reform. This is about making sure that kids who fall behind at school when they’re little catch up and keep up and that more kids finish high school. We’ve seen over the last 10 years across the country a decline in the number of kids finishing high school in public schools. We’ve got to turn that around. It’s more important to finish high school today than when we were kids. And if we’re going to turn that around, it means early intervention, it means phonics checks and numeracy checks when kids are little in year one. The sort of things that we were seeing in that classroom a minute ago. And it’s about early intervention, providing more individual support for those children, perhaps out of a classroom of 30 into a classroom of three to help them to catch up and then they keep up, then more kids will finish high school and go on to TAFE if they want, or uni if they want, get the job of their dreams. So, fundamentally, that’s what it’s all about. It’s about making sure that every child in Australia gets a great start in life. What every mum and dad wants and what every Australian child deserves.

    BEN CARROLL, DEPUTY PREMIER OF VICTORIA AND MINISTER FOR EDUCATION: Thank you to all my colleagues that are here today. I also just want to give a shout out to Justin Mullaly from the Australian Education Union because the Australian Education Union have played a pivotal role in getting us where we are today. And $2.5 billion in Commonwealth additional funding for the State of Victoria, the Education State. We know public education is the most important investment in our future. We also know that 73 per cent of disadvantaged kids are in the public education system and this funding will go straight to them to support them going on to live their dreams and their life of purpose. This is a big day in the Education State. I think Anthony Albanese, today, has got the mantle of the Education Prime Minister. Also Premier Allan, who has led from the front, been with me every day working very hard to get this deal done. And I thank Premier Allan for not only her leadership in the schools agreement, but the work she’s done championing children that focus on early intervention through pre-prep, the Free TAFE, the free university degrees for teachers. This is a game changer for our education system. To Jason Clare, we’ve worked incredibly hard over the journey on this. It’s been a 12 month journey. But I’ve got to say, Jason, we’ve always been on the unity ticket when it comes to what’s best for our kids. World’s best practice in the classroom. And as the Prime Minister and Jason alluded to, the funding is one big important component and it will go to those public school kids. But there’s the other elements to it. There’s bringing in world’s best practice inside the classroom. The phonics literacy checks, the mathematics checks, the support for wellbeing. We are so proud as a Labor Government that every school is getting the mental health support and the nursing program being rolled out. That is so really, really important. I thank Premier Allan, Prime Minister, Jason Clare. For the very first time, Gonski, now, that had that vision of a needs based, sector blind education system is coming true today. No longer will a young child in any part of the State of Victoria start schooling in grade prep and go right through to year 12 without full and fair funding. We have ended that and that is a credit to the Federal Labor Government and the State Labor Government and it shows you great federalism working very well in the national interest and for our future, which is our children. Thank you.

    PRIME MINISTER: Thanks, Ben. We’re happy to take questions.

    JOURNALIST: Can I just ask you about the incident in New South Wales. When were you first briefed on the caravan incident?

    PRIME MINISTER: I get briefed regularly by the national security agencies. We don’t talk about operational matters, obviously, for obvious reasons.

    JOURNALIST: Chris Minns has said when he was briefed, can you say when you were?

    PRIME MINISTER: Well, what I do, is I don’t comment on operational matters. There are two issues that are my priority. The first is making sure that people are kept safe. The second, which is related to that, is making sure that any investigations aren’t undermined and that the police and national security agencies are able to do their work. I get ongoing briefings. Every day I get a national security briefing. And indeed, just this morning, we had a full meeting of the National Security Committee.

    JOURNALIST: Prime Minister, just asking you about the Toorak dinner that was on the paper today. Was that a fundraiser for Labor?

    PRIME MINISTER: Well, I have dinner with people. Although it was reported as a lunch, my recollection is it was a dinner. It was nowhere near as long as it’s been reported either, I’ve got to say. But I engage with people. And I’m having a dinner tonight too, and I’ll have lunch at some stage today. That’s what you do. And I had breakfast this morning as well.

    JOURNALIST: So, Prime Minister, back on the caravan. Just following on from what Simon was saying, so, with the timeline of this Premier Minns was saying he was briefed on the 20th, you had a National Cabinet meeting on the 21st to discuss matters to do with antisemitism. So, was this something that was raised at the National Cabinet meeting? And if it wasn’t, isn’t it something that should have been raised, given that all the First Ministers were dealing with their own problems?

    PRIME MINISTER: Well, I’ve been asked this before. And I repeat, I don’t intend to go through operational matters, nor do we go through the detail of what’s discussed at Cabinet meetings or National Cabinet meetings or National Security Committee meetings.

    JOURNALIST: The Opposition Leader says it’s entirely predictable that the nation has seen this escalation in antisemitic incidents. What’s your response to that?

    PRIME MINISTER: This is a time for unity and for the country to come together against these atrocities and these appalling acts. Not a time to look for political partisanship or to make political points. I don’t intend to do so. I intend to do my job, which is to work with the police and national security agencies. I must say they do an extraordinary job. We want people hunted down and put in the clink. That is what we want. And there have been a range of arrests made. Some of those have been made public, were made public on the 21st. I take the advice of the police and national security agencies for when those matters become public so that we ensure that ongoing investigations are not undermined. There is a common sense approach to this and I note that the New South Wales Police Commissioner has made comments on that this morning as well.

    JOURNALIST: Prime Minister, do you have any update on the status of Oscar Jenkins?

    PRIME MINISTER: We continue to request the Russian authorities to provide more information. They have provided information at this point, but we don’t take anything we hear off the Putin regime at face value. So, we want to – we have made it very clear that we think Mr. Jenkins should be released. We don’t think that he should have to suffer from ongoing incarceration and will continue to make representations, but we’ll also continue to work as we will with Ukraine as well, on ascertaining further information.

    JOURNALIST: Are there any certain under which you’d consider a prisoner swap for Oscar Jenkins?

    PRIME MINISTER: No, well, Australia doesn’t have prisoners in those circumstances –

    JOURNALIST: There aren’t a couple of suspected Russian spies in Brisbane?

    PRIME MINISTER: What we want is for Mr Jenkins to be able to return home.

    JOURNALIST: Do you have any message for the Jenkins family?

    PRIME MINISTER: My heart goes out to you. This is a really difficult time for you. And the fact that some information has been made available, will be a difficult time. And we stand with you and we continue to offer every assistance that we can to these families.

    JOURNALIST: Prime Minister, do you intend to fund both Melbourne Victoria’s Suburban Rail Loop and the Airport Rail Link?

    PRIME MINISTER: Well, there’s no link between the two things. We have funding available here for Victorian infrastructure. Suburban Rail Loop is an important project for a growing city. And I’ve been in consultation with the Premier. Minister King is looking after infrastructure. But one of the things about our cities and people will see this when Melbourne Metro opened. When I was the Infrastructure Minister some time ago, there was $3 billion from the Commonwealth for Melbourne metro. It was cut by Tony Abbott. For Sydney, Melbourne and Brisbane, both – all suffered, all three Eastern capitals suffered from a clogging in the centre. Now, the keys to that have been in Sydney, the metro, in Brisbane, the Cross River Rail project and in Melbourne, Melbourne metro. But the next stage is how do you get around this growing city that will be Australia’s largest without having to go into the city and out again? That’s what Suburban Rail Loop is about.

    JOURNALIST: So the $2.2 billion will be given to Victoria before the Federal election? I mean, it was committed at the last election. Will it be handed over to Victoria before?

    PRIME MINISTER: It’s in our Budget and we are working through those issues for early works. Because one of the things about Suburban Rail Loop that I know, as well, is it’s not just about a rail line. It’s about housing and it’s about infrastructure more broadly as well, and about making this great city of Melbourne more liveable, more sustainable and more productive.

    JOURNALIST: Could an airport rail be built sooner?

    PRIME MINISTER: Well, airport rail – I’m not the infrastructure Minister for Victoria.

    JOURNALIST: But you’re in charge of the money. Is it a priority or is SRL, for you?

    PRIME MINISTER: No, it’s not a matter of either or. That’s like saying, is Boronia Heights Public School a priority or is the school down the road a priority? We regard – they’re two very different projects. All of Victorian infrastructure is a priority. I’ll give you the big tip on the difference between us and the former Government. The former Government reduced Victorian infrastructure funding to about eight per cent of the national funding. Under my Government, that won’t happen. Under my Government, Victoria will always get its fair share.

    JOURNALIST: Just on the railway link. Is there currently an additional $2 billion on offer for the Commonwealth to build the airport rail link?

    PRIME MINISTER: I’m not sure what you’re referring to.

    JOURNALIST: Well, previously there’s been $5 billion. (Inaudible). This is a lot of money, and it’s important.

    PRIME MINISTER: Negotiations are taking place.

    JOURNALIST: Is there $2 billion on the table, in addition to the $5 billion from both the Commonwealth and the state that’s been previously committed to?

    PRIME MINISTER: Well, I suggest you ask Minister King. Those discussions take place between, with due respect, as Prime Minister, we run a big Budget across a whole lot of portfolios. I’m here today announcing significant funding for public schools. The Infrastructure Minister deals with state and territory jurisdictions on specifics of the infrastructure program.

    JOURNALIST: Do you think it’s possible to have Suburban Rail Loop work happening in one side of the city and then Melbourne Airport happening at the same time, or would they have to be separate?

    PRIME MINISTER: There’s lots of projects happen across lots of cities. You know, I’m a Canberran these days. There’s a light rail project under construction and there’s roads under construction around Canberra, let alone in a city the size of Melbourne. You need to deal with the growth in the West of this great city and the growth in the East of this great city, and indeed the growth in the North. I note you haven’t mentioned there’s a pretty significant road project here in the North East that has how much Commonwealth funding? That has $5 billion. And I’ve been to that project that’s under construction right now. We will do a range of projects here in Victoria. And can I say this as well, not just in Melbourne, but in regional Victoria as well.

    JOURNALIST: It is a point of quite some contention in Victoria whether we can afford to do both. Are you saying we can afford to do both? Will you tell taxpayers if you’ll prioritise one over the other?

    PRIME MINISTER: I’m saying that Victoria will get its fair share of infrastructure funding from my Government, unlike what the former Government did. That, for reasons unbeknown really, ripped that $3 billion out of Melbourne Metro, ripped money out of Victorian road projects and never put anything back.

    JOURNALIST: Can we return to the caravan and particularly the broader issues of antisemitism? I’m not drawing a direct link here, but there was an interesting speech Richard Marles made at the Sydney Institute the other night, two nights ago. And he said, ‘questioning the right of Israel to exist strikes at the heart of global Jewry. It is antisemitic’. He said, ‘denying Israel’s right to defend itself is an attempt to delegitimise Israel’s existence and has dangerous real world consequences, including here in Australia’. And the reason I ask is I think it talks about the thing that’s been the heart of the pro-Palestinian protest in many forms has been this delegitimisation of Israel. Do you agree that we are seeing the real world consequences of that and somehow this has got to stop because it’s gotten out of control?

    PRIME MINISTER: Well, of course I agree that antisemitism has to stop, full stop. People need to be put, people need to be hunted down as is occurring. People are being arrested, they’re being charged, and they’re in the clink without release, without bail. That is occurring. If you go back to the resolution that was passed with the support of both major parties in the Parliament after the October 7 terrorist atrocities – that spoke about Israel’s right to defend itself, I spoke about that on the Sunday as well. I support what has been Australia’s long standing bipartisan position. The UN decision in 1947 for 1948 wasn’t for the creation of one state, it was for the creation of two – the state of Israel and the state of Palestine. I support a two state solution where both Israelis and Palestinians are able to live in peace and security. Now to do that, in order to achieve that, clearly there needs to be as well some reform on the Palestinian side. Hamas can play no role in any future state. I go back to that resolution which I looked at it the other day. Quite frankly, history treats it well. The fact that the Parliament came together at that time and overwhelmingly, with the exception of the Greens who can speak for themselves, they overwhelmingly, the Parliament passed that resolution. That was a good thing. Thanks very much.

    JOURNALIST: Prime Minister, the Labor Party was right there. I mean you make the point, I mean Doc Evatt was right there. Formation of Israel played a crucial path to his role in the UN. The question I had for you, and I was hoping you could answer it, is whether or not this continuing question of Israel’s existence is fuelling antisemitism?

    PRIME MINISTER: We support the right of Israel to exist.

    JOURNALIST: But the question about whether you agree that it’s fuelling antisemitism?

    PRIME MINISTER: That what is? Sorry, you’re not being clear about your question.

    JOURNALIST: The continual questioning of Israel’s right to existence. Whether that fuels antisemitism?

    PRIME MINISTER: Well, I can speak for myself. I think that one of the issues that I certainly always say very clearly is that it is in the interests of Israelis, obviously, that Israel has a right to exist with security. It’s also in the interest of Palestinians that Israel has a right to exist with security as well. You need a solution that stops a cycle of violence. The solution that is being negotiated out, if you actually take a bit of a step back, look at what a solution looks like. And it looks like, as has been advocated by the United States and others such as Antony Blinken, is the creation of is Israel firstly being recognised by countries such as Saudi Arabia and others in the region. It is then Palestine being able to step forward with a path towards security for Palestinians as well. Obviously, the international community has a role to play in that. Thanks very much.

    MIL OSI News –

  • MIL-Evening Report: Planes have high-tech systems to stop midair crashes. So what went wrong in Washington?

    Source: The Conversation (Au and NZ) – By Chrystal Zhang, Associate Professor, Aerospace Engineering & Aviation, RMIT University

    On Wednesday night US time, a passenger jet and US Army helicopter collided at a low altitude near Ronald Reagan Washington National Airport, and crashed into the the Potomac River.

    A total of 60 passengers – including US and Russian champion figure skaters – and four crew were on board the American Airlines flight AA5342 from Wichita, Kansas. Three military personnel were in the chopper, which was conducting a routine training flight. Authorities say no one on board either aircraft survived.

    This crash comes just over a month after a passenger jet crashed in South Korea – possibly as a result of a bird strike – killing all but two of the 181 people on board. The two incidents have focused attention on aviation safety around the world.

    In the case of the most recent tragedy in the US, technology exists that is designed to help pilots avoid midair collisions with other aircraft. It is known as the Traffic Collision Avoidance System – or TCAS.

    So how does it work? And why might it have failed to prevent disaster in this case?

    What is a TCAS?

    A TCAS is an aircraft safety system that monitors the airspace around a plane for other aircraft equipped with transponders. These are devices that listen for and respond to incoming electronic signals.

    The system – also sometimes referred to as an ACAS (Airborne Collision Avoidance System) – operates independently of an external air traffic control system. Its purpose is to alert pilots immediately to nearby aircraft and potential midair collisions.

    Since the technology was developed in 1974, it has undergone a number of advances.

    The first generation technology, known as TCAS I, monitors what’s around an aircraft. It provides information on the bearing and altitude of any nearby aircraft. If there is a risk of collision, it generates what’s known as a “Traffic Advisory” – or TA. When a TA is issued, the pilot is notified of the threat, but must themselves determine the best evasive action to take.

    The second generation technology, known as TCAS II, goes a step further: it provides a pilot with specific instructions on how to avoid a collision with a nearby aircraft or conflict with traffic, either by descending, climbing, turning or adjusting their speed.

    These newer systems are also able to communicate with each other. This ensures the advice given to each aircraft is coordinated.

    Any aircraft used for commercial purposes must be equipped with a TCAS in accordance with international regulations under what’s known as the Chicago Convention. There are specific provisions under the convention for noncommercial aircraft.

    Military helicopters are not subject to the provisions of the Chicago Convention (although they are subject to domestic laws and regulations). And there are reports the military helicopter did not have a TCAS system on board.

    Limitations of TCAS at low altitudes

    Regardless of whether the military helicopter involved in the crash was fitted with a TCAS, the technology still has limitations. In particular, it is inhibited at altitudes below roughly 300 metres.

    The last recorded altitude of American Airlines flight AA5342 was roughly 90 metres. The last recorded altitude of the US military helicopter that collided with the plane was roughly 60 metres.

    It is not an accident that a TCAS is inhibited at low altitudes. In fact, this is part of the design of the technology.

    This is primarily because the system relies on radio altimeter data, which measures altitude and becomes less accurate near the ground. This could potentially result in unreliable collision-avoidance instructions.

    Another issue is that an aircraft at such a low altitude cannot descend any further to avoid a collision.

    The site of several near misses

    Ronald Reagan Washington National Airport is one of the busiest airports in the United States. Commercial, military and private aircraft share very limited airspace and corridors.

    It has been the site of several near misses in recent years.

    For example, in April 2024, a commercial plane pilot coming into land had to take evasive action to avoid a helicopter that was roughly 100 metres beneath it. In an incident report, the pilot said:

    We never received a warning of the traffic from (air traffic control) so we were unaware it was there.

    Many people, including Democratic US senator Tim Kaine, pointed to this near miss as evidence of why a plan to allow more flights into Ronald Reagan Washington National Airport should not proceed. Despite this, the plan was approved the following month.

    All of this will undoubtedly be examined as part of the investigation by the National Transportation Safety Board into this disaster.

    Chrystal Zhang 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. Planes have high-tech systems to stop midair crashes. So what went wrong in Washington? – https://theconversation.com/planes-have-high-tech-systems-to-stop-midair-crashes-so-what-went-wrong-in-washington-248744

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Update 1: Coast Guard, multiple partner agencies, responding to plane crash in Potomac River

    Source: United States Coast Guard

    01/30/2025 07:59 PM EST

    The Coast Guard continues to coordinate with local, state and federal agencies Thursday in response to the aircraft collision that occurred Wednesday evening over the Potomac River in Washington. 

    For more information follow us on Facebook, Twitter and Instagram.

    MIL Security OSI –

  • MIL-Evening Report: One of the largest searches for alien life started 30 years ago. Its legacy lives on today

    Source: The Conversation (Au and NZ) – By Phil Edwards, Senior Research Scientist, Australia Telescope National Facility Science, CSIRO

    In February 1995, a small research organisation known as the SETI Institute launched what was then the most comprehensive search for an answer to a centuries-old question: are we alone in the universe?

    This Sunday marks the 30th anniversary of the first astronomical observations conducted for the search, named Project Phoenix. These observations were done at the Parkes Observatory on Wiradjuri country in the central west of New South Wales, Australia – home to one of the world’s largest radio telescopes.

    But Project Phoenix was lucky to get off the ground.

    Three years earlier, NASA had commenced an ambitious decade-long, US$100 million Search for Extra-Terrestrial Intelligence (SETI). However, in 1993, the United States Congress cut all funding for the program because of the growing US budget deficit. Plus, SETI sceptics in Congress derided the program as a far-fetched search for “little green men”.

    Fortunately, the SETI Institute secured enough private donations to revive the project – and Project Phoenix rose from the ashes.

    Listening for radio signals

    If there is life elsewhere, it is natural to assume it evolved over many million years on a planet orbiting a long-lived star similar to our Sun. So SETI searches usually target the nearest Sun-like stars, listening for radio signals that are either being deliberately beamed our way, or are techno-signatures radiating from another planet.

    Techno-signatures are confined to a narrow range of frequencies and produced by the technologies an advanced civilisation like ours might use.

    Astronomers use radio waves as they can penetrate the clouds of gas and dust in our galaxy. They can also travel over large distances without excessive power requirements.

    Murriyang, CSIRO’s 64 metre radio telescope at the Parkes Observatory, has been in operation since 1961.
    It has made a wealth of astronomical discoveries and played a pivotal role in tracking space missions – especially the Apollo 11 moonwalk.

    As the largest single-dish radio telescope in the southern hemisphere, it is also the natural facility to use for SETI targets in the southern skies.

    While Project Phoenix planned to use several large telescopes around the world, these facilities were undergoing major upgrades. So it was at Parkes that the observing program started.

    On February 2 1995, Murriyang pointed towards a carefully chosen star 49 light-years from Earth in the constellation of, naturally, Phoenix. This was the first observation conducted as part of the project.

    The focus cabin of Murriyang, the Parkes telescope, with the Flag of Earth, much favoured by SETI researchers.
    CSIRO Radio Astronomy Image Archive, CC BY-NC

    A logistical and technological success

    Project Phoenix was led by Jill Tarter, a renowned SETI researcher who spent many long nights at Parkes overseeing observations during the 16 weeks dedicated to the search. (Jodie Foster’s character in the 1998 movie Contact was largely based on Jill.)

    The Project Phoenix team brought a trailer full of computers with state-of-the-art touch screen technology to process the data.

    Bogong moths caused some early interruptions to the processing. These large, nocturnal moths were attracted to light from computer screens, flying into them with enough force to change settings.

    Over 16 weeks, the Project Phoenix team observed 209 stars using Murriyang at frequencies between 1,200 and 3,000 mega-hertz. They searched for both continuous and pulsing signals to maximise the chance of finding genuine signals of alien life.

    Jill Tarter in the Parkes telescope control room.
    CSIRO Radio Astronomy Image Archive, CC BY-NC

    Radio telescopes are able to detect the faint radio emissions from distant celestial objects. But they are also sensitive to radio waves produced in modern society (our own techno-signatures) by mobile phones, Bluetooth connections, aircraft radar and GPS satellites.

    These kinds of local interference can mimic the kinds of signal SETI searches are looking for. So distinguishing between the two is crucial.

    To do this, Project Phoenix decided to use a second radio telescope some distance away for an independent check of any signals detected. CSIRO provided access to its 22 metre Mopra radio telescope, about 200 kilometres north of Parkes, to follow up signal candidates in real time.

    Over the 16 weeks, the team detected a total of 148,949 signals at Parkes – roughly 80% of which could be easily dismissed as local signals. The team checked a little over 18,000 signals at both Parkes and Mopra. Only 39 passed all tests and looked like strong SETI candidates. But on closer inspection the team identified them as coming from satellites.

    AS Jill Tarter summarised in an article in 1997:

    Although no evidence for an [extraterrestrial intelligence] signal was found, no mysterious or unexplained signals were left behind and the Australian deployment was a logistical and technological success.

    From left to right: journalist Robyn Williams, Jill Tarter, Australia Telescope National Facility Director, Ron Ekers, and Parkes Observatory Officer-in-Charge, Marcus Price, prior to the start of Project Phoenix.
    CSIRO Radio Astronomy Image Archive, CC BY-NC

    The next generation of radio telescopes

    When Project Phoenix ended in 2004, project manager Peter Backus concluded “we live in a quiet neighbourhood”.

    But efforts are continuing to search for alien life with greater sensitivity, over a wider frequency range, and for more targets.

    Breakthough Listen, another privately funded project, commenced in 2015, again making use of the Parkes telescope among others.

    Breakthrough Listen aims to examine one million of the closest stars and 100 closest galaxies.

    One unexpected signal detected at Parkes in 2019 as part of this project was examined in painstaking detail before it was concluded that it too was a locally generated signal.

    The next generation of radio telescopes will provide a leap in sensitivity compared to facilities today – benefitting from greater collecting area, improved resolution and superior processing capabilities.

    Examples of these next generation radio telescopes include the SKA-Low telescope, under construction in Western Australia, and the SKA-Mid telescope, being built in South Africa. They will be used to answer a wide variety of astronomical questions – including whether there is life beyond Earth.

    As SETI pioneer Frank Drake once noted:

    the most fascinating, interesting thing you could find in the universe is not another kind of star or galaxy … but another kind of life.

    Project Phoenix used Murriyang, the CSIRO Parkes radio-telescope, under contract for the work described in this article. I work for CSIRO, but joined in 2006 after this project had been completed.

    – ref. One of the largest searches for alien life started 30 years ago. Its legacy lives on today – https://theconversation.com/one-of-the-largest-searches-for-alien-life-started-30-years-ago-its-legacy-lives-on-today-247097

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Amplifying Alberta’s call for U.S. partnership

    Source: Government of Canada regional news

    MIL OSI Canada News –

  • MIL-OSI United Nations: DR Congo: Hospitals overwhelmed, food running out: Goma faces ‘devastation’

    Source: United Nations 4

    Peace and Security

    After days of intense fighting, the humanitarian situation in Goma, capital of the eastern Democratic Republic of the Congo (DRC), has reached alarming levels – with humanitarian needs now massive and response capacities severely strained. 

    The World Food Programme (WFP) warned on Thursday that food supplies are running dangerously low, as water and electricity outages exacerbate the crisis.

    The seizure and closure of Goma’s airport by Rwanda-backed M23 rebels has further interfered with aid delivery, while the blocking of roads and lake transport restrictions have left thousands stranded.

    The rebel group has taken control of most of Goma since entering the city on Monday in the biggest escalation of a decades-long conflict springing from the Rwandan genocide against the Tutsis, and a continuing struggle for control of rich mineral resources in the region among a plethora of armed groups.

    Fleeing by boat

    Families attempting to flee the violence across Lake Kivu are resorting to unsafe makeshift boats, putting their lives at risk.

    At the same time, the UN aid coordination office, OCHA, reports that humanitarian workers have been unable to leave their shelters in Goma for over 24 hours due to the insecurity, severely affecting emergency response efforts.

    Tom Fletcher, the emergency relief chief, has allocated $17 million from the UN’s Central Emergency Relief Fund (CERF) to support lifesaving assistance – yet access to those in need remains uncertain.   

    Hospitals overwhelmed

    Medical facilities in Goma – and second city Bukavu to the south – are overwhelmed, with over 2,000 injuries reported since the beginning of January, including many from gunshot wounds. Hospitals lack adequate medical supplies, fuel and staff to manage the growing influx of patients.

    The World Health Organization (WHO), International Committee of the Red Cross (ICRC), and Médecins Sans Frontières (MSF) are urgently working to bolster healthcare services, but with supply chains disrupted and facilities at capacity, response efforts are severely strained.

    Additionally, health authorities warn of an increasing risk of disease outbreaks, including cholera, measles and mpox, due to mass displacement, unsafe water sources and inadequate sanitation.

    Escalating insecurity in North Kivu

    In the village of Kiziba, on the outskirts of Goma, civilians are reporting armed men in military uniforms carrying out widespread looting, extortion and sexual violence, according to Radio Okapi, the station run by UN peacekeeping mission in DRC, MONUSCO.

    Meanwhile, Stéphane Dujarric, the Secretary-General Spokesperson reported that other armed groups in the east, including Zaïre and the CODECO militias, have increased attacks against the population in Djugu territory in the past month, robbing civilians.

    At least six people have been killed since last weekend and as a result, many have stopped using roads in the area, which also prevents them from going to their fields or to markets.

    Reports indicate that some roads have reopened, but mass displacement continues, with at least 700,000 people now internally displaced within North Kivu and South Kivu.

    MONUSCO/Aubin Mukoni

    Military uniforms and personal possessions litter the streets of Goma in the eastern DR Congo following an attack by a rebel armed group.

    Peacekeepers’ response

    Peacekeepers with (MONUSCO) have launched the second phase of an operation called Horizon of Peace in Djugu territory, aiming to contain an escalation of violence by armed groups, according to Mr. Dujarric.

    MONUSCO peacekeepers have stepped up patrols on several roads in the territory to support the free movement of people and goods.

    Calls for international action 

    Bruno Lemarquis, the UN’s Humanitarian Coordinator for DR Congo, has issued a strong plea for immediate international support. “I call on the international community to step up its support in the face of a worsening humanitarian crisis,” he stated.

    Emergency food agency WFP has reiterated its readiness to resume food distributions as soon as security conditions permit, but without immediate access, thousands remain at risk of starvation and disease.

    MONUSCO/Aubin Mukoni

    UN peacekeepers return to base after patrolling the streets of Goma.

    MIL OSI United Nations News –

  • MIL-OSI Security: FBI Washington Field Office Update on Aviation Incident at Ronald Reagan Washington National Airport

    Source: Federal Bureau of Investigation FBI Crime News (b)

    The FBI Washington Field Office continues to support our partners in the aftermath of yesterday’s aviation incident at Ronald Reagan Washington National Airport. Members of our National Capital Response Squad—including our Evidence Response Team, Rapid Deployment Team, and Underwater Search and Evidence Response Team—have deployed to support recovery efforts. The FBI will continue to assist the National Transportation Safety Board with recovery operations and the investigation into the cause of this tragic incident.

    MIL Security OSI –

  • MIL-OSI Economics: Thales will provide the French Navy with sovereign anti-submarine warfare sonobuoys

    Source: Thales Group

    Headline: Thales will provide the French Navy with sovereign anti-submarine warfare sonobuoys

    • Thales has signed a contract with the French defence procurement agency (DGA) to supply the French Navy with several hundred SonoFlash sonobuoys. ​
    • Manufactured in France in collaboration with French SMEs, the SonoFlash sonobuoy strengthens France’s strategic and capability ambitions in the field of anti-submarine warfare. ​
    • Deployed from a maritime patrol aircraft (such as the ATL2) or a helicopter (for example an NH90), the SonoFlash sonobuoy enables the detection of submarines. It is fully interoperable with the Flash dipping sonar and the CAPTAS family of towed array sonars.

    Thales will enhance the anti-submarine warfare capabilities of the French Navy by providing several hundred SonoFlash sonobuoys. These expendable sonar buoy are the only such models to offer both active and passive modes: they are equipped with a powerful low-frequency emitter and a receiver with high directivity.

    Combined with the FLASH dipping sonar, the SonoFlash sonobuoys will enable an airborne platform to search for the presence of submarines over a greater range, and offer greater responsiveness to the evasive manoeuvres of these platforms.

    The high-performance communication systems of the SonoFlash enable all surface ships and aircraft, as well as acoustic support centres equipped with a sonobuoy processing system, to receive the data collected by the buoy.

    “Through its SonoFlash sonobuoy and the CAPTAS and FLASH sonars, Thales is proud to contribute to the development of the French anti-submarine warfare sector. The excellence of Thales’s offerings solutions in this field is recognised worldwide and is being put to the service of the French Navy in a context of renewed tensions at sea.” ​ said Sébastien Guérémy, Vice President of Underwater Systems activities, Thales.

    In March 2021, The French defence procurement agency (DGA) awarded Thales a contract to develop, qualify and manufacture the SonoFlash air-droppable sonobuoy: French Navy strengthens anti-submarine warfare capabilities with SonoFlash sonobuoy from Thales | Thales Group

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialising in three business domains: Defence & Security, Aeronautics & Space and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    MIL OSI Economics –

  • MIL-OSI Economics: Spain’s secure communications satellite SpainSat NG I successfully launched

    Source: Thales Group

    Headline: Spain’s secure communications satellite SpainSat NG I successfully launched

    • Starting in the second half of this year, SpainSat NG I will provide services to Spain’s Armed Forces, international organizations such as the European Commission or NATO, and governments of allied countries.
    • Thales Alenia Space, together with Airbus Defence and Space, has led the construction of this satellite and its twin, SpainSat NG II, which is also scheduled for launch in 2025.
    • The company has been responsible, among other activities, for the integration of the Communication Module for both satellites along with Airbus in a clean room built for this purpose at its facilities in Tres Cantos, Madrid. To date, this has been the largest satellite system ever integrated in Spain.

    Madrid, January 30, 2025 – The secure communications satellite SpainSat NG I has been successfully launched early this morning by a SpaceX Falcon 9 rocket from Cape Canaveral (Florida). An unprecedented milestone for the Spanish space sector.

    The SPAINSAT NG program, owned and operated by Hisdesat Servicios Estratégicos S.A., comprises two satellites, SpainSat NG I and II. Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), together with Airbus Defence & Space, has led the execution and construction of both satellites, SpainSat NG I and its twin, SpainSat NG II, which will be launched this fall. The two satellites will be positioned in different geostationary positions to operate in X-band, military Ka-band, and UHF, providing coverage to two-thirds of the Earth’s surface, from the United States of America to Singapore. It will provide services for the next 15 years.

    Thales Alenia Space in Spain has been responsible for the UHF and military Ka-band payloads and the integration of the Communication Module for the two satellites along with Airbus. The Communication Module is the main body of the satellite, which embarks the communication payloads that give purpose to the mission.

    © Airbus

    Specifically for this mission, the company built an assembly and integration clean room at its site in Tres Cantos, Madrid, inaugurated in 2021, where the Communication Modules of the two satellites have been integrated. These advanced cutting-edge facilities represent a qualitative leap in Spain’s space industry capabilities for the assembly and integration of large space systems, something within the reach of a few space powers worldwide.

    Being the largest satellite system ever integrated in Spain, the SpainSat NG I Communication Module weights more than 2 tons and measures 6 meters high, and is fully equipped with cutting-edge technology in the field of space communications, comprising hundreds of sophisticated electronic units.

    The company has also designed and manufactured in Spain, France, Italy, and Belgium over 200 of electronic and radiofrequency units that are an integral part of the communications payloads and the satellite’s telecommand and telemetry system. Among them are the UHF processor, the heart of the UHF-band payload; the Transparent Digital Processor (DTP) that interconnects the X-band and military Ka-band payloads; and the Hilink unit, responsible for providing a high-speed service link that will facilitate a quick reconfiguration of the payloads.

    The SPAINSAT NG program

    SpainSat NG I is one of the most advanced secure communications satellites in Europe and ranks among the most innovative in the world. It is expected to begin to provide services early in the second half of 2025 to the Spanish Armed Forces, international organizations such as the European Commission in the GOVSATCOM program, NATO, and other allied governments.

    Its mission is to ensure effective command and control of Armed Forces operations over a large portion of the Earth’s surface, guarantee communication capability in theatres of operations lacking communication infrastructure, ensure secure governmental communications in any operational environment (air, maritime, land), and provide strategic space capabilities to third nations.

    The SpainSat NG satellites, which will replace the current Hisdesat communications satellites, Spainsat and XTAR-EUR, will be capable of providing secure satellite communications with maximum protection against interference or other threats, including a high-altitude nuclear event, with maximum flexibility thanks to its real-time software-defined payload.
     

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI Europe: RECOMMENDATION on the draft Council decision on the conclusion of the Agreement between the European Union and the People’s Republic of Bangladesh on certain aspects of air services – A10-0005/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the draft Council decision on the conclusion of the Agreement between the European Union and the People’s Republic of Bangladesh on certain aspects of air services

    (10844/2024 – C10-0111/2024 – 2015/0188(NLE))

    (Consent)

    The European Parliament,

    – having regard to the draft Council decision (10844/2024),

    – having regard to the draft Agreement between the European Union and the Government of the People’s Republic of Bangladesh on certain aspects of air services (12911/2015),

    – having regard to the request for consent submitted by the Council in accordance with Articles 100(2) and Article 218(6), second subparagraph, point (a)(v), and Article 218(7), of the Treaty on the Functioning of the European Union (C10-0111/2024),

    – having regard to Rule 107(1) and (4), and Rule 117(7) of its Rules of Procedure,

    – having regard to the recommendation of the Committee on Transport and Tourism (A10-0005/2025),

    1. Gives its consent to the conclusion of the agreement;

    2. Instructs its President to forward its position to the Council, the Commission and the governments and parliaments of the Member States and of the People’s Republic of Bangladesh.

    EXPLANATORY STATEMENT

    The EU- People’s Republic of Bangladesh Agreement

     

    Negotiations on an EU Horizontal Aviation Agreement were initiated in March 2007 and a draft agreement was initialled in December 2013, with the aim of  restoring legal certainty to the bilateral air services agreements between the People’s Republic of Bangladesh and 8 EU Member States. The Council adopted its Decision on signature of the agreement in December 2015. However, following the UK’s withdrawal from the European Union and the expiry of the transition period on 31 December 2020, it was necessary to remove the references to the United Kingdom from the text of the Agreement before its formal signature. Bangladesh agreed to the removal of those references. On 18 September 2023, the Council took note of the intention to present for signing a text which differed from the text approved by the Council insofar as the references to the UK were concerned.

     

    On Friday 7 June 2024, the European Union and Bangladesh signed the “Agreement between the European Union and the People’s Republic of Bangladesh on certain aspects of air services”. Subject to the availability of traffic rights in the respective bilateral air services agreements, this EU agreement will allow any EU airline to fly between Bangladesh and the seven concerned EU Member States whose bilateral air services agreements with Bangladesh do not already allow this (Belgium, Denmark, Italy, Netherlands, Poland, France and Slovakia).

     

    Pending the entry into force of the horizontal agreement, the bilateral air services agreements which it covers only authorise airlines owned and controlled by the signatory Member State or Bangladesh or their nationals to operate flights between that Member States and Bangladesh.

    Procedure

     

    On Friday 6 September 2024, the ambassadors of the Member States to the EU (Coreper) approved the conclusion of the horizontal aviation agreement between the European Union and Bangladesh.

     

    In accordance with Rule 107(1) and (4), and Rule 117(7) of Parliament’s rules of procedure, the committee responsible (TRAN) shall submit a recommendation for the approval or rejection of the proposed act. Parliament shall then take a decision by means of a single vote, and no amendments to the Agreement may be tabled. Amendments in committee shall be admissible only if their aim is to reverse the recommendation proposed by the rapporteur.

    Rapporteur’s position

     

    By granting all EU air carriers non-discriminatory access to routes between the EU and Bangladesh, this agreement promotes competition on air routes between the EU and an important EU partner from Asia and will, consequently, improve connectivity.

     

    Standard EU clauses on aviation safety, aviation fuel taxation and compatibility with competition rules are included in the agreement, to ensure compatibility of the bilateral air services agreements with EU policies and standards.

     

    Based on all the above mentioned, the rapporteur recommends that the Committee on Transport and Tourism give its approval for the conclusion of this agreement.

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    Simon Brain, DG Move

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Conclusion of an agreement between the European Union and the government of the People’s Republic of Bangladesh on certain aspects of air services

    References

    10844/2024 – C10-0111/2024 – 2015/0188(NLE)

    Date of consultation or request for consent

    27.9.2024

     

     

     

    Committee(s) responsible

    TRAN

     

     

     

    Rapporteurs

     Date appointed

    Tomas Tobé

    15.10.2024

     

     

     

    Date adopted

    29.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    41

    2

    0

    Members present for the final vote

    Oihane Agirregoitia Martínez, Daniel Attard, Tom Berendsen, Rachel Blom, Nikolina Brnjac, Nina Carberry, Benoit Cassart, Carlo Ciccioli, Anna Maria Cisint, Vivien Costanzo, Johan Danielsson, Valérie Devaux, Siegbert Frank Droese, Gheorghe Falcă, Jens Gieseke, Borja Giménez Larraz, Sérgio Gonçalves, Roman Haider, Sérgio Humberto, Dariusz Joński, François Kalfon, Martine Kemp, Sophia Kircher, Elena Kountoura, Luis-Vicențiu Lazarus, Julien Leonardelli, Vicent Marzà Ibáñez, Alexandra Mehnert, Ştefan Muşoiu, Jan-Christoph Oetjen, Philippe Olivier, Matteo Ricci, Rosa Serrano Sierra, Stanislav Stoyanov, Kai Tegethoff, Elissavet Vozemberg-Vrionidi, Kosma Złotowski

    Substitutes present for the final vote

    Alberico Gambino, Jutta Paulus, Dario Tamburrano, Kris Van Dijck, Ana Vasconcelos

    Members under Rule 216(7) present for the final vote

    Elisabeth Grossmann

    Date tabled

    30.1.2025

     

    MIL OSI Europe News –

  • MIL-OSI USA: Welch Statement on Tragic Collison Near DCA Airport

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C.—U.S. Senator Peter Welch (D-Vt.) released the following statement on last night’s tragic crash involving a plane and military helicopter at Reagan Washington National Airport (DCA): 
    “The collision at DCA of an American Airlines flight and a military helicopter is a shocking tragedy, and my condolences are with the victims and their families. We don’t yet know the specifics of how this happened, and we are awaiting more details. The National Transportation Safety Board, the Federal Aviation Administration (FAA), and the Department of Defense have already announced investigations into this terrible incident, which will take time. As we wait, I want to express my gratitude to the emergency responders and dive teams who are on the scene. 
    “Congress has worked to fund and bolster aviation safety measures as well as strengthening Air Traffic Controller (ATC) staffing and training with last year’s passage of the FAA Reauthorization Act, which was a focus of mine as a member of Senate Commerce Committee. That’s now under threat by the Trump Administration. We need to ensure that our aviation safety and staffing measures are as strong as possible to build back the trust of the flying public. We cannot have leaders making detrimental, rash decisions to overhaul critical aspects of our national transportation network for the sake of irrelevant culture wars. We need to immediately confirm a qualified FAA Administrator who is committed to safety and staffing.” 

    MIL OSI USA News –

  • MIL-OSI Security: Defense News: Maritime Industrial Base Program Holds Change of Office

    Source: United States Navy

    Acting Assistant Secretary of the Navy for Research, Development, and Acquisition (ASN(RD&A)) Dr. Brett Seidle presided over the ceremony, marking an important program milestone and transition in leadership for this critical program.

    “Jay Stefany’s leadership in establishing and developing the Maritime Industrial Base (MIB) Program has been instrumental in positioning this team to revitalize America’s shipbuilding capabilities, building off of the Navy’s previous success, and expanding and integrating the portfolio” said Siedle. “Both as the Principal Civilian Deputy and as the longest-serving Acting Assistant Secretary of the Navy for Research Development and Acquisition, he has been at the forefront of developing the strategy and securing industrial base investments to meet our submarine and shipbuilding imperatives. His vision and dedication have laid the foundation for the largest Department of Defense industry revitalization plan since World War II.”

    The MIB Program, established in September 2024 amid growing global strategic competition, is a Direct Reporting Program Manager charged with strengthening America’s maritime manufacturing capabilities by managing and executing industrial base investments across six lines of efforts: 1) supplier development; 2) workforce development; 3) advanced manufacturing technology; 4) strategic outsourcing; 5) shipbuilder infrastructure; and 6) government oversight.

    The MIB program was formed to address critical needs in naval shipbuilding and restore America’s shipbuilding and repair capacity, which has atrophied to a third of what it was three decades ago. By 2028, the Navy must deliver one Columbia-class ballistic missile submarine and two Virginia-class attack submarines annually while simultaneously constructing over 10 different classes of surface ships—making the program vital to national security.

    The MIB program’s efforts are inclusive of over 1,100 investment initiatives across 37 states, engaging with thousands of suppliers responsible for building and sustaining maritime platforms and systems, — and represents a nationwide effort to rebuild America’s maritime strength.

    As the first DRPM-MIB, Stefany was responsible for expanding, integrating, and operationalizing the new organization and its multi-billion-dollar portfolio. Prior to this role, he served the Principal Civilian Deputy to the Assistant Secretary of the Navy for Research, Development and Acquisition from 2019-2024, including serving as the Acting Secretary of the Navy from January 2021 to December 2023. As the Acting Assistant Secretary, Mr. Stefany managed policy and programs for Navy and Marine Corps research, acquisition, and sustainment across shipbuilding, aviation, space, and weapon systems. Under his current leadership as the MIB Program Manager, the program has overseen industrial base investments supporting shipbuilding and

    repair for surface ships, aircraft carriers, and submarines while developing a unified approach to critical strategic acquisition and sustainment initiatives.

    “It has been an honor to establish and lead the Maritime Industrial Base Program during this critical time in our nation’s history,” Stefany said during the ceremony. “The dedication of the men and women working to rebuild America’s industrial might has been extraordinary. Their efforts ensure our Navy and Marine Corps have the ships, submarines, and systems needed to maintain our maritime superiority, deter aggression, and if necessary, decisively win any fight. The work we do here directly strengthens our national security and preserves our way of life.”

    Sermon brings extensive experience in industrial base management to his new role. Most recently, he served as Executive Director for Program Executive Office Strategic Submarines, where he played a pivotal role in overseeing the Columbia-class ballistic missile submarine acquisition and revitalizing the Submarine Industrial Base. In this role, he helped establish and lead the Navy’s Submarine Industrial Base program from October 2021 to September 2024, addressing the most significant submarine recapitalization effort in 50 years.

    Under his leadership, the SIB program tackled the challenges of delivering one Columbia-class ballistic missile submarine and two Virginia-class attack submarines annually by 2028—a fivefold increase in submarine construction. His experience managing a portfolio of approximately $130 billion in acquisition and sustainment programs, and his success in industrial base revitalization provides the foundation to focus Navy efforts, resources, and advocacy on solving enterprise-wide challenges the Navy faces.

    “I am honored to take on this critical role and continue to build off of the progress we’ve made over the last several years,” Sermon said. “Through focused collaboration between the Navy, industry, and educational institutions, we will ensure America remains at the forefront of innovation and defense. The work we do here directly supports our National Defense Strategy and is foundational to fixing U.S. shipbuilding and in-service readiness. I look forward to working with our dedicated team and partners to ensure the Navy’s industrial base is prepared for the challenges ahead,” said Sermon.

    MIL Security OSI –

  • MIL-OSI Security: Two jailed for murder of Sarah Mayhew in Croydon

    Source: United Kingdom London Metropolitan Police

    A man and a woman have been jailed for murder after detectives pieced together a wealth of evidence to prove they murdered Sarah Mayhew, then dismembered her and dumped her body over several trips, in plain sight of the public.

    Steve Samson, 45 (10.05.79) of Burnell Road, Sutton, and Gemma Watts, 49 (22.07.75) of Holmbury Grove, Croydon, were sentenced to life imprisonment at the Old Bailey on Thursday, 30 January for the murder of Sarah Mayhew.

    Samson will serve a whole life order and Watts will serve a minimum of 30 years’ imprisonment.

    The pair were also sentenced to five years each for perverting the course of public justice, to run concurrently.

    At an earlier hearing they both pleaded guilty to murder and preventing a lawful burial.

    Detective Chief Inspector Martin Thorpe, from the Specialist Crime Command, who led the investigation, said: “I would like to send my deepest condolences to Sarah’s family and friends. A loss is always hard, but to hear about the way Sarah spent her last moments must be heart-breaking. I commend their bravery and strength throughout this investigation; we will continue to support them should they need us.

    “Secondly, I would like to commend my colleagues from across the Met. The dedication shown to this investigation, which has been complex and challenging, has been extraordinary, they worked around the clock to pull together the evidence needed to bring this case to court.

    “The investigation included viewing hundreds of hours of CCTV, extensive forensic examinations within the defendants’ houses, the searching of fields and rivers, witness accounts, and reviewing the defendants’ phones. These revealed messages detailing what the defendants planned to do to Sarah, with texts and voice notes recorded by the defendants themselves, also revealing their intention to carry out violent attacks on others.

    “Sarah was a young woman who had the rest of her life ahead of her, before it was selfishly taken by Samson and Watts for their own sadistic motive.

    “Their sick and twisted desires were heard in court by her family. They listened to traumatising evidence which revealed that the two enjoyed the pain and torment that they put Sarah through. No sentence can ever bring Sarah back or compensate for her loss, we ask for you to please respect their privacy during this tough time.”

    An investigation was launched following a call to police shortly after 09:00hrs on 2 April 2024, to reports of human remains found in Rowdown Fields in Croydon.

    A forensic examination revealed the remains to be of Sarah Mayhew, 38, who was living in Croydon at the time of her death.

    Shortly after the first discovery, remains were also found in Mitcham in May 2024. A further examination revealed that the remains also belonged to Sarah.

    The investigation revealed messages on Samson’s phone which showed a conversation that suggested the pair wanted to murder Sarah. The conversation revealed that Samson was going to invite Sarah over to his house to which Watts replied “only if it’s a deal she ain’t leaving in one piece” to which Samson added “okay”.

    Following on from the discussion further messages were sent that indicated a sexual and sadistic motivation.

    Sarah was last seen on CCTV entering a property in Sutton on 8 March 2024 accompanied by Samson and his dog. It is believed that Sarah was murdered on this day.

    Messages were found from the same date sent by Samson who was trying to justify what they had done. The message to Watts said “we’re not evil, we’re not evil”.

    Two days later, Samson was captured on CCTV in a retail shop purchasing a hacksaw, blades and a bucket.

    The pair then began their attempt to clean-up the crime scene and conceal their involvement in the murder. Watts was seen on CCTV in a retail shop buying multiple cleaning products such as bleach and scourers, a receipt was later recovered for these following a search of her property.

    Further intelligence found that as well as the cleaning products, a silver incinerator bin was purchased to burn Sarah’s personal belongings, which were never recovered.

    Officers discovered that Samson and Watts travelled to and from Rowdown Fields using public transport on 11 March 2024 while carrying oversized shopping bags, which they appeared to have struggled to carry.

    In April, parts of Sarah’s body were found in the same location.

    It was also found that the pair travelled to the River Wandle with a suitcase. CCTV showed them returning from their journey with no suitcase.

    Sarah’s torso was then found in May in the same location.

    Following the discovery of Sarah’s remains in April, Samson was arrested at his home address on 6 April 2024 and Watts was arrested later on the same day.

    A search of Samson’s house found traces of blood in the same black bucket he had earlier purchased.

    A forensic detection dog also indicated areas of interest, one being the bottom of a wall in Samson’s bedroom – testing revealed extensive amounts of blood.

    They were charged on 9 April 2024 and convicted as above.

    MIL Security OSI –

  • MIL-OSI Global: Rachel Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Go My Media/Shutterstock

    After six months of talking down the economy and warning of tough times ahead, the UK chancellor Rachel Reeves has changed her tune. She is now much more optimistic about Britain’s economic prospects and has announced a raft of measures including major pension reforms designed to unlock cash to boost growth and productivity.

    But Labour’s political problem is that none of her plans will have an immediate impact on the UK’s anaemic growth rate – the economy has virtually flatlined for the last six months. From day one Reeves has put growth at the centre of her plans, and a lack of it will mean tough choices in the spring, when she must spell out government spending plans for the next three years.

    The government is focusing on a wide range of “supply side” reforms, including unleashing pension funds to invest in Britain, as well as relaxing the planning system and building infrastructure – many of which have an uncanny resemblance to measures once proposed by former prime minister Liz Truss.

    At the heart of these plans is a big increase in investment in infrastructure to boost productivity – things like roads, public transport and technology – where Britain lags behind its major rivals.

    But there’s a big catch. The independent spending watchdog, the Office for Budget Responsibility (OBR), estimates that it will take years – or even decades – for infrastructure projects to transform the British economy, with only a 0.1% boost in growth in the near term for every additional 1% on public investment.

    Without other measures that have a more immediate impact, the political risk to Labour is that its pledge to make everyone better off may feel hollow to voters.

    The challenges are particularly acute for big transport projects, as the debacle of HS2 illustrates. Even with changes to the planning system, work on expanding Heathrow airport is unlikely to start before 2030. And major projects like the Lower Thames crossing between Kent and Essex and the Sizewell C nuclear reactor in Suffolk have been in the planning stage for nearly 20 years.

    Electricity supply is another crucial area, with the need for more renewable energy and an expansion of the grid. This will now need to be financed largely by private capital as the government has scaled back its “green new deal”.

    So how exactly will all these big plans be financed? The government is hoping to unleash additional investment from the UK pension fund industry, by changing the rules to allow defined benefit (sometimes called final salary) schemes with surpluses to invest more widely.

    Although there is currently £160 billion available in these schemes, this could change if interest rates fall. It is also not clear how attractive such UK infrastructure investment would even be. Many projects, such as in privatised industries like water and electricity, will at least partly be funded by increased charges to consumers.

    The government’s own spending plans to increase public investment are relatively modest. These plans bring government capital spending (which allows for borrowing under the fiscal rules) just slightly above the historic average.

    Planning reform could also prove problematic. Although the government is changing some of the rules, especially in relation to housebuilding, planning decisions will be still made by local authorities. In many cases these will face strong local opposition, potentially delaying decisions.

    This points to the larger political problem for the government. The changes will not eliminate the tension between the government’s growth and environmental objectives, with the latter potentially a crucial issue in many of the marginal seats won by Labour in the last election.

    Heathrow expansion will put the government’s climate targets in serious jeopardy.
    Dinendra Haria/Shutterstock

    Prime Minister Keir Starmer has described the need to pull out the “weeds” of regulation as vital to growth plans. He has already sacked the head of the key regulatory agency, the Competition and Markets Authority. But allowing more consolidation of British industry could create monopolies, which tend to raise prices, increase profits and neglect investment.

    There are even greater concerns over possible deregulation of the financial sector, which could abolish many of the safeguards established after the global financial crisis in 2008.

    What’s missing?

    The government is much less clear on what it is going to do about the supply of skilled labour than the availability of capital. Shortages of skilled workers could limit progress on these big infrastructure projects if workers are also needed to build housing.

    Government plans for boosting skills training, and the funding for further and higher education, are still works in progress. Meanwhile, limits on immigration will reduce the number of skilled construction workers. And the details of the government’s plan to boost the labour force by getting more people on disability benefit back to work have yet to be spelled out.

    As Labour sets out its long-term growth plan, dark clouds are looming. In particular, in global terms the British economy is one of the most dependent on international trade and investment. But most of its trade is with its two largest trading partners – the EU and the USA.

    Growing protectionism in the US, coupled with a lack of access to EU markets caused by Brexit, could have a significant effect on Britain’s growth. The UK economy is projected by the IMF to grow by just 1.6% this year, which is still weak by historic standards.

    It may be of little consolation to the public if this is higher than in France and Germany. Reeves may well find that’s simply not enough to satisfy the expectations of voters.

    Steve Schifferes 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. Rachel Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough – https://theconversation.com/rachel-reeves-route-to-economic-growth-is-a-slow-one-and-there-are-no-guarantees-voters-will-be-patient-enough-248690

    MIL OSI – Global Reports –

  • MIL-OSI Security: New Orleans Man Charged with Commodity Exchange Act Violation

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced today that MICHAEL BRIAN DEPETRILLO, (“DEPETRILLO”), age 43, from New Orleans, was charged, on January 27, 2025, in a bill of information with violating Title 7, United States Code, Section 13(a), the Commodity Exchange Act.

    According to the bill of information, DEPETRILLO was not properly registered as a Commodity Pool Operator (“CPO”) or an Associated Person (“AP”) of a CPO with the United States Commodity Futures Trading Commission (“CFTC”).  DEPETRILLO, through various companies including, Meteor, LLC; NOLA FX Capital Management, LLC; ELC Enterprise Solutions, LLC; and Argosapolis, LLC, acted as a CPO and AP of a CPO and embezzled client funds in violation of federal law.    DEPETRILLO, while acting as an AP of unregistered CPOs, represented to victim investors that their funds would be pooled and invested in the NOLA FX FUND, that would be used to trade foreign currency pairs on a leveraged, margined, or financed basis (“retail forex”).

    DEPETRILLO told investors that pooling their funds would be beneficial to them.  DEPETRILLO further represented to certain investors, that either METEOR or NOLA FX CAPITAL managed the NOLA FX FUND.  In at least one representation, however, DEPETRILLO identified “NOLA FX Capital,” not the NOLA FX FUND, as the pooled investment vehicle.   DEPETRILLO lured investors by claiming he was investing their funds by trading  in the foreign currency exchange, gold futures options, stocks, and cryptocurrency.  Instead of trading as promised, DEPETRILLO misappropriated pool funds.  DEPETRILLO then used these misappropriated pool funds to: (1) make lulling payments to existing pool participants; (2) pay his personal expenses, such as rent, private air travel, and online gambling; and (3) trade  in his personal trading accounts. To conceal DEPETRILLO’s misappropriation, he created and issued fictitious account statements in the names NOLA FX FUND and NOLA FX CAPITAL.  The fictitious account statements purported to show that: (1) DEPETRILLO had traded forex using pool participant funds, and (2) the NOLA FX FUND and NOLA FX CAPITAL had achieved significant trading returns for pool participants because of his profitable forex trading.  In fact, DEPETRILLO never deposited pool participant funds into trading accounts belonging to NOLA FX FUND or NOLA FX CAPITAL, and he never achieved the trading returns represented on the false account statements.  DEPETRILLO also did not set up the forex pool in the manner required by the regulations, did not receive pool participant funds in the name of the forex pool, and commingled pool participant funds with his own funds.  DEPETRILLO took in approximately $9.2 million in investor funds from approximately 60 victim investors during a seven-year period.

    If convicted, DEPETRILLO faces up to ten (10) years imprisonment, up to three (3) years of supervised release, up to a $1,000,000.00 fine, plus the amount of any proceeds, and a mandatory $100 special assessment fee.

    U.S. Attorney Duane A. Evans stated that a bill of information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

    The case is being investigated by the Federal Bureau of Investigation (“FBI”).  The FBI is seeking information that may help identify potential victims of DEPETRILLO’s fraudulent scheme.  FBI encourages the public to report any information to http://fbi.gov/depetrillovictims.

    The prosecution of this case is being handled by Assistant United States Attorneys Kathryn McHugh of the Financial Crimes Unit and Brian M. Klebba, Chief of the Financial Crimes Unit.

    MIL Security OSI –

  • MIL-OSI USA: CWA Statement on American Eagle/PSA Flight 5342

    Source: Communications Workers of America

    The following is a statement from Communications Workers of America President Claude Cummings Jr.:

    Our union is grieving along with all those affected by last night’s tragic collision of American Eagle/PSA Flight 5342 with an Army helicopter. Two AFA-CWA Flight Attendants were crewing the flight, and CWA’s leadership, members, and retirees stand ready to support and assist the crew members, aviation workers, and families who have been impacted by this catastrophe.

    Our heartfelt thanks to the first responders who are engaged in the difficult but necessary recovery operations.

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News –

  • MIL-OSI USA: IAM Union Statement on Tragedy at Reagan Washington National Airport

    Source: US GOIAM Union

    WASHINGTON, Jan. 30, 2025 – The 600,000-memeber IAM Union, the largest airline and defense labor union in North America, which represents maintenance and stores members at PSA Airlines, released the following statements:

    “As a union with deep ties in the aviation, aerospace and defense industries, as well as a significant presence in Wichita, we are heartbroken by the crash at Reagan Washington National Airport,” said IAM International President Brian Bryant. “We are thinking of those impacted by this tragedy and we are extremely grateful for the first responders who have been heroically working in dangerous conditions. The full resources of the IAM are available to everyone involved, and we will continue to monitor the situation closely as it unfolds.”

    “The IAM’s Flight Safety Team is in route to DCA to assist in any way with the investigation into this tragedy,” said IAM Air Transport Territory General Vice President Richie Johnsen. “The IAM’s Employee Assistance Program and Critical Incident Response Team are also fully engaged and ready to assist our membership, as well as our union family at ALPA and AFA-CWA. We continue to send our thoughts and prayers to those affected.” 

    The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries. 

    goIAM.org | @MachinistsUnion

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI Global: Rachael Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Go My Media/Shutterstock

    After six months of talking down the economy and warning of tough times ahead, the UK chancellor Rachel Reeves has changed her tune. She is now much more optimistic about Britain’s economic prospects and has announced a raft of measures including major pension reforms designed to unlock cash to boost growth and productivity.

    But Labour’s political problem is that none of her plans will have an immediate impact on the UK’s anaemic growth rate – the economy has virtually flatlined for the last six months. From day one Reeves has put growth at the centre of her plans, and a lack of it will mean tough choices in the spring, when she must spell out government spending plans for the next three years.

    The government is focusing on a wide range of “supply side” reforms, including unleashing pension funds to invest in Britain, as well as relaxing the planning system and building infrastructure – many of which have an uncanny resemblance to measures once proposed by former prime minister Liz Truss.

    At the heart of these plans is a big increase in investment in infrastructure to boost productivity – things like roads, public transport and technology – where Britain lags behind its major rivals.

    But there’s a big catch. The independent spending watchdog, the Office for Budget Responsibility (OBR), estimates that it will take years – or even decades – for infrastructure projects to transform the British economy, with only a 0.1% boost in growth in the near term for every additional 1% on public investment.

    Without other measures that have a more immediate impact, the political risk to Labour is that its pledge to make everyone better off may feel hollow to voters.

    The challenges are particularly acute for big transport projects, as the debacle of HS2 illustrates. Even with changes to the planning system, work on expanding Heathrow airport is unlikely to start before 2030. And major projects like the Lower Thames crossing between Kent and Essex and the Sizewell C nuclear reactor in Suffolk have been in the planning stage for nearly 20 years.

    Electricity supply is another crucial area, with the need for more renewable energy and an expansion of the grid. This will now need to be financed largely by private capital as the government has scaled back its “green new deal”.

    So how exactly will all these big plans be financed? The government is hoping to unleash additional investment from the UK pension fund industry, by changing the rules to allow defined benefit (sometimes called final salary) schemes with surpluses to invest more widely.

    Although there is currently £160 billion available in these schemes, this could change if interest rates fall. It is also not clear how attractive such UK infrastructure investment would even be. Many projects, such as in privatised industries like water and electricity, will at least partly be funded by increased charges to consumers.

    The government’s own spending plans to increase public investment are relatively modest. These plans bring government capital spending (which allows for borrowing under the fiscal rules) just slightly above the historic average.

    Planning reform could also prove problematic. Although the government is changing some of the rules, especially in relation to housebuilding, planning decisions will be still made by local authorities. In many cases these will face strong local opposition, potentially delaying decisions.

    This points to the larger political problem for the government. The changes will not eliminate the tension between the government’s growth and environmental objectives, with the latter potentially a crucial issue in many of the marginal seats won by Labour in the last election.

    Heathrow expansion will put the government’s climate targets in serious jeopardy.
    Dinendra Haria/Shutterstock

    Prime Minister Keir Starmer has described the need to pull out the “weeds” of regulation as vital to growth plans. He has already sacked the head of the key regulatory agency, the Competition and Markets Authority. But allowing more consolidation of British industry could create monopolies, which tend to raise prices, increase profits and neglect investment.

    There are even greater concerns over possible deregulation of the financial sector, which could abolish many of the safeguards established after the global financial crisis in 2008.

    What’s missing?

    The government is much less clear on what it is going to do about the supply of skilled labour than the availability of capital. Shortages of skilled workers could limit progress on these big infrastructure projects if workers are also needed to build housing.

    Government plans for boosting skills training, and the funding for further and higher education, are still works in progress. Meanwhile, limits on immigration will reduce the number of skilled construction workers. And the details of the government’s plan to boost the labour force by getting more people on disability benefit back to work have yet to be spelled out.

    As Labour sets out its long-term growth plan, dark clouds are looming. In particular, in global terms the British economy is one of the most dependent on international trade and investment. But most of its trade is with its two largest trading partners – the EU and the USA.

    Growing protectionism in the US, coupled with a lack of access to EU markets caused by Brexit, could have a significant effect on Britain’s growth. The UK economy is projected by the IMF to grow by just 1.6% this year, which is still weak by historic standards.

    It may be of little consolation to the public if this is higher than in France and Germany. Reeves may well find that’s simply not enough to satisfy the expectations of voters.

    Steve Schifferes 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. Rachael Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough – https://theconversation.com/rachael-reeves-route-to-economic-growth-is-a-slow-one-and-there-are-no-guarantees-voters-will-be-patient-enough-248690

    MIL OSI – Global Reports –

  • MIL-OSI Global: Will Labour’s plan for growth actually work? Two economists respond

    Source: The Conversation – UK – By Phil Tomlinson, Professor of Industrial Strategy, Co-Director Centre for Governance, Regulation and Industrial Strategy (CGR&IS), University of Bath

    Ceri Breeze/Shutterstock

    The UK chancellor Rachel Reeves says the Labour government will go “further and faster” to kick-start the British economy. Economic growth – to raise living standards and fund public services – is apparently a core mission of this government.

    Yet since the general election last July, this growth has proved elusive.

    In fairness, the UK economy been pretty stagnant for a long time. And as Reeves sometimes mentions, she arguably inherited the worst set of economic circumstances since 1974.

    Nevertheless, the government has been guilty of some major own goals. The means-testing of winter fuel payments drew derision, while the public framing of a “painful” budget in October 2024 dented business and consumer confidence.

    So after a difficult first six months in office, the chancellor’s big speech on January 29 was an opportunity for a major economic reset. And there were some signs of encouragement.

    She reaffirmed, for example, a commitment to reforming the UK’s antiquated planning laws for residential and commercial building. And there was a big emphasis on public investment, which is to rise to 2.6% of GDP over this parliament, compared to the previous government’s plans of 1.9%.

    Airport expansion at Heathrow (and to a lesser extent, Luton and Gatwick) aims to enhance global connectivity and increase trade and investment, especially with emerging economies.

    But those plans, which run counter to the government’s net zero goals, unsurprisingly sparked the ire of environmental campaigners, as well as some senior Labour MPs and party donors.

    They may also widen the UK’s regional inequalities, drawing more investment and economic activity to the south-east. The same goes for the notion of building Europe’s “Silicon Valley” between Oxford and Cambridge.

    That said, some other regions may benefit from announcements which included a £28 million investment in Cornish Metals (for materials for solar panels and wind turbines), and £63 million for advanced fuels which should bring more high-skilled jobs to areas like Teesside. There were also plans for housing and commercial redevelopment around Old Trafford in Manchester.

    Some of these projects will form part of the government’s new industrial strategy, which is expected in the spring.

    Red tape restrictions

    One word to look out for when that strategy is unveiled is “Brexit”, which continues to act as a drag on the UK’s growth. Yet in her speech, while Reeves used the “growth” word more than 50 times, she mentioned Brexit just once.

    It deserves much more attention. For investment in the UK has been lacklustre since the 2016 referendum, and research shows that post-Brexit red tape has hampered exports, especially for smaller firms. Overall, the UK’s exports of goods are down by 9% since 2020, while similar economies have seen their exports rise by 1%.

    There are government plans for more wind turbines.
    Nuttawut Uttamaharad/Shutterstock

    The chancellor has previously suggested a Brexit “reset”, and there may be a future a deal to ease some Brexit agri-food trade barriers. Reeves has also floated the possibility of the UK joining a “Pan-Euro” customs zone.

    Other moves which might help UK manufacturing include a bill that would allow the government to keep pace with new EU product safety regulations, and anything else which avoids new administrative costs for businesses.

    Yet despite the government perhaps adopting a more conciliatory tone with the EU, there are frustrations with the UK’s “red lines”, such as a refusal to agree to a scheme which would make it easier for young EU citizens to travel, work and study in the UK, and for young UK nationals to do the same in EU member states.

    Execution

    And while the chancellor’s speech highlighted the government’s long-term ambitions for growth, there was little to address current weaknesses quickly.

    For despite a change to Labour’s self-imposed fiscal rules last autumnn, the government still faces significant public borrowing constraints. This will restrict the amount of investment required to fundamentally transform public infrastructure, without major private sector support.

    And planning reforms, infrastructure projects, and new trade deals all take time and face political, legal and logistical hurdles. This will also delay growth.

    Labour’s ambitions for a more pro-growth, pro-business agenda mark a positive shift, at least in tone. But actual, visible, tangible growth depends on execution. This in turn depends on private sector money, overcoming bureaucratic hurdles, and cutting the Brexit red-tape that continues to hamper trade with the EU.

    Without effective action across the board, including immediate fiscal stimulus, the chancellor’s words may begin to sound a little hollow if the mission for growth soon starts to look like mission impossible.

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

    David Bailey receives funding from the Economic and Social Research Council’s UK in a Changing Europe Programme.

    – ref. Will Labour’s plan for growth actually work? Two economists respond – https://theconversation.com/will-labours-plan-for-growth-actually-work-two-economists-respond-248581

    MIL OSI – Global Reports –

  • MIL-OSI: Drones Providing Valuable Military Intelligence & Surveillance Solutions as Drone Market Skyrockets with Potential

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The increasing terrorism around the globe is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones. A recent report said that the military drones market size is expected to see strong growth in the next few years. It will grow to $21.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The report said that: The Global Military Drones Market Trend: Innovative Products Expand The Military Drone Market. Major companies operating in the military drone market are developing new products such as hybrid unmanned aerial systems to meet larger customer bases, more sales, and increase revenue. A hybrid unmanned aerial system (UAS) refers to a type of drone or unmanned aircraft system that combines multiple propulsion systems or energy sources to enable enhanced operational capabilities.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), ParaZero Technologies Ltd. (NASDAQ: PRZO), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX).

    The Business Research Company continued: “Global Military Drones Market Trend: Rising Popularity Of Drone Swarm Technology In The Military Drone Market. Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users’ efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once.”

    ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

    A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

    “We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

    “The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

    The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the defense/military industry include:

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced that Kratos Unmanned Systems Division successfully executed a multi-week demonstration of its self-driving truck platooning system technology with FPInnovations, a Canadian research and technology organization that assesses, adapts and delivers solutions to Canada’s forest industry’s total value chain.

    The Kratos developed self-driving system “kit”, which enables vehicles to be capable of autonomous driving, was deployed for evaluation in forestry operations in northern Québec, Canada. Deployment of this technology is intended to mitigate driver shortages, improve safety protocols, boost rural economic vitality, and contribute to the development of a regulatory framework for autonomous vehicles. The automated platooning technology performed exceptionally well in the challenging forestry environment and hauled both unloaded and loaded timber trailers. The Kratos system demonstrated precision navigation in automated platooning mode along complex off-pavement roadways with degraded access to GPS, steep grades, severe visibility-limiting dust, sub-freezing temperatures, rain, and under variable day/night/twilight lighting conditions.

    ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced the successful launch of a pilot program utilizing its DropAir – Precision Airdrop System in a high-risk operational zone. The program, conducted in collaboration with a leading drone company, demonstrates the system’s ability to deliver critical blood transfusions rapidly and safely, significantly reducing the time needed to save lives in emergency situations.

    The pilot program involves a military-operated drone, equipped with ParaZero’s DropAir System, capable of delivering numerous blood transfusions in a matter of minutes. This breakthrough in aerial logistics showcases the system’s ability to cut down critical response times, ensuring that life-saving medical supplies are able to reach those in need with speed and precision.

    Lockheed Martin Corporation (NYSE: LMT) recently reported fourth quarter 2024 net sales of $18.6 billion, compared to $18.9 billion in the fourth quarter of 2023. Net earnings in the fourth quarter of 2024 were $527 million, or $2.22 per share, including $1.7 billion ($1.3 billion, or $5.45 per share, after-tax) of losses for classified programs, compared to $1.9 billion, or $7.58 per share, in the fourth quarter of 2023. Cash from operations was $1.0 billion in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $2.4 billion in the fourth quarter of 2023. Free cash flow was $441 million in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $1.7 billion in the fourth quarter of 2023. Fourth quarter 2024 results included 13 weeks, compared to 14 weeks for fourth quarter 2023, which had an unfavorable impact on sales volume across the company.

    Net sales in 2024 were $71.0 billion, compared to $67.6 billion in 2023. Net earnings in 2024 were $5.3 billion, or $22.31 per share, including $2.0 billion ($1.5 billion, or $6.16 per share, after-tax) of losses for classified programs, compared to $6.9 billion, or $27.55 per share, in 2023. Cash from operations was $7.0 billion in 2024, after a pension contribution of $990 million, compared to $7.9 billion in 2023. Free cash flow was $5.3 billion in 2024, after a pension contribution of $990 million, compared to $6.2 billion in 2023.

    “2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defense technology and systems,” said Jim Taiclet, Lockheed Martin’s Chairman, President and CEO. “In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024.”

    Collins Aerospace, an RTX (NYSE: RTX) business, was recently awarded a follow-on contract with a potential for up to $904 million over five years to continue development of the U.S. Navy’s Cooperative Engagement Capability, a system that integrates sensors across surface, land, and air platforms to enable Integrated Fire Controls. RTX has been the sole provider of the Cooperative Engagement Capability (CEC) since 1985. The new sole source contract follows an existing five-year Design Agent contract.

    The CEC is a critical network for the U.S. Navy that connects multiple platforms and associated sensors together and provides composite tracking to combat and weapons systems. Collins will add new capabilities to the system including increased interoperability, expanded weapon and sensor coordination and integration of new data sources.

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    The MIL Network –

  • MIL-OSI: Parker Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Jan. 30, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended December 31, 2024, that included the following highlights (compared with the prior year quarter):

    Fiscal 2025 Second Quarter Highlights:

    • Sales were $4.7 billion; organic sales growth was 1%
    • Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%
    • EPS were $7.25, an increase of 39%, or $6.53 adjusted, an increase of 6%
    • Segment operating margin was 22.1%, an increase of 100 bps, or 25.6% adjusted, an increase of 110 bps
    • YTD cash flow from operations increased 24% to $1.7 billion, or 17.4% of sales

    “Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter. We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses. Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger Aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”

    This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

    Outlook

    Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

    • Sales growth in fiscal 2025 of (2%) to 1%, with organic sales growth of approximately 2%; divestitures of (1.5%) and unfavorable currency of (1.0%)
    • Total segment operating margin of approximately 22.7%, or approximately 25.8% on an adjusted basis
    • EPS of $24.46 to $25.06, or $26.40 to $27.00 on an adjusted basis

    Segment Results

    Diversified Industrial Segment

    North America Businesses              
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,928     $ 2,110       -8.6 %     -5.0 %
    Segment Operating Income $ 427     $ 462       -7.6 %    
    Segment Operating Margin   22.1 %     21.9 %   20 bps    
    Adjusted Segment Operating Income $ 473     $ 510       -7.2 %    
    Adjusted Segment Operating Margin   24.6 %     24.2 %   40 bps    
    • Achieved record adjusted segment operating margin
    • Continued softness in transportation and off-highway markets
    • Delayed industrial recovery
    International Businesses      
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,325     $ 1,404       -5.7 %     -3.0 %
    Segment Operating Income $ 284     $ 290       -2.2 %        
    Segment Operating Margin   21.4 %     20.7 %   70 bps        
    Adjusted Segment Operating Income $ 320     $ 323       -1.2 %        
    Adjusted Segment Operating Margin   24.1 %     23.0 %   110 bps        
    • Achieved record adjusted segment operating margin
    • Broad-based softness continued in Europe
    • Gradual recovery continued in Asia

    Aerospace Systems Segment

    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,490     $ 1,306       14.0 %     14.0 %
    Segment Operating Income $ 338     $ 263       28.5 %    
    Segment Operating Margin   22.7 %     20.1 %   260 bps    
    Adjusted Segment Operating Income $ 420     $ 347       21.2 %    
    Adjusted Segment Operating Margin   28.2 %     26.5 %   170 bps    
    • Achieved record sales and adjusted segment operating margin
    • Achieved 14% organic sales growth
    • 20%+ aftermarket and mid-single digit OEM sales growth

    Order Rates

      FY25 Q2
    Parker +5 %
    Diversified Industrial Segment – North America Businesses +3 %
    Diversified Industrial Segment – International Businesses +4 %
    Aerospace Systems Segment +9 %
    • Company order rates increased across all reported businesses
    • North America orders turned positive on long-cycle strength
    • International order growth continued, led by Asia
    • Aerospace orders accelerated against a tough prior year comparison

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

    Contacts:  
    Media: Financial Analysts:
    Aidan Gormley Jeff Miller
    216-896-3258 216-896-2708
    aidan.gormley@parker.com jeffrey.miller@parker.com
       

    Notice of Webcast
    Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

    Note on Orders The company reported orders for the quarter ending December 31, 2024, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted operating margin and segment operating margins; (d) adjusted operating income and segment operating income and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted operating margin, adjusted segment operating margin, adjusted operating income, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted operating margin and segment operating margins, adjusted operating income and segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

    Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.

    CONSOLIDATED STATEMENT OF INCOME
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands, except per share amounts)   2024       2023       2024       2023  
    Net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Cost of sales   3,022,229       3,101,962       6,119,948       6,199,311  
    Selling, general and administrative expenses   782,421       806,802       1,631,210       1,680,493  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (328,716 )     (85,011 )     (359,517 )     (163,466 )
    Income before income taxes   1,165,857       868,165       2,041,043       1,688,600  
    Income taxes   217,208       186,108       393,866       355,471  
    Net income   948,649       682,057       1,647,177       1,333,129  
    Less: Noncontrolling interests   107       206       215       451  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
                   
    Earnings per share attributable to common shareholders:              
    Basic earnings per share $ 7.37     $ 5.31     $ 12.80     $ 10.38  
    Diluted earnings per share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
                   
    Average shares outstanding during period – Basic   128,752,836       128,426,247       128,707,962       128,449,398  
    Average shares outstanding during period – Diluted   130,758,808       130,367,351       130,716,482       130,314,326  
                   
                   
    CASH DIVIDENDS PER COMMON SHARE              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Cash dividends per common share $ 1.63     $ 1.48     $ 3.26     $ 2.96  
                   
    RECONCILIATION OF ORGANIC GROWTH
    (Unaudited) Three Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (7.4 )%     (1.3 )%     (1.9 )%     (4.2 )%
    Aerospace Systems Segment   14.0 %     — %     — %     14.0 %
    Total   (1.6 )%     (0.9 )%     (1.4 )%     0.7 %
                   
    (Unaudited) Six Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (5.9 )%     (0.8 )%     (1.0 )%     (4.1 )%
    Aerospace Systems Segment   15.9 %     0.3 %     — %     15.6 %
    Total   (0.2 )%     (0.5 )%     (0.8 )%     1.1 %
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
    Adjustments:              
    Acquired intangible asset amortization expense   138,126       142,027       278,247       297,547  
    Business realignment charges   20,855       14,354       30,361       27,446  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Gain on sale of building   —       —       (10,461 )     —  
    Gain on divestitures   (249,748 )     (12,391 )     (249,748 )     (25,651 )
    Tax effect of adjustments1   (11,437 )     (33,476 )     (45,648 )     (69,624 )
    Adjusted net income attributable to common shareholders $ 853,231     $ 802,379     $ 1,663,017     $ 1,578,816  
                   
    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Earnings per diluted share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
    Adjustments:              
    Acquired intangible asset amortization expense   1.06       1.09       2.13       2.28  
    Business realignment charges   0.16       0.11       0.23       0.21  
    Integration costs to achieve   0.05       0.08       0.10       0.13  
    Gain on sale of building   —       —       (0.08 )     —  
    Gain on divestitures   (1.91 )     (0.10 )     (1.91 )     (0.20 )
    Tax effect of adjustments1   (0.08 )     (0.26 )     (0.33 )     (0.53 )
    Adjusted earnings per diluted share $ 6.53     $ 6.15     $ 12.74     $ 12.12  
                   
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
    Aerospace Systems   1,489,787       1,306,474       2,937,613       2,535,434  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Segment operating income              
    Diversified Industrial $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Aerospace Systems   338,184       263,112       661,170       489,372  
    Total segment operating income   1,048,746       1,015,446       2,155,278       2,048,460  
    Corporate general and administrative expenses   56,264       49,902       105,058       105,558  
    Income before interest expense and other income, net   992,482       965,544       2,050,220       1,942,902  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (274,177 )     (31,650 )     (204,716 )     (9,195 )
    Income before income taxes $ 1,165,857     $ 868,165     $ 2,041,043     $ 1,688,600  
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment sales $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
                   
    Diversified Industrial Segment operating income $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Adjustments:              
    Acquired intangible asset amortization   62,570       67,309       127,834       135,260  
    Business realignment charges   19,343       13,285       28,243       25,924  
    Integration costs to achieve   627       871       1,405       2,010  
    Adjusted Diversified Industrial Segment operating income $ 793,102     $ 833,799     $ 1,651,590     $ 1,722,282  
                   
    Diversified Industrial Segment operating margin   21.8 %     21.4 %     22.3 %     21.9 %
    Adjusted Diversified Industrial Segment operating margin   24.4 %     23.7 %     24.6 %     24.1 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Aerospace Systems Segment sales $ 1,489,787     $ 1,306,474     $ 2,937,613     $ 2,535,434  
                   
    Aerospace Systems Segment operating income $ 338,184     $ 263,112     $ 661,170     $ 489,372  
    Adjustments:              
    Acquired intangible asset amortization   75,556       74,718       150,413       162,287  
    Business realignment charges   386       (123 )     394       330  
    Integration costs to achieve   6,266       9,143       11,899       14,410  
    Adjusted Aerospace Systems Segment operating income $ 420,392     $ 346,850     $ 823,876     $ 666,399  
                   
    Aerospace Systems Segment operating margin   22.7 %     20.1 %     22.5 %     19.3 %
    Adjusted Aerospace Systems Segment operating margin   28.2 %     26.5 %     28.0 %     26.3 %
                   
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
                   
    Total segment operating income $ 1,048,746     $ 1,015,446     $ 2,155,278     $ 2,048,460  
    Adjustments:              
    Acquired intangible asset amortization   138,126       142,027       278,247       297,547  
    Business realignment charges   19,729       13,162       28,637       26,254  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Adjusted total segment operating income $ 1,213,494     $ 1,180,649     $ 2,475,466     $ 2,388,681  
                   
    Total segment operating margin   22.1 %     21.1 %     22.3 %     21.2 %
    Adjusted total segment operating margin   25.6 %     24.5 %     25.7 %     24.7 %
    CONSOLIDATED BALANCE SHEET      
    (Unaudited) December 31,   June 30,
    (Dollars in thousands)   2024       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 395,507     $ 422,027  
    Trade accounts receivable, net   2,445,845       2,865,546  
    Non-trade and notes receivable   304,829       331,429  
    Inventories   2,806,983       2,786,800  
    Prepaid expenses   246,467       252,618  
    Other current assets   148,831       140,204  
    Total current assets   6,348,462       6,798,624  
    Property, plant and equipment, net   2,800,992       2,875,668  
    Deferred income taxes   87,400       92,704  
    Investments and other assets   1,232,636       1,207,232  
    Intangible assets, net   7,444,670       7,816,181  
    Goodwill   10,357,303       10,507,433  
    Total assets $ 28,271,463     $ 29,297,842  
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $ 2,373,286     $ 3,403,065  
    Accounts payable, trade   1,794,884       1,991,639  
    Accrued payrolls and other compensation   420,477       581,251  
    Accrued domestic and foreign taxes   364,143       354,659  
    Other accrued liabilities   1,034,501       982,695  
    Total current liabilities   5,987,291       7,313,309  
    Long-term debt   6,667,955       7,157,034  
    Pensions and other postretirement benefits   409,873       437,490  
    Deferred income taxes   1,394,882       1,583,923  
    Other liabilities   684,401       725,193  
    Shareholders’ equity   13,118,553       12,071,972  
    Noncontrolling interests   8,508       8,921  
    Total liabilities and equity $ 28,271,463     $ 29,297,842  
    CONSOLIDATED STATEMENT OF CASH FLOWS      
      Six Months Ended
    (Unaudited) December 31,
    (Dollars in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 1,647,177     $ 1,333,129  
    Depreciation and amortization   454,869       468,165  
    Stock incentive plan compensation   106,472       108,061  
    Gain on sale of businesses   (250,373 )     (25,964 )
    (Gain) loss on property, plant and equipment and intangible assets   (6,975 )     5,097  
    Net change in receivables, inventories and trade payables   70,981       (42,804 )
    Net change in other assets and liabilities   (405,002 )     (407,366 )
    Other, net   61,584       (86,331 )
    Net cash provided by operating activities   1,678,733       1,351,987  
    Cash flows from investing activities:      
    Capital expenditures   (216,493 )     (204,117 )
    Proceeds from sale of property, plant and equipment   13,259       1,360  
    Proceeds from sale of businesses   622,182       74,595  
    Other, net   (6,941 )     (2,954 )
    Net cash provided by (used in) investing activities   412,007       (131,116 )
    Cash flows from financing activities:      
    Net payments for common stock activity   (189,681 )     (136,394 )
    Acquisition of noncontrolling interests   —       (2,883 )
    Net payments for debt   (1,494,484 )     (784,847 )
    Dividends paid   (420,061 )     (381,115 )
    Net cash used in financing activities   (2,104,226 )     (1,305,239 )
    Effect of exchange rate changes on cash   (13,034 )     (7,999 )
    Net decrease in cash and cash equivalents   (26,520 )     (92,367 )
    Cash and cash equivalents at beginning of year   422,027       475,182  
    Cash and cash equivalents at end of period $ 395,507     $ 382,815  
           
    RECONCILIATION OF FORECASTED ORGANIC GROWTH  
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted net sales (2%) to 1%
    Adjustments:  
    Currency 1.0%
    Divestitures 1.5%
    Adjusted forecasted net sales 0.5% to 3.5%
       
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
       
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted segment operating margin ~ 22.7%
    Adjustments:  
    Business realignment charges 0.2%
    Costs to achieve 0.1%
    Acquisition-related intangible asset amortization expense 2.8%
    Adjusted forecasted segment operating margin ~ 25.8%
       
     
    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2025
    Forecasted earnings per diluted share $24.46 to $25.06
    Adjustments:  
    Business realignment charges 0.39
    Costs to achieve 0.15
    Acquisition-related intangible asset amortization expense 4.22
    Net gain on divestitures (1.91)
    Gain on sale of building (0.08)
    Tax effect of adjustments1 (0.83)
    Adjusted forecasted earnings per diluted share $26.40 to $27.00
       
       
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
       
    Note: Totals may not foot due to rounding
    SUPPLEMENTAL INFORMATION
                   
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial:              
    North America businesses $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
    International businesses   1,324,798       1,404,270       2,680,632       2,792,892  
                   
    Segment operating income              
    Diversified Industrial:              
    North America businesses $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    International businesses   283,995       290,484       582,978       591,185  
    RECONCILIATION OF ORGANIC GROWTH            
    (Unaudited) Three Months Ended
      As Reported               Adjusted
      December 31, 2024     Currency     Divestitures   December 31, 2024
    Diversified Industrial Segment:                          
    North America businesses   (8.6 )%     (0.4 )%     (3.2 )%     (5.0 )%
    International businesses   (5.7 )%     (2.7 )%     — %     (3.0 )%
                               
    (Unaudited) Six Months Ended
        As Reported                   Adjusted  
        December 31, 2024       Currency     Divestitures     December 31, 2024  
    Diversified Industrial Segment:                          
    North America businesses   (7.2 )%     (0.5 )%     (1.7 )%     (5.0 )%
    International businesses   (4.0 )%     (1.3 )%     — %     (2.7 )%
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    North America businesses sales $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
                   
    North America businesses operating income $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    Adjustments:              
    Acquired intangible asset amortization   40,985       44,699       83,960       89,382  
    Business realignment charges   5,444       3,250       8,888       5,834  
    Integration costs to achieve   445       562       1,050       1,507  
    Adjusted North America businesses operating income $ 473,441     $ 510,361     $ 1,005,028     $ 1,064,626  
                   
    North America businesses operating margin   22.1 %     21.9 %     22.6 %     22.3 %
    Adjusted North America businesses operating margin   24.6 %     24.2 %     24.9 %     24.5 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    International businesses sales $ 1,324,798     $ 1,404,270     $ 2,680,632     $ 2,792,892  
                   
    International businesses operating income $ 283,995     $ 290,484     $ 582,978     $ 591,185  
    Adjustments:              
    Acquired intangible asset amortization   21,585       22,610       43,874       45,878  
    Business realignment charges   13,899       10,035       19,355       20,090  
    Integration costs to achieve   182       309       355       503  
    Adjusted International businesses operating income $ 319,661     $ 323,438     $ 646,562     $ 657,656  
                   
    International businesses operating margin   21.4 %     20.7 %     21.7 %     21.2 %
    Adjusted International businesses operating margin   24.1 %     23.0 %     24.1 %     23.5 %

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Share Split

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

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

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

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

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

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

    Mechanics of the Share Split

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

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

    About Northfield Capital Corporation

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

    For further information, please contact:

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

    Forward-Looking Statements

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

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

    The MIL Network –

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

    Source: Government of India

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Act East policy has done wonders.

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

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

    ●     Road connectivity and efforts are for rail connectivity.

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

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

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

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: ‘Sustainable’ aviation fuel and other myths about green airport expansion debunked

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    Taking off: emissions from the aviation sector. WildSnap/Shutterstock

    Environmentalists and locals have resisted a third runway at London’s Heathrow, Europe’s busiest airport, for more than two decades. Today, their efforts took a major setback.

    The UK government has announced it will give the green light to airport expansion. This is not guaranteed to increase growth in the national economy as Chancellor Rachel Reeves hopes. More flights and more emissions are certain, however, at a time when experts are practically screaming at governments to rein them in.

    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

    “No airport expansions should proceed” without a UK-wide plan to annually assess and control the sector’s climate impact said the government’s watchdog, the Climate Change Committee, in 2023. Aeroplanes are 8% of UK emissions and 2% of the world’s, but they also release gases that seed heat-trapping clouds in the upper atmosphere, which triples air travel’s greenhouse effect.

    While the government’s own advisers have effectively ruled out new runways for the sake of net zero, airport and airline bosses play a different tune. So what does the sector propose to manage its own pollution?

    Not enough cooking oil to save us

    Aviation is a notoriously difficult sector to decarbonise says Richard Sulley, a senior research fellow in sustainability policy at the University of Sheffield: “If electric or hydrogen-powered planes are possible, it won’t be for many years yet.”

    To justify air travel emissions ballooning in the meantime, the aviation sector has promised a mix of “supply-side” measures, like replacing kerosene with so-called “sustainable aviation fuel” (SAF), which Reeves described as “a game changer”, and making planes lighter and more fuel-efficient.

    Efficiency, in this context, is a slippery path to decarbonisation. When a high-emitting activity is reformed so that it consumes less energy, the efficiency savings are generally eclipsed by the increasing demand it drives.



    Read more:
    Expanding Heathrow is incompatible with net zero – here’s the evidence

    “Indeed, the sector’s own plans for growth will outstrip efforts to decarbonise through synthetic fuel, delivering a neutral effect at best,” Sulley says.

    Fuel consumption is the biggest emissions source in aviation.
    Sergey Ginak/Shutterstock

    “Demand-side” measures like fewer flights, taxes on frequent flying and domestic flight bans (see France) could cut emissions, he notes, but are seldom mentioned.

    The UK has set a target for airline fuel to be 10% SAF by 2030. So far we’re at 1.2% – and Sulley reports that the industry has not said how it will scale up in time.

    Even if airlines start taking their commitment to SAF seriously very soon, it’s a dubious solution to aviation’s climate impact according to political economists Gareth Dale (Brunel University) and Josh Moos (Leeds Beckett University).



    Read more:
    Why the world’s first flight powered entirely by sustainable aviation fuel is a green mirage

    Earlier SAF test flights burned coconut oil – 3 million coconuts to power a journey from London to Amsterdam, as Dale and Moos calculate it. At that rate, they argue Heathrow would exhaust the world’s entire crop in a few weeks (there are 18,000 commercial airports worldwide).

    Modern SAF is blended with waste products from farms and kitchens. But the pair argue that the market for used cooking oil is “notoriously unregulated”. SAF may in fact be relabelled palm oil from plantations that are erasing orangutan habitat in the tropics. Again, Dale and Moos argue there is not enough used cooking oil to meet existing, let alone future, demand.

    Transport for the rich, by the rich

    At least the hype around SAF addresses the main problem, albeit misleadingly. Policy experts David Howarth (University of Essex) and Steven Griggs (De Montfort University) marvel at how often “carbon-neutral airports” in aviation sustainability strategies simply mean terminals powered by renewable energy.

    “A terminal’s heating or lighting is, of course, largely irrelevant when its core business is as emissions-intensive as flying,” says Sulley.



    Read more:
    Heathrow 2.0: a ‘sustainable airport’ that pretends no one has to choose between planes and pollution

    Unfortunately for Rachel Reeves, a 2023 report by the New Economics Foundation found that any economic benefits of airport expansion will be largely confined to the airports themselves. Meanwhile, a wealthy subset of UK society can be expected to capture the biggest share of any new flight capacity. Each year, around half of British residents do not fly at all, Sulley points out.

    At the stratospheric heights of that subset are the private jet passengers who are served by “more or less dedicated airports” that are more obscure to the general public, says Raymond Woessner, a geographer at Sorbonne Université. A study published in November found that emissions from these flights rose by 46% between 2019 and 2023. The lead author described wealthy passengers using jets “like taxis”.



    Read more:
    L’insolent succès des jets privés, entre empreinte carbone et controverses

    “Discretion and anonymity” is what one airport nestled in the Oxfordshire countryside promises for “routine celebrity, head of state and royal visits”. Without state direction or regulation, it is these people who are setting the agenda for air travel.

    Woessner notes that the world’s richest man, Elon Musk, successfully lobbied to derail a high-speed rail project in California in 2013. Instead of an option that has shown its ability to cut flight demand, the US will be offered intercontinental rocket travel.



    Read more:
    With planning, high speed rail could reduce flight demand

    Musk’s company SpaceX says that rockets could ferry passengers between New York and Shanghai in under an hour. Rockets would burn “vastly more fuel per trip than conventional aircraft”, says aerospace engineer Angadh Nanjangud of Queen Mary University of London, but this might “drive critical research into carbon-neutral” methane-based rocket fuel.

    It would not be the first time an industry seeking to grow has used an as yet fantastical fuel to justify more carbon in Earth’s atmosphere.



    Read more:
    New York to Paris in 30 mins? How to achieve Elon Musk’s vision of rockets replacing long haul

    “There is the potential to create a good life for all within planetary boundaries,” say Dale and Moos.

    “But getting there requires clipping the wings of the aviation industry.”

    – ref. ‘Sustainable’ aviation fuel and other myths about green airport expansion debunked – https://theconversation.com/sustainable-aviation-fuel-and-other-myths-about-green-airport-expansion-debunked-248483

    MIL OSI – Global Reports –

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

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

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

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

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

    I have one piece of information at the top.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

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

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

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

    Full Year Analysis1

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

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

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

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

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

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

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

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

    Renewables and Energy Solutions

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

             Page 3

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 4

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

             Page 6

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 7

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Full Year Analysis1

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

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

             Page 8

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 9

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

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

    Quarter Analysis1

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

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

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

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

    Full Year Analysis1

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

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

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

             Page 10

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

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

    1.Q4 on Q3 change

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

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

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

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

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

    Quarter Analysis1

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

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

    Full Year Analysis1

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 11

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PRELIMINARY RESERVES UPDATE

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

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

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

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

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

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

             Page 12

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

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

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 13

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 4 “Earnings per share”.

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

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

             Page 14

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 15

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

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

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

             Page 16

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    2. Segment information

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

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

             Page 18

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

             Page 19

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 20

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    4. Earnings per share

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

             Page 21

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    5. Share capital

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

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

    6. Other reserves

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

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

    7. Derivative financial instruments and debt excluding lease liabilities

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

             Page 22

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    assets in Marketing and Chemicals and Products.

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

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

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

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    Taxation charge/credit

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

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

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

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

    Condensed Consolidated Balance Sheet

    Retirement benefits

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

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

    Assets classified as held for sale

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

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

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

    Cash flow from investing activities – Other investing cash inflows

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

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

    9. Post-balance sheet events

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

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

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

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

    Identified Items

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

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

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

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

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

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

             Page 32

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

             Page 33

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

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

             Page 34

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

             Page 35

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    Underlying operating expenses

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

             Page 36

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

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

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

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

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

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

             Page 37

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    I.    Divestment proceeds

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

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

    J.    Structural cost reduction

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

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

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

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

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

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

             Page 38

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

    Forward-Looking Non-GAAP measures

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

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

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

    This Unaudited Condensed Financial Report contains inside information.

    January 30, 2025

             Page 39

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI: STMicroelectronics Supervisory Board to propose new member at 2025 AGM

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3310C 

    STMicroelectronics Supervisory Board to propose new member at 2025 AGM

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Press conference, Ipswich

    Source: Australian Executive Government Ministers

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

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

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

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

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

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

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

    JOURNALIST: Why did Paul Tully introduce that motion?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    JOURNALIST: Nicole, do you support the Mayor?

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

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

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

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

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

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

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

    NEUMANN: Thanks very much.

    JOURNALIST: Do you have a Blue Card?

    UNIDENTIFIED SPEAKER: Sorry?

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

    NICOLE JONIC: Of course I do.

    MIL OSI News –

  • MIL-OSI Security: FBI Washington Field Office Statement on Aviation Incident at Ronald Reagan Washington National Airport

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    The FBI Washington Field Office’s National Capital Response Squad is responding to an aviation incident at Ronald Reagan Washington National Airport in support of our law enforcement and public safety partners. Please direct questions to the National Transportation Safety Board.

    MIL Security OSI –

  • MIL-OSI Australia: Interview with Rafael Epstein, ABC Melbourne

    Source: Australian Treasurer

    Raf Epstein:

    Just keep in mind, interest rates went up and up and up. We expect them to come down in February, and everyone’s also expecting the Prime Minister to call an election for April. Well, not everybody, but a lot of people.

    The federal Treasurer is Jim Chalmers. Treasurer, good morning.

    Jim Chalmers:

    Good morning, Raf, how are you?

    Epstein:

    I’m okay. What are you doing on April the 12th?

    Chalmers:

    On April the 12th? I’ll have to check the diary. But –

    Epstein:

    Is it clear?

    Chalmers:

    Usually if that’s Saturday, I’ll be perched outside a supermarket in my electorate talking to the people I represent.

    Epstein:

    That’s the speculated election date. Three weeks until the bank meets, the Reserve Bank. Is that the longest wait of your life?

    Chalmers:

    I don’t know about that, and I’m very careful not to engage in commentary or make predictions about the conversation around the board table at the Reserve Bank in the middle of February. I am focused on my part of this, my job. And I see my job as really 3 things: getting inflation down, getting wages up, keeping unemployment low. Australians collectively can be proud of the fact that we have been able to do all 3 of those things. Not every other country has been able to make the kind of progress that we’re making on inflation which we saw in yesterday’s numbers without seeing a big spike in unemployment. We’ve been able to manage that. That’s really important. We should all be proud of that. But we should also not get too carried away when we get these good inflation numbers because, as you said rightly in your introduction, people are still under pressure. The cost‑of‑living pressures haven’t disappeared but they have eased. They are easing, and we saw that in the numbers yesterday.

    Epstein:

    So the pressures are there. We all notice it, no matter how much – how good our income is. Twelve interest rate rises – it’s really tough. It is a very blunt instrument. Has that been worth the pain?

    Chalmers:

    First of all, Raf, there were 13 –

    Epstein:

    Oh, sorry.

    Chalmers:

    – and the reason I point that out to you is because the first one happened before the change of government. Our political opponents always neglect to mention the first one, which was during the Morrison government. But overall your point, I think, is broadly right, that those interest rate rises have put a lot of pressure on people and they have slowed our economy considerably, a point that I’ve made in different ways over the course of the last year or 2. I think it’s self‑evident that those rate rises the put pressure on people and slowed the economy.

    It’s part of the Reserve Bank’s efforts to get on top of this inflation challenge, and we’ve got different responsibilities here, me and the Reserve Bank Governor, but we’ve got the same objective. And together we’ve got inflation from where it was at the election, which was higher than 6 per cent and rising fast; now it’s got a 2 in front of it. It’s had a 2 in front of it for a couple of consecutive quarters now –

    Epstein:

    So are you saying that you do think it’s worthwhile? I mean, I don’t want to ask you about the alternative ways like GST yet, but do you think – like, it’s the only instrument we’ve got. It was worth the pain? Yes or no.

    Chalmers:

    Well, I don’t really do those kind of yes or no questions, Raf – and the reason for that is, whether it’s after decisions taken by the bank independently or before they take decisions, I don’t see myself as a commentator on that. My job is different. My job is to be a helpful part of getting on top of inflation, and the government has been helpful – 2 surpluses, the way we’ve designed our cost‑of‑living help to be part of the solution, not part of the problem. I’m focused on getting on top of inflation without sacrificing jobs and getting wages growing again, getting the budget in better nick, rolling out the cost‑of‑living help. These are the things that I focus on because they are my job. What we saw in those inflation numbers – and all Australians should take the credit for the progress that we’ve made together – what we saw was a really quite remarkable moderation in inflation. The improvements are now quite sustained. And that is a factual point, and the Reserve Bank will weigh all of that up. They’ll come to a decision independently, and I’m not going to colour that in for them in advance.

    Epstein:

    Okay.

    Chalmers:

    And I’m not going to second guess the decisions that they’ve already taken.

    Epstein:

    The federal Treasurer Jim Chalmers is with you on 774. It’s 18 minutes to 9. The Treasurer is on the National Security Committee of Cabinet. I might get to those issues in Sydney in a moment. But, Treasurer, just another really important but general point: the ABS says inflation is coming down. Maybe we’ll get a rate cut. We probably will. When is it going to feel better at the supermarket?

    Chalmers:

    I think we’ve seen a lot of those prices, goods prices, in the inflation numbers, they’ve come off pretty substantially. One of the reasons why we’ve been so tough on the supermarkets, why we are cracking down on anything which looks like anti‑competitive behaviour, why we’ve put so much effort into the changes we’ve made to get a fair go for families and farmers is because when the prices come down, we want to see that passed on at the checkout. And in those numbers yesterday we saw that goods inflation had come down a lot.

    Again, I come back to the point I made a moment ago, and that is that we recognise that even with this very substantial, very sustained progress on inflation, it doesn’t always translate immediately into how people are feeling or faring. The cost‑of‑living pressures haven’t disappeared, but they have eased considerably, and we want to see that passed on at the checkout.

    Epstein:

    We lost little bits of that Treasurer, but we did get the gist of the answer, so I’m going to pursue the interview with that phone line. I do want to get to a few issues in Melbourne, including the Suburban Rail Loop, and I know a lot of people texting about a fire around Bentleigh and Moorabbin. If you can see that, if you know what’s going on, we’ll come to that as well.

    Treasurer, the really disturbing story, we’ve only learnt in the last few days that there was a caravan found with explosives in New South Wales. It was actually found almost 2 weeks ago. So it had explosives in it and a list of Jewish organisations. That was found on January the 19th, a Sunday. We didn’t know that. We only heard this in the last few days.

    I’m just asking sort of a timing question, because the day after the caravan was found you had the opposition demanding a National Security Cabinet Meeting on antisemitism. The Prime Minister resisted that and then sort of relented a day later. Did – was the government told? Was the federal government told about the discovery of that caravan on January the 19th, the Sunday or on the Monday?

    Chalmers:

    A couple of things about that, Raf. First of all, these revelations and these reports are chilling. they are incredibly disturbing. We know that some of the fears that Jewish Australians have right now are not unfounded when we get these kinds of reports, and we know from the authorities that this was a potential mass casualty event. This is why it’s so important that we work so closely with the police and other authorities, the states and territories and others because obviously there is no place for violence or antisemitism in country like ours.

    You asked me about the timing, and the reason I’m going to be reluctant to get into that, Raf, is because there are important operational and other reasons why we don’t speak publicly about some of these briefings that we receive from time to time. I know that people would like to know more about that. I do genuinely understand that. I don’t begrudge you asking me that, but there are very important operational reasons not to go into that, and that’s why I won’t go into it today.

    Epstein:

    But there’s nothing to divulge in simply – we now know the caravan was found by police. Surely it’s just a matter of transparency to ask when did the federal government get told about the discovery of the caravan. Did – I mean, I’m really asking in some ways a very political question – did you guys know about the caravan when the Opposition’s demanding a big meeting on antisemitism, a National Cabinet Meeting?

    Chalmers:

    I understand the question. I’m not dark at you for asking it. But the advice that we get in the briefings that we receive is that it is unhelpful to go into the nature or the timing of those briefings. I understand the answer that you’re after, but unfortunately that’s the best answer that I can give.

    Epstein:

    I’m sure it’s a question the Opposition will pursue. Okay, I’m grateful for your time. Something that’s really significant – and I could actually ask you – I could spend the whole interview on it – is the Suburban Rail Loop Project. The federal – the plan from the state government is that the federal government funds one‑third of that project. I realise a lot of that is in years where you may well not be Treasurer, even if Labor wins the next few elections. Do you prefer the Suburban Rail Loop over Airport Rail, or are you very keen for Airport Rail to proceed ahead of the Suburban Rail Loop?

    Chalmers:

    I think the best way to describe our position on that is I know in some of the commentary about those 2 projects that it is often presented as if they are very closely linked. And we haven’t really proceeded with our thinking about those projects as if they are 2 sides of the one coin. We’ve thought about them in separate and distinct ways. We’ve made commitments and provisions to both, subject to the responsible work that goes into stacking up these business cases. We’ve made a couple‑of‑billion‑dollar commitment to the Suburban Rail Loop. We’ll work closely with the Victorian government – I know my wonderful colleague, a fine Victorian, in Catherine King, speaks to her counterparts down your way frequently about these projects – to see if we can get at this time built. But we’ve made big provisions. We’re enthusiastic about building more Victorian infrastructure, and we work with the Victorian colleagues to make that a reality.

    It’s not talking out of school to say that I caught up with the new Victorian Treasurer yesterday afternoon in Melbourne, had a cup of coffee and talked about some of these sorts of issues, and that’s because we work closely with the governments around the country.

    Epstein:

    Okay, so can I – let me ask you the blatant question, if I can. It’s very much the feeling amongst some in both your government and the state government that it’s a game of chicken – you won’t really commit to the Suburban Rail Loop until the state government tips in more on airport rail. Is that what’s going on? You’re sort of – you won’t let the dollars flow further on the SRL until the state commits further to airport rail?

    Chalmers:

    I can genuinely say to you, Raf, that I’ve never been in a conversation of that nature. I haven’t seen it that way. I haven’t considered it that way. Nobody’s put it to me that way. We’re big and enthusiastic investors in Victorian infrastructure. We do as much as we responsibly can to work with the states to fund these projects. We’ve made a big provision for Suburban Rail Loop subject to the usual kinds of processes and pressures. And I haven’t thought of it the way that you’ve just described it.

    Epstein:

    I appreciate your time this morning. Thanks for joining us.

    Chalmers:

    Appreciate yours, Raf. All the best.

    Epstein:

    Jim Chalmers, the federal Treasurer.

    MIL OSI News –