Source: Reserve Bank of India
|
Consequent on the appointment and assumption of charge by Dr. Poonam Gupta as Deputy Governor, the distribution of portfolios among the Deputy Governors with effect from May 2, 2025 will be the following:
(Puneet Pancholy) Press Release: 2025-2026/229 |
Source: Bank for International Settlements
It is a privilege to be here at Money 20/20 Asia, joining these conversations and discussing the evolving roles of fintech and financial innovation in redefining the future of finance. It also gives me the opportunity to share some perspectives from Malaysia as well as what we gathered from ASEAN meetings that took place in recent weeks. We have only just come out of a series of ASEAN Finance Ministers’ and Central Bank Governors’ meetings held in Kuala Lumpur that focused much on sustainability, climate, and inclusion or well-being, certainly areas of great interest for fintech and financial innovation.
Indeed, if we look at the past decade, the financial sector has experienced significant advancements in this space, and at the same time, the ASEAN region has emerged as a key player. Propelled by the digital revolution and evolving consumer expectations, technology has rapidly transformed financial services, unlocking new opportunities for inclusion, resilience and efficiency. Today, ASEAN stands as one of the world’s most dynamic regions with a GDP size of US$3.8 trillion1 and a population of more than 650 million. It is also becoming a vibrant fintech landscape that fuels economic activity with improving financial access for millions. The region’s fintech sector has demonstrated remarkable resilience in the face of uneven global funding trends, achieving a more than tenfold increase in fintech funding over the last decade.2 This surge in fintech activity has not only spurred growth in sectors like payments and alternative lending, enhancing financial inclusion, but also played a pivotal role in facilitating regional trade and investment across ASEAN.
Progress does not come by chance. As a region, ASEAN has come together under the ASEAN Economic Community, aimed at fostering economic and financial advancements. Under Malaysia’s chairmanship this year, for example, we have committed focus towards catalysing financing for climate resilient and a just transition, accelerating growth of our regional capital markets and fostering inclusive instant payment connectivity in ASEAN. We have also committed to greater collaboration and strengthening integration, as a key strategy and mitigation in dealing with rising geopolitical and economic uncertainties.
Looking ahead, the financial sector will need to play a critical role in supporting ASEAN’s continued economic integration and social advancement. The region is projected to need over USD3 trillion in infrastructure investment by 20403 to sustain growth and improve living standards. Meeting these demands – while also addressing climate goals, demographic shifts, and the digital economy – would require ASEAN’s financial ecosystem to be adaptive and future-ready. This means building a progressive financial sector that is not only resilient and inclusive, but also capable of harnessing the full potential of emerging technologies such as artificial intelligence (AI), cloud, blockchain, and quantum computing, while managing attendant risks.
So, the question before us today is: how can we shape our financial ecosystem to further expand the frontiers of financing and meet our future needs as a region? Specifically, I believe this means strengthening the foundation for a collaborative environment that includes:
Allow me to share my reflections on these three aspects.
Regulators play a vital role in enabling innovation through safeguarding market integrity and public trust. A credible and trusted regulatory framework goes some way in supporting confidence in something new. And as technology rapidly evolves, regulatory approaches must be agile, forward-looking, and anchored on clear principles. To fully harness innovation, a balanced ecosystem with a blend of future-proof technologies, inclusive innovation pathways, and a thriving mix of players is essential. This will go beyond updating rules and regulations. It may even require more principle-based frameworks that can offer clarity and confidence to investors and consumers, a direction increasingly embraced by regulators across ASEAN.
In Malaysia, our regulatory philosophy is grounded by three key principles:
This approach allows us to foster a regulatory environment that encourages responsible experimentation and healthy competition. At the same time, we remain alert to new and emerging risks – such as cyber threats, digital fraud, and data privacy concerns – which must be managed to ensure long-term resilience in the financial sector.
To support innovation while managing the associated risks, an effective tool that has been widely adopted by regulators globally and regionally is the Regulatory Sandbox. The Sandbox model helps innovators refine their solutions while regulators assess its potential risks. Malaysia was among the early adopters of the Regulatory Sandbox globally. Since its inception in 2016, the Sandbox has played a pivotal role in shaping Malaysia’s fintech ecosystem by facilitating innovations such as fully digital account openings, digital insurance and takaful models as well as cross-border remittance solutions. These experiments have informed the development of new frameworks, including the newly launched licensing application for Digital Insurers and Takaful Operators (DITO) aimed at promoting greater inclusion, competition, and efficiency in the insurance and takaful sectors.
Recognising the growing diversity of innovation, we recently refreshed the Sandbox initiative to introduce two distinct tracks:
This was followed by a significant increase in the volume and diversity of innovations submitted, with a total of 11 Standard Sandbox and three Green Lane applications received in 2024. Certainly, affirming our perspective that regulators and regulations also need to be agile.
Looking ahead, we must also be prepared for transformative technologies on the horizon. These include not only AI and digital assets, but also more recent developments such as quantum computing. While at various stages of maturity, these technologies have the potential to further reshape the financial landscape and may require proportionate and appropriate regulatory responses that keep evolving alongside them.
But none of us can do this alone. The pervasive reach and global nature of these transformative technologies necessitate cross-border approaches. For example, further exploration of joint innovation use cases through cross-border sandboxes can facilitate collaborative experimentation and mutual learning, while a coordinated approach to supervisory oversight is important to ensure a more holistic understanding of risk and collective resilience across economies.
At the same time, the role of regulators needs to keep evolving. While mandates may remain, the delivery of such mandates in many cases now require whole-of-ecosystem approach, as regulators may need to collaborate more closely with other sectoral regulators or consider expanding the remit of its regulation when other parts in the supply chain can affect the performance of the mandates. A strong collaboration between regulators, industry players, and key stakeholders is also vital to fostering an ecosystem that is innovative and robust. By working together, we can build financial systems that not only embrace technology well but can channel it towards strengthening economic resilience and promoting long-term financial well-being.
The second pillar underpinning a future-ready financial system is the digital infrastructure. As digital finance becomes increasingly embedded in our everyday life, we must ensure that the right foundational enablers are in place. These include robust digital identity systems that facilitate secured access to financial services, interoperable payment networks that expand inclusion and reduce costs, and real-time fraud prevention capabilities that sustain public trust. Together, I believe these elements lay the foundation for innovative growth.
Across the globe, countries are at varying stages of developing capabilities for digital financial infrastructure. ASEAN is an active voice and proponent on this pursuit. In 2024, the region made notable strides in strengthening its digital financial infrastructure, focusing particularly on the payments sector. Efforts to enhance cross-border payments connectivity have gained significant momentum across the region, with many countries exploring real-time linkages and multi-currency settlements. Malaysia has been a contributor to this progress, establishing real-time QR payment linkages with Thailand, Indonesia, Singapore and Cambodia, alongside peer-to-peer (P2P) fund transfer capabilities with Singapore and Cambodia. Through these linkages, alongside other bilateral linkages within ASEAN and Asia, customers and businesses benefit from faster, cheaper and more seamless cross-border payments. Looking ahead, Project Nexus – a collaboration with the BIS Innovation Hub and central banks from Singapore, Thailand, the Philippines, and India, aims to create a multi-country instant payment network. This will allow users to send cross-border payments using proxies such as mobile phone numbers, reducing costs and promoting regional financial and economic integration.
The adoption of digital payments – particularly QR-based payments – has also grown significantly in ASEAN. With over 80 e-wallets in ASEAN linking 205 million users and 25 million merchants4, the region is experiencing a transformative shift towards a more digital economy. Malaysia is no exception. Our interoperable QR payment standard, DuitNow QR, has seen widespread adoption, with a 30% increase of QR acceptance points across Malaysia that has contributed to more than two-fold increase in QR transactions in 2024. This success reflects a concerted effort to build an open and efficient payment ecosystem. At the same time, safeguarding public trust remains a top priority. The launch of the National Fraud Portal – a collaboration between Bank Negara Malaysia and Payments Network Malaysia (PayNet), the country’s retail payment system operator – has equipped financial institutions with tools to detect, trace, and freeze suspicious transactions instantaneously. Such initiatives have empowered financial institutions, including our Islamic finance players, to develop more digital and innovative solutions, ensuring the financial sector remains secure.
Digital transformation is also unlocking unique opportunities to advance innovation in Islamic finance through value-based solutions. Globally, impact-driven finance is gaining traction as investors and institutions seek to better align financial activities with social and environmental outcomes. Islamic finance plays a crucial role in this shift, offering ethical and inclusive financial solutions grounded in principles of sustainability and social responsibility. In Southeast Asia, Islamic finance assets reached USD 859 billion or 17% of the global market in 2023, a growth of 11% from the previous year.5 Building on this momentum and leveraging on the Value-Based Intermediation (VBI) framework, Malaysia continues to support financial intermediation that promotes long-term positive impact. Since its inception in 2017, VBI-aligned initiatives have mobilised nearly RM650 billion (or USD140 billion) through various channels including social finance, impact-based lending, and sustainability-focused sukuk.
Complementing these efforts, the Islamic fintech sector in ASEAN has experienced rapid growth in recent years, driven by strong demand for Shariah-compliant financial solutions. As of 2024, Southeast Asia is home to 145 Islamic fintech startups, with Malaysia and Indonesia emerging as key hubs. The region accounted for approximately 13.7% of the global Islamic fintech market size in 2024. This growth is now evolving with the entry and expansion of full-fledged Islamic digital banks. In Malaysia, an Islamic digital bank launched its operations last year and another has been approved to commence operations earlier this year, offering Shariah-compliant savings, financing, and lifestyle services entirely via mobile. Similarly in Indonesia, digital Islamic banking is featured to serve the underserved and promote financial inclusion. This trend signals a broader transformation of the Islamic finance landscape in ASEAN – blending tradition with innovation to meet the evolving needs of Muslim consumers.
Ultimately, stronger regional integration will be a key to unlocking future growth, particularly within the ASEAN region. A well-developed financial ecosystem – comprising both conventional and Islamic finance, supported by digital readiness and progressive regulations – provides fertile ground for competition and innovation. Malaysia’s experience highlights how the right infrastructure and policy environment can empower institutions to build solutions that are not only technologically advanced but also socially meaningful. As we look to the future, the priority for regulators and industry alike is clear: to create a dynamic and inclusive financial sector – one that leverages innovation to strengthen resilience, promote prosperity, and leaves no one behind.
Innovation flourishes in a collaborative environment where creativity is encouraged, risks are well-managed, and failures are seen as learning opportunities. While regulators establish the foundation for a stable and well-functioning financial system, industry players – including incumbent financial institutions, technology firms, and agile startups – are the true driving force behind financial innovation. Across ASEAN, several financial providers have successfully expanded into areas such as digital payments, micro-lending, and insurance, leveraging their extensive customer networks to enhance financial access for the unserved and underserved such as gig economy workers and small businesses.
At the same time, growing collaborations between traditional financial institutions and fintech startups have led to innovative product offerings that blend conventional risk management expertise with the speed and adaptability of startups. However, as financial services evolve, these advancements have also introduced new challenges that must be carefully managed to ensure responsible and sustainable innovation.
Responsible innovation, the third aspect in strengthening our foundations, requires strong governance, sound risk management, and an unwavering commitment to market integrity. Industry leaders must ensure that technological advancements are supported by robust safeguards while continuously strengthening talent and technological capabilities. By doing so, we can welcome new ideas responsibly, challenge the status quo, and continuously seek better ways to serve our customers and communities.
One key area of focus is Open Finance, which aims to empower consumers by giving them greater control over their personal financial data in an increasingly interconnected financial ecosystem. The success of Open Finance relies on industry leadership in developing safe, responsible, and innovative products that maximise the benefits of data sharing while safeguarding consumer interests. By proactively shaping secure standards and building public confidence in an open ecosystem, financial players can unlock new opportunities for financial inclusion, efficiency and competition.
Beyond Open Finance, emerging technologies such as alternative credit scoring models and AI-driven lending solutions present significant potential to address longstanding challenges, particularly in bridging financing and protection gaps for underserved communities. Thoughtful product design, strategic partnerships, and improved accessibility will be key to ensuring that these innovations reach those who need them most while maintaining financial system integrity.
Ultimately, innovation should drive meaningful impact by fostering efficiency, financial inclusion, and economic resilience. However, success depends on two fundamental factors: accessibility and trust. It is crucial to bridge geographical, economic, and digital divides by integrating financial literacy into digital solutions to bring about real, positive change. While regulators will continue to promote financial literacy initiatives, it is equally important for innovators to embed educational elements into everyday financial interactions. Leveraging digital platforms, AI-driven advisory tools, and personalised financial solutions can empower individuals and businesses to navigate an increasingly digital economy – ensuring that innovation remains a force for good, benefiting society as a whole.
Let me conclude. As we navigate this era of rapid technological transformation, innovation must be both inclusive and purposeful. The advancements we witness today – whether in AI, digital assets, or payments – underscore the importance of a collective commitment to shaping a fintech ecosystem that is dynamic, resilient, and responsive to the real needs of businesses and communities.
At Bank Negara Malaysia, we believe that responsible innovation is best achieved through collaboration and co-creation – where key stakeholders are brought to the table early to jointly navigate trade-offs and shape practical solutions. Platforms such as the Regulatory Sandbox provide space for innovators to engage with regulators, test emerging technologies, and develop solutions that improve financial access and efficiency. On this, we actively support the exploration of innovative solutions that expand the frontiers of traditional finance in our Sandbox, including in the areas of AI, asset tokenisation, digital insurance, electronic Know-Your-Customer solutions and advanced income estimation models.
Key global gatherings such as this demonstrate the promise of collaboration in driving progress and innovation. Similarly, throughout this year, events across ASEAN will serve as important platforms for effective dialogue and partnership. In Malaysia, we seek to contribute to this exchange at the MyFintech Week 2025, happening on 4–7 August in Kuala Lumpur. This event, which we organise alongside other regulators and industry players, will bring together thought leaders, innovators, and policymakers in conversation to collectively shape the future of finance.
We will also have the 9th edition of the Global Islamic Finance Forum and the 2nd Impact Challenge Prize on 6–8 October 2025, aimed to sustain the momentum in advancing financial inclusion and impact-driven solutions by showcasing how Islamic finance can drive business progression while empowering societies. By blending ethical foundations with cutting-edge advancements, the event provides insight into the pathways to sustainable growth, fostering inclusivity, innovation and resilience.
Finally, as the ASEAN chairman this year, Malaysia looks forward to further advancing ASEAN’s aspirations in deepening regional financial integration and advancing a more connected, sustainable, and inclusive ASEAN financial ecosystem. We all here today have an invaluable role to play in seizing these opportunities, embracing partnerships and ensuring that innovation is grounded in trust, security, and inclusivity.
Together, we can shape a financial future that is progressive, resilient and forward-looking. Thank you.
Source: Government of Sweden
In a government bill submitted to the Riksdag last week, a new Act is proposed concerning state aid for companies looking to invest in new nuclear power reactors. A memorandum that will be referred for consultation today proposes supplementary provisions on how companies’ applications for aid should be structured.
Source: European Central Bank
2 May 2025
Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 2025[1], which broadly corresponds to expectations expressed in the previous quarter. For price terms, survey responses indicated no net change, while for non-price terms a very minor net tightening was reported. For the second quarter of 2025, some survey respondents expected a slight tightening in credit terms and conditions. However, the vast majority (88%) stated that, overall, no changes were foreseen (Chart 1).
Expected and realised quarterly changes in overall credit terms and price/non-price terms offered to counterparties across all transaction types
(net percentages of survey respondents)
Source: ECB.
Note: Net percentages are calculated as the difference between the percentage of respondents reporting “tightened somewhat” or “tightened considerably” and the percentage reporting “eased somewhat” or “eased considerably”.
Turning to financing conditions for funding secured against the various types of collateral, respondents pointed to a decrease in haircuts across nearly all asset classes. Only for high-quality government, sub-national and supra-national bonds were no net changes reported. In particular, credit secured against high-quality corporate bonds, both financial and non-financial, experienced considerable net decreases in haircuts, with a net 20% of respondents marking a decline (Chart 2, panel a). Moreover, financing rates/spreads have now reversed a three-year trend of net increases across all collateral types except equities. For corporate bonds, asset-backed securities and covered bonds, a net decrease of financing rates/spreads has materialised for the first time since 2021 (Chart 2, panel b). At the same time, demand for funding secured against government bonds experienced a net decrease for the first time in more than three years (Chart 2, panel c).
Securities financing transactions experienced reversals of multiple long-term trends
|
a) Change in haircuts for funding secured against high-quality financial corporate bonds |
b) Change in financing rates/spreads for funding secured against high-yield corporate bonds |
c) Change in demand for funding secured against domestic government bonds |
|---|---|---|
|
(net percentages of survey respondents) |
(net percentages of survey respondents) |
(net percentages of survey respondents) |
Note: Net percentages are calculated as the difference between the percentage of respondents reporting “tightened somewhat” or “tightened considerably” and the percentage reporting “eased somewhat” or “eased considerably”.
Looking at credit terms and conditions for the various types of non-centrally cleared OTC derivatives, initial margin requirements, credit limits and liquidity remained largely unchanged. However, survey respondents pointed out a noticeable change for the duration and persistence of valuation disputes, which decreased somewhat across all types of derivatives.
The ECB included a number of special questions in the March 2025 survey to look at longer‑term trends. The survey asked respondents to compare credit terms and conditions at the end of February 2025[2] with those reported in the March 2024 survey. Compared to the previous year, overall terms and conditions for securities financing and OTC derivatives transactions had remained largely unchanged, skewed very slightly towards tightening across all counterparties. Respondents reported a minor tightening of credit terms for secured funding of equities and convertible securities, and a very slight easing with regard to non-domestic government bonds.
The results of the March 2025 SESFOD survey, the underlying detailed data seriesSESFOD guidelines and the are available on the ECB’s website, together with all other SESFOD publications.
The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over three-month reference periods ending in February, May, August and November. The March 2025 survey collected qualitative information on changes between December 2024 and February 2025. The results are based on the responses received from a panel of 27 large banks, comprising 14 euro area banks and 13 banks with head offices outside the euro area.
For media queries, please contact Verena Reith, tel.: +49 172 2570849.
Source: GlobeNewswire (MIL-OSI)
| SHELL PLC 1st QUARTER 2025 UNAUDITED RESULTS |
||||||||||||||
| SUMMARY OF UNAUDITED RESULTS | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| 4,780 | 928 | 7,358 | +415 | Income/(loss) attributable to Shell plc shareholders | ||||||||||||||||||||||
| 5,577 | 3,661 | 7,734 | +52 | Adjusted Earnings | A | |||||||||||||||||||||
| 15,250 | 14,281 | 18,711 | +7 | Adjusted EBITDA | A | |||||||||||||||||||||
| 9,281 | 13,162 | 13,330 | -29 | Cash flow from operating activities | ||||||||||||||||||||||
| (3,959) | (4,431) | (3,528) | Cash flow from investing activities | |||||||||||||||||||||||
| 5,322 | 8,731 | 9,802 | Free cash flow | G | ||||||||||||||||||||||
| 4,175 | 6,924 | 4,493 | Cash capital expenditure | C | ||||||||||||||||||||||
| 8,575 | 9,401 | 8,997 | -9 | Operating expenses | F | |||||||||||||||||||||
| 8,453 | 9,138 | 9,054 | -7 | Underlying operating expenses | F | |||||||||||||||||||||
| 10.4% | 11.3% | 12.0% | ROACE | D | ||||||||||||||||||||||
| 76,511 | 77,078 | 79,931 | Total debt | E | ||||||||||||||||||||||
| 41,521 | 38,809 | 40,513 | Net debt | E | ||||||||||||||||||||||
| 18.7% | 17.7% | 17.7% | Gearing | E | ||||||||||||||||||||||
| 2,838 | 2,815 | 2,911 | +1 | Oil and gas production available for sale (thousand boe/d) | ||||||||||||||||||||||
| 0.79 | 0.15 | 1.14 | +427 | Basic earnings per share ($) | ||||||||||||||||||||||
| 0.92 | 0.60 | 1.20 | +53 | Adjusted Earnings per share ($) | B | |||||||||||||||||||||
| 0.3580 | 0.3580 | 0.3440 | — | Dividend per share ($) | ||||||||||||||||||||||
1.Q1 on Q4 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.
First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 billion.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.
Cash flow from operating activities for the first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.
Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 billion, and net other investing cash outflows of $0.9 billion which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by divestment proceeds of $0.6 billion.
Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Shareholder distributions
Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
3.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In March 2025, we completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).
Upstream
In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of America. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).
In February 2025, we announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.
In February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.
In March 2025, we completed the sale of SPDC to Renaissance, as announced in January 2024.
In March 2025, we announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC).
Chemicals and Products
In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.
In April 2025, we completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.
Renewables and Energy Solutions
In January 2025, we completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA.
Page 2
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
| INTEGRATED GAS | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| 2,789 | 1,744 | 2,761 | +60 | Income/(loss) for the period | ||||||||||||||||||||||
| 306 | (421) | (919) | Of which: Identified items | A | ||||||||||||||||||||||
| 2,483 | 2,165 | 3,680 | +15 | Adjusted Earnings | A | |||||||||||||||||||||
| 4,735 | 4,568 | 6,136 | +4 | Adjusted EBITDA | A | |||||||||||||||||||||
| 3,463 | 4,391 | 4,712 | -21 | Cash flow from operating activities | A | |||||||||||||||||||||
| 1,116 | 1,337 | 1,041 | Cash capital expenditure | C | ||||||||||||||||||||||
| 126 | 116 | 137 | +9 | Liquids production available for sale (thousand b/d) | ||||||||||||||||||||||
| 4,644 | 4,574 | 4,954 | +2 | Natural gas production available for sale (million scf/d) | ||||||||||||||||||||||
| 927 | 905 | 992 | +2 | Total production available for sale (thousand boe/d) | ||||||||||||||||||||||
| 6.60 | 7.06 | 7.58 | -6 | LNG liquefaction volumes (million tonnes) | ||||||||||||||||||||||
| 16.49 | 15.50 | 16.87 | +6 | LNG sales volumes (million tonnes) | ||||||||||||||||||||||
1.Q1 on Q4 change
Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.
Identified items in the first quarter 2025 included favourable movements of $362 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2024 which 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 due to the fair value accounting of commodity derivatives.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.
Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Page 3
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| UPSTREAM | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| 2,080 | 1,031 | 2,272 | +102 | Income/(loss) for the period | ||||||||||||||||||||||
| (257) | (651) | 339 | Of which: Identified items | A | ||||||||||||||||||||||
| 2,337 | 1,682 | 1,933 | +39 | Adjusted Earnings | A | |||||||||||||||||||||
| 7,387 | 7,676 | 7,888 | -4 | Adjusted EBITDA | A | |||||||||||||||||||||
| 3,945 | 4,509 | 5,727 | -13 | Cash flow from operating activities | A | |||||||||||||||||||||
| 1,923 | 2,076 | 2,010 | Cash capital expenditure | C | ||||||||||||||||||||||
| 1,335 | 1,332 | 1,331 | — | Liquids production available for sale (thousand b/d) | ||||||||||||||||||||||
| 3,020 | 3,056 | 3,136 | -1 | Natural gas production available for sale (million scf/d) | ||||||||||||||||||||||
| 1,855 | 1,859 | 1,872 | — | Total production available for sale (thousand boe/d) | ||||||||||||||||||||||
1.Q1 on Q4 change
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).
Identified items in the first quarter 2025 included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.
Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Page 4
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| MARKETING | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| 814 | 103 | 896 | +688 | Income/(loss) for the period | ||||||||||||||||||||||
| (49) | (736) | (7) | Of which: Identified items | A | ||||||||||||||||||||||
| 900 | 839 | 781 | +7 | Adjusted Earnings | A | |||||||||||||||||||||
| 1,869 | 1,709 | 1,686 | +9 | Adjusted EBITDA | A | |||||||||||||||||||||
| 1,907 | 1,363 | 1,319 | +40 | Cash flow from operating activities | A | |||||||||||||||||||||
| 256 | 811 | 465 | Cash capital expenditure | C | ||||||||||||||||||||||
| 2,674 | 2,795 | 2,763 | -4 | Marketing sales volumes (thousand b/d) | ||||||||||||||||||||||
1.Q1 on Q4 change
The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, 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
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).
Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2024, decreased mainly due to seasonality.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Page 5
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| CHEMICALS AND PRODUCTS | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| (77) | (276) | 1,311 | +72 | Income/(loss) for the period | ||||||||||||||||||||||
| (581) | (99) | (458) | Of which: Identified items | A | ||||||||||||||||||||||
| 449 | (229) | 1,615 | +296 | Adjusted Earnings | A | |||||||||||||||||||||
| 1,410 | 475 | 2,826 | +197 | Adjusted EBITDA | A | |||||||||||||||||||||
| 130 | 2,032 | (349) | -94 | Cash flow from operating activities | A | |||||||||||||||||||||
| 458 | 1,392 | 500 | Cash capital expenditure | C | ||||||||||||||||||||||
| 1,362 | 1,215 | 1,430 | +12 | Refinery processing intake (thousand b/d) | ||||||||||||||||||||||
| 2,813 | 2,926 | 2,883 | -4 | Chemicals sales volumes (thousand tonnes) | ||||||||||||||||||||||
1.Q1 on Q4 change
The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).
In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.
Identified items in the first quarter 2025 included impairment charges of $277 million, and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.
Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.
Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Page 6
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| RENEWABLES AND ENERGY SOLUTIONS | ||||||||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | Reference | ||||||||||||||||||||||
| (247) | (1,226) | 553 | +80 | Income/(loss) for the period | ||||||||||||||||||||||
| (205) | (914) | 390 | Of which: Identified items | A | ||||||||||||||||||||||
| (42) | (311) | 163 | +87 | Adjusted Earnings | A | |||||||||||||||||||||
| 111 | (123) | 267 | +190 | Adjusted EBITDA | A | |||||||||||||||||||||
| 367 | 850 | 2,466 | -57 | Cash flow from operating activities | A | |||||||||||||||||||||
| 403 | 1,277 | 438 | Cash capital expenditure | C | ||||||||||||||||||||||
| 76 | 76 | 77 | +1 | External power sales (terawatt hours)2 | ||||||||||||||||||||||
| 184 | 165 | 190 | +12 | Sales of pipeline gas to end-use customers (terawatt hours)3 | ||||||||||||||||||||||
1.Q1 on Q4 change
2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.
Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.
Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Additional Growth Measures
| Quarters | ||||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | %¹ | |||||||||||||||||||||||
| Renewable power generation capacity (gigawatt): | ||||||||||||||||||||||||||
| 3.5 | 3.4 | 3.2 | +4 | – In operation2 | ||||||||||||||||||||||
| 4.0 | 4.0 | 3.5 | -1 | – Under construction and/or committed for sale3 | ||||||||||||||||||||||
1.Q1 on Q4 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.
Page 7
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| CORPORATE | ||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | Reference | |||||||||||||||||
| (483) | (335) | (354) | Income/(loss) for the period | |||||||||||||||||
| (26) | 45 | 14 | Of which: Identified items | A | ||||||||||||||||
| (457) | (380) | (368) | Adjusted Earnings | A | ||||||||||||||||
| (261) | (24) | (92) | Adjusted EBITDA | A | ||||||||||||||||
| (531) | 16 | (545) | Cash flow from operating activities | A | ||||||||||||||||
The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate Adjusted Earnings rather than in the earnings of business segments.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.
Page 8
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
OUTLOOK FOR THE SECOND QUARTER 2025
Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 – $22 billion.
Integrated Gas production is expected to be approximately 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.
Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,600 – 3,100 thousand b/d.
Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.
Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure see reference A.
FORTHCOMING EVENTS
| Date | Event | ||||
| 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 9
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
| CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 69,234 | 66,281 | 72,478 | Revenue1 | ||||||||||||||
| 615 | (156) | 1,318 | Share of profit/(loss) of joint ventures and associates | ||||||||||||||
| 302 | 683 | 907 | Interest and other income/(expenses)2 | ||||||||||||||
| 70,152 | 66,807 | 74,703 | Total revenue and other income/(expenses) | ||||||||||||||
| 45,849 | 43,610 | 46,867 | Purchases | ||||||||||||||
| 5,549 | 5,839 | 5,810 | Production and manufacturing expenses | ||||||||||||||
| 2,840 | 3,231 | 2,975 | Selling, distribution and administrative expenses | ||||||||||||||
| 185 | 331 | 212 | Research and development | ||||||||||||||
| 210 | 861 | 750 | Exploration | ||||||||||||||
| 5,441 | 7,520 | 5,881 | Depreciation, depletion and amortisation2 | ||||||||||||||
| 1,120 | 1,213 | 1,164 | Interest expense | ||||||||||||||
| 61,194 | 62,605 | 63,659 | Total expenditure | ||||||||||||||
| 8,959 | 4,205 | 11,044 | Income/(loss) before taxation | ||||||||||||||
| 4,083 | 3,164 | 3,604 | Taxation charge/(credit)2 | ||||||||||||||
| 4,875 | 1,041 | 7,439 | Income/(loss) for the period | ||||||||||||||
| 95 | 113 | 82 | Income/(loss) attributable to non-controlling interest | ||||||||||||||
| 4,780 | 928 | 7,358 | Income/(loss) attributable to Shell plc shareholders | ||||||||||||||
| 0.79 | 0.15 | 1.14 | Basic earnings per share ($)3 | ||||||||||||||
| 0.79 | 0.15 | 1.13 | Diluted earnings per share ($)3 | ||||||||||||||
1.See Note 2 “Segment information”.
2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
3.See Note 3 “Earnings per share”.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 4,875 | 1,041 | 7,439 | Income/(loss) for the period | ||||||||||||||
| Other comprehensive income/(loss) net of tax: | |||||||||||||||||
| Items that may be reclassified to income in later periods: | |||||||||||||||||
| 1,711 | (4,899) | (1,995) | – Currency translation differences1 | ||||||||||||||
| 6 | (11) | (6) | – Debt instruments remeasurements | ||||||||||||||
| (25) | 224 | 53 | – Cash flow hedging gains/(losses) | ||||||||||||||
| (42) | (50) | (14) | – Deferred cost of hedging | ||||||||||||||
| 74 | (91) | (12) | – Share of other comprehensive income/(loss) of joint ventures and associates | ||||||||||||||
| 1,723 | (4,827) | (1,974) | Total | ||||||||||||||
| Items that are not reclassified to income in later periods: | |||||||||||||||||
| 306 | 239 | 439 | – Retirement benefits remeasurements | ||||||||||||||
| (16) | (50) | 78 | – Equity instruments remeasurements | ||||||||||||||
| (36) | 46 | 10 | – Share of other comprehensive income/(loss) of joint ventures and associates | ||||||||||||||
| 254 | 235 | 528 | Total | ||||||||||||||
| 1,977 | (4,592) | (1,445) | Other comprehensive income/(loss) for the period | ||||||||||||||
| 6,852 | (3,552) | 5,994 | Comprehensive income/(loss) for the period | ||||||||||||||
| 105 | 50 | 56 | Comprehensive income/(loss) attributable to non-controlling interest | ||||||||||||||
| 6,748 | (3,602) | 5,937 | Comprehensive income/(loss) attributable to Shell plc shareholders | ||||||||||||||
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
Page 10
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
| $ million | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Non-current assets | ||||||||
| Goodwill | 16,072 | 16,032 | ||||||
| Other intangible assets1 | 11,365 | 9,480 | ||||||
| Property, plant and equipment | 183,712 | 185,219 | ||||||
| Joint ventures and associates | 24,236 | 23,445 | ||||||
| Investments in securities | 2,284 | 2,255 | ||||||
| Deferred tax | 6,989 | 6,857 | ||||||
| Retirement benefits | 10,266 | 10,003 | ||||||
| Trade and other receivables | 7,269 | 6,018 | ||||||
| Derivative financial instruments² | 400 | 374 | ||||||
| 262,593 | 259,683 | |||||||
| Current assets | ||||||||
| Inventories | 22,984 | 23,426 | ||||||
| Trade and other receivables | 48,247 | 45,860 | ||||||
| Derivative financial instruments² | 8,941 | 9,673 | ||||||
| Cash and cash equivalents | 35,601 | 39,110 | ||||||
| 115,773 | 118,069 | |||||||
| Assets classified as held for sale1 | 10,881 | 9,857 | ||||||
| 126,654 | 127,926 | |||||||
| Total assets | 389,248 | 387,609 | ||||||
| Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Debt | 65,120 | 65,448 | ||||||
| Trade and other payables | 5,487 | 3,290 | ||||||
| Derivative financial instruments² | 1,565 | 2,185 | ||||||
| Deferred tax | 13,257 | 13,505 | ||||||
| Retirement benefits | 6,756 | 6,752 | ||||||
| Decommissioning and other provisions | 20,313 | 21,227 | ||||||
| 112,498 | 112,407 | |||||||
| Current liabilities | ||||||||
| Debt | 11,391 | 11,630 | ||||||
| Trade and other payables | 60,870 | 60,693 | ||||||
| Derivative financial instruments² | 6,371 | 7,391 | ||||||
| Income taxes payable | 4,343 | 4,648 | ||||||
| Decommissioning and other provisions | 5,104 | 4,469 | ||||||
| 88,079 | 88,831 | |||||||
| Liabilities directly associated with assets classified as held for sale1 | 8,001 | 6,203 | ||||||
| 96,080 | 95,034 | |||||||
| Total liabilities | 208,578 | 207,441 | ||||||
| Equity attributable to Shell plc shareholders | 178,813 | 178,307 | ||||||
| Non-controlling interest | 1,856 | 1,861 | ||||||
| Total equity | 180,670 | 180,168 | ||||||
| Total liabilities and equity | 389,248 | 387,609 | ||||||
1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
2. See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.
Page 11
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||||||||||||||||||||||
| Equity attributable to Shell plc shareholders | ||||||||||||||||||||||||||
| $ million | Share capital1 | Shares held in trust | Other reserves² | Retained earnings | Total | Non-controlling interest | Total equity | |||||||||||||||||||
| At January 1, 2025 | 510 | (803) | 19,766 | 158,834 | 178,307 | 1,861 | 180,168 | |||||||||||||||||||
| Comprehensive income/(loss) for the period | — | — | 1,967 | 4,780 | 6,748 | 105 | 6,852 | |||||||||||||||||||
| Transfer from other comprehensive income | — | — | 11 | (11) | — | — | — | |||||||||||||||||||
| Dividends³ | — | — | — | (2,179) | (2,179) | (86) | (2,265) | |||||||||||||||||||
| Repurchases of shares4 | (8) | — | 8 | (3,513) | (3,513) | — | (3,513) | |||||||||||||||||||
| Share-based compensation | — | 500 | (663) | (405) | (567) | — | (567) | |||||||||||||||||||
| Other changes | — | — | — | 23 | 22 | (24) | (2) | |||||||||||||||||||
| At March 31, 2025 | 502 | (304) | 21,090 | 157,527 | 178,813 | 1,856 | 180,670 | |||||||||||||||||||
| At January 1, 2024 | 544 | (997) | 21,145 | 165,915 | 186,607 | 1,755 | 188,362 | |||||||||||||||||||
| Comprehensive income/(loss) for the period | — | — | (1,420) | 7,358 | 5,937 | 56 | 5,994 | |||||||||||||||||||
| Transfer from other comprehensive income | — | — | 138 | (138) | — | — | — | |||||||||||||||||||
| Dividends3 | — | — | — | (2,210) | (2,210) | (68) | (2,278) | |||||||||||||||||||
| Repurchases of shares4 | (7) | — | 7 | (3,502) | (3,502) | — | (3,502) | |||||||||||||||||||
| Share-based compensation | — | 543 | (426) | (392) | (275) | — | (275) | |||||||||||||||||||
| Other changes | — | — | — | 8 | 8 | (4) | 4 | |||||||||||||||||||
| At March 31, 2024 | 537 | (455) | 19,445 | 167,038 | 186,565 | 1,739 | 188,304 | |||||||||||||||||||
1. See Note 4 “Share capital”.
2. See Note 5 “Other reserves”.
3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.
Page 12
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||
| Quarters | $ million | |||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | ||||||||||||||||||
| 8,959 | 4,205 | 11,044 | Income before taxation for the period | |||||||||||||||||
| Adjustment for: | ||||||||||||||||||||
| 636 | 665 | 576 | – Interest expense (net) | |||||||||||||||||
| 5,441 | 7,520 | 5,881 | – Depreciation, depletion and amortisation1 | |||||||||||||||||
| 28 | 649 | 554 | – Exploration well write-offs | |||||||||||||||||
| 127 | 288 | (10) | – Net (gains)/losses on sale and revaluation of non-current assets and businesses | |||||||||||||||||
| (615) | 156 | (1,318) | – Share of (profit)/loss of joint ventures and associates | |||||||||||||||||
| 523 | 1,241 | 738 | – Dividends received from joint ventures and associates | |||||||||||||||||
| 854 | 131 | (608) | – (Increase)/decrease in inventories | |||||||||||||||||
| (2,610) | 751 | (195) | – (Increase)/decrease in current receivables | |||||||||||||||||
| (907) | 1,524 | (1,949) | – Increase/(decrease) in current payables | |||||||||||||||||
| (244) | 111 | 1,386 | – Derivative financial instruments | |||||||||||||||||
| (100) | (58) | (61) | – Retirement benefits | |||||||||||||||||
| (480) | (256) | (600) | – Decommissioning and other provisions | |||||||||||||||||
| 570 | (856) | 509 | – Other1 | |||||||||||||||||
| (2,900) | (2,910) | (2,616) | Tax paid | |||||||||||||||||
| 9,281 | 13,162 | 13,330 | Cash flow from operating activities | |||||||||||||||||
| (3,748) | (6,486) | (3,980) | Capital expenditure | |||||||||||||||||
| (413) | (421) | (500) | Investments in joint ventures and associates | |||||||||||||||||
| (15) | (17) | (13) | Investments in equity securities | |||||||||||||||||
| (4,175) | (6,924) | (4,493) | Cash capital expenditure | |||||||||||||||||
| 559 | 493 | 323 | Proceeds from sale of property, plant and equipment and businesses | |||||||||||||||||
| 33 | 305 | 133 | Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans | |||||||||||||||||
| 5 | 6 | 569 | Proceeds from sale of equity securities | |||||||||||||||||
| 508 | 581 | 577 | Interest received | |||||||||||||||||
| 506 | 1,762 | 857 | Other investing cash inflows | |||||||||||||||||
| (1,394) | (655) | (1,494) | Other investing cash outflows1 | |||||||||||||||||
| (3,959) | (4,431) | (3,528) | Cash flow from investing activities | |||||||||||||||||
| 80 | 65 | (107) | Net increase/(decrease) in debt with maturity period within three months | |||||||||||||||||
| Other debt: | ||||||||||||||||||||
| 139 | (13) | 167 | – New borrowings | |||||||||||||||||
| (2,514) | (2,664) | (1,532) | – Repayments | |||||||||||||||||
| (846) | (1,379) | (911) | Interest paid | |||||||||||||||||
| 326 | (833) | (297) | Derivative financial instruments | |||||||||||||||||
| (25) | (10) | (4) | Change in non-controlling interest | |||||||||||||||||
| Cash dividends paid to: | ||||||||||||||||||||
| (2,179) | (2,114) | (2,210) | – Shell plc shareholders | |||||||||||||||||
| (86) | (53) | (68) | – Non-controlling interest | |||||||||||||||||
| (3,311) | (3,579) | (2,824) | Repurchases of shares | |||||||||||||||||
| (768) | (309) | (462) | Shares held in trust: net sales/(purchases) and dividends received | |||||||||||||||||
| (9,183) | (10,889) | (8,248) | Cash flow from financing activities | |||||||||||||||||
| 353 | (985) | (379) | Effects of exchange rate changes on cash and cash equivalents | |||||||||||||||||
| (3,509) | (3,142) | 1,175 | Increase/(decrease) in cash and cash equivalents | |||||||||||||||||
| 39,110 | 42,252 | 38,774 | Cash and cash equivalents at beginning of period | |||||||||||||||||
| 35,601 | 39,110 | 39,949 | Cash and cash equivalents at end of period | |||||||||||||||||
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
Page 13
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
Key accounting considerations, significant judgements and estimates
Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.
The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first quarter 2025 remain unchanged compared with 2024.
2. Segment information
With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period.
The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.
Page 14
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| REVENUE AND ADJUSTED EARNINGS BY SEGMENT | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| Third-party revenue | |||||||||||||||||
| 9,602 | 9,294 | 9,195 | Integrated Gas | ||||||||||||||
| 1,510 | 1,652 | 1,759 | Upstream | ||||||||||||||
| 27,083 | 27,524 | 30,041 | Marketing | ||||||||||||||
| 21,610 | 19,992 | 23,735 | Chemicals and Products | ||||||||||||||
| 9,417 | 7,808 | 7,737 | Renewables and Energy Solutions | ||||||||||||||
| 12 | 10 | 11 | Corporate | ||||||||||||||
| 69,234 | 66,281 | 72,478 | Total third-party revenue1 | ||||||||||||||
| Inter-segment revenue | |||||||||||||||||
| 2,675 | 2,024 | 2,404 | Integrated Gas | ||||||||||||||
| 9,854 | 9,931 | 10,287 | Upstream | ||||||||||||||
| 1,849 | 984 | 1,355 | Marketing | ||||||||||||||
| 8,255 | 8,656 | 10,312 | Chemicals and Products | ||||||||||||||
| 1,164 | 1,879 | 1,005 | Renewables and Energy Solutions | ||||||||||||||
| — | — | — | Corporate | ||||||||||||||
| Adjusted Earnings | |||||||||||||||||
| 2,483 | 2,165 | 3,680 | Integrated Gas | ||||||||||||||
| 2,337 | 1,682 | 1,933 | Upstream | ||||||||||||||
| 900 | 839 | 781 | Marketing | ||||||||||||||
| 449 | (229) | 1,615 | Chemicals and Products | ||||||||||||||
| (42) | (311) | 163 | Renewables and Energy Solutions | ||||||||||||||
| (457) | (380) | (368) | Corporate | ||||||||||||||
| 5,670 | 3,766 | 7,804 | Total Adjusted Earnings2 | ||||||||||||||
| 5,577 | 3,661 | 7,734 | Adjusted Earnings attributable to Shell plc shareholders | ||||||||||||||
| 94 | 106 | 70 | Adjusted Earnings attributable to non-controlling interest | ||||||||||||||
1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.
2.See Reconciliation of income for the period to Adjusted Earnings below.
Page 15
SHELL PLC
1st QUARTER 2025 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 | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| Capital expenditure | |||||||||||||||||
| 943 | 1,123 | 858 | Integrated Gas | ||||||||||||||
| 1,727 | 2,205 | 1,766 | Upstream | ||||||||||||||
| 252 | 798 | 427 | Marketing | ||||||||||||||
| 451 | 1,121 | 474 | Chemicals and Products | ||||||||||||||
| 358 | 1,214 | 421 | Renewables and Energy Solutions | ||||||||||||||
| 17 | 25 | 34 | Corporate | ||||||||||||||
| 3,748 | 6,486 | 3,980 | Total capital expenditure | ||||||||||||||
| Add: Investments in joint ventures and associates | |||||||||||||||||
| 174 | 214 | 184 | Integrated Gas | ||||||||||||||
| 197 | (117) | 244 | Upstream | ||||||||||||||
| 4 | 13 | 38 | Marketing | ||||||||||||||
| 7 | 271 | 26 | Chemicals and Products | ||||||||||||||
| 30 | 36 | 8 | Renewables and Energy Solutions | ||||||||||||||
| 1 | 4 | — | Corporate | ||||||||||||||
| 413 | 421 | 500 | Total investments in joint ventures and associates | ||||||||||||||
| Add: Investments in equity securities | |||||||||||||||||
| — | — | — | Integrated Gas | ||||||||||||||
| — | (11) | — | Upstream | ||||||||||||||
| — | — | — | Marketing | ||||||||||||||
| — | — | — | Chemicals and Products | ||||||||||||||
| 14 | 28 | 10 | Renewables and Energy Solutions | ||||||||||||||
| — | — | 3 | Corporate | ||||||||||||||
| 15 | 17 | 13 | Total investments in equity securities | ||||||||||||||
| Cash capital expenditure | |||||||||||||||||
| 1,116 | 1,337 | 1,041 | Integrated Gas | ||||||||||||||
| 1,923 | 2,076 | 2,010 | Upstream | ||||||||||||||
| 256 | 811 | 465 | Marketing | ||||||||||||||
| 458 | 1,392 | 500 | Chemicals and Products | ||||||||||||||
| 403 | 1,277 | 438 | Renewables and Energy Solutions | ||||||||||||||
| 19 | 30 | 37 | Corporate | ||||||||||||||
| 4,175 | 6,924 | 4,493 | Total Cash capital expenditure | ||||||||||||||
Page 16
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 4,780 | 928 | 7,358 | Income/(loss) attributable to Shell plc shareholders | ||||||||||||||
| 95 | 113 | 82 | Income/(loss) attributable to non-controlling interest | ||||||||||||||
| 4,875 | 1,041 | 7,439 | Income/(loss) for the period | ||||||||||||||
| (15) | (75) | (360) | Add: Current cost of supplies adjustment before taxation | ||||||||||||||
| (2) | 23 | 84 | Add: Tax on current cost of supplies adjustment | ||||||||||||||
| (510) | (3,008) | (1,244) | Less: Identified items adjustment before taxation | ||||||||||||||
| 301 | (230) | (604) | Add: Tax on identified items adjustment | ||||||||||||||
| 5,670 | 3,766 | 7,804 | Adjusted Earnings | ||||||||||||||
| 5,577 | 3,661 | 7,734 | Adjusted Earnings attributable to Shell plc shareholders | ||||||||||||||
| 94 | 106 | 70 | Adjusted Earnings attributable to non-controlling interest | ||||||||||||||
Identified items
The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
| Q1 2025 | $ 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) | (106) | (1) | 154 | (57) | (15) | (187) | — | ||||||||||||||||
| Impairment reversals/(impairments) | (341) | — | (21) | 10 | (293) | (38) | — | ||||||||||||||||
| Redundancy and restructuring | (44) | (1) | (15) | (9) | (13) | (9) | 4 | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | 194 | 420 | (1) | 12 | (258) | 20 | — | ||||||||||||||||
| Other2 | (212) | (70) | 4 | — | (101) | (46) | — | ||||||||||||||||
| Total identified items included in Income/(loss) before taxation | (510) | 348 | 121 | (44) | (679) | (260) | 4 | ||||||||||||||||
| Less: Total identified items included in Taxation charge/(credit) | 301 | 43 | 378 | 4 | (99) | (54) | 29 | ||||||||||||||||
| Identified items included in Income/(loss) for the period | |||||||||||||||||||||||
| Divestment gains/(losses) | (208) | — | 8 | (61) | (12) | (143) | — | ||||||||||||||||
| Impairment reversals/(impairments) | (317) | — | (15) | 6 | (277) | (31) | — | ||||||||||||||||
| Redundancy and restructuring | (24) | (1) | (5) | (1) | (12) | (7) | 2 | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | 187 | 362 | — | 7 | (202) | 20 | — | ||||||||||||||||
| Impact of exchange rate movements and inflationary adjustments on tax balances3 | 108 | 4 | 132 | — | — | — | (28) | ||||||||||||||||
| Other2 | (558) | (59) | (377) | — | (77) | (45) | — | ||||||||||||||||
| Impact on Adjusted Earnings | (811) | 306 | (257) | (49) | (581) | (205) | (26) | ||||||||||||||||
| Impact on Adjusted Earnings attributable to non-controlling interest | — | — | — | — | — | — | — | ||||||||||||||||
| Impact on Adjusted Earnings attributable to Shell plc shareholders | (811) | 306 | (257) | (49) | (581) | (205) | (26) | ||||||||||||||||
1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end
Page 17
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.
2.Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.
3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).
| 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) | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | 209 | 136 | (14) | 58 | (38) | 67 | — | ||||||||||||||||
| Other1 | (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) | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | 184 | 109 | (4) | 46 | (17) | 50 | — | ||||||||||||||||
| Impact of exchange rate movements and inflationary adjustments on tax balances1 | (210) | (57) | (199) | — | — | — | 46 | ||||||||||||||||
| Other1 | (147) | (22) | (212) | (25) | 113 | — | — | ||||||||||||||||
| Impact on Adjusted Earnings | (2,778) | (421) | (651) | (736) | (99) | (914) | 45 | ||||||||||||||||
| Impact on Adjusted Earnings attributable to non-controlling interest | — | — | — | — | — | — | — | ||||||||||||||||
| Impact on Adjusted Earnings attributable to Shell plc shareholders | (2,778) | (421) | (651) | (736) | (99) | (914) | 45 | ||||||||||||||||
1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.
Page 18
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| Q1 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) | 10 | (3) | 27 | (15) | (9) | 10 | — | ||||||||||||||||
| Impairment reversals/(impairments) | (227) | (8) | (96) | (4) | (178) | 59 | — | ||||||||||||||||
| Redundancy and restructuring | (74) | (1) | (13) | (20) | (18) | (15) | (6) | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | (1,079) | (1,068) | (2) | 6 | (416) | 400 | — | ||||||||||||||||
| Other1 | 126 | 4 | 38 | 23 | 45 | 16 | — | ||||||||||||||||
| Total identified items included in Income/(loss) before taxation | (1,244) | (1,075) | (46) | (11) | (575) | 469 | (6) | ||||||||||||||||
| Less: Total identified items included in Taxation charge/(credit) | (604) | (157) | (385) | (4) | (118) | 80 | (20) | ||||||||||||||||
| Identified items included in Income/(loss) for the period | |||||||||||||||||||||||
| Divestment gains/(losses) | (4) | (2) | 10 | (11) | (7) | 6 | — | ||||||||||||||||
| Impairment reversals/(impairments) | (186) | (5) | (102) | (3) | (152) | 77 | — | ||||||||||||||||
| Redundancy and restructuring | (53) | (1) | (9) | (15) | (14) | (11) | (4) | ||||||||||||||||
| Fair value accounting of commodity derivatives and certain gas contracts1 | (896) | (887) | — | 5 | (319) | 306 | — | ||||||||||||||||
| Impact of exchange rate movements and inflationary adjustments on tax balances1 | 403 | (27) | 412 | — | — | — | 18 | ||||||||||||||||
| Other1 | 95 | 3 | 28 | 17 | 34 | 12 | — | ||||||||||||||||
| Impact on Adjusted Earnings | (641) | (919) | 339 | (7) | (458) | 390 | 14 | ||||||||||||||||
| Impact on Adjusted Earnings attributable to non-controlling interest | — | — | — | — | — | — | — | ||||||||||||||||
| Impact on Adjusted Earnings attributable to Shell plc shareholders | (641) | (919) | 339 | (7) | (458) | 390 | 14 | ||||||||||||||||
1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.
The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income.
3. Earnings per share
| EARNINGS PER SHARE | |||||||||||||||||
| Quarters | |||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 4,780 | 928 | 7,358 | Income/(loss) attributable to Shell plc shareholders ($ million) | ||||||||||||||
| Weighted average number of shares used as the basis for determining: | |||||||||||||||||
| 6,033.5 | 6,148.4 | 6,440.1 | Basic earnings per share (million) | ||||||||||||||
| 6,087.8 | 6,213.9 | 6,504.3 | Diluted earnings per share (million) | ||||||||||||||
Page 19
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
4. Share capital
| ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH | ||||||||||||||
| Number of shares | Nominal value ($ million) |
|||||||||||||
| At January 1, 2025 | 6,115,031,158 | 510 | ||||||||||||
| Repurchases of shares | (98,948,766) | (8) | ||||||||||||
| At March 31, 2025 | 6,016,082,392 | 502 | ||||||||||||
| At January 1, 2024 | 6,524,109,049 | 544 | ||||||||||||
| Repurchases of shares | (88,893,999) | (7) | ||||||||||||
| At March 31, 2024 | 6,435,215,050 | 537 | ||||||||||||
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.
5. Other reserves
| OTHER RESERVES | ||||||||||||||||||||
| $ million | Merger reserve | Share premium reserve | Capital redemption reserve | Share plan reserve | Accumulated other comprehensive income | Total | ||||||||||||||
| At January 1, 2025 | 37,298 | 154 | 270 | 1,417 | (19,373) | 19,766 | ||||||||||||||
| Other comprehensive income/(loss) attributable to Shell plc shareholders | — | — | — | — | 1,967 | 1,967 | ||||||||||||||
| Transfer from other comprehensive income | — | — | — | — | 11 | 11 | ||||||||||||||
| Repurchases of shares | — | — | 8 | — | — | 8 | ||||||||||||||
| Share-based compensation | — | — | — | (663) | — | (663) | ||||||||||||||
| At March 31, 2025 | 37,298 | 154 | 279 | 754 | (17,394) | 21,090 | ||||||||||||||
| At January 1, 2024 | 37,298 | 154 | 236 | 1,308 | (17,851) | 21,145 | ||||||||||||||
| Other comprehensive income/(loss) attributable to Shell plc shareholders | — | — | — | — | (1,420) | (1,420) | ||||||||||||||
| Transfer from other comprehensive income | — | — | — | — | 138 | 138 | ||||||||||||||
| Repurchases of shares | — | — | 7 | — | — | 7 | ||||||||||||||
| Share-based compensation | — | — | — | (426) | — | (426) | ||||||||||||||
| At March 31, 2024 | 37,298 | 154 | 244 | 882 | (19,132) | 19,445 | ||||||||||||||
The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F 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 March 31, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.
Page 20
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 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 | March 31, 2025 | December 31, 2024 | ||||||
| Carrying amount1 | 48,023 | 48,376 | ||||||
| Fair value2 | 44,240 | 44,119 | ||||||
1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2025.
2. Mainly determined from the prices quoted for these securities.
7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements
Consolidated Statement of Income
Interest and other income
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 302 | 683 | 907 | Interest and other income/(expenses) | ||||||||||||||
| Of which: | |||||||||||||||||
| 481 | 548 | 588 | Interest income | ||||||||||||||
| 1 | 25 | 23 | Dividend income (from investments in equity securities) | ||||||||||||||
| (127) | (288) | 10 | Net gains/(losses) on sales and revaluation of non-current assets and businesses | ||||||||||||||
| (137) | 267 | 66 | Net foreign exchange gains/(losses) on financing activities | ||||||||||||||
| 85 | 131 | 219 | Other | ||||||||||||||
Depreciation, depletion and amortisation
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 5,441 | 7,520 | 5,881 | Depreciation, depletion and amortisation | ||||||||||||||
| Of which: | |||||||||||||||||
| 5,130 | 5,829 | 5,654 | Depreciation | ||||||||||||||
| 311 | 1,797 | 382 | Impairments | ||||||||||||||
| (1) | (106) | (154) | Impairment reversals | ||||||||||||||
Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.
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).
Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller
impairments in various segments.
Page 21
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Taxation charge/credit
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 4,083 | 3,164 | 3,604 | Taxation charge/(credit) | ||||||||||||||
| Of which: | |||||||||||||||||
| 4,024 | 3,125 | 3,525 | Income tax excluding Pillar Two income tax | ||||||||||||||
| 59 | 39 | 79 | Income tax related to Pillar Two income tax | ||||||||||||||
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 | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 1,711 | (4,899) | (1,995) | Currency translation differences | ||||||||||||||
| Of which: | |||||||||||||||||
| 1,618 | (5,028) | (1,983) | Recognised in Other comprehensive income | ||||||||||||||
| 92 | 129 | (12) | (Gain)/loss reclassified to profit or loss | ||||||||||||||
Condensed Consolidated Balance Sheet
Other intangible assets
| $ million | |||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| Other intangible assets | 11,365 | 9,480 | |||||||||
The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.
Assets classified as held for sale
| $ million | |||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| Assets classified as held for sale | 10,881 | 9,857 | |||||||||
| Liabilities directly associated with assets classified as held for sale | 8,001 | 6,203 | |||||||||
Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both in Chemicals and Products. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.
The major classes of assets and liabilities classified as held for sale at March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).
Page 22
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Consolidated Statement of Cash Flows
Cash flow from operating activities – Other
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 570 | (856) | 509 | Other | ||||||||||||||
‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).
Cash flow from investing activities – Other investing cash outflows
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| (1,394) | (655) | (1,494) | Other investing cash outflows | ||||||||||||||
‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.
8. Reconciliation of Operating expenses and Total Debt
| RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 5,549 | 5,839 | 5,810 | Production and manufacturing expenses | ||||||||||||||
| 2,840 | 3,231 | 2,975 | Selling, distribution and administrative expenses | ||||||||||||||
| 185 | 331 | 212 | Research and development | ||||||||||||||
| 8,575 | 9,401 | 8,997 | Operating expenses | ||||||||||||||
| RECONCILIATION OF TOTAL DEBT | |||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | $ million | ||||||||||||||
| 11,391 | 11,630 | 11,046 | Current debt | ||||||||||||||
| 65,120 | 65,448 | 68,886 | Non-current debt | ||||||||||||||
| 76,511 | 77,078 | 79,931 | Total debt | ||||||||||||||
Page 23
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities
The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.
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.
| Q1 2025 | $ million | ||||||||||||||||||||||
| Total | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | |||||||||||||||||
| Income/(loss) for the period | 4,875 | 2,789 | 2,080 | 814 | (77) | (247) | (483) | ||||||||||||||||
| Add: Current cost of supplies adjustment before taxation | (15) | 52 | (67) | ||||||||||||||||||||
| Add: Tax on current cost of supplies adjustment | (2) | (14) | 12 | ||||||||||||||||||||
| Less: Identified items | (811) | 306 | (257) | (49) | (581) | (205) | (26) | ||||||||||||||||
| Less: Income/(loss) attributable to non-controlling interest | 95 | ||||||||||||||||||||||
| Less: Current cost of supplies adjustment attributable to non-controlling interest | (1) | ||||||||||||||||||||||
| Add: Identified items attributable to non-controlling interest | — | ||||||||||||||||||||||
| Adjusted Earnings | 5,577 | ||||||||||||||||||||||
| Add: Non-controlling interest | 94 | ||||||||||||||||||||||
| Adjusted Earnings plus non-controlling interest | 5,670 | 2,483 | 2,337 | 900 | 449 | (42) | (457) | ||||||||||||||||
| Add: Taxation charge/(credit) excluding tax impact of identified items | 3,784 | 803 | 2,619 | 391 | 99 | 63 | (191) | ||||||||||||||||
| Add: Depreciation, depletion and amortisation excluding impairments | 5,130 | 1,404 | 2,213 | 566 | 852 | 90 | 6 | ||||||||||||||||
| Add: Exploration well write-offs | 28 | — | 29 | ||||||||||||||||||||
| Add: Interest expense excluding identified items | 1,119 | 51 | 200 | 12 | 14 | 2 | 841 | ||||||||||||||||
| Less: Interest income | 481 | 4 | 11 | — | 4 | 2 | 461 | ||||||||||||||||
| Adjusted EBITDA | 15,250 | 4,735 | 7,387 | 1,869 | 1,410 | 111 | (261) | ||||||||||||||||
| Less: Current cost of supplies adjustment before taxation | (15) | 52 | (67) | ||||||||||||||||||||
| Joint ventures and associates (dividends received less profit) | (178) | (286) | (159) | 203 | 54 | 10 | — | ||||||||||||||||
| Derivative financial instruments | (38) | 542 | 14 | 10 | (508) | (169) | 73 | ||||||||||||||||
| Taxation paid | (2,900) | (773) | (1,999) | (174) | 63 | 52 | (68) | ||||||||||||||||
| Other | (206) | (68) | (386) | 396 | 125 | (17) | (257) | ||||||||||||||||
| (Increase)/decrease in working capital | (2,663) | (687) | (913) | (344) | (1,081) | 380 | (19) | ||||||||||||||||
| Cash flow from operating activities | 9,281 | 3,463 | 3,945 | 1,907 | 130 | 367 | (531) | ||||||||||||||||
Page 24
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| Q4 2024 | $ million | ||||||||||||||||||||||
| Total | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | |||||||||||||||||
| Income/(loss) for the period | 1,041 | 1,744 | 1,031 | 103 | (276) | (1,226) | (335) | ||||||||||||||||
| Add: Current cost of supplies adjustment before taxation | (75) | (2) | (73) | ||||||||||||||||||||
| Add: Tax on current cost of supplies adjustment | 23 | 2 | 21 | ||||||||||||||||||||
| Less: Identified items | (2,778) | (421) | (651) | (736) | (99) | (914) | 45 | ||||||||||||||||
| Less: Income/(loss) attributable to non-controlling interest | 113 | ||||||||||||||||||||||
| Less: Current cost of supplies adjustment attributable to non-controlling interest | (7) | ||||||||||||||||||||||
| 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 | ||||||||||||||||
| Q1 2024 | $ million | ||||||||||||||||||||||
| Total | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | |||||||||||||||||
| Income/(loss) for the period | 7,439 | 2,761 | 2,272 | 896 | 1,311 | 553 | (354) | ||||||||||||||||
| Add: Current cost of supplies adjustment before taxation | (360) | (153) | (207) | ||||||||||||||||||||
| Add: Tax on current cost of supplies adjustment | 84 | 30 | 54 | ||||||||||||||||||||
| Less: Identified items | (641) | (919) | 339 | (7) | (458) | 390 | 14 | ||||||||||||||||
| Less: Income/(loss) attributable to non-controlling interest | 82 | ||||||||||||||||||||||
| Less: Current cost of supplies adjustment attributable to non-controlling interest | (12) | ||||||||||||||||||||||
| Add: Identified items attributable to non-controlling interest | — | ||||||||||||||||||||||
| Adjusted Earnings | 7,734 | ||||||||||||||||||||||
| Add: Non-controlling interest | 70 | ||||||||||||||||||||||
| Adjusted Earnings plus non-controlling interest | 7,804 | 3,680 | 1,933 | 781 | 1,615 | 163 | (368) | ||||||||||||||||
| Add: Taxation charge/(credit) excluding tax impact of identified items | 4,124 | 996 | 2,522 | 358 | 338 | — | (91) | ||||||||||||||||
| Add: Depreciation, depletion and amortisation excluding impairments | 5,654 | 1,410 | 2,727 | 535 | 870 | 106 | 6 | ||||||||||||||||
| Add: Exploration well write-offs | 554 | 8 | 546 | — | — | — | — | ||||||||||||||||
| Add: Interest expense excluding identified items | 1,163 | 42 | 169 | 12 | 17 | 1 | 922 | ||||||||||||||||
| Less: Interest income | 588 | — | 10 | — | 14 | 4 | 560 | ||||||||||||||||
| Adjusted EBITDA | 18,711 | 6,136 | 7,888 | 1,686 | 2,826 | 267 | (92) | ||||||||||||||||
| Less: Current cost of supplies adjustment before taxation | (360) | (153) | (207) | ||||||||||||||||||||
| Joint ventures and associates (dividends received less profit) | (582) | (197) | (546) | 93 | 56 | 13 | — | ||||||||||||||||
| Derivative financial instruments | 306 | (1,080) | (3) | (39) | (402) | 1,978 | (149) | ||||||||||||||||
| Taxation paid | (2,616) | (467) | (1,802) | (175) | (19) | (244) | 91 | ||||||||||||||||
| Other | (97) | 45 | (231) | 393 | (378) | (30) | 104 | ||||||||||||||||
| (Increase)/decrease in working capital | (2,752) | 275 | 421 | (792) | (2,639) | 481 | (499) | ||||||||||||||||
| Cash flow from operating activities | 13,330 | 4,712 | 5,727 | 1,319 | (349) | 2,466 | (545) | ||||||||||||||||
Identified items
The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.
Page 25
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
See Note 2 “Segment information” for details.
B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.
See Note 2 “Segment information” for the reconciliation of cash capital expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.
In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.
| $ million | Quarters | ||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||
| Current debt | 11,046 | 9,931 | 9,044 | ||||||||
| Non-current debt | 68,886 | 71,610 | 76,098 | ||||||||
| Total equity | 188,304 | 188,362 | 195,530 | ||||||||
| Less: Cash and cash equivalents | (39,949) | (38,774) | (42,074) | ||||||||
| Capital employed – opening | 228,286 | 231,128 | 238,598 | ||||||||
| Current debt | 11,391 | 11,630 | 11,046 | ||||||||
| Non-current debt | 65,120 | 65,448 | 68,886 | ||||||||
| Total equity | 180,670 | 180,168 | 188,304 | ||||||||
| Less: Cash and cash equivalents | (35,601) | (39,110) | (39,949) | ||||||||
| Capital employed – closing | 221,580 | 218,134 | 228,286 | ||||||||
| Capital employed – average | 224,933 | 224,630 | 233,442 | ||||||||
Page 26
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| $ million | Quarters | ||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||
| Adjusted Earnings – current and previous three quarters (Reference A) | 21,558 | 23,716 | 26,338 | ||||||||
| Add: Income/(loss) attributable to NCI – current and previous three quarters | 441 | 427 | 295 | ||||||||
| Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters | 25 | 14 | (24) | ||||||||
| Less: Identified items attributable to NCI (Reference A) – current and previous three quarters | 18 | 18 | (11) | ||||||||
| Adjusted Earnings plus NCI excluding identified items – current and previous three quarters | 22,005 | 24,139 | 26,620 | ||||||||
| Add: Interest expense after tax – current and previous three quarters | 2,639 | 2,701 | 2,718 | ||||||||
| Less: Interest income after tax on cash and cash equivalents – current and previous three quarters | 1,329 | 1,389 | 1,368 | ||||||||
| Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters | 23,315 | 25,452 | 27,971 | ||||||||
| Capital employed – average | 224,933 | 224,630 | 233,442 | ||||||||
| ROACE on an Adjusted Earnings plus NCI basis | 10.4% | 11.3% | 12.0% | ||||||||
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 | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Current debt | 11,391 | 11,630 | 11,046 | ||||||||
| Non-current debt | 65,120 | 65,448 | 68,886 | ||||||||
| Total debt | 76,511 | 77,078 | 79,931 | ||||||||
| Of which: Lease liabilities | 28,488 | 28,702 | 26,885 | ||||||||
| Add: Debt-related derivative financial instruments: net liability/(asset) | 1,905 | 2,469 | 1,888 | ||||||||
| Add: Collateral on debt-related derivatives: net liability/(asset) | (1,295) | (1,628) | (1,357) | ||||||||
| Less: Cash and cash equivalents | (35,601) | (39,110) | (39,949) | ||||||||
| Net debt | 41,521 | 38,809 | 40,513 | ||||||||
| Total equity | 180,670 | 180,168 | 188,304 | ||||||||
| Total capital | 222,190 | 218,974 | 228,817 | ||||||||
| Gearing | 18.7 | % | 17.7 | % | 17.7 | % | |||||
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 27
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| Q1 2025 | $ million | ||||||||||||||||||||||
| Total | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | |||||||||||||||||
| Production and manufacturing expenses | 5,549 | 947 | 2,139 | 349 | 1,621 | 486 | 8 | ||||||||||||||||
| Selling, distribution and administrative expenses | 2,840 | 38 | 42 | 2,053 | 442 | 153 | 111 | ||||||||||||||||
| Research and development | 185 | 22 | 32 | 42 | 25 | 21 | 43 | ||||||||||||||||
| Operating expenses | 8,575 | 1,006 | 2,213 | 2,444 | 2,088 | 661 | 162 | ||||||||||||||||
| 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 | ||||||||||||||||
| Q1 2024 | $ million | ||||||||||||||||||||||
| Total | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | |||||||||||||||||
| Production and manufacturing expenses | 5,810 | 956 | 2,269 | 366 | 1,634 | 579 | 5 | ||||||||||||||||
| Selling, distribution and administrative expenses | 2,975 | 62 | 58 | 2,188 | 420 | 158 | 89 | ||||||||||||||||
| Research and development | 212 | 26 | 58 | 34 | 34 | 12 | 49 | ||||||||||||||||
| Operating expenses | 8,997 | 1,044 | 2,385 | 2,587 | 2,088 | 749 | 144 | ||||||||||||||||
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.
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 8,575 | 9,401 | 8,997 | Operating expenses | ||||||||||||||
| (44) | (174) | (73) | Redundancy and restructuring (charges)/reversal | ||||||||||||||
| (101) | (88) | — | (Provisions)/reversal | ||||||||||||||
| 23 | — | 130 | Other | ||||||||||||||
| (121) | (262) | 57 | Total identified items | ||||||||||||||
| 8,453 | 9,138 | 9,054 | Underlying operating expenses | ||||||||||||||
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.
Page 28
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 9,281 | 13,162 | 13,330 | Cash flow from operating activities | ||||||||||||||
| (3,959) | (4,431) | (3,528) | Cash flow from investing activities | ||||||||||||||
| 5,322 | 8,731 | 9,802 | Free cash flow | ||||||||||||||
| 597 | 805 | 1,025 | Less: Divestment proceeds (Reference I) | ||||||||||||||
| 45 | 1 | — | Add: Tax paid on divestments (reported under “Other investing cash outflows”) | ||||||||||||||
| 130 | 525 | 62 | Add: Cash outflows related to inorganic capital expenditure1 | ||||||||||||||
| 4,899 | 8,453 | 8,839 | Organic free cash flow2 | ||||||||||||||
1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.
2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.
H. Cash flow from operating activities excluding working capital movements
Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.
Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.
| Quarters | $ million | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 9,281 | 13,162 | 13,330 | Cash flow from operating activities | ||||||||||||||
| 854 | 131 | (608) | (Increase)/decrease in inventories | ||||||||||||||
| (2,610) | 751 | (195) | (Increase)/decrease in current receivables | ||||||||||||||
| (907) | 1,524 | (1,949) | Increase/(decrease) in current payables | ||||||||||||||
| (2,663) | 2,407 | (2,752) | (Increase)/decrease in working capital | ||||||||||||||
| 11,944 | 10,755 | 16,082 | Cash flow from operating activities excluding working capital movements | ||||||||||||||
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 | ||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | |||||||||||||||
| 559 | 493 | 323 | Proceeds from sale of property, plant and equipment and businesses | ||||||||||||||
| 33 | 305 | 133 | Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans | ||||||||||||||
| 5 | 6 | 569 | Proceeds from sale of equity securities | ||||||||||||||
| 597 | 805 | 1,025 | Divestment proceeds | ||||||||||||||
Page 29
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
CAUTIONARY STATEMENT
All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking statements
This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.
Shell’s net carbon intensity
Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Forward-Looking non-GAAP measures
This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.
We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
Page 30
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
This announcement contains inside information.
May 2, 2025
| The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK. | ||
Contacts:
– Sean Ashley, Company Secretary
– Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information
Page 31
Source: GlobeNewswire (MIL-OSI)
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
Middlefield Canadian Income PCC (the “Company”)
Including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
Registered No: 93546 Legal Entity Identifier: 2138007ENW3JEJXC8658
2 May 2025
Proposed Rollover into UCITS ETF
Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) today announce their intention to propose a transaction whereby shareholders in the Fund (the “Shareholders”) would have the option to receive shares in a newly established, actively managed, listed and London Stock Exchange traded fund in the form of an authorised UCITS (Undertakings for Collective Investment in Transferable Securities) (the “ETF”) in exchange for their shareholding in the Fund (the “Transaction”). It is envisaged that the Transaction would involve the voluntary winding up of the Company and the Fund. The ETF would be managed by Middlefield Limited, the Company’s investment manager (“Middlefield”) and would offer continued exposure to the Company’s existing investment objective and policy. Advisory work on the structure of the Transaction is ongoing, and the Company will release an announcement with further details in due course.
Under the proposed terms of the Transaction, Shareholders who do not wish to continue their exposure to the Company’s existing investment objective and policy via the ETF (whether with respect to their entire shareholding, or part thereof) would be able to participate in an uncapped cash exit at close to the Company’s net asset value (“NAV”) per share, or elect to receive a combination of both shares in the ETF and cash.
As previously announced on 13 February 2025, the Company received a requisition notice from Saba Capital Management, L.P. (“Saba”) proposing that Shareholders be asked to consider, and, if thought fit, approve, the taking by the Company of all necessary steps to implement a scheme or process by which Shareholders would have the option of becoming shareholders of a UK-listed open-ended investment vehicle with a substantially similar strategy as that of the Company and managed by the Company’s existing manager (the “Requisition Notice”).
Following receipt of the Requisition Notice, the board of the Company (the “Board”) consulted with a number of the Company’s largest Shareholders, including Saba. Following constructive discussions, Saba agreed to withdraw the Requisition Notice for a period of 60 days to enable the Company and its advisers to formulate proposals that would best serve the interests of all Shareholders.
Further to the feedback received, the Board has concluded that the interests of Shareholders would be best served by proposing the Transaction and an alternative investment vehicle which would address the issue of limited liquidity in the Company’s shares and the discount to NAV at which the shares have been trading, whilst enabling those Shareholders who wish to retain exposure to high quality, Canadian and US large capitalisation businesses focusing on high levels of stable and increasing income, the option to do so. Further to ongoing discussions with the Company’s legal, tax and financial advisers and Middlefield, and having considered other potential closed-end fund rollover options, the Board has concluded that the ETF represents the most suitable rollover option for Shareholders.
The intention in proposing the ETF as an alternative investment option for Shareholders would be to create a cost-effective vehicle which is positioned to grow and which should benefit from a tight bid-offer spread, a total expense ratio (“TER”) lower than the Company’s current TER and a share price that trades close to or at the NAV per share of the ETF, whilst offering continued exposure to the Company’s existing investment objective and policy. ETFs trade at prices close to or at NAV due to the in-kind creation and redemption mechanism which underpins their structure and which is utilised by authorised participants to address any material surplus or deficit of ETF shares in the market.
The Company notes that over the last ten years, Middlefield has successfully rolled several of its Canadian closed-end funds into exchange traded funds listed on the Toronto Stock Exchange. For the year ended 31 December 2024, three of the exchange traded funds managed by Middlefield were ranked among the Top 10 Best-Performing Canadian ETFs, as recognised by Morningstar*.
Saba has publicly expressed its support for enhanced liquidity options and, consistent with its earlier requisition, has indicated that it would vote in favour of the Transaction at any general meeting of Shareholders to be convened in due course to approve the Transaction.
The ETF
It is proposed that shares in the ETF would be admitted to trading on the London Stock Exchange’s main market for listed securities. In due course, the ETF may also seek listings on additional European exchanges to broaden investor access. The ETF would adopt the Company’s current investment objective and policy, maintaining a focus on delivering a high level of income and long-term capital growth through investment in a portfolio of larger capitalisation, high-yielding Canadian equities, with a focus on companies that consistently pay and grow their dividends. The ETF is expected to pay quarterly distributions at a level similar to the current dividends paid by the Company and to operate with a lower TER, targeted to be below 1 per cent. The Company uses short term borrowings to support its dividend policy. It is intended that the ETF may seek to use financial derivative instruments, such as total return equity swaps, to support its dividend policy with a similar effect to that provided by the use of borrowings by the Company.
Middlefield has appointed HANetf, a leading white-label provider of exchange traded products, to advise on the structuring and establishment of the ETF. HANetf has extensive experience in structuring, distributing and marketing exchange traded funds and will provide ongoing operational, administrative and marketing support to Middlefield in its capacity as the manager of the ETF. The set-up costs of the ETF will be borne by Middlefield.
Expected timetable
Subject to the satisfactory completion of ongoing advisory work, the ETF is expected to be established and a circular relating to the Transaction sent to Shareholders by August 2025. The Transaction would be subject to usual regulatory and tax approvals.
Michael Phair, the Chair of the Company and Fund, commented:
“The Board continues to have strong conviction in the Company’s investment proposition and its ability to deliver a high level of income and long-term capital growth. However, the Board has listened to feedback from Shareholders and recognises that the constrained liquidity and persistent discount to NAV remain impediments to new and further investment.
Accordingly, the Board is actively working on the terms of the Transaction, which, if approved, would provide Shareholders with an opportunity to continue their investment in the existing strategy through the ETF option, or the realisation of their investment at close to NAV, or a combination of both.”
For further information, please contact:
Middlefield Canadian Income – GBP PC via Investec Bank plc
Michael Phair (Chairman)
Investec Bank plc
Corporate Broker
Helen Goldsmith/David Yovichic/Denis Flanagan
Tel: 020 7597 4000
JTC Fund Solutions (Jersey) Limited
Secretary
Matt Tostevin/Hilary Jones/Jade Livesey
Tel: 01534 700 000
Burson Buchanan
PR Advisers
Charles Ryland/Henry Wilson
Tel: 020 7466 5000
* Middlefield Innovation Dividend ETF (Global Equity): over 5 years; Middlefield Sustainable Global Dividend ETF (Global Dividend & Income Equity): over 3, 5 and 10 years; Middlefield U.S. Equity Dividend ETF (US Dividend & Income Equity): over 5 years (source: Morningstar, Inc.) All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Source: GlobeNewswire (MIL-OSI)
Bank of Åland Plc
Stock exchange release
May 2, 2025, 9.00 EET
Bank of Åland Plc to decrease prime rate
The Bank of Åland Plc (Ålandsbanken Abp) has decided to cut its prime rate by 0.25 percentage points, from 2.50 per cent to 2.25 per cent. The basis for this decision is falling market interest rates. The change goes into effect on May 16, 2025.
Bank of Åland Plc
For further information, please contact:
Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland Plc, tel +358 40 512 7505
Source: GlobeNewswire (MIL-OSI)
London, May 2, 2025
“Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.
Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”
Shell plc Chief Executive Officer, Wael Sawan
SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS
| $ million1 | Adj. Earnings | Adj. EBITDA | CFFO | Cash capex | |
| Integrated Gas | 2,483 | 4,735 | 3,463 | 1,116 | |
| Upstream | 2,337 | 7,387 | 3,945 | 1,923 | |
| Marketing | 900 | 1,869 | 1,907 | 256 | |
| Chemicals & Products4 | 449 | 1,410 | 130 | 458 | |
| Renewables & Energy Solutions | (42) | 111 | 367 | 403 | |
| Corporate | (457) | (261) | (531) | 19 | |
| Less: Non-controlling interest (NCI) | 94 | ||||
| Shell | Q1 2025 | 5,577 | 15,250 | 9,281 | 4,175 |
| Q4 2024 | 3,661 | 14,281 | 13,162 | 6,924 | |
1Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
2 Completed on April 1, 2025.
3The Shell Petroleum Development Company of Nigeria Limited.
4Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.
| $ billion1 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
| Working capital | (2.8) | (0.3) | 2.7 | 2.4 | (2.7) |
| Divestment proceeds | 1.0 | 0.8 | 0.2 | 0.8 | 0.6 |
| Free cash flow | 9.8 | 10.2 | 10.8 | 8.7 | 5.3 |
| Net debt | 40.5 | 38.3 | 35.2 | 38.8 | 41.5 |
1 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
Q1 2025 FINANCIAL PERFORMANCE DRIVERS
INTEGRATED GAS
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Realised liquids price ($/bbl) | 63 | 64 | — |
| Realised gas price ($/thousand scf) | 8.1 | 7.4 | — |
| Production (kboe/d) | 905 | 927 | 890 – 950 |
| LNG liquefaction volumes (MT) | 7.1 | 6.6 | 6.3 – 6.9 |
| LNG sales volumes (MT) | 15.5 | 16.5 | — |
UPSTREAM
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Realised liquids price ($/bbl) | 71 | 71 | — |
| Realised gas price ($/thousand scf) | 7.0 | 7.4 | — |
| Liquids production (kboe/d) | 1,332 | 1,335 | — |
| Gas production (million scf/d) | 3,056 | 3,020 | — |
| Total production (kboe/d) | 1,859 | 1,855 | 1,560 – 1,760 |
MARKETING
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Marketing sales volumes (kb/d) | 2,795 | 2,674 | 2,600 – 3,100 |
| Mobility (kb/d) | 2,041 | 1,964 | — |
| Lubricants (kb/d) | 77 | 87 | — |
| Sectors & Decarbonisation (kb/d) | 678 | 623 | — |
CHEMICALS & PRODUCTS
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook1 |
| Refinery processing intake (kb/d) | 1,215 | 1,362 | — |
| Chemicals sales volumes (kT) | 2,926 | 2,813 | — |
| Refinery utilisation (%) | 76 | 85 | 87 – 95 |
| Chemicals manufacturing plant utilisation (%) | 75 | 81 | 74 – 82 |
| Global indicative refining margin ($/bbl) | 5.5 | 6.2 | — |
| Global indicative chemical margin ($/t) | 138 | 126 | — |
1Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook, available at www.shell.com/investors.
RENEWABLES & ENERGY SOLUTIONS
| Key data | Q4 2024 | Q1 2025 |
| External power sales (TWh) | 76 | 76 |
| Sales of pipeline gas to end-use customers (TWh) | 165 | 184 |
| Renewables power generation capacity (GW)* | 7.4 | 7.5 |
|
3.4 | 3.5 |
|
4.0 | 4.0 |
*Excludes Shell’s equity share of associates where information cannot be obtained.
Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
CORPORATE
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Adjusted Earnings ($ billion) | (0.4) | (0.5) | (0.6) – (0.4) |
UPCOMING INVESTOR EVENTS
| May 20, 2025 | Annual General Meeting |
| July 31, 2025 | Second quarter 2025 results and dividends |
| October 30, 2025 | Third quarter 2025 results and dividends |
USEFUL LINKS
Results materials Q1 2025
Quarterly Databook Q1 2025
Webcast registration Q1 2025
Dividend announcement Q1 2025
Capital Markets Day 2025 materials
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.
This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
CAUTIONARY STATEMENT
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
Shell’s Net Carbon Intensity
Also, in this announcement, we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s Net-Zero Emissions Target
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
The content of websites referred to in this announcement does not form part of this announcement.
We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2025 unaudited results available on www.shell.com/investors.
CONTACTS
Source: GlobeNewswire (MIL-OSI)
London, May 2, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the first quarter of 2025 of US$ 0.358 per ordinary share.
Details relating to the first quarter 2025 interim dividend
| Per ordinary share (GB00BP6MXD84) |
Q1 2025 |
| Shell Shares (US$) | 0.358 |
Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.
An alternative ‘Electronic Election Entitlement’ (‘EEE’) process is available in CREST for dividends with options elections.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.
Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.
The pound sterling and euro equivalent dividend payments will be announced on June 9, 2025.
| Per ADS (US7802593050) |
Q1 2025 |
| Shell ADSs (US$) | 0.716 |
Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.
Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.
Dividend timetable for the first quarter 2025 interim dividend
| Event | Date |
| Announcement date | May 2, 2025 |
| Ex- Dividend Date for ADSs | May 16, 2025 |
| Ex- Dividend Date for ordinary shares | May 15, 2025 |
| Record date | May 16, 2025 |
| Closing of currency election date (see Note below) | June 2, 2025 |
| Pound sterling and euro equivalents announcement date | June 9, 2025 |
| Payment date | June 23, 2025 |
Note
A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.
Taxation – cash dividends
If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.
Dividend Reinvestment Programmes (“DRIP”)
The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:
These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.
More information can be found at https://www.shell.com/drip
To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections.
Enquiries
Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
Cautionary Note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
Shell’s net carbon intensity
Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Forward-Looking non-GAAP measures
This announcement may contain certain forward-looking non-GAAP measures such as adjusted earnings 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 announcement do not form part of this announcement.
We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom
Source: GlobeNewswire (MIL-OSI)
The Supervisory Board of AS LHV Group has decided to increase the share capital of the LHV Group by EUR 366,721.30. The increase was triggered by the need to issue new shares to staff members participating in the share options programme approved by the resolution of the general meeting on 13 March 2020, and amended by the resolution of the general meeting on 26 March 2025. A total of 163 current and former employees participated in the subscription of LHV Group shares, subscribing in total for 3,667,213 options for an aggregate amount of EUR 8,001,858.77. Unsubscribed options in the total amount of 19,977 will be cancelled.
Decisions of the Supervisory Board of LHV Group:
All new shares issued by LHV Group will be listed on the Nasdaq Tallinn Stock Exchange on the day following the day on which the Estonian Central Register of Securities (Nasdaq CSD) ranks the additionally issued shares (initially carrying a temporary ISIN-code) pari passu with the existing shares (carrying the main ISIN-code).
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
Source: GlobeNewswire (MIL-OSI)
Golar LNG Limited (“GLNG”, “Golar” or “the Company”) is pleased to announce the Final Investment Decision (“FID”) and fulfilment of all conditions precedent for the 20-year re-deployment charter of the FLNG Hilli Episeyo (“FLNG Hilli” or “Hilli”), first announced on July 5, 2024. The vessel will be chartered to Southern Energy S.A. (“SESA”), offshore Argentina. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted to the FLNG Hilli project, expected within 2025.
Key commercial terms for the respective 20-year charter agreements include:
The two FLNG agreements are expected to add US$ 13.7 billion in earnings backlog to Golar over 20 years, before adjustments (based on US-CPI) to the charter hire and before commodity linked tariff upside. For every US$ 1/mmbtu above the US$ 8/mmbtu, the total upside for Golar will be approximately US$ 100 million when both FLNGs are in operation. Subject to a 3-year notice and payment of a fee, SESA may reduce the term of the agreement to 12 years for the FLNG Hilli and to 15 years for the MKII FLNG.
The commodity linked tariff component is upside oriented. Golar will make 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap to the upside for gas prices. Golar has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below US$ 7.5/mmbtu down to a floor of US$ 6/mmbtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of US$ 210 million, and any outstanding discounted charter hire amounts will be repaid through an additional upside sharing if FOB prices return to levels above US$ 7.5/mmbtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism.
SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar (10%). The gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements (“GSA”) at a fixed price per mmbtu before adjustments (based on US-CPI). Golar’s 10% shareholding in SESA provides additional commodity exposure.
The project has received the full support of the National and Provincial Governments in Argentina that granted all necessary approvals including (i) the first ever unrestricted 30-year LNG export authorization in Argentina; (ii) qualification for the Incentive Regime for Large Investments (“RIGI”); and (iii) provincial approval by the province of Río Negro for the offshore and onshore Environmental Impact Assessments for FLNG Hilli.
The FLNGs will be located in close proximity of each other, offshore in the Gulf of San Matias Gulf in the province of Rio Negro, Argentina. The vessels will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in the province of Neuquen, Argentina. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate for a dedicated pipeline to be constructed from Vaca Muerta to the Gulf of San Matias to serve gas supply to the FLNGs. The project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.
Golar’s CEO, Karl Fredrik Staubo commented: “Golar is excited to partner with the leading gas producers in Argentina in establishing the country as an LNG exporter. The vast resources of the Vaca Muerta formation will provide the LNG market with a reliable long-term source of attractive LNG supplies, and a significant contribution to Argentina. For Golar, the project adds robust earnings backlog, attractive commodity upside potential in the FLNG tariff and strong partner alignment through our shareholding in SESA.”
About SESA:
Southern Energy S.A. is a company founded in 2024 for the purpose of LNG exports of Argentinian natural gas. SESA’s shareholders comprise Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar LNG Ltd. (10%). SESA will be responsible for procuring natural gas from the domestic market, and facilitating the necessary infrastructure to bring the natural gas to the flange of the FLNGs in the Gulf of San Matias. SESA will also be responsible for the operations of the FLNGs with support from Golar, and for the marketing and sale of the LNG produced.
About Golar LNG Ltd:
Golar LNG Limited (“GLNG”) is a NASDAQ listed maritime LNG infrastructure company. Through its 79-year history, the company has pioneered maritime LNG infrastructure including the world’s first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is a leading pure play FLNG company, and the only proven provider of FLNG as a service.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.
Hamilton, Bermuda
2 May 2025
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO
Stuart Buchanan – Head of Investor Relations
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Source: Reserve Bank of India
Ajit Prasad Press Release: 2025-2026/228 |
Source:
We continue to advise exercise a high degree of caution in Papua New Guinea due to high levels of crime, tribal violence and civil unrest. Higher levels apply in some areas.
Local level elections will take place across the country between May and August 2025. Be alert to the possibility of tensions and violence during elections.
Local communities can block the Kokoda Track at short notice. Check with your trekking company for the latest information (see ‘Travel’).
Ongoing fuel shortages can disrupt domestic travel, including air travel, with little or no notice. Protests, civil disorder and tribal violence can escalate quickly. Avoid areas where violence occurs and be alert to personal safety risks. Monitor local media for updates (see ‘Safety’).
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
As we roll into the dying hours of the election campaign, the polls are suggesting a Labor win, although it is not yet clear if it will be in minority or majority. Chief Political Correspondent Michelle Grattan and Politics Editor Amanda Dunn discuss why the Coalition has focussed on culture wars issues this week, plus the parties’ policies finally costed after millions of Australians have already voted.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Culture wars and costings: election special podcast with Michelle Grattan and Amanda Dunn – https://theconversation.com/culture-wars-and-costings-election-special-podcast-with-michelle-grattan-and-amanda-dunn-255774
Source: Government of Sweden
Russia’s full-scale war against Ukraine continues with unabated intensity, bringing serious consequences for civilians. Russian propaganda continues to spread the false narrative of a strong and resilient economy. On behalf of the Swedish Government, the Stockholm Institute of Transition Economics (SITE) drafted a report in late 2024 concerning economic developments in Russia. The report highlighted the unreliability of Russian statistics, and that the country’s economy is not performing as well as its statistics suggest. SITE has now published a follow-up report, and Minister for Finance Elisabeth Svantesson has met with Director of SITE Torbjörn Becker to discuss the Russian economy and the report’s conclusions.
Source: GlobeNewswire (MIL-OSI)
| Press release | Danske Bank Bernstorffsgade 40 DK-1577 København V Tel. + 45 45 14 14 00 2 May 2025 Page 1 of 3 |
Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment
Net profit of DKK 5.8 billion.
Carsten Egeriis, Chief Executive Officer, comments on the financial results:
“For Danske Bank, the first quarter of 2025 was a continuation of our satisfactory and stable performance in 2024. We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level. In addition, credit quality remained strong, and this resulted in low loan impairments.
Our solid financial results and capital position enable us to be a strong financial partner that offers expert advice and helps our customers and society navigate the uncertainty. We continue to invest in technology and customer offerings, and we are well on track to meet our targets and to deliver on our Forward ’28 strategy.”
Solid financial performance
In a challenging market environment, we continued our work to deliver on our strategic ambitions and achieved a strong return on shareholders’ equity of 13.3% in the first quarter of 2025, up from 12.9% in the first quarter of 2024, while also reducing the cost/income ratio from 45.4% to 45.2%.
Net profit increased 2% to DKK 5.76 billion as a result of an 8% increase in net fee income, driven by solid customer demand for cash management and everyday banking activities, a 15% increase in net trading income, which also benefited from good customer activity, as well as lower operating expenses and low loan impairment charges. The increases in net fee income and net trading income were partly offset by slightly lower net interest income due to rate cuts and the divestment of the personal customer business in Norway as well as lower net income from insurance business, which was affected by a one-off provision.
The improvement was based on strong business customer activity as our Business Customers and Large Corporates & Institutions units both saw solid growth in lending volumes and an expanding customer base, underpinning core income line increases.
Continuously good demand for our products from personal customers in Denmark resulted, among other things, in an increase in deposits as well as in the market share of bank lending. We have therefore seen a stable performance, despite the divestment of the personal customer business in Norway, as deposit growth and the rise in net fee income due to strong customer activity partially offset the effect of interest rates coming down.
Sustainability remains a core pillar of our Forward ’28 strategy, and we have published our Climate Action Plan Progress Report 2024, which provides an update on the Group’s climate targets set in January 2023.
“Thanks to our strong capital and liquidity positions, we continue to support our customers in these uncertain times, as evidenced by our Q1 results. We saw a solid financial performance, driven in particular by strong business customer activity, which resulted in stable core banking income and higher net trading income. The increase in net profit was supported by stable costs and a low level of impairments,” says Cecile Hillary, Chief Financial Officer.
First quarter 2025 vs first quarter 2024
Total income of DKK 13.9 billion (DKK 14.0 billion in the first quarter of 2024)
Operating expenses of DKK 6.3 billion (DKK 6.3 billion in the first quarter of 2024)
Loan impairments of DKK 50 million (DKK 101 million in the first quarter of 2024)
Net profit of DKK 5.8 billion (DKK 5.6 billion in the first quarter of 2024)
Return on shareholders’ equity of 13.3% (12.9% in the first quarter of 2024)
Strong capital generation further supported capital ratios: Total capital ratio of 22.9 % and CET1 capital ratio of 18.4% (total capital ratio of 23.0% and CET1 capital ratio of 18.5% in the first quarter of 2024)
Stable economies in uncertain environment
Danske Bank’s results for the first quarter of 2025 highlight the resilience of the Nordic economies amid global uncertainty. In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries. Although household credit demand remained modest, consumer spending continued to hold up well throughout the Nordic countries, despite the higher degree of uncertainty.
Globally, US tariffs and potential retaliatory measures have created significant uncertainty regarding global growth prospects. While a potential risk of recession is highlighted in the US, a more moderate impact is expected on European growth, including in the Nordic countries.
“A trade war and tariffs are likely to dampen growth in the Nordic countries, but the foundation is still in place for a decent economic outlook, as many interest rates have been lowered, real incomes are increasing and export markets other than the US continue to grow,” says Las Olsen, Head of Macro Research.
Personal Customers
Despite challenges, the housing market in Denmark showed consistent growth, and signs of recovery emerged in Finland, while Sweden’s housing market continued to face difficulties. Profit before tax for Personal Customers decreased 18% relative to the level in the first quarter of 2024 and amounted to DKK 2.25 billion. The decrease was due mainly to higher loan impairment charges. Additionally, both income and operating expenses were affected by the divestment of our personal customer business in Norway. We concluded negotiations with Blackrock to implement their Aladdin Wealth platform to enhance investment services and improved the digital self-service tools that customers use to manage their mortgages.
Business Customers
In the first quarter of 2025, we expanded our customer base in the mid-sized segment across the Nordic markets and grew our business with international subsidiaries. Profit before tax amounted to DKK 2.83 billion and increased 64% from the level in the same period last year, primarily on the back of loan impairment reversals and increased net fee income, although the increase was to some degree offset by lower income from our leasing company. We continued to support our customers’ business growth as a strategic financial partner, sharing expert insights on economic issues and launching training programmes to enhance the skills of our leaders and advisers.
Large Corporates & Institutions
Despite increased geopolitical uncertainty, macroeconomic conditions remained stable. We supported customers with advisory services, backed by a strong product offering, and supported major bond issues in the Nordic region. Our fee business maintained the positive momentum across all areas. Profit before tax decreased to DKK 2.4 billion, or 12% relative to the level in the same period last year, due to higher loan impairment charges, although the return on allocated capital before impairments increased to 27.2%.
Danica
Danica experienced a decrease in net income from insurance business to DKK 201 million in the first quarter of 2025, a fall of 59% from DKK 492 million in the same period last year. This was due primarily to a decrease in the insurance service result, which was impacted by provisions related to legacy life insurance products in run-off and more expensive claims in the health and accident business, partly offset by adjustment of an accrued interest income. The return on customer pension savings was impacted by large volatility in the equity markets, but bonds and alternative investments saw a more stable development.
Northern Ireland
Profit before tax increased 32% to DKK 602 million, reflecting strong growth in net interest income and net impairment recoveries. Profit before impairments was 15% higher than for the same period in 2024.
Outlook for 2025
We maintain our guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions.
Danske Bank
Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00
Attachments
Source: Reserve Bank of India
Ajit Prasad Press Release: 2025-2026/226 |
Source: GlobeNewswire (MIL-OSI)
ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income
| 1Q2025 profit before tax of €2,124 million with a CET1 ratio of 13.6% | |
| • | Strong increase in fee income, driven especially by an increase in investment products |
| • | Total income was resilient, supported by an excellent growth in deposits and a continued increase in mortgage volumes, as well as strong results in Financial Markets |
| • | Operating expenses excluding regulatory costs slightly lower quarter-on-quarter |
| • | We continue to move our capital towards our target level and announce a €2.0 billion share buyback |
|
CEO statement “During the first quarter of 2025, we have delivered continued commercial growth, driven by excellent growth in deposits and higher mortgage volumes. Total income has increased, supported by resilient commercial net interest income and a strong increase in fee income. Expenses have decreased slightly quarter-on-quarter and the increase year-on-year was in line with our guidance, reflecting the impact of inflation and client acquisition expenses. Risk costs were €313 million and below our through-the-cycle-average, reflecting the quality of our loan portfolio. “In Retail Banking, our mobile primary customer base has grown by 174,000 customers this quarter, mainly attributable to Germany, the Netherlands, Spain and Poland. We have attracted €17 billion in retail core deposits, primarily in Germany. And we have increased core lending by €9 billion, of which €6 billion is in residential mortgages, particularly in the Netherlands and Germany, and nearly €2 billion in Business Banking. Across our markets, we have seen 125,000 mortgage applications during this quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, primarily driven by growth in the number of investment product customers, higher assets under management and an increase in customer trading activity. “In Wholesale Banking, total income was stable, with strong results in Financial Markets as we have supported our clients during the turbulent market conditions. This turbulence has also led to muted lending volumes. Fee income in Wholesale Banking has increased quarter-on-quarter, mainly driven by higher fees from Global Capital Markets and Trade Finance. Moreover, we have continued to invest in front office growth, our digital customer experience and the scalability of our systems. “We continue to support clients in their sustainability transition by launching innovative services or by entering into partnerships. In Wholesale Banking, we have increased sustainable volume mobilised to €30 billion, a 23% increase versus last year. In Spain, we have launched a service that helps retail customers get insights into their CO2e emissions and provides tips on how to reduce their environmental footprint. In Australia, ING has become the first bank to participate in a new digital energy ratings programme that provides our customers with free energy ratings of their homes and identifies potential sustainability improvements. “We continue to converge our CET1 ratio to our target level while taking the ongoing geopolitical and macroeconomic uncertainty into account. In that light, today we announce a share buyback programme of €2.0 billion. “We’re pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence. We are well on track to meet our 2027 targets and I would like to thank our employees across the world for their contributions to these strong results and their commitment to serving our customers.” |
|
| Further information All publications related to ING’s 1Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 1Q 2025 results is available on Youtube. |
|
| Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 2 May 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com. |
|
| Investor enquiries E: investor.relations@ing.com Press enquiries |
|
| ING Profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Important legal information ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views 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 such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. |
|
Attachment
Source: GlobeNewswire (MIL-OSI)
ING completes share buyback and announces new programme of up to €2.0 billion
ING announced today that it has completed the share buyback programme announced on 31 October 2024. The total number of ordinary shares repurchased under the programme is 125,848,305 at an average price of €15.84 for a total consideration of €1,993,571,438.95.
During the last week of the programme, from 28 April 2025 up to and including 30 April 2025, in total 6,872,040 shares were purchased. These shares were repurchased at an average price of €17.12 for a total amount of €117,683,132.31.
Today ING announced a new share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V. for a maximum total amount of € 2.0 billion. The purpose of the programme is to converge our CET1 ratio towards our target.
ING Group’s CET1 ratio was 13.6% at the end of the first quarter of 2025, which is well above the prevailing CET1 ratio requirement of 10.76%. The share buyback programme will have an impact of approximately 59 bps on our CET1 ratio. The programme will commence on 2 May 2025 and is expected to end no later than 27 October 2025.
The ECB has approved the programme, which will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority to acquire a maximum of 20% of the issued shares, as granted by the general meeting of shareholders on 22 April 2025. ING has entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.
For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.
Note for editors
For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.
| Press enquiries | Investor enquiries | |
| Raymond Vermeulen | ING Group Investor Relations | |
| +31 20 576 5000 | +31 20 576 6396 | |
| Raymond.Vermeulen@ing.com | Investor.Relations@ing.com |
ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).
ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views 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 such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.
This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.
Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.
This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.
Attachment
Source: Reserve Bank of India
|
In the underwriting auction conducted on May 02, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Ajit Prasad Press Release: 2025-2026/225 |
||||||||||||||||||||||||
Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University
Robert F. Kennedy Jr, the United States’ top public health official, recently claimed some religious groups avoid the measles, mumps and rubella (MMR) vaccine because it contains “aborted fetus debris” and “DNA particles”.
The US is facing its worst measles outbreaks in years with nearly 900 cases across the country and active outbreaks in several states.
At the same time, Kennedy, secretary of the Department of Health and Human Services, continues to erode trust in vaccines.
So what can we make of his latest claims?
Kennedy said “aborted fetus debris” in MMR vaccines is the reason many religious people refuse vaccination. He referred specifically to the Mennonites in Texas, a deeply religious community, who have been among the hardest hit by the current measles outbreaks.
Many vaccines work by using a small amount of an attenuated (weakened) form of a virus, or in the case of the MMR vaccine, attenuated forms of the viruses that cause measles, mumps and rubella. This gives the immune system a safe opportunity to learn how to recognise and respond to these viruses.
As a result, if a person is later exposed to the actual infection, their immune system can react swiftly and effectively, preventing serious illness.
Kennedy’s claim about fetal debris specifically refers to the rubella component of the MMR vaccine. The rubella virus is generally grown in a human cell line known as WI-38, which was originally derived from lung tissue of a single elective abortion in the 1960s. This cell line has been used for decades, and no new fetal tissue has been used since.
Certain vaccines for other diseases, such as chickenpox, hepatitis A and rabies, have also been made by growing the viruses in fetal cells.
These cells are used not because of their origin, but because they provide a stable, safe and reliable environment for growing the attenuated virus. They serve only as a growth medium for the virus and they are not part of the final product.
You might think of the cells as virus-producing factories. Once the virus is grown, it’s extracted and purified as part of a rigorous process to meet strict safety and quality standards. What remains in the final vaccine is the virus itself and stabilising agents, but not human cells, nor fetal tissue.
So claims about “fetal debris” in the vaccine are false.
It’s also worth noting the world’s major religions permit the use of vaccines developed from cells originally derived from fetal tissue when there are no alternative products available.
Kennedy claimed the Mennonites’ reluctance to vaccinate stems from “religious objections” to what he described as “a lot of aborted fetus debris and DNA particles” in the MMR vaccine.
The latter claim, about the vaccine containing DNA particles, is technically true. Trace amounts of DNA fragments from the human cell lines used to produce the rubella component of the MMR vaccine may remain even after purification.
However, with this claim, there’s an implication these fragments pose a health risk. This is false.
Any DNA that may be present in this vaccine exists in extremely small amounts, is highly fragmented and degraded, and is biologically inert – that is, it cannot cause harm.
Even if, hypothetically, intact DNA were present in the vaccine (which it’s not), it would not have the capacity to cause harm. One common (but unfounded) concern is that foreign DNA could integrate with a person’s own DNA, and alter their genome.
Introducing DNA into human cells in a way that leads to integration is very difficult. Even when scientists are deliberately trying to do this, for example, in gene therapy, it requires precise tools, special viral delivery systems and controlled conditions.
It’s also important to remember our bodies are exposed to foreign DNA constantly, through food, bacteria and even our own microbiome. Our immune system routinely digests and disposes of this material without incorporating it into our genome.
This question has been extensively studied over decades. Multiple health authorities, including Australia’s Therapeutic Goods Administration, have addressed the misinformation regarding perceived harm from residual DNA in vaccines.
Ultimately, the idea that fragmented DNA in a vaccine could cause genetic harm is false.
Despite what Kennedy would have you believe, there’s no fetal debris in the MMR vaccine, and the trace amounts of DNA fragments that may remain pose no health risk.
What the evidence does show, however, is that vaccines like the MMR vaccine offer excellent protection against deadly and preventable diseases, and have saved millions of lives around the world.
Hassan Vally 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. The MMR vaccine doesn’t contain ‘aborted fetus debris’, as RFK Jr has claimed. Here’s the science – https://theconversation.com/the-mmr-vaccine-doesnt-contain-aborted-fetus-debris-as-rfk-jr-has-claimed-heres-the-science-255718
Source: The Conversation (Au and NZ) – By Caitlyn Forster, Associate Lecturer, School of Life and Environmental Sciences, University of Sydney
The world has been gripped by the case of Australian woman Erin Patterson, who was charged with the murder of three people after allegedly serving them a lunch of beef wellington containing poisonous death cap mushrooms (Amanita phalloides).
A new element of the sensational story emerged in court this week, when prosecutors reportedly alleged Patterson used iNaturalist to locate and visit places where death cap mushrooms were known to grow.
So what exactly is iNaturalist? And how is this 17-year-old citizen science project being used to better understand our world?
iNaturalist is an app that allows users to take photos of plants, fungi, animals and any piece of nature. The photos are uploaded, and identified using a combination of crowd-sourcing and artificial intelligence.
When a user uploads an image, they can also choose to make the location public, so others can see where it was found. iNaturalist’s database holds more than 240 million observations wordlwide. More than 10.6 million of these are in Australia.
All of this data is extremely important for scientists to understand the ecology of different species. iNaturalist has played a key role in the discovery of new species as well as sightings of species that have previously not been seen for decades.
iNaturalist might turn out to be an important part of Patterson’s trial, but how else can our observations be used?
Real people usually collect images for iNaturalist as part of their everyday life, rather than systematically as part of their job. That means there are patterns to the data that is collected.
Observations tend to be recorded on weekends and in good weather, and to involve life forms people find strange, unusual or interesting.
For example, at the time of writing, iNaturalist had recorded 1,382 sightings of domestic cats in Australia, compared with 29,660 koalas. But cataloguing the rare and wonderful can be useful.
One key use of iNaturalist is understanding the native range of plants and animals.
Australia invests a lot of resources in preventing species from entering the country. But we still see incursions frequently. Observant citizen scientists can be really important for finding species outside their native range. In Australia, if observations of biosecurity threats are made, alerts are automatically sent to biosecurity teams for further investigations.
In the same vein, species commonly found in the pet trade can be quickly observed and captured to prevent the spread of invasive species.
In 2011, iNaturalist added more features to protect geoprivacy – which allows locations of observations to be obscured. Rare and exciting pets, and collectable insects could be found by looking at location data on iNaturalist.
There is previous evidence this has occurred. Nowadays, species of concern for poaching automatically have their locations obscured, preventing them from being illegally poached or collected. This can also be helpful to prevent people crowding popular endangered animals when they have been sighted.
Typically, anything listed as endangered will automatically have an obscured location on iNaturalist.
Observing nature, and taking photos of plants and animals in their native environment, can give us a much better understanding of where they naturally live and grow.
Aside from being fantastic for conservation reasons, this has potential use for forensic investigation of crimes. The use of insects, animals and plants in forensic cases is well established. For example the Sarcosaprophagous Beetle is used in Australia to help understand the time since death when bodies are found.
This sort of science is underpinned by an understanding of where insects naturally live, their lifespans and the sort of environments they thrive in, which are all features iNaturalist can help with.
Observing nature has huge benefits to understanding our natural world. But these observations do collect a lot of personal data in terms of where and when the observation occurred.
Although iNaturalist doesn’t sell users’ information, and users can obscure their precise location, the pictures a person shares can still contain enough information to figure out where they are.
This could be used for forensic intelligence to locate plants and animals of interest, and to place people with them at the time the photo was taken.
If you’re lucky enough to see a rare or threatened species, consider taking a photo that has little background information that can give away the precise details of the locations, particularly when observing immobile organisms like such as plants and fungi.
iNaturalist is a fantastic resource for observing nature. More data points to understand where plants, animals, and mushrooms can be found is vital for understanding their ecology, and potentially conserving species.
It also has huge ramifications for biosecurity, forensics, and even understanding movements that may have occurred during an alleged crime. So it’s really worth getting out in nature and taking photos of interesting things you see!
Melissa Humphries receives funding from the MRFF, NIH, USDoD and DSTG.
Caitlyn Forster 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. What is iNaturalist? The citizen science app playing an unlikely role in Erin Patterson’s mushroom murder trial – https://theconversation.com/what-is-inaturalist-the-citizen-science-app-playing-an-unlikely-role-in-erin-pattersons-mushroom-murder-trial-255714
Source: Reserve Bank of India
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)
Contact: Alexis.Torres@mail.house.gov
Washington, DC – Today, U.S. Representative Lloyd Doggett (D-Texas) introduced the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act to close a major loophole in current corporate tax law that uses taxpayer dollars to fund lavish pay packages. The bill would specifically end special tax breaks for publicly traded companies that deduct the cost of any multimillion-dollar bonus paid to executives. Senator Jack Reed (D-RI) is filing companion legislation in the Senate.
“The 2017 Trump-GOP Tax Scam left a perverse incentive for companies: the more you pay your executives, the less you’ll pay in taxes,” said Rep. Doggett. “By closing this loophole, we can hold corporate giants accountable. While they can pay their executives whatever they choose, American taxpayers shouldn’t be asked to shoulder the cost. Working families need a living wage, not to have their hard-earned money further enrich Wall Street millionaires.”
Under existing tax law, Section 162(m) prohibits publicly traded corporations from deducting more than $1 million in compensation paid to a small subset of their top executives: the CEO, the CFO, and the three highest non-CEO and non-CFO officers. Both Republican and Democratic administrations have signed laws based on earlier versions of this legislation to help curtail the abuse of this deduction. However, the full loophole is still not closed, and taxpayers continue to subsidize billions of dollars in extravagant compensation.
To address the widening income gap and help resolve corporate tax avoidance on exorbitant executive pay, this legislation increases the number of wealthy executives subject to section 162(m) from the top five to any employee compensated over $1 million. As of 2023, the CEO-to-worker pay ratio was 268-to-1, meaning it would take more than five career lifetimes for the average worker to match a CEO’s earnings in a single year. According to reports, Congressional Republicans have expressed interest in new restrictions on such tax breaks for publicly traded companies.
The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act is cosponsored by Representatives Greg Casar (TX-35), Judy Chu (CA-28), Steve Cohen (TN-09); Rosa DeLauro (CT-03), Christopher DeLuzio (PA-17), Adriano Espaillat (NY-13), John Garamendi (CA-08), Jesús “Chuy” García (IL-04), Henry “Hank” Johnson (GA-04), Summer Lee (PA-12), Seth Magaziner (RI-02), Gwen Moore (WI-04), Eleanor Holmes Norton (D-DC), Jamie Raskin (MD-08), Andrea Salinas (OR-06), Jan Schakowsky (IL-09), Melanie Stansbury (NM-01), Mark Takano (CA-39), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), and Bonnie Watson Coleman (NJ-12).
The bill is also supported by AFL-CIO, Public Citizen, Americans for Financial Reform, Take on Wall Street, Americans for Tax Fairness, MIT Professor and Nobel Prize recipient Simon Johnson, and the Institute for Policy Studies, Global Economy Project.
Source: Ministry for Primary Industries
A group of meat processing companies, directors and managers have been fined a total of $1,629,500.00 for deliberately and illegally altering exported tallow for profit, following an investigation and prosecution by New Zealand Food Safety.
In a sentence released today by the Manukau District Court, Tuakau Proteins Limited, Taranaki By-Products Limited, Wallace Proteins Limited, Stephen Dahlenburg, Paul Drake, Glenn Smith, Glenninburg Holdings Limited, SBT Group Limited, GrainCorp Commodity Management (NZ) Limited and GrainCorp Liquid Terminals NZ Limited, were all sentenced on various charges under the Animal Products Act.
Tallow is rendered from animal fat into a range of products, in this case it was exported for use in biofuels. Its production is regulated under the Animal Products Act and exporters must meet domestic New Zealand standards with a Risk Management Programme (RMP) along with the rules of importing countries.
The defendants worked together to mix tallow with adulterants, including out of specification products containing unknown quantities of unknown various fats and oils, says New Zealand Food Safety deputy director general Vincent Arbuckle.
“The price of tallow is based on its free fatty acid level (FFA) and the lower the level, the higher the price. By illegally adding other oils, the defendants were able to command a higher price by lowering the free fatty acid levels. Following a lengthy and complex investigation, food safety investigators found this offending was deliberate to maximise profits.”
Mr Arbuckle says these companies’ directors and managers knew their responsibilities under the law.
“The rules for export are there for a reason – to ensure the product is fit for its intended purpose and meets the requirements of importing countries.
“While there was no food safety issue identified with the offending, people and organisations that deliberately try to get around the rules can damage New Zealand’s valuable trade reputation which has been built over generations by high quality exports and backed by our robust food safety system.”
The investigation was sparked by a whistleblower who notified New Zealand Food Safety that vegetable oil may have been blended with tallow for export.
“We followed up on the tip and the investigation broadened over time as investigators gathered evidence. They were eventually able to prove that several companies and individuals worked together to illegally export more than 8,000 tonnes of non-compliant tallow.
“Tuakau Proteins Ltd, Taranaki By-Products Ltd and Wallace Proteins Ltd all owned rendering plants that make tallow. These companies, managers and directors worked together to create this product.
“The prosecution was the result of a meticulous and long-running investigation which made connections between multiple defendants and proved deliberate offending.
“Today’s result is a credit to the persistence and expertise of food safety investigators who stuck with what was a very complex case to bring the defendants before the courts. Their efforts send a strong message to those who would try to circumvent the rules for profit – we will pursue and prosecute,” Mr Arbuckle said.
For further information and general enquiries, call MPI on 0800 00 83 33 or email info@mpi.govt.nz
For media enquiries, contact the media team on 029 894 0328.
The BWA Insolvency Quarterly Market Report released today shows insolvency rates between January and March 2025 surged by 31% compared to the same period in the previous year. Liquidations rose by 40%, while receiverships and voluntary administrations saw a decline.
The report’s author, BWA Insolvency principal Bryan Williams, says that despite the data there is a path forward for those with strategic foresight.
“These numbers, while concerning, serve as a crucial alert for business owners to review their financial strategies,” Williams says.
| Key Data NZ Insolvencies Q1 2025 vs. Q1 2024 – Annual Comparison
NZ Insolvencies Q1 2025 vs. Q4 2024 – Quarterly Comparison
Williams says the rise is partially attributed to global economic factors, including trade instabilities and market uncertainties, but is also a carryover of COVID-19 and the accumulated debt that resulted. |
Source: The Conversation (Au and NZ) – By Alexander Plum, Senior Research Fellow, Auckland University of Technology
If you own a business, would you be willing to hire a person who has been convicted for a crime? Give them a chance when a background check shows they have a criminal record?
The answers matter for both individuals and communities. For people who have paid their debt to society, rejoining it can hinge on getting a second chance without being judged on their past.
It is not something they can really hide. Employers often conduct criminal background checks as part of the hiring process. People with criminal records face high levels of stigmatisation, making it harder to reenter their communities and make money legally.
The thorny question of what to do with people with convictions when it comes to employment has been considered by policymakers and justice campaigners around the world.
In the United States, more than 27 states have introduced “Ban the Box” legislation. While each law is unique, by and large they have eliminated the requirement to provide criminal background information in job applications.
And a number of countries, including New Zealand, have implemented clean slate initiatives which help conceal criminal records for people who meet certain criteria.
Our new research looks at whether New Zealand’s clean slate scheme increases the job prospects for eligible people.
The clean slate reform was introduced as the Criminal Records Act in 2004. People who were previously convicted of minor offences can now have their criminal records automatically concealed if they can maintain a conviction-free record for seven years after their last sentence.
The regulation excludes people who were involved in a serious offence (such as sexual misconduct) or who received a particularly punitive sentence (such as incarceration or an indefinite disqualification from driving).
Our research started with the Integrated Data Infrastructure (IDI), hosted by Statistics New Zealand (StatsNZ). This is a repository of records provided by different public and private agencies, including court charge data from the Ministry of Justice and tax records from Inland Revenue.
StatsNZ uses specific characteristics of individuals (such as name and birth date) to identify them across the different datasets. This enables researchers to track the same individual’s data footprint across different administrative records.
We used court charges data on all men convicted between 1992 and 2003 who had fulfilled the clean slate eligibility criteria. We then linked this pool of people with their Inland Revenue records to measure their employment and earnings.
To identify the labour market impact of the clean slate policy, we compared the employment and earnings of those who completed their seven-year rehabilitation period (the treatment group) with individuals who become eligible some time later (control group).
Our analysis found the clean slate scheme has no relevant impact on the likelihood of eligible individuals finding work. This could result from the length of time required between sentencing and being eligible for a clean slate. Seven years could simply be too long.
But the clean slate scheme did create at least a 2% increase in eligible workers’ monthly wages and salaries – equivalent to a NZ$100 hike for an individual with an average monthly salary of $5,000.
The increase in monthly earnings appears to be greater for workers with a stronger commitment to working and for those who remain with one company for longer periods.
The labour market effects of concealing past convictions have also been explored in the US. Recent research looked at a policy enacted in Maryland, New Jersey, Pennsylvania and Bexar County, Texas. Mirroring our own results, the authors do not find any relevant impact on gaining employment.
Our findings indicate the concealment of past convictions through New Zealand’s clean slate scheme might happen too late to make a huge difference. But there are changes that can be made to improve work outcomes for people who have completed their sentences.
This could include following the example of countries such as Finland, where access to criminal histories is much more restricted. In Finland, the background check has to be directly relevant to the job requirements. For example, the law allows checks for someone applying to work in the financial sector who was convicted of fraud.
There would also be benefits from looking at the eligibility criteria for New Zealand’s clean slate scheme.
Currently, it only applies to people who committed a minor offence. But policymakers should consider whether it makes sense to expand the policy to people who committed more serious crimes but managed to turn their life around. Making this change would allow people to reap the benefits of working without stigma.
All that said, the government’s current “tough on crime” stance makes change unlikely, with a focus on the cost of crime rather than what happens after punishment has been completed.
Kabir Dasgupta is affiliated with the Federal Reserve Board. The opinions expressed in this article does not reflect the views of the the Federal Reserve Board or the Federal Reserve System.
Alexander Plum 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. This NZ law aims to give people with criminal convictions a ‘clean slate’. It’s not working – https://theconversation.com/this-nz-law-aims-to-give-people-with-criminal-convictions-a-clean-slate-its-not-working-254687
Source: The Conversation (Au and NZ) – By Claudia Sandberg, Senior Lecturer, Technology in Culture and Society, The University of Melbourne
Foreign audiences often associate German cinema with tragedy, trauma and death. Certainly, major historical events such as the second world war and the Fall of the Berlin Wall — cornerstones of German film — are present in this year’s selection at the 2025 German Film Festival.
Alongside these themes is a variety of contemporary topics, innovative fictional formats and strong documentary work. The increased presence of women in directing and producing roles also brings female experiences sharply into focus.
Here are my highlights from this year’s programme.
Leni Riefenstahl (1902–2003), Hitler’s favourite filmmaker, has been a subject of controversy for decades – explored in documentaries such as The Wonderful Horrible Life of Leni Riefenstahl (1993).
Now, with access to new material from Riefenstahls’ private archive, director Andres Veiel and journalist Sandra Maischberger cast a fresh eye over this complex figure.
Using extensive visual materials, they trace Riefenstahl’s journey from dancer to actress, to filmmaker and photographer – capturing everything from her pioneering cinematic techniques to her entanglement with political power and personal vanity. And they are not afraid to confront uncomfortable aspects of her past.
Her claim to have endured an unwanted romantic pursuit by Nazi minister of propaganda Joseph Goebbels (first made in her 1987 memoir) appears in new light as an older Riefenstahl faces questioning from aggressive TV interviewers. She unflinchingly and fiercely maintains her version of events.
Is Leni Riefenstahl a creative genius, a political victim, or an ignorant perpetrator? This film invites audiences to grapple with this old question anew — and perhaps come to their own conclusion.
Montages depict Riefenstahl’s life from youth to old age, culminating in an image of an elderly lady who, even late in life, manipulates camera angles and lighting to ensure a more flattering appearance.
Some German films such as Balloon (2018) or The Last Execution (2022) have a tendency to explore East Germans as either victims of oppression, or complicit with the regime of the German Democratic Republic.
But there are also films that rebel against such simplification – such as Beauty and Decay (2019), Dear Thomas (2021) and Someday We’ll Tell Each Other Everything (2023) – to powerfully present the many dimensions of former East Germany and its people.
Among them is Two to One, a thoughtful picture by director Nadja Brunckhorst, which fluctuates between thriller, comedy and melodrama. Based on a true story, this film remembers the delirious time between the Fall of the Berlin Wall and Reunification.
It is July 1990, and just days after the deadline for exchanging East German marks to more valued West German marks at the exchange rate of 2:1. This halved the life savings of many East Germans.
We follow a Hausgemeinschaft (community of renters) who discover millions of East German mark bills in an underground bunker. They cleverly use the more privileged members of their old and new worlds – sleek Western sales representatives and former East German diplomats – to transform the worthless bills into West mark and buy goods for everyone.
Two to One stars Ronald Zehrfeld (also in the festival opener Long Story Short), Sandra Hueller and Peter Kurth in top form.
As a contender in the 2024 Berlin Film Festival (where it won best screenplay), and winner of the 2024 German Film Award, Dying comes highly recommended.
Versatile German actor Lars Eidinger is cast as Tom, a youth orchestra conductor trying to pull off his best friend’s composition “Dying”. Not only does the performance never please the composer, his private world is also a mess.
Tom is raising someone else’s child. His father (Hans-Uwe Bauer) suffers dementia. His sister Ellen (Lilith Stangenberg) can’t keep up with the expectations of their estranged parents. And his mother’s (Corinna Harfouch) thinly veiled contempt for her own son is visible in a breathtaking scene involving the seemingly innocent ritual of coffee and cake.
But despite its weighty subject matter, humour appears in the most unexpected places.
There is Ellen’s affair with her boss, a dentist, who ends up drunk in a bar — where she pulls one of his teeth. There is also the quietly absurd scene of her ageing parents trying to drive home from the supermarket: one nearly blind, the other unable to remember where they live.
A film that uses absurdity and tenderness to break through emotional tension with surprising charm, Dying is a must see.
Singer and actress Hildegard Knef would have turned 100 this year.
Knef was one of the most prominent and daring post-WWII West German female artists. Driven from a young age to become successful, she began her career in the 1946 rubble film, The Murderers Are Among Us.
In her 2025 documentary I Want It All, director Luzia Schmidt captures Knef in rehearsals, at home, in the recording studio and through press photos. The film is a vivid portrait of an unapologetic woman constantly under scrutiny, as the German public seemed entitled to access every corner of her life.
Knef comes across as sharp but self-aware. The artist discusses her stage fright and the art of holding an audience’s attention. Her candid remarks about undergoing plastic surgery, as a female artist navigating the ruthless entertainment industry, remain just as relevant today.
Arguably the greatest assets of the film are the reflective comments from Knef’s daughter, Tinta, who speaks with empathy and kindness about her mother’s ambition and vulnerabilities.
I Want It All is a treat for anyone who is familiar with Knef, and for those who want to know more about this grand dame of German culture.
An idyllic countryside in summer: a paradise retreat for some, and a prison for others.
Isabell is the daughter of an architect, who is paralysed by a stroke. His beautifully designed house is in disrepair and no one can pay for it, but Isabell can’t get him to sell it. Meanwhile, Isabell’s marriage to her needy French husband Philippe is strained by a shared trauma.
Anja, a single mum to young Greta, navigates a fragile existence. In a region with weak infrastructure, she moves between low-paying jobs, barely making ends meet.
When the two women meet, their bond forms cautiously. Both are shaped by differences in class, age and life experience, yet there is a connection that bridges these divides.
Carried by compelling performances by Saskia Rosenthal and Nina Hoss (the latter of whom had worked with director Ina Weisse in The Audition (2019)), Cicadas is a quiet drama about vulnerability and loss of control that evolves in the open landscapes of the Brandenburg region.
Claudia Sandberg 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. Unexpected humour and reflections on a complex past: my top 5 films from the 2025 German Film Festival – https://theconversation.com/unexpected-humour-and-reflections-on-a-complex-past-my-top-5-films-from-the-2025-german-film-festival-254788
