Category: Climate Change

MIL-OSI United Nations: World News in Brief: First UN mission to Syria’s Sweida, fresh displacement in Haiti, new lightning record

Source: United Nations 2

The team went to Sweida City, as well as two districts – Shahba and Salkhad – where they met with local community representatives and partners, in addition to visiting displacement sites and reception centres.

Members also conducted assessments in the three districts of the governorate, where hundreds of people have been killed, and some 175,000 people displaced, in recent sectarian violence amid Syria’s ongoing political transition since the fall of the Assad regime last December.

A senior UN official told the Security Council earlier this week that a fragile ceasefire is “largely holding”.

More aid delivered

OCHA said a fifth humanitarian aid convoy organized by the Syrian Arab Red Crescent also arrived in Sweida on Thursday. It was the largest so far, with 40 trucks.

The convoy, which included UN assistance, delivered medical supplies, flour, fuel, canned goods, hygiene kits and shelter materials, among other assistance.

On Wednesday, the Syrian Arab Red Crescent also delivered four tankers carrying more than 120,000 litres of fuel.

Haiti: Armed groups expand activities

Armed groups in Haiti are expanding their presence and activities in the Artibonite region which has sparked waves of displacement, according to OCHA.

Last Monday, violence linked to armed groups flared in the town of Liancourt, where a vehicle and several homes were set on fire. This followed a week of violent clashes.

As of 19 July, nearly 15,000 people have been displaced across four communes in Artibonite. They are staying with host families, many of whom were already finding it hard to meet basic needs.

OCHA said response efforts are underway, led by local humanitarian partners. They have distributed hygiene kits to more than 500 displaced households and host communities, as well as hundreds of hot meals.

2017 lightning flash in US Great Plains sets new world record

A lightning flash in a notorious storm hotspot in the United States nearly a decade ago has been certified as the longest on record, the World Meteorological Organization (WMO) announced on Thursday.

The megaflash – an incredible 829 kilometres long (515 miles) – occurred during a major storm in the Great Plains in October 2017 and was some 61 kilometres greater than the previous record, also set in the same region.

It extended from eastern Texas to near Kansas City, equivalent to the distance between Paris and Venice in Europe: a journey that would take roughly eight to nine hours by car, or at least 90 minutes by plane.

Value of early warning systems

The flash was not identified in the original 2017 analysis of the storm but was discovered through re-examination. 

WMO’s Committee on Weather and Climate Extremes recognized the new record with the help of the latest satellite technologies and the findings were published in the Bulletin of the American Meteorological Society.

“Lightning is a source of wonder but also a major hazard that claims many lives around the world every year and is therefore one of the priorities for the international Early Warnings for All initiative,” said WMO Secretary-General Celeste Saulo.

Launched in 2022, the initiative aims to ensure that everyone on the planet is protected from hazardous weather, water, or climate events through early warning systems by the end of 2027.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI New Zealand: Lecturers’ encouragement leads oncology social worker back to study master’s at EIT | EIT Hawke’s Bay and Tairāwhiti

Source: Eastern Institute of Technology

11 minutes ago

After years of gentle encouragement from EIT lecturers, Mabel Aiolupotea returned to study and completed her Master of Professional Practice while working full-time

Mabel, a Registered Social Worker in the Cancer Support Team within Oncology Services at Te Matau a Māui Hawke’s Bay, recently completed the postgraduate qualification at EIT.

Her journey with EIT began more than a decade ago, when she enrolled in the Bachelor of Social Work.

“It wasn’t something that I planned or knew I would become. I didn’t quite finish my last year of high school, and then I got married and had two kids before I started studying.”

She completed her degree by taking one paper at a time while working full-time in social services.

She graduated in 2013 and remained connected to the institute.

“Every time I bumped into one of my old lecturers, they would say, ‘Are you thinking about coming back? We’ve got this programme running.’ They saw potential in me, and that encouragement stayed with me.”

Eventually, Mabel decided to apply.

“I didn’t know how I was going to pay for it. But I just knew it was what I was supposed to do. So, I applied and trusted the rest would follow.”

She later received education funding through the Radiotherapy and Oncology Trust in Palmerston North. That support enabled her to complete her studies one paper at a time while continuing full-time work.

Mabel has spent nearly a decade at Hawke’s Bay Hospital and the past five years in Oncology Psychosocial Services. Her role spans the full cancer journey, from initial testing and diagnosis through to treatment, end-of-life care, and bereavement support.

“It’s a privilege to walk alongside people during some of their most vulnerable moments, especially when facing uncertainty. You do not take that lightly.”

Returning to study gave her space to reflect on her practice and grow her confidence, both professionally and personally.

As part of her master’s programme, Mabel completed a Postgraduate Certificate in Professional Supervision and a research component that gave her insight into the different cultural and personal spaces she moves through every day.

“You can go through the motions, or you can really engage in a way that transforms you. Supervision became a place for deeper learning, not just a mandatory requirement,” she says.

She credits the support of her family and her village, including EIT staff for helping her succeed while balancing home, work, study, and church life. When classes were moved to Hastings following Cyclone Gabrielle, she says EIT handled the disruption with care and minimal interruption.

Mabel graduated in April this year and received an award at EIT’s Pacific Achievement Ceremony, an honour she says was both humbling and affirming.

Earlier this year, she also became a grandmother for the first time. With a new mokopuna in the family, she is taking a pause from study to enjoy this season, though she hasn’t ruled out the idea of pursuing a doctorate in the future.

“There is always more to learn. But for now, I am just really grateful. I am proud of who I have become through this journey and how it has helped me show up at work, at home, and in my community.”

Mabel says she would “absolutely” recommend study at EIT.

“If you want to become better at being you, then it’s the right place to be. You get out what you put in and with God all things are possible.”

Mandy Pentecost, EIT School of Education and Social Sciences Programme Coordinator, said: “I speak for all those who have taught Mabel through her studies with EIT, to congratulate her on completing her Masters degree”.

“Mabel has been a committed student, humble and open to embracing new ideas and ways of practice. Through her work she has an impact on so many lives, and we wish her well as she continues her journey of learning and service.”

MIL OSI New Zealand News –

August 5, 2025
MIL-OSI USA: Fischer Advances Over $200 Million for National and Nebraska-Based Defense Programs
US Senate News:
Source: United States Senator for Nebraska Deb Fischer

Funding for U.S. Strategic Command, 55th Wing, 557th Weather Wing – located at Offutt Air Force Base

Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Appropriations Committee, announced she advanced over $200 million for key national and Nebraska-based defense programs, including U.S. Strategic Command (STRATCOM), 55th Wing, 557th Weather Wing – located at Offutt Air Force Base – in the Fiscal Year 2026 (FY26) Defense Appropriations Bill. The bill now awaits consideration on the Senate floor.

“The first duty of Congress is to defend the nation, and as a member of the Appropriations Committee and Armed Services Committee, I’m working to ensure our nation is equipped to fulfill that mission. That’s why I advanced critical funding for projects that will boost U.S. Strategic Command, the 55th Wing, and the 557th Weather Wing at Offutt Air Force Base, including critical defense programs our nation relies upon to keep our people safe,” Fischer said.

Key provisions secured by Fischer include:

STRATCOM:
- $15 million for STRATCOM’s nuclear command, control, and communications (NC3) Enterprise Center’s Rapid Engineering Architecture Collaboration Hub (REACH) program
- $11 million to expand and improve STRATCOM’s NC3 Enterprise Center’s network sensor demonstration
- $9 million to test and evaluate advanced electromagnetic warfare technologies
55th Wing:
- $20 million to improve alternate position, navigation, and timing (PNT) systems onto the RC-135 fleet
557th Weather Wing:
- $1 million to mitigate security risks as the 557th Weather Wing transfers its data processing operations to cloud-based services
- $1 million to improve 557th Weather Wing’s sensing and modeling capabilities to support emerging missions in the stratosphere
University of Nebraska:
- $3 million to enable the University of Nebraska Medical Center to work with the Department of Defense and Health and Human Services (HHS) to build contingency plans for extreme health events
- $3 million for the University of Nebraska-Lincoln to develop an Automated Resuscitation Catheter (ARCA)
Other Provisions:
- $30 million above the President’s budget request for APEX accelerator programs
- $60 million above the President’s budget request to procure additional MH-139 helicopters to monitor and defend Intercontinental Ballistic Missile (ICBM) missile fields
- $50 million above the President’s budget request to stabilize the industrial base for missile components
- $47.5 million above the President’s budget request to support U.S.-Israel Emerging Technology Cooperation to meet the challenges of the future battlefield
MIL OSI USA News –
August 5, 2025
MIL-OSI USA: 07.31.2025 Sens. Cruz, Cantwell Introduce Bill to Modernize Weather Radio Emergency Alerts

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Senate Commerce Committee Chairman Ted Cruz (R-Texas) and Ranking Member Maria Cantwell (D-Wash.) reintroduced the NOAA Weather Radio Modernization Act, which would modernize weather radio equipment to enhance the reliability of emergency communications during severe weather and bolster the nationwide accessibility of critical warnings.
The legislation expands coverage for areas with poor or no cellular service, amplifies non-weather emergency messages, and provides additional transmitters for areas with weak or nonexistent cell service and broadband coverage. Additionally, the NOAA Weather Radio Modernization Act directs the National Institute of Standards and Technology (NIST) to develop standards for flash flood emergency alert systems within the 100-year floodplain. This will enhance emergency preparedness for communities without mobile broadband access, state and local emergency warning systems, or satellite coverage.
Sen. Cruz said, “The flooding in Central Texas has been absolutely heartbreaking, and we continue to lift up all those affected in prayer. Texans are strong and resourceful, but when disaster is about to strike, there has to be multiple, reliable ways to notify those who are in harm’s way. While the Hill Country flood investigation continues, we do know that some people did not receive the warnings because of a lack of cell phone coverage. I am grateful to join Ranking Member Cantwell in introducing this legislation to modernize early warning systems and ensure that every American, especially those in areas with poor or no cellular service, aren’t kept in the dark when it matters the most. This legislation is about protecting our communities and saving lives, and I urge Congress to pass it quickly.”
Sen. Cantwell said, “NOAA Weather Radio is our nation’s weather infrastructure that broadcasts 24/7 to keep people informed with immediate, reliable weather information, including timely weather alerts. This bill helps to upgrade the system with the best technology and communications systems, replacing copper with fiber to reach more people, especially in rural areas. It also directs NIST to develop standards for better warning technology and makes sure NOAA keeps its weather scientist and forecast jobs fully staffed.”
The NOAA Weather Radio Act is cosponsored by Sens. Dan Sullivan (R-Alaska), Brian Schatz (D-Hawaii), Jerry Moran (R–Kan.), and Gary Peters (D-Mich.).
Sen. Schatz said, “The Weather Radio Network’s ability to broadcast emergency warnings across remote areas, even when power or cell networks fail, is essential to protecting lives in Hawai‘i. This bill will help modernize the system so that communities in Hawai‘i and across the country have access to reliable, timely, and accurate emergency information.”
Sen. Moran said, “Recent severe weather across the country is a grave reminder of the need for a modernized emergency weather alert system. This legislation would improve alert systems in rural parts of the country with limited access to mobile broadband service, emergency warning systems or satellite coverage. It incorporates part of my legislation, the FORECAST Act, to protect critical National Weather Service employees from federal hiring freezes. It is essential that weather forecasting offices in every corner of the nation remain staffed so Kansans and all Americans have access to accurate, life-saving, 24/7 forecasting coverage.”
Read the full text of the bill here.
BACKGROUND
The National Oceanic and Atmospheric Administration (NOAA) maintains a network of over 750 NOAA Weather Radio (NWR) stations, which includes more than 1000 transmitters covering all 50 states and the U.S. territories. NWR broadcasts weather information, including emergency weather alerts and local hazard information from the nearest National Weather Service office, playing a critical role in protecting lives and property. Local news stations often urge citizens to incorporate NWR as part of their emergency preparedness plan during severe weather.
When disaster strikes, every second counts. Although the public often relies on cell phones, computers, and cable service to receive hazard warnings and communication, radio is often the primary source of information in rural and remote regions of the country where cell and internet service are lacking. Americans can buy NOAA Weather Radios for as little as $10. Even in urban areas with cell coverage, power outages triggered by severe weather events, such as a thunderstorm or a tornado, can disrupt cell and internet communications, making radio one of the few reliable options.
Sens. Cantwell and Cruz previously introduced this bill in May 2023, and it advanced out of the Senate in December 2023.

MIL OSI USA News –

August 5, 2025
MIL-OSI New Zealand: Climate – Warmer than usual weather ahead, wetter in north and east, as La Niña signals strengthen: Seasonal Outlook Climate August to October 2025 suggests warm, damp weather, with La Niña’s possible return

Source: Earth Sciences New Zealand

Earth Sciences New Zealand (formerly NIWA) Seasonal Outlook Climate August to October 2025 suggests warm, damp weather, with La Niña’s possible return

Parts of New Zealand are likely to experience more wet, warm weather over the next three-month period, with shifting ocean conditions hinting at a possible return to La Niña by the end of the year, according to the latest Earth Sciences New Zealand (formerly NIWA) Seasonal Climate Outlook for August to October 2025.

More frequent northeasterly to easterly air flows are expected over the next three months as winter turns into spring, says meteorologist Chris Brandolino, principal scientist at Earth Sciences New Zealand. “The likelihood of tropical and subtropical systems influencing New Zealand remains elevated, and this is associated with an increased risk of heavy rainfall events, including those linked to atmospheric rivers, and flooding.”

Above normal rainfall is expected in the north and east of the North Island. “These anticipated rainfall patterns are driven by circulation anomalies that heighten the risk of heavy rainfall events in the north and east of the North Island. Conversely, a shift toward more persistent easterly flow anomalies is expected as the season progresses, increasing the likelihood of dry conditions in the southwest of the South Island.”

Above average seasonal air temperatures are expected across most of the country, except the east of the South Island, for which above average or near average temperatures are about equally likely, says Brandolino. “Cold snaps and frosts may still occur, but less often than usual.”

Soil moisture levels and river flows are expected to be near normal in the north and west of the North Island, and near normal or below normal in the east of the North Island. Near normal or above normal soil moisture levels and river flows are forecast for the South Island.

While conditions in the tropical Pacific remain officially ENSO-neutral, oceanic tr

MIL OSI New Zealand News –

August 5, 2025
MIL-OSI New Zealand: Legal and Finance Sectors – MinterEllisonRuddWatts advises Camco on innovative blended finance fund

Source: MinterEllisonRuddWatts

MinterEllisonRuddWatts is proud to have assisted Camco, a leading UK-based impact fund manager, with the establishment of an innovative blended finance fund called TIDES (Transforming Island Development through Electrification and Sustainability).

TIDES is an innovative fund aiming to help unlock USD100 million of public and private sector finance to support renewable energy developments in the Pacific Islands. The fund has received contributions from the New Zealand and UK governments in the form of first loss equity.

This first-of-its-kind fund for the region is designed to deliver deep impact by strengthening the renewable energy and energy efficiency sectors. It will provide flexible financing to local renewable energy developers behind zero-emissions projects across a full range of sizes, from mini-grids to large grid-connected systems.

Partner Lloyd Kavanagh and Senior Associate Ken Ng attended the signing ceremony of TIDES at the British High Commission in Wellington yesterday, alongside Minister for Climate Change, the Honourable Simon Watts, British High Commissioner HE Ms Iona Thomas OBE, and the Managing Director of Camco Management Limited, Geoff Sinclair.

Lloyd Kavanagh commented: “We are delighted to support Camco in launching the TIDES fund, a pioneering initiative that bl

MIL OSI New Zealand News –

August 5, 2025
MIL-Evening Report: Marine climate interventions can have unintended consequences – we need to manage the risks
Source: The Conversation (Au and NZ) – By Emily M. Ogier, Associate Professor in Marine Social Science, University of Tasmania

Stock for you, Shutterstock

The world’s oceans are being rapidly transformed as climate change intensifies. Corals are bleaching, sea levels are rising, and seawater is becoming more acidic – making life difficult for shellfish and reef-building corals. All this and more is unfolding on our watch, with profound consequences for marine ecosystems and the people who depend on them.

In response, scientists, governments and industries are trying to intervene.
People all over the world are experimenting with new ways to capture and store more carbon dioxide, or make up for damage already done.

Ocean-based climate actions include breeding more heat-tolerant corals, restoring mangroves, and farming seaweed. Such interventions offer hope, but they’re also inherently risky. Some may be ineffective, inequitable or even harmful.

The pace of innovation is now outstripping the capacity to responsibly regulate, monitor and evaluate these interventions. This means current and future generations may not be getting value for money, or worse – the chance to avoid irreversible change may be slipping away.

In our new research, published in Science, we reviewed the latest evidence on known and perceived risks of new ocean-based climate interventions. We then gathered emerging ideas on how to reduce those risks.

We found the risks aren’t being widely considered, and the benefits are unclear. But there are emerging assessment tools and planning frameworks we can build on, to plan ocean-based climate actions that meet humanity’s climate goals.

The promise and peril of marine climate interventions

Marine climate interventions vary in scope and ambition. Examples can be found all over the world. These include:
- making oceans in North America more alkaline (less acidic) so they can take up more carbon dioxide
- breeding heat-tolerant corals in Australia to transplant onto degraded reefs
- farming seaweed in Africa to capture carbon and reduce ocean acidity
- restoring mangroves in Asia to defend coastal communities
- avoiding emissions by banning offshore oil and gas exploration.
Some interventions are still at proof-of-concept stage, and several have been tested and abandoned. Others are facing challenges owing to complexity of monitoring and verification.

Each has its own set of benefits, costs and risks. For example, making the ocean more alkaline may help to squeeze in more carbon from the atmosphere, but it’s difficult to verify how much carbon has been removed. This makes it hard to justify the costs and the potential damage to ecosystems, such as effects on local fish populations.

Restoring coral can support biodiversity in the short term, but it may not last as warming exceeds their (modified) ability to adapt. This type of intervention is also expensive and labour-intensive, with unintended emissions from energy-intensive processes. So it may be impossible to scale up.

Seaweed farming at scale would occupy thousands if not millions of square kilometres of oceans, displacing fishing, shipping and conservation. Harvesting 1 billion tonnes of seaweed carbon would require farming more than 1 million square km of the Pacific Ocean, and would deliver just 10% of the annual atmospheric carbon dioxide removal required to limit global warming to 1.5°C.

It’s doubtful whether seaweed farming would actually remove carbon from the atmosphere. But seaweed farming can – if well-planned – produce a range of other climate-related benefits.

Moreover, interventions often overlap in space and time, creating cumulative impacts and unintended consequences. In some cases, the projects may displace other users, undermine Indigenous rights, or erode public trust in climate science and policy. Without careful understanding and planning, these efforts could exacerbate the very problems they aim to solve.

Governance gaps and ethical dilemmas

One of the most pressing challenges is the lack of regulation and oversight suited to the scale and complexity of marine climate interventions.

Existing regulations are often outdated, fragmented, or designed for land-based systems. Few countries have biosafety laws for the ocean. This means many interventions proceed without comprehensive risk assessments or community consultation.

Ethical dilemmas abound. Who decides what constitutes a “healthy” ocean? Who bears responsibility if an intervention causes harm? And how do we ensure benefits — such as improved livelihoods or climate resilience — are equitably distributed?

Currently, scientists, funding bodies and non-government organisations do the bulk of the decision-making. There is limited input from governments, local communities and Indigenous Peoples. This imbalance risks perpetuating historical injustices and undermining the legitimacy of many ocean-based climate actions.

Ocean Alkalinity Enhancement has been proposed for St Ives in Cornwall.
diego_torres, pixabug, FAL

Toward responsible marine transformation

We identified opportunities for scientists, policymakers, and funding bodies to work together more effectively on more comprehensive assessments of interventions.

Guidelines and insights are emerging from experimental-scale research into capturing and storing “blue” carbon in ocean and coastal ecosystems. Similarly, a non-profit organisation in the United States has developed a code of conduct for marine carbon dioxide removal. However these guidelines are yet to be integrated into broader governance frameworks.

Awareness of the urgent need to ensure intervention is done responsibly is also growing. Many high-level policy documents now recognise the importance of transitioning to more sustainable, equitable, and adaptive states. For example, the Samoa Climate Change Policy 2020 recognises the need to adapt coastal economies and communities to warming oceans, while also working to reduce carbon emissions.

We can use the ocean in our fight against climate change (United Nations)

Proceed with caution

The ocean is central to our climate future. It absorbs heat, stores carbon, and sustains life. But it is also vulnerable — and increasingly, a site of experimentation. If we are to harness the promise of ocean-based climate action, we must do so with care, humility, and foresight.

Responsible governance is not a barrier to innovation — it is its foundation. By embedding ethical, inclusive, and evidence-based principles into our marine climate strategies, we can chart a course toward a more resilient and equitable ocean future.

Emily M. Ogier receives salary support from the Australia Research Council. She receives funding from The Nature Conservancy, the Fisheries Research and Development Corporation and the Blue economy Centre for Research Excellence. She is affiliated with the Centre for Marine Socioecology.

Gretta Pecl receives funding from the Australian Research Council, Department of Agriculture Water and the Environment, Department of Primary Industries NSW, Department of Premier and Cabinet (Tasmania), the Fisheries Research and Development Corporation, The Ian Potter Foundation and has received travel funding support from the Australian government for participation in the UN Intergovernmental Panel on Climate Change process. She is affiliated with the Biodiversity Council and the Centre for Marine Socioecology.

Tiffany Morrison receives funding from the Australian Research Council Laureate and Discovery Programmes, WorldFish-CGIAR ( (formerly the Consultative Group for International Agricultural Research), and The Nature Conservancy Science for Nature and People Partnership.

– ref. Marine climate interventions can have unintended consequences – we need to manage the risks – https://theconversation.com/marine-climate-interventions-can-have-unintended-consequences-we-need-to-manage-the-risks-262343
MIL OSI Analysis – EveningReport.nz –
August 5, 2025
IMD predicts heavy rainfall over northeast, eastern India; TN and Kerala in for week-long wet spell

Source: Government of India

Source: Government of India (4)

The India Meteorological Department (IMD) on Friday forecast continued heavy to very heavy rainfall over Northeast and adjoining eastern India over the next seven days, with extremely heavy downpours expected in specific pockets. Sub-Himalayan West Bengal and Sikkim, along with Meghalaya, are likely to receive intense rainfall on August 2 and 3. Arunachal Pradesh and Bihar are also forecast to witness extremely heavy rainfall on August 3.

Southern states, including Tamil Nadu and Kerala are expected to experience sustained heavy to very heavy rainfall over the next six to seven days. In contrast, subdued rainfall activity is likely over central and north peninsular India during this period.

Additional bouts of very heavy rainfall are anticipated in various parts of north and central India in the coming days.

Himachal Pradesh is likely to receive very heavy showers on August 1. Eastern Rajasthan and western Uttar Pradesh are expected to see intense rain on August 4, while eastern Uttar Pradesh and Uttarakhand may witness heavy showers on August 3 and 4. Tamil Nadu is likely to receive very heavy rainfall on August 4 and 5, followed by Kerala and Mahe on August 6 and 7.

In the past 24 hours (leading up to 8:30 a.m. on August 1), isolated locations across Rajasthan, Haryana, Bihar, Himachal Pradesh, and Meghalaya recorded heavy to very heavy rainfall (ranging between 7 and 20 cm). Isolated heavy rainfall was also reported from parts of sub-Himalayan West Bengal, Jharkhand, Uttarakhand, Punjab, western Uttar Pradesh, and central Maharashtra.

Weather outlook for Delhi-NCR

On Friday, Delhi is likely to remain under a generally cloudy sky, with one or two spells of light rain and the possibility of moderate showers in isolated areas during the evening or night. Thunderstorms and lightning are also expected. Maximum temperatures are projected between 32°C and 34°C, which is 2 to 4 degrees below normal. Surface winds will predominantly blow from the south at 10–15 kmph during the afternoon, weakening to 5–10 kmph from the southwest by evening.

On August 2, the capital will continue to witness a generally cloudy sky, accompanied by very light to light rain and occasional thunderstorms. Daytime temperatures may rise slightly, ranging from 34°C to 36°C, with minimums between 24°C and 26°C. Winds will shift from the west in the morning to the southwest by afternoon, reaching up to 20 kmph before subsiding to around 10–15 kmph in the evening.

August 3 is forecast to bring light to moderate rainfall along with thunderstorms. Temperatures will dip slightly again, with maximums between 32°C and 34°C and minimums in the 24°C to 26°C range. Winds will initially come from the northwest at around 10–15 kmph and later shift to the southwest during the afternoon, before transitioning to the northeast in the evening.

On August 4, the city is expected to remain under a cloudy sky, with light rainfall and thunderstorms. Maximum temperatures will continue to hover between 32°C and 34°C, while minimums may fall to 23°C to 25°C. Winds will begin from the northeast and increase from the east in the afternoon before calming again in the evening.

Overall, the Delhi-NCR region is likely to experience relatively cooler days with intermittent rainfall and thunderstorms through the first week of August.

August 5, 2025
MIL-OSI USA: Flood Survivors in Four More Counties May Apply for Federal Assistance

Source: US Federal Emergency Management Agency

Headline: Flood Survivors in Four More Counties May Apply for Federal Assistance

Flood Survivors in Four More Counties May Apply for Federal Assistance

AUSTIN, Texas – Homeowners and renters in Guadalupe, Kimble, McCulloch and Menard counties are now eligible to apply for federal disaster assistance if you were affected by the Central Texas flooding in July

FEMA, the State of Texas and the U

S

Small Business Administration may be able to help with serious disaster-related needs, temporary lodging, basic home repair costs, personal property loss and disaster loans

Previously, Burnet, Kerr, San Saba, Tom Green, Travis and Williamson counties were designated for FEMA assistance, meaning survivors with losses in those counties could apply even if they do not live in the county or in Texas

A total of 10 counties are now designated for federal assistance under the major presidential disaster declaration for the July 2-18 severe storms and flooding in Central Texas

Survivors with homeowners’, renters’ and flood insurance are encouraged to file a claim with their insurance carrier as soon as possible

By law, FEMA cannot provide funding for losses covered by your insurance

If your policy does not cover all disaster expenses, you may be eligible for federal assistance

FEMA works closely with the Small Business Administration, which provides low-interest disaster loans for homeowners, renters, nonprofit organizations and businesses of all sizes

You have until Thursday, Sept

4, to apply for FEMA disaster assistance, which is not the same as reporting your damage to the state

Reporting disaster damage to the Texas Division of Emergency Management at damage

tdem

texas

gov helps officials connect you with resources and services

The fastest way to apply to FEMA is online at DisasterAssistance

gov

You may also use the FEMA mobile app or call the FEMA Helpline at 800-621-3362

Lines are open from 6 a

m

to 10 p

m

CT daily

If you use a relay service, captioned telephone or other service, you can give FEMA your number for that service

Helpline specialists speak many languages

Press 2 for Spanish

To apply online or to download an SBA application, go to SBA

gov/disaster

You may also call SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba

gov

The deadline to apply for an SBA physical disaster loan is also Thursday, Sept

4

The last day to apply for an SBA economic injury loan is April 6, 2026

You may also visit any Disaster Recovery Center to receive in-person assistance

To find one close to you, use your ZIP code to search FEMA

gov/DRC

To view an accessible video, visit What You Need to Know Before Applying for FEMA Assistance

For the latest information about the Texas recovery, visit fema

gov/disaster/4879

Follow FEMA Region 6 on social media at x

com/FEMARegion6 and at facebook

com/FEMARegion6
toan

nguyen
Thu, 07/31/2025 – 15:35

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: JULY 31, 2025-2025-011_NEWS RELEASE-HIEMA ALERTS PUBLIC TO RED FLAG WARNING-EXTREME FIRE DANGER CONDITIONS EXIST
Source: US State of Hawaii

JULY 31, 2025-2025-011_NEWS RELEASE-HIEMA ALERTS PUBLIC TO RED FLAG WARNING-EXTREME FIRE DANGER CONDITIONS EXIST

Posted on Jul 31, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

DEPARTMENT OF DEFENSE

KA ʻOIHANA PILI KAUA

MAJOR GENERAL STEPHEN F. LOGAN

DIRECTOR OF EMERGENCY MANAGEMENT
LUNA HOʻOMALU PŌULIA

HAWAIʻI EMERGENCY MANAGEMENT AGENCY

KEʻENA HOʻOMALU PŌULIA O HAWAIʻI

JAMES DS. BARROS

ADMINISTRATOR OF EMERGENCY MANAGEMENT
KAHU HOʻOMALU PŌULIA

HIEMA ALERTS PUBLIC TO RED FLAG WARNING: EXTREME FIRE DANGER CONDITIONS EXIST

FOR IMMEDIATE RELEASE 2025-011

July 31, 2025

HONOLULU — The Hawaiʻi Emergency Management Agency (HIEMA) is alerting the public that the National Weather Service (NWS) has issued a Red Flag Warning for portions of the state. The Red Flag Warning is in effect until 6:00 p.m. Friday, August 1. This warning signals that critical fire weather conditions — strong winds, low humidity and dry fuels — are creating an extreme wildfire risk.

“We cannot afford to be careless when conditions are this dangerous,” said Governor Josh Green, M.D.. “Nearly all of Hawaiʻi’s wildfires are started by human activity, which means nearly all of them are preventable. Every person in our state — residents and visitors alike – has a role to play in reducing the risk. Please take this warning seriously, avoid activities that can spark fires and do your part to keep our communities and ‘ohana safe.”

“Red Flag Warnings are a serious call to action,” said James Barros, HIEMA Administrator. “A single spark can have devastating consequences. It is everyone’s kuleana — our shared responsibility — to prevent ignition and protect our communities.”

Human-caused ignitions remain the primary threat

Nearly 99 % of wildfires in Hawaiʻi are caused by human activity, including careless disposal of cigarette butts, unattended campfires, “hot work” such as welding that uses machinery causing sparks, burning of yard waste, and sparks along roadways and powerline corridors (dlnr.hawaii.gov). Individual actions make the difference.

Fuel loads and climate conditions drive fire severity

Non-native, fire-prone grasses and shrubs cover more than 25 % of Hawaiʻi’s landscape, creating “fine fuels” that can spread fire rapidly and unpredictably (hwmo.org). Combined with warming, drier conditions, Hawaiʻi’s fire season is effectively year-round, with about 0.5 % of state land burning each year — among the highest proportions in the nation.

Resource challenges and community preparedness

The Department of Land and Natural Resources Division of Forestry and Wildlife (DOFAW) manages fire response across nearly 60% of Hawaiʻi’s lands, but constrained personnel and equipment make wildfire mitigation and suppression challenging. This year’s state budget included additional staffing and funding for fire mitigation, as well as approval to reduce fuels on state lands not maintained by DOFAW.

Residents and visitors can also help protect their homes and communities by:
- Clearing defensible space: Remove dry vegetation and combustible materials from around structures.
- Avoiding activities that can start fires: Do not burn debris, discard cigarettes, or use open flames outdoors.
- Maintaining property: Clear gutters, trim fire-prone vegetation and secure loose items.
- Being evacuation-ready: Know at least two ways out of your neighborhood and have an emergency kit prepared.
Infrastructure and evacuation challenges

HIEMA continues to work with partnering agencies and counties, utilizing modernized alert systems and enhanced public safety during fast-moving fire events.

“Wildfire preparedness is everyone’s kuleana — from individual homeowners and landowners to public land managers, large agricultural operations and even visitors,” said State Fire Marshal Dori Booth. “We must all work together to build a safer, more resilient Hawaiʻi.”

For real-time updates on weather conditions and warnings, visit the National Weather Service at www.weather.gov/hfo and follow HIEMA on X (formerly Twitter) at @Hawaii_EMA. For more information on wildfire conditions and preparedness, visit https://dod.hawaii.gov/hiema/wildfire/.

# # #

Contact:
1. Kīelekū Amundson
Communications Director

Phone: 808-733-4300 Ext 522

Email: [email protected]

MIL OSI USA News –
August 5, 2025
MIL-OSI USA: Rep. Simpson Highlights Efforts to Make Housing More Affordable

Source: US State of Idaho

Rep. Simpson Highlights Efforts to Make Housing More Affordable

Washington, August 1, 2025

WASHINGTON—Today, Idaho Congressman Mike Simpson highlighted his recent legislative actions to address housing affordability in America. These actions include supporting President Trump’s One Big Beautiful Bill, voting to advance the Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, and cosponsoring the Housing Supply Frameworks Act introduced by Representative Mike Flood of Nebraska.
“Idaho is one of the fastest-growing states in the nation, and one of the top concerns I’ve heard in recent years is what Congress is doing to tackle the housing affordability crisis,” said Rep. Simpson. “Thanks to President Trump’s One Big Beautiful Bill and its historic tax relief provisions, addressing this issue has now become a reality. The pro-growth policies in the bill will unleash American economic prosperity and make housing more affordable by putting more money back into the pockets of Idahoans and all Americans. I was proud to support the One Big Beautiful Bill and will continue supporting policies that make housing a priority.”
Efforts to Make Housing More Affordable:

H.R. 1 – The One Big Beautiful Bill Act. President Trump signed this legislation into law on July 4th, 2025. The One Big Beautiful Bill extends and expands the Low-Income Housing Tax Credit, permanently extends the tax deduction on mortgage interest, and makes improvements to the Opportunity Zone program.
H.R. 4552 – The Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. This legislation maintains funding at responsible levels for housing programs and refocuses housing assistance to promote self-sufficiency while continuing to support America’s most vulnerable.
H.R. 2840 – The Housing Supply Frameworks Act. This legislation directs the U.S. Department of Housing and Urban Development to develop frameworks for best practices on zoning and land-use policies.

MIL OSI USA News –

August 5, 2025

MIL-OSI: TransAlta Reports Strong Second Quarter 2025 Results, Advancement of Strategic Priorities and Reaffirms Guidance

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Aug. 01, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.

“Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.

“Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris.

“Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”

Second Quarter 2025 Highlights

Achieved strong operational availability of 91.6 per cent in 2025, compared to 90.8 per cent in 2024
Adjusted EBITDA⁽¹⁾ of $349 million, compared to $316 million for the same period in 2024
Free Cash Flow (FCF)⁽¹⁾ of $177 million, or $0.60 per share, remained consistent with the same period in 2024
Adjusted earnings before income taxes⁽¹⁾ of $122 million, or $0.41 per share, compared to $112 million, or $0.37 per share, for the same period in 2024
Cash flow from operating activities of $157 million, or $0.53 per share, compared to $108 million, or $0.36 per share, from the same period in 2024
Net loss attributable to common shareholders⁽¹⁾ of $112 million, or $0.38 per share, compared to net earnings attributable to common shareholders of $56 million, or $0.18 per share, for the same period in 2024

Second Quarter 2025 Operational and Financial Highlights

$ millions, unless otherwise stated	Three Months Ended			Six Months Ended
$ millions, unless otherwise stated	June 30, 2025		June 30, 2024	June 30, 2025		June 30, 2024
Operational information
Availability (%)	91.6		90.8	93.3		91.5
Production (GWh)	4,813		4,781	11,645		10,959
Select financial information
Revenues	433		582	1,191		1,529
Adjusted EBITDA⁽¹⁾	349		316	619		658
Adjusted earnings before income taxes⁽¹⁾	122		112	150		256
(Loss) earnings before income taxes	(95	)	94	(46	)	361
Adjusted net earnings after taxes attributable to common shareholders⁽¹⁾	54		70	84		197
Net (loss) earnings attributable to common shareholders	(112	)	56	(66	)	278
Cash flows
Cash flow from operating activities	157		108	164		352
Funds from operations⁽¹⁾	252		236	431		490
Free cash flow⁽¹⁾	177		177	316		398
Per share
Adjusted net earnings attributable to common shareholders per share⁽¹⁾	0.18		0.23	0.28		0.64
Net (loss) earnings per share attributable to common shareholders, basic and diluted	(0.38	)	0.18	(0.22	)	0.91
Cash flow from operating activities per share	0.53		0.36	0.55		1.15
Funds from operations per share⁽¹⁾	0.85		0.78	1.45		1.60
FCF per share⁽¹⁾	0.60		0.58	1.06		1.30
Dividends declared per common share	—		0.06	0.07		0.06
Weighted average number of common shares outstanding	297		303	297		306

Segmented Financial Performance

$ millions	Three Months Ended				Six Months Ended
$ millions	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Hydro	126		83		173		170
Wind and Solar	89		88		191		177
Gas	128		142		232		267
Energy Transition	19		2		56		29
Energy Marketing	26		39		47		78
Corporate	(39	)	(38	)	(80	)	(63	)
Total adjusted EBITDA⁽¹⁾⁽²⁾	349		316		619		658
Adjusted earnings before income taxes⁽¹⁾	122		112		150		256
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Adjusted net earnings attributable to common shareholders⁽¹⁾	54		70		84		197
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278

Key Business Developments

Credit Facility Extension

On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.

Divestiture of Poplar Hill

During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.

Recontracting of Ontario Wind Facilities

During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.

Normal Course Issuer Bid (NCIB)

On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025 and will terminate on May 30, 2026.

On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.

During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.

Conference call and webcast

TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 1, 2025, to discuss our second quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

Second Quarter 2025 Conference Call

Webcast link: https://edge.media-server.com/mmc/p/zpy9addj

To access the conference call via telephone, please register ahead of time using the call link here: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zpy9addj. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

Related Materials

Related materials, including the consolidated financial statements and Management’s Discussion and Analysis (MD&A) will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/ and https://transalta.com/investors/results-reporting/ and have been filed under TransAlta Corporation’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

Notes

1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

Non-IFRS financial measures

We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.

Adjusted EBITDA

Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.

Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.

Adjusted Revenue

Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:

The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.

Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.

Revenues from the Planned Divestitures as they do not reflect ongoing business performance.

Adjusted Fuel and Purchased Power

Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Gross Margin

Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.

Adjusted OM&A

Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:

Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.

ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.

OM&A from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Net Other Operating Income

Adjusted Net Other Operating Income is Net Other Operating Income (the most directly comparable IFRS measure) adjusted to exclude insurance recoveries related to the Kent Hills replacement costs of the tower collapse as these relate to investing activities and are not reflective of ongoing business performance.

Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization

Fair value change in contingent consideration payable is not included as it is not reflective of ongoing business performance.
Asset impairment charges and reversals are not included as these are accounting adjustments that impact depreciation and amortization and do not reflect ongoing business performance.
Any gains or losses on asset sales or foreign exchange gains or losses are not included as these are not part of operating income.

Adjustments for Equity-Accounted Investments

During the fourth quarter of 2020, we acquired a 49 per cent interest in the Skookumchuck wind facility, which is treated as an equity investment under IFRS and our proportionate share of the net earnings is reflected as equity income on the statement of earnings under IFRS. As this investment is part of our regular power-generating operations, we have included our proportionate share of adjusted EBITDA for the Skookumchuck wind facility in our total adjusted EBITDA. In addition, in the Wind and Solar adjusted results, we have included our proportionate share of revenues and expenses to reflect the full operational results of this investment. We have not included adjusted EBITDA of other equity-accounted investments in our total adjusted EBITDA as it does not represent our regular power-generating operations.

Adjusted Earnings (Loss) before income taxes

Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.

For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) attributable to common shareholders

Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) per common share attributable to common shareholders

Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Funds From Operations (FFO)

Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.

Free Cash Flow (FCF)

Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.

Non-IFRS Ratios

FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

Net Interest Expense

Net interest expense is calculated as total interest expense less total interest income and non-cash items. For detailed calculation refer to the table in the Reconciliation of Adjusted EBITDA to FFO and FCF section of this MD&A. Net Interest expense is a proxy for the actual cash interest paid that approximates the cash outflow in the FFO and FCF calculation. The most directly comparable IFRS measure is total interest expense.

FFO per share and FCF per share

FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

Supplementary financial measures include available liquidity, carbon compliance per MWh, fuel cost per MWh, hedged power price average per MWh, realized foreign exchange loss, sustaining capital expenditures, the Alberta electricity portfolio metrics and unrealized foreign exchange loss (gain).

Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment

The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2025:

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	129		59		204		73		38		(67	)	436		(3	)	—		433
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	18		68		71		15		(2	)	—		170		—		(170	)	—
Decrease in finance lease receivable	—		—		7		—		—		—		7		—		(7	)	—
Finance lease income	—		2		3		—		—		—		5		—		(5	)	—
Revenues from Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	147		129		282		88		34		(67	)	613		(3	)	(177	)	433
Fuel and purchased power	7		9		106		51		—		—		173		—		—		173
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted fuel and purchased power	7		9		105		51		—		—		172		—		1		173
Carbon compliance costs (recovery)	—		1		(8	)	—		—		(67	)	(74	)	—		—		(74	)
Adjusted gross margin	140		119		185		37		34		—		515		(3	)	(178	)	334
OM&A	13		25		65		18		8		45		174		(1	)	—		173
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
ERP integration costs	—		—		—		—		—		(6	)	(6	)	—		6		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(1	)	(1	)	—		1		—
Adjusted OM&A	13		25		64		18		8		38		166		(1	)	8		173
Taxes, other than income taxes	1		5		5		—		—		1		12		—		—		12
Net other operating income	—		—		(12	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾	126		89		128		19		26		(39	)	349
Depreciation and amortization	(8	)	(52	)	(74	)	(13	)	—		(4	)	(151	)	1		—		(150	)
Equity income	—		—		—		—		—		—		—		—		1		1
Interest income	—		—		—		—		—		7		7		(1	)	—		6
Interest expense	—		—		—		—		—		(89	)	(89	)	1		—		(88	)
Realized foreign exchange gain	—		—		—		—		—		6		6		—		—		6
Adjusted earnings (loss) before income taxes⁽²⁾	118		37		54		6		26		(119	)	122
Reclassifications and adjustments above	(18	)	(70	)	(80	)	(15	)	4		(7	)	(186	)
Finance lease income	—		2		3		—		—		—		5		—		—		5
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(1	)	—		—		—		1		—		—		—		—
Asset impairment charges	—		—		—		(11	)	—		(2	)	(13	)	—		—		(13	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	100		(32	)	(23	)	(20	)	30		(150	)	(95	)	—		—		(95	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	99		112		284		79		47		(34	)	587		(5	)	—		582
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	1		8		10		(14	)	1		—		6		—		(6	)	—
Decrease in finance lease receivable	—		—		5		—		—		—		5		—		(5	)	—
Finance lease income	—		2		2		—		—		—		4		—		(4	)	—
Unrealized foreign exchange gain on commodity	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted revenue	100		122		300		65		48		(34	)	601		(5	)	(14	)	582
Fuel and purchased power	3		8		97		46		—		—		154		—		—		154
Carbon compliance costs (recovery)	—		—		26		—		—		(34	)	(8	)	—		—		(8	)
Adjusted gross margin	97		114		177		19		48		—		455		(5	)	(14	)	436
OM&A	13		24		42		15		9		42		145		(1	)	—		144
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(4	)	(4	)	—		4		—
Adjusted OM&A	13		24		42		15		9		38		141		(1	)	4		144
Taxes, other than income taxes	1		4		3		2		—		—		10		(1	)	—		9
Net other operating income	—		(2	)	(10	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾⁽³⁾	83		88		142		2		39		(38	)	316		—		—		—
Depreciation and amortization	(8	)	(47	)	(56	)	(15	)	(1	)	(5	)	(132	)	1		—		(131	)
Equity income	—		—		—		—		—		1		1		—		2		3
Interest income	—		—		—		—		—		8		8		—		—		8
Interest expense	—		—		—		—		—		(80	)	(80	)	—		—		(80	)
Realized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Adjusted earnings (loss) before income taxes⁽²⁾	75		41		86		(13	)	38		(115	)	112		—		—		—
Reclassifications and adjustments above	(1	)	(10	)	(16	)	14		(1	)	(4	)	(18	)	—		—		—
Finance lease income	—		2		2		—		—		—		4		—		—		4
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(2	)	—		—		—		2		—		—		—		—
Asset impairment (charges) reversals	—		(1	)	—		1		—		(5	)	(5	)	—		—		(5	)
Gain on sale of assets and other⁽³⁾	—		—		—		1		—		—		1		—		—		1
Unrealized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Earnings (loss) before income taxes	74		30		72		3		37		(122	)	94		—		—		94

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	215		166		594		227		65		(66	)	1,201		(10	)	—		1,191
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(3	)	104		39		14		(1	)	—		153		—		(153	)	—
Decrease in finance lease receivable	—		1		14		—		—		—		15		—		(15	)	—
Finance lease income	—		3		8		—		—		—		11		—		(11	)	—
Revenues from Planned Divestitures	—		—		(7	)	—		—		—		(7	)	—		7		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	212		274		648		241		62		(66	)	1,371		(10	)	(170	)	1,191
Fuel and purchased power	11		19		269		149		—		2		450		—		—		450
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Adjusted fuel and purchased power	11		19		266		149		—		2		447		—		3		450
Carbon compliance costs (recovery)	—		2		41		—		—		(68	)	(25	)	—		—		(25	)
Adjusted gross margin	201		253		341		92		62		—		949		(10	)	(173	)	766
OM&A	26		54		124		35		15		94		348		(2	)	—		346
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
ERP integration costs	—		—		—		—		—		(10	)	(10	)	—		10		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(5	)	(5	)	—		5		—
Adjusted OM&A	26		54		121		35		15		79		330		(2	)	18		346
Taxes, other than income taxes	2		10		10		1		—		1		24		—		—		24
Net other operating income	—		(4	)	(22	)	—		—		—		(26	)	—		—		(26	)
Reclassifications and adjustments:
Insurance recovery	—		2		—		—		—		—		2		—		(2	)	—
Adjusted net other operating income	—		(2	)	(22	)	—		—		—		(24	)	—		(2	)	(26	)
Adjusted EBITDA⁽²⁾	173		191		232		56		47		(80	)	619
Depreciation and amortization	(17	)	(105	)	(138	)	(28	)	(2	)	(9	)	(299	)	3		—		(296	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		4		3
Interest income	—		—		—		—		—		12		12		(1	)	—		11
Interest expense	—		—		—		—		—		(183	)	(183	)	2		—		(181	)
Realized foreign exchange gain	—		—		—		—		—		2		2		—		—		2
Adjusted earnings (loss) before income taxes⁽²⁾	156		86		94		28		45		(259	)	150
Reclassifications and adjustments above	3		(106	)	(60	)	(14	)	3		(15	)	(189	)
Finance lease income	—		3		8		—		—		—		11		—		—		11
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(4	)	—		—		—		4		—		—		—		—
Fair value change in contingent consideration payable	—		—		34		—		—		—		34		—		—		34
Asset impairment (charges) reversals	—		—		(34	)	13		—		(7	)	(28	)	—		—		(28	)
Loss on sale of assets and other	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	159		(21	)	42		27		48		(301	)	(46	)	—		—		(46	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	211		251		717		296		99		(34	)	1,540		(11	)	—		1,529
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(4	)	(13	)	(81	)	(20	)	(2	)	—		(120	)	—		120		—
Decrease in finance lease receivable	—		1		9		—		—		—		10		—		(10	)	—
Finance lease income	—		3		3		—		—		—		6		—		(6	)	—
Unrealized foreign exchange gain on commodity	—		—		(2	)	—		—		—		(2	)	—		2		—
Adjusted revenue	207		242		646		276		97		(34	)	1,434		(11	)	106		1,529
Fuel and purchased power	9		17		239		212		—		—		477		—		—		477
Carbon compliance costs (recovery)	—		—		66		—		—		(34	)	32		—		—		32
Adjusted gross margin	198		225		341		64		97		—		925		(11	)	106		1,020
OM&A	26		44		88		33		19		70		280		(2	)	—		278
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(7	)	(7	)	—		7		—
Adjusted OM&A	26		44		88		33		19		63		273		(2	)	7		278
Taxes, other than income taxes	2		8		6		2		—		—		18		(1	)	—		17
Net other operating income	—		(4	)	(20	)	—		—		—		(24	)	—		—		(24	)
Adjusted EBITDA⁽²⁾⁽³⁾	170		177		267		29		78		(63	)	658
Depreciation and amortization	(15	)	(90	)	(111	)	(31	)	(2	)	(9	)	(258	)	3		—		(255	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		5		4
Interest income	—		—		—		—		—		15		15		—		—		15
Interest expense	—		—		—		—		—		(149	)	(149	)	—		—		(149	)
Realized foreign exchange loss⁽⁴⁾	—		—		—		—		—		(9	)	(9	)	—		—		(9	)
Adjusted earnings (loss) before income taxes⁽²⁾	155		87		156		(2	)	76		(216	)	256
Reclassifications and adjustments above	4		9		71		20		2		(7	)	99
Finance lease income	—		3		3		—		—		—		6		—		—		6
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(5	)	—		—		—		5		—		—		—		—
Asset impairment (charges) reversals	—		(5	)	—		4		—		(5	)	(6	)	—		—		(6	)
Gain on sale of assets and other⁽⁴⁾	—		—		—		1		—		2		3		—		—		3
Unrealized foreign exchange gain⁽⁴⁾	—		—		—		—		—		3		3		—		—		3
Earnings (loss) before income taxes	159		89		230		23		78		(218	)	361		—		—		361

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders

The following table reflects reconciliation of (loss) earnings before income taxes to adjusted net earnings attributable to common shareholders for the three and six months ended June 30, 2025 and June 30, 2024:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Income tax expense	11		28		18		57
Net (loss) earnings	(106	)	66		(64	)	304
Net (loss) earnings attributable to non-controlling interests	(7	)	(3	)	(11	)	13
Preferred share dividends	13		13		13		13
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278
Adjustments and reclassifications (pre-tax):
Adjustments and reclassifications to Revenues	177		14		170		(106	)
Adjustments and reclassifications to Fuel and purchased power	1		—		3		—
Adjustments and reclassifications to OM&A	8		4		18		7
Adjustments and reclassifications to Net other operating income	—		—		(2	)	—
Fair value change in contingent consideration payable (gain)	—		—		(34	)	—
Finance lease income	(5	)	(4	)	(11	)	(6	)
Asset impairment charges	13		5		28		6
Loss (gain) on sale of assets and other	—		(1	)	1		(3	)
Unrealized foreign exchange loss (gain)⁽¹⁾	23		—		23		(3	)
Calculated tax (expense) recovery on adjustments and reclassifications⁽²⁾	(51	)	(4	)	(46	)	24
Adjusted net earnings attributable to common shareholders⁽³⁾	54		70		84		197
Weighted average number of common shares outstanding in the period	297		303		297		306
Net (loss) income per common share attributable to common shareholders	(0.38	)	0.18		(0.22	)	0.91
Adjustments and reclassifications (net of tax)	0.56		0.05		0.50		(0.26	)
Adjusted net earnings per common share attributable to common shareholders⁽³⁾	0.18		0.23		0.28		0.64

Unrealized foreign exchange (loss) gain is a supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this MD&A for more details.
Represents a theoretical tax calculated by applying the Company’s consolidated effective tax rate of 23.3 per cent for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 — 23.3 per cent). The amount does not take into account the impact of different tax jurisdictions the Company’s operations are domiciled and does not include the impact of deferred taxes.
Adjusted net earnings attributable to common shareholders and Adjusted net earnings per common share attributable to common shareholders are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measures are net earnings attributable to common shareholders and net earnings per share attributable to common shareholders, basic and diluted. Refer to the Non-IFRS financial measures section in this earnings release for more details.

Reconciliation of cash flow from operations to FFO and FCF

The table below reconciles our cash flow from operating activities to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Cash flow from operating activities⁽¹⁾	157		108		164		352
Change in non-cash operating working capital balances	81		114		198		107
Cash flow from operations before changes in working capital	238		222		362		459
Adjustments
Share of adjusted FFO from joint venture⁽¹⁾	1		2		3		4
Decrease in finance lease receivable	7		5		15		10
Clean energy transition provisions and adjustments	—		2		—		2
Brazeau penalties payment	—		—		33		—
Acquisition-related transaction and restructuring costs	2		4		8		7
Other⁽²⁾	4		1		10		8
FFO⁽³⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽¹⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽³⁾	177		177		316		398
Weighted average number of common shares outstanding in the period	297		303		297		306
Cash flow from operating activities per share	0.53		0.36		0.55		1.15
FFO per share⁽³⁾	0.85		0.78		1.45		1.60
FCF per share⁽³⁾	0.60		0.58		1.06		1.30

Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release.

The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
$ millions, unless otherwise stated	2025		2024		2025		2024
Adjusted EBITDA⁽¹⁾⁽⁵⁾	349		316		619		658
Provisions	(2	)	6		6		6
Net interest expense⁽²⁾	(66	)	(57	)	(138	)	(105	)
Current income tax expense	(46	)	(33	)	(59	)	(60	)
Realized foreign exchange gain (loss)⁽³⁾	4		(1	)	2		(9	)
Decommissioning and restoration costs settled	(11	)	(12	)	(20	)	(19	)
Other non-cash items	24		17		21		19
FFO⁽⁴⁾⁽⁵⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽³⁾⁽⁵⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽⁴⁾⁽⁵⁾	177		177		316		398

Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.
Net interest expense is a non-IFRS measure, is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation.
Supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section in this earnings release and reconciled to cash flow from operating activities above.
Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Interest expense	88		80		181		149
Less: Interest Income	(6	)	(8	)	(11	)	(15	)
Less: non-cash items⁽¹⁾	(16	)	(15	)	(32	)	(29	)
Net Interest Expense	66		57		138		105

Non-cash items include accretion of provisions, financing cost amortization and other non-cash items.

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

About TransAlta Corporation:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion; data centre opportunities, including the AESO’s expectation around the timing of execution of Demand Transmission Service contracts and entering into a data centre memorandum of understanding; opportunities for Centralia redevelopment, including the execution of a definitive agreement with our customer for the full capacity of Centralia Unit 2; expectations regarding ongoing and future transactions, including the sale of Poplar Hill; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the completion and closing of acquisition and divestiture transactions which are subject to customary closing terms and conditions, the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; no significant event occurring outside the ordinary course of business; and realization of expected impacts from ongoing and future transactions.

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; failure to complete divestitures on the terms and conditions specified or at all; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

The MIL Network –

August 5, 2025

MIL-OSI Russia: Russia Presents Report on Application of Space Technologies to Monitor Greenhouse Gases at APEC

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

The Department of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development of the Russian Federation has prepared a report entitled “Monitoring Greenhouse Gas Emissions in APEC: Space Solutions.” The document is posted on the official website the Asia-Pacific Economic Cooperation (APEC) forum. The report reflects the key findings and recommendations of the international expert roundtable, which took place on March 14, 2025 under the auspices of the Ministry of Economic Development of Russia.

The report is a systematic review of the practices of using satellite technologies in climate monitoring with an emphasis on the potential for their scaling in the Asia-Pacific region. The document collects key recommendations from international organizations. In particular, the United Nations Office for Outer Space Affairs, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), as well as the public sector, academic and business communities of APEC member economies, including Russia, Indonesia and Thailand.

“Satellite technologies are becoming an integral element of climate architecture. Their use ensures the objectivity, efficiency and reproducibility of climate data, especially in conditions where traditional ground infrastructure is limited or unavailable. Russia is consistently developing a climate monitoring system that combines satellite, air and ground tracking methods with advanced computational models. Dialogue at the APEC platform allows us not only to develop high-quality international expertise, but also to strengthen trust between the economies of the region,” commented Evgeniya Drozhashchikh, Deputy Director of the Department of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development of Russia.

The materials of the round table present advanced solutions in the field of remote sensing of the Earth, methods of their integration into national greenhouse gas emission inventory systems, approaches to the unification of methodologies, as well as legal and technological aspects of climate data exchange.

Given that APEC economies account for more than 60% of global CO2 emissions, the issue of creating a transparent and scientifically based monitoring system is becoming fundamental to achieving international climate goals. Satellite data allows not only to map emission hot spots, but also to track their dynamics in the long term.

The prepared report will serve as a basis for further work by APEC economies to develop technological cooperation and introduce space solutions into national climate management systems.

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

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MIL OSI Russia News –

August 5, 2025

MIL-OSI: Middlefield Banc Corp. Announces Additions to Banking Team

Source: GlobeNewswire (MIL-OSI)

John Cunningham appointed Northeast Ohio Commercial Market Executive
Thomas Young appointed Northeast Ohio Commercial Relationship Manager
Nick Paradiso appointed Central Ohio Commercial Relationship Manager
Middlefield also announces the retirement of Jack Gregorin Northeast Ohio Commercial Relationship Manager

MIDDLEFIELD, Ohio, July 31, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today announced that John Cunningham has been appointed Northeast Ohio Commercial Market Executive, Thomas Young has been appointed Northeast Ohio Commercial Relationship Manager, and Nick Paradiso has been appointed Central Ohio Commercial Relationship Manager. These additions reflect Middlefield’s continued commitment to expanding its commercial banking capabilities and delivering strong relationship-driven services across its Ohio markets.

The Company also announced the retirement of Jack Gregorin, after a 43-year banking career with the last seven years at Middlefield as the Company’s Northeast Ohio Commercial Relationship Manager.

Ronald L. Zimmerly, Jr., President, and Chief Executive Officer, stated, “As we continue to invest in our commercial banking business, John, Tom, and Nick bring the experience, leadership, and deep community connections that will support our clients and strengthen our presence in our Northeast and Central Ohio markets. These appointments demonstrate our commitment to build high-performing teams across our Ohio communities and serve as a reliable financial partner to the region’s business community.”

Zimmerly continued, “On behalf of the entire Middlefield family, I want to thank Jack for his years of service to the Bank. For 43 years, Jack has provided commercial customers throughout Ohio with integrity and proven financial advice. I wish Jack well on his next chapter.”

John Cunningham Appointed SVP, Northeast Ohio Commercial Market Executive
In this role, Cunningham will oversee Middlefield’s commercial growth strategy and relationship management across the Company’s Northeast Ohio footprint. With nearly 30 years of banking experience and a reputation for building high-performing teams, Cunningham brings significant expertise in commercial real estate and middle market banking. From 2021 to 2025, Cunningham was the SVP – Senior Managing Director, Commercial Real Estate at Premier Bank. Prior to this, he held positions at TCF Bank / Chemical Bank, The Home Saving and Loan Bank, Huntington National Bank, National City Bank, and Associates First Capital Corporation.

As a Northeast Ohio native, Cunningham holds degrees from Miami University and Case Western Reserve University’s Weatherhead School of Business. Beyond banking, he’s a passionate supporter of the arts, having recently completed eight years of service as Trustee and Treasurer for the Valley Arts Center in Chagrin Falls.

Thomas Young Appointed VP, Northeast Ohio Commercial Relationship Manager
As VP, Northeast Ohio Commercial Relationship Manager, Young will focus on delivering strategic advice to business clients in the Northeast Ohio Region, helping them improve cash flow, finance key assets, and mitigate risk. With a strong analytical skillset and a passion for supporting business growth, Young has built a career helping clients navigate change and seize opportunity. Most recently, he was VP, Senior Business Banking Relationship Manager at U.S. Bank from 2023 to 2025. His prior experience includes roles at First Federal of Lakewood, First National Bank of Pennsylvania, PNC Bank, FirstMerit Bank, Huntington National Bank, and KeyBank.

Young holds degrees from Louisiana State University – Shreveport, and Myers University. He has also played a leadership role in local economic development, having served as Director and Past Board President of the Mentor Economic Assistance Corporation (MEACO).

Nick Paradiso Appointed VP, Central Ohio Commercial Relationship Manager
As VP, Central Ohio Commercial Relationship Manager, Paradiso will focus on delivering strategic advice to business clients within Central Ohio, helping them improve cash flow, finance key assets, and mitigate risk. With over 15 years of experience in banking, Paradiso is a seasoned commercial lender providing customized financing solutions to small and medium-sized businesses. Most recently, he was VP, Commercial Lending at Civista Bank from 2023 to 2025. His prior experience includes roles at LCNB National Bank, CFBank, Huntington National Bank, and Fifth Third Bank.

Paradiso holds degrees from John Carroll University and the University of Dayton. He is active across the Columbus community and is currently a member of the Short North Rotary Club, Association for Corporate Growth, Columbus Italian Club, Franklinton Board of Trade, Ohio Business Brokers Association, and Columbus Chamber.

About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.92 billion at June 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at www.middlefieldbank.bank

FORWARD-LOOKING STATEMENTS
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

Company Contact:	Investor and Media Contact:
Ron Zimmerly President and Chief Executive Officer Middlefield Banc Corp. (419) 673-1217 RZimmerly@middlefieldbank.com	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/56766f6d-9249-44ca-8226-d735f1753dd7
https://www.globenewswire.com/NewsRoom/AttachmentNg/9adb82cd-789f-4649-9e89-d04cfa08261b
https://www.globenewswire.com/NewsRoom/AttachmentNg/e069967c-0af2-46c4-8ef6-d562ac773761

The MIL Network –

August 5, 2025

MIL-OSI Submissions: Flames to floods: how Europe’s devastating wildfires are fuelling its next climate crisis

Source: The Conversation – UK – By Ioanna Stamataki, Senior Lecturer in Hydraulics and Water Engineering, University of Greenwich

In recent years, I have all too often found myself passing over an active wildfire when flying from London to my family home in Greece during the summer months. The sky glows an eerie, apocalyptic red, and the scent of smoke fills the cabin. Silence falls as we become unwilling witnesses to a tragic spectacle.

Now wildfires are again raging across the Mediterranean. But the flames themselves are only part of the story. As wildfires become more intense and frequent, they’re setting off a dangerous chain reaction – one that also includes a rising risk of devastating floods.

Author’s photo from a plane landing in Athens last summer.
Ioanna Stamataki

In January 2024, Nasa reported that climate change is intensifying wildfire conditions, noting that the frequency of the most extreme wildfires had more than doubled over the past two decades. While some of this is driven by natural weather variability, human-induced warming is clearly playing a major role. Decades of rising temperatures combined with longer and more severe droughts have created ideal conditions for wildfires to ignite and spread.

This year, another brutal Mediterranean wildfire season is unfolding right before our eyes, with numerous active wildfire fronts across the region. As of July 22 2025, 237,153 hectares have burned in the EU – an increase of nearly 78% from the same period last year. The number of fires rose by about 45%, and CO₂ emissions increased by 23% compared to 2024. These are terrifying statistics.

Climate phenomena are closely interconnected

The fires themselves are bad enough. But they’re also closely connected to other climate-related extremes, including floods.

Natural hazards often trigger chain reactions, turning one disaster into many. In the case of floods, wildfires play a big role both through weather patterns and how the land responds to rain.

On the weather side, higher temperatures lead to more extreme rainfall, as warmer air can hold more moisture and fuels stronger storms. Intense wildfires can sometimes get so hot they generate their own weather systems, like pyrocumulus clouds – towering storm clouds formed by heat, smoke and water vapour. These clouds can spark sudden, localised storms during or shortly after the fire.

The damage doesn’t end when the flames die down. Satellite data shows that burned land can remain up to 10°C hotter for nearly a year, due to lost vegetation and damaged soil.

As the world warms, the atmosphere is able to hold about 7% more moisture for every extra degree. Recent temperatures of 40°C or more in Greece suggest a capacity for more downpours and more flooding.

Greece is getting hotter and hotter (Each stripe represents one year, with blue indicating cooler and red indicating warmer than the 1961-2010 average).
Ed Hawkins / Show Your Stripes (Data: Berkeley Earth & ERA5-Land), CC BY-SA

Wildfires also make the land itself more vulnerable to flooding. Burnt areas respond much faster to rain, as there is less vegetation to slow down the water. Wildfires also change the soil structure, often making it water-repellent. This means more water runs off the surface, erosion increases, and it takes less rain to trigger a flood.

Under these conditions, a storm expected once every ten years can cause the sort of catastrophic flooding expected only every 100 to 200 years. Water moves much faster across scorched landscapes without plants to slow it down. Wildfires also leave behind a lot of debris, which can be swept up by fast-moving floodwaters.

While EU-wide data on post-wildfire flood risk is still limited, various case studies from southern Europe offer strong evidence of the connection. In Spain’s Ebro River Basin, for example, research found that if emissions remain high and climate policy is limited, wildfires will increase the probability of high flood risk by 10%.

Nature’s ability to regenerate is nothing short of magical, but recovering from a wildfire takes time. Burnt soil takes years to return to normal and, during that time, the risks of extreme rainfall are higher. Beyond the impact of wildfires on soil and water, it is important not to overlook the devastating loss of plant and animal species or even entire ecosystems, making the natural world less biodiverse and resilient.

To reduce the frequency and severity of extreme events, we must focus on repairing climate damage. This means moving beyond isolated perspectives and adopting a multi-hazard approach that recognises how disasters are connected.

Flooding after wildfires is just one example of how one crisis can trigger another. We need to recognise these cascading risks and focus on long-term resilience over short-term fixes.

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

Ioanna Stamataki currently receives funding from the Leverhulme Trust and the Royal Society for ongoing flood research. Previous research has been supported by the EPSRC and the Newton Fund (via the British Council) for career development and international collaboration.

– ref. Flames to floods: how Europe’s devastating wildfires are fuelling its next climate crisis – https://theconversation.com/flames-to-floods-how-europes-devastating-wildfires-are-fuelling-its-next-climate-crisis-262204

MIL OSI –

August 5, 2025
MIL-OSI USA: Supporting Zero-Emission Transportation Solutions

Source: US State of New York

overnor Kathy Hochul today announced over $21 million is now available to support zero-emission mobility transportation solutions in communities across New York State. The Clean Mobility Program provides funding for scalable, community-led demonstration projects that improve connections through micro mobility, ridesharing, and on-demand shared transportation options. Together, these solutions lower pollution and offer residents affordable connections to services, jobs, and transit, including in underserved communities.

“Even as the federal government walks away from clean air and energy standards, New York continues to invest in modern, flexible and efficient electric transportation options that improve air quality and expand affordable consumer choices,” Governor Hochul said. “Our priority is linking communities, including areas that have been historically marginalized, with resources that provide residents with a variety of flexible transportation options that allow them to conduct their daily business uninterrupted.”

The Clean Mobility Program, administered by the New York State Energy Research and Development Authority (NYSERDA), will competitively award funding to local governments, transit operators, community-based organizations, or employers with more than 1,000 employees for demonstration projects that advance innovative clean mobility options to address transportation challenges. Proposed solutions must expand access to shared zero-emission transportation options, create long-term affordable options, and can be continued into the future. Eligible technologies include bikes, electric bikes (e-bikes) and electric scooters (e-scooters), on-demand electric vehicle ride-hailing, and small-scale, on-demand electric public transit services, or shared electric vehicle options.

Proposals for demonstration projects must include a completed planning document that includes community engagement, site identification and operations, project partner identification, technical feasibility assessment, and a policy and regulatory feasibility assessment. Only one proposal per applicant will be awarded and a cost share of at least 20 percent of the total project cost in non-NYSERDA funding is required. E-bikes or e-scooters must meet industry safety standards such as being UL-certified.

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Supporting electric vehicle ride sharing, e-bikes, e-scooters and other sustainable, affordable mobility options helps keep people engaged and active in their communities. We look forward to receiving innovative demonstration proposals that offer the opportunity to help New Yorkers maintain transportation independence and can be replicated and adopted throughout the state for the benefit of all.”

The Clean Mobility program offers up to $21.6 million for projects across New York State and will award up to $3 million per project, with priority given to projects in disadvantaged communities, as defined by the Climate Justice Working Group.

Additionally, up to $8 million is set aside to fund demonstration projects located in specific areas of the state, including those served by the upstate investor-owned utilities. This includes a total of up to $5 million for micro mobility projects in the Central Hudson, National Grid, New York State Electric & Gas, and Rochester Electric & Gas region and up to $3 million for any type of eligible demonstration projects located in the Bronx.

New York State Department of Public Service CEO Rory M. Christian said, “It is critically important for New York to invest in and create affordable transportation opportunities for our citizens, especially those who find themselves without flexible transportation options. This program will do just that.”

New York State Department of Environmental Conservation Commissioner Amanda Lefton said, “With this latest $21 million in funding, Governor Hochul is bolstering actions to help communities most vulnerable to pollution-driven asthma and other harmful health impacts. Clean Mobility Program funding promotes the pursuit of accessible and affordable green transportation options and supports our efforts to improve air quality statewide by transitioning to cleaner, zero-emission transportation.”

New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Clean transportation solutions do more than just reduce emissions—they improve public health, advance equity and accessibility and build a more sustainable, connected future. No one understands a community’s transportation challenges better than the people who live there. Empowering people to help develop mobility solutions is a game changer as we strive for a more resilient, community-centered future for transportation in New York.”

State Senator Jeremy Cooney said, “The Clean Mobility Program represents a major step forward in delivering economic opportunity and cleaner transportation to underserved communities across Upstate New York. By investing in ridesharing, micro mobility, and on-demand transportation options, we’re expanding access to jobs, public transit, while also reducing emissions. As chair of the NYS Senate Transportation Committee, I’m proud to support this initiative and am grateful to Governor Hochul for her leadership and commitment to clean, equitable transportation solutions.”

Assemblymember William Magnarelli said, “People in some regions of our state without access to mass transit or a car are unable to get around. It’s laudable that the Governor saw fit to invest $21 million in a program that looks to improve the connections for micro mobility, ridesharing, and on-demand shared transportation options, to begin solving this problem.”

Proposals are due on September 25, 2025 by 3:00 p.m. ET. For more information on this funding opportunity please visit NYSERDA’s website.

NYSERDA will host an informational webinar on August 7, 2025 from 3:00 p.m. to 4:00 p.m. ET to provide more explanations on the solicitation, project requirements, and the application process.

To support demonstration project applicants, NYSERDA offers a Mobility Solutions Provider Directory that highlights companies that manufacture, supply, develop, install, operate, or maintain mobility solutions eligible under the Clean Mobility Program.

NYSERDA will host a virtual showcase for prospective applicants on August 14, 2025. The morning session will take place from 10:30 a.m. to 12:00 p.m. ET to highlight companies that support two-wheeled mobility solutions. The afternoon session will take place from 1:00 p.m. to 3:00 p.m. ET for companies that support four-wheeled mobility solutions.

In June 2024, Governor Hochul announced the $32 million Clean Mobility Program which supports community-led planning and demonstration projects that solve local transportation needs and help reduce emissions. In March 2025, NYSERDA announced that $2.9 million was awarded to 29 community-led planning projects to enhance planning for shared electric transportation solutions. These projects are eligible to apply for the demonstration project planning announced today, although previous participation in the Clean Mobility Program is not a requirement for demonstration project funding.

Last summer, Governor Hochul signed legislation to encourage the safe use of e-bikes and lithium-ion batteries. The guidelines and manufacturing standards adopted for e-mobility devices help consumers understand safety requirements and protocols, and provide information on purchasing, storage, and avoiding risks. The New York State Department of State and Division of Homeland Security and Emergency Services have also developed a consumer safety guide for lithium-ion batteries which is available here. Together, these efforts help to raise awareness and educate consumers about how to safely and properly purchase, use, charge and maintain devices with lithium-ion batteries, including micro-mobility options.

For more than fifty years, NYSERDA has been a trusted and objective resource for New Yorkers, taking on the critical role of energy planning and policy analysis, along with making investments that drive New York toward a more sustainable future. This program is part of New York’s nearly $3 billion investment in zero emissions vehicles and growing access to clean transit to benefit all New Yorkers, including those in low-income or disadvantaged communities, by reducing emissions to create cleaner air and healthier communities. It complements New York State’s other zero-emission transportation initiatives including the New York Clean Transportation Prizes Initiative, administered by NYSERDA, the New York State Department of Public Service and the Department of Environmental Conservation (DEC), as part of an $85 million allocation through New York’s EV Make Ready program to accelerate the transition to a clean transportation future.

The program is funded through a combination of Clean Energy Fund (CEF), Regional Greenhouse Gas Initiative (RGGI), and New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –

August 5, 2025
MIL-OSI Submissions: A World of Water exhibition asks: ‘Can the seas survive us?’

Source: The Conversation – UK – By John Kenneth Paranada, Curator of Art and Climate Change, University of East Anglia

Water is at the heart of the disruption wrought by climate change. The seas, once seen as vast and stable, are now unpredictable and restless.

That tidy, looping diagram of the water cycle once pinned up in primary school classrooms – clouds, rivers, evaporation and rain – now reads more like a fragmented recollection than a dependable process. Human impact has cracked that once-stable loop wide open.

Sea levels inch upward year on year. Droughts grow more prolonged and severe. Rainfall becomes erratic and violent. What was once spoken of in future tense is now present and pressing.

In Norfolk, land and sea have long coexisted in an uneasy truce. Here, the threat of sea level rise is not a speculative concern, it is data-backed, visible and accelerating.

According to research from the Tyndall Centre for Climate Change Research, vast swathes of Norfolk risk being submerged by rising seas if global temperatures rise by even two degrees celsius. It is one of the most at-risk areas in the UK.

Against this backdrop comes the Sainsbury Centre’s exhibition, A World of Water (part of the Can the Seas Survive Us? season). In the show, water is explored as subject, medium and metaphor. It is both agent and witness, shaping civilisations, sustaining life, and now challenging our ability to coexist with it.

Curated through an interdisciplinary lens, the exhibition was shaped by deep collaboration with scientists, artists, ecologists, activists and coastal communities. Rooted in lived experience, from a two-day walk along the Wherry Man’s Way to a 36-hour sail aboard a 1921 fishing smack, the curatorial process traced fragile coastlines and the North Sea’s rapid transformation into an industrial nexus of energy infrastructures.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

The curatorial approach to the show embraces the multifaceted nature of water by weaving together maritime history, Indigenous knowledge and contemporary works rooted in the artists’ experiences.

Many of the participating artists hail from communities already wrestling with rising tides and the realities of climate disruption. Their contributions form three thematic currents: Mudplume, Water Water Everywhere and In a State of Flux.

These overlapping threads investigate how water connects, nourishes and imperils. Rather than positioning the sea as a line of division, the exhibition reframes it as a living, connective tissue linking culture, history and ecology.

A curatorial geomorphology of the sea

Guidance for the exhibition’s conceptual framework came, fittingly, from water itself. Its mutable nature – solid, liquid, vapour – shaped the rhythm of the curatorial process. Rather than impose a rigid thesis, the exhibition offers an ever-shifting constellation of perspectives.

The exhibition journey begins with sound. Visitors are welcomed by a low murmur, tides lapping, water dripping, echoing through the museum entrance. This leads to Spiral Fosset (2024), a sculptural work by the Dutch collective De Onkruidenier.

Mirroring the central staircase of the museum, the piece suggests the brackish confluence where fresh and saltwater mingle. From here, the viewer descends into the lower galleries, reimagined as an estuary.

Within the lower galleries, artworks unfold like coastal mudflats at low tide. Seventeenth-century Dutch seascapes hang alongside photographs, video works and sculptures made from plastic waste. Sands from the beaches of Cromer, Happisburgh and Cley are featured, anchoring the exhibition in local terrain.

East Anglia’s centuries-old ties with the Low Countries form a steady through line. Hendrick van Anthonissen’s View of Scheveningen Sands (1641) shares space with works by Norwich School masters such as John Sell Cotman, John Crome and Robert Ladbrooke.

This approach privileges resonance over chronology. The exhibition avoids a linear march through time in favour of prioritising association, connection and drift. For instance, Shore Compass by Olafur Eliasson (2019) sits in subtle dialogue with Jodocus Hondius’s 1589 Drake Map an early cartographic rendering of Sir Francis Drake’s circumnavigation of the world.

Created during the height of European maritime expansion and colonialism, the map illustrates the interplay between empire, navigation and power. Time, like tide, is allowed to meander.

The exhibition adopts what might be called a “curatorial geomorphology”: a way of curating that draws on the sculpting force of water. In the natural sciences, geomorphology examines how landscapes are formed and reshaped by flowing water, storms and tides, while hydrology traces water’s movement through the environment.

This curatorial approach translates those scientific ideas into a cultural and creative practice. Like a river, it flows through histories, stories and meanings. What unfolds is a tidal narrative, an estuary of thought where time loosens, the present deepens and new futures begin to surface.

Visitors to A World of Water can expect something different from a traditional gallery experience. It invites you to think with the seas, to tune into their rhythms, tensions and secret lives.

As you wander through the galleries, you enter a realm shaped by flux, expect to feel and reimagine a world where land, water and life move as one. And perhaps, by moving as water does, we may begin to sense an answer to the question: Can the Seas Survive Us? Not in certainty, but through our collective and individual actions toward a more regenerative and sustainable future.

A World of Water is at the Sainsbury Centre Norwich until August 3. It’s part of a six-month season of interlinked exhibitions and events that explore the question: “Can the seas survive us?”

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

John Kenneth Paranada received funding from the John Ellerman Foundation; the Art Fund’s Jonathan Ruffer Curatorial Grant; the Association of Art Museum Curators’ EPIC Curatorial Fellowship Award; the Mondriaan Fund’s International Art Presentation Grant; the Kingdom of the Netherlands’ Cultural Diplomacy Grant; and Arts Council England’s National Lottery Fund for the project A World of Water: Can the Seas Survive Us? at the Sainsbury Centre.

– ref. A World of Water exhibition asks: ‘Can the seas survive us?’ – https://theconversation.com/a-world-of-water-exhibition-asks-can-the-seas-survive-us-262057

MIL OSI –

August 5, 2025
MIL-OSI Submissions: By building the world’s biggest dam, China hopes to control more than just its water supply

Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

China’s already vast infrastructure programme has entered a new phase as building work starts on the Motuo hydropower project.

The dam will consist of five cascade hydropower stations arranged from upstream to downstream and, once completed, will be the world’s largest source of hydroelectric power. It will be four times larger than China’s previous signature hydropower project, the Three Gorges Dam, which spans the Yangtse river in central China.

The Chinese premier, Li Qiang, has described the proposed mega dam as the “project of the century”. In several ways, Li’s description is apt. The vast scale of the project is a reflection of China’s geopolitical status and ambitions.

Possibly the most controversial aspect of the dam is its location. The site is on the lower reaches of the Yarlung Zangbo river on the eastern rim of the Tibetan plateau. This is connected to the Brahmaputra river which flows into the Indian border state of Arunachal Pradesh as well as Bangladesh. It is an important source of water for Bangladesh and India.

Both nations have voiced concerns over the dam, particularly since it can potentially affect their water supplies. The tension with India over the dam is compounded by the fact that Arunachal Pradesh has been a focal point of Sino-Indian tensions. China claims the region, which it refers to as Zangnan, saying it is part of what it calls South Tibet.

At the same time, the dam presents Beijing with a potentially formidable geopolitical tool in its dealings with the Indian government. The location of the dam means that it is possible for Beijing to restrict India’s water supply.

This potential to control downstream water supply to another country has been demonstrated by the effects that earlier dam projects in the region have had on the nations of the Mekong river delta in 2019. As a result, this gives Beijing a significant degree of leverage over its neighbours.

One country restricting water supply to put pressure on another is by no means unprecedented. In fact in April 2025, following a terror attack by Pakistan-based The Resistance Front in Kashmir, which killed 26 people (mainly tourists), India suspended the Indus waters treaty, restricting water supplies to Pakistani farmers in the region. So the potential for China’s dam to disrupt water flows will further compound the already tense geopolitics of southern Asia.

Concrete titans

The Motuo mega dam is an advertisement of China’s prowess when it comes to large-scale infrastructure projects. China’s expertise with massive infrastructure projects is a big part of modern Chinese diplomacy through its massive belt and road initiative.

This involves joint ventures with many developing nations to build large-scale infrastructure, such as ports, rail systems and the like. It has caused much consternation in Washington and Brussels, which view these initiatives as a wider effort to build Chinese influence at their expense.

The completion of the dam will will bring Beijing significant symbolic capital as a demonstration of China’s power and prosperity – an integral feature of the image of China that Beijing is very keen to promote. It can also be seen as a manifestation of both China’s aspiration and its longstanding fears.

Harnessing the rivers

The Motuo hydropower project also represents the latest chapter of China’s long battle for control of its rivers, a key story in the development of Chinese civilisation.

Rivers such as the Yangtze have been at the heart of the prosperity of several Chinese dynasties (the Yangtse is still a major economic driver in modern China) and has devastated others. The massive Yangtse flood of 1441 threatened the stability of the Ming dynasty, while an estimated 2 million people died when the river flooded in 1931.

France 24 report on the construction of the mega dam project.

Such struggles have been embodied in Chinese mythology in the form of the Gun-Yu myth. This tells the story of the way floods displaced the population of ancient China, probably based on an actual flooding at Jishi Gorge on the Yellow River in what is now Qinghai province in 1920BC.

This has led to the common motif of rivers needing human control to abate natural disaster, a theme present in much classical Chinese culture and poetry.

The pursuit of controlling China’s rivers has also been one of the primary influences on the formation of the Chinese state, as characterised by the concept of zhishui 治水 (controlling the rivers). Efforts to control the Yangtze have shaped the centralised system of governance that has characterised China throughout its history. In this sense, the Motuo hydropower project represents the latest chapter in China’s quest to harness the power of its rivers.

Such a quest remains imperative for China and its importance has been further underlined by the challenges of climate change, which has seen natural resources such as water becoming increasingly limited. The Ganges river has already been identified as one of the world’s water scarcity hotspots.

As well as sustaining China’s population, the hydropower provided by the dam is another part of China’s wider push towards self-sufficiency. It’s estimated that the dam could generate 300 billion kilowatt-hours of electricity every year – about the same about produced by the whole UK. While this will meet the needs of the local population, it also further entrenches China’s ability to produce cheap electricity – something that has enabled China to become and remain a manufacturing superpower.

Construction has only just begun, but Motuo hydropower project has already become a microcosm of China’s wider push towards development. It’s also a gamechanger in the geopolitics of Asia, giving China the potential to exert greater control in shaping the region’s water supplies. This in turn will give it greater power to shape the geopolitics of the region.

At the same time, it is also the latest chapter of China’s longstanding quest to harness its waterways, which now has regional implications beyond anything China’s previous dynasties could imagine.

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Tom Harper 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. By building the world’s biggest dam, China hopes to control more than just its water supply – https://theconversation.com/by-building-the-worlds-biggest-dam-china-hopes-to-control-more-than-just-its-water-supply-261984

MIL OSI –

August 5, 2025
MIL-OSI Africa: Africa steps forward: SA G20 proposed Africa Energy Efficiency Facility hailed

Source: Government of South Africa

South Africa’s proposed Africa Energy Efficiency Facility could emerge as a defining achievement of the country’s G20 Presidency – a bold, continent-led initiative that embodies African leadership on the global stage and turns commitments into action.

United Nations Environment Programme (UNEP) Chief of Mitigation Branch: Climate Division, Hongpeng Lei – who delivered remarks at a side event at the Energy Transitions Working Group meeting this week, applauded South Africa’s “vision of placing energy efficiency at the core of the… G20 energy agenda”.

“This gathering is more than a technical forum. It is a political and strategic turning point. It is a moment where Africa steps forward with confidence and clarity to shift to a legacy of practical climate action rooted in equity, innovation and resilience.

“We are here to lay the foundations for what could become a defining outcome of South Africa’s G20 Presidency – the African Energy Efficiency Facility. This initiative reflects the shared priorities of the G20 Energy Transitions Working Group. Affordability, energy access, climate resilience and inclusive growth… all begin with efficiency.”

Hongpeng noted that South African leadership on the facility “references the G20 evolution from high level priorities to… regional action”.

“By the time we reach COP30 in Brazil, it could stand as a model on how the G20 delivers community, credibility and concrete solutions.

“This facility, proudly championed by South Africa and the African Union and supported by UNEP is… a long-term platform to mobilise finance… technical assistance and skill up the efficiency solutions across the continent.

“It will serve as a strategic G20 legacy initiative. One that reflects the ethos of this Presidency, Africa led, globally supported and designed to deliver results where it matters the most,” Hongpeng said.

The UNEP representative noted that energy efficiency is the most equitable pass way to reduce emissions, expand energy access and ensuring energy security.

“But it is not just a numbers game. It is about development, dignity and delivery.

“We have an opportunity and responsibility to ensure that this facility becomes more than a concept. Let it be the enduring symbol of what this G20 Presidency stands for – African solutions for global challenges built on equity, innovation and partnerships.

“We call on G20 members, development banks and the African partners to secure predictable and ethical financing for this facility. Let the message be clear: Africa is not waiting, Africa is leading. Let us rise to the moment, deliver a legacy worthy of this G20,” Hongpeng concluded. – SAnews.gov.za

MIL OSI Africa –

August 5, 2025
MIL-OSI United Nations: UNFPA urges governments to act on climate and gender at Global Symposium ahead of COP30
Source: United Nations Population Fund

Brasília, Brazil, 31 July 2025 – The United Nations Population Fund (UNFPA) and the Government of Brazil today issued a powerful Call to Action urging governments to place gender equality and sexual and reproductive health and rights (SRHR) at the heart of global climate response. The Call to Action was issued as the 2025 Global Symposium on Climate Justice and Impacted Populations draws to a close in Brasilia.

Held just months ahead of COP30 in Belém, Brazil, the high-level symposium was convened by UNFPA and the Government of Brazil to mobilize bold, rights-based, and gender-responsive climate action at a pivotal moment as countries revise their national climate plans and realign funding priorities.

The Call to Action outlines a shared roadmap to put gender equality, SRHR, and protection from gender-based violence (GBV) at the center of global climate response. It identifies concrete steps for governments and institutions to take as they prepare for key COP30 milestones – including the Belem Health Action Plan, a flagship COP30 initiative focused on strengthening health systems as part of global climate action.

The Call to Action demands:
- More climate finance directed to women and girls, especially in crisis-affected settings
- Stronger support for national and local partners to include SRHR and protection from GBV in climate policies
- Greater investment in data and evidence to inform gender-responsive climate action
- Stronger emergency preparedness and health systems that can withstand climate shocks
- That SRHR and protection for GBV are finally included in the COP30 Gender Action Plan on climate change
Women and girls are already paying a steep price for a climate crisis they did not cause. They face rising rates of gender-based violence, worsening maternal health outcomes, and growing barriers to essential services like contraception and safe childbirth. Yet most national climate policies overlook their needs. Key systems, including health, education, and protection services, remain underfunded and overstretched. Just a fraction of global climate finance is allocated to gender equality, and reliable data on how women and girls are affected remains scarce or nonexistent.

“We are at a pivotal moment in our march against climate change — one that must unite us all. Let us leverage this moment to forge a path forward that ensures climate justice and strengthens the resilience of women and young people in the face of climate change,” said Diene Keita, UNFPA Acting Executive Director, in her opening remarks.

The three-day hybrid event, which brought together more than 150 policymakers, researchers, youth leaders, and advocates from around the world, built on UNFPA’s first global convening on climate and SRHR, the International Symposium on SRHR, Gender and Climate Change Resilience, held in Pretoria ahead of ICPD25 in 2019. There, participants issued the Future Africa Call to Action – a shared advocacy agenda, urging governments to integrate SRHR and gender equality into climate resilience efforts. This year’s event took that work further, delivering the Brasília Call to Action as the next step to embed gender, health, and equity into climate decision-making — especially as countries prepare new climate commitments ahead of COP30.

“Many aspects of climate change and its impacts on populations were examined and further explored during the discussions of this symposium, reinforcing the understanding that it is impossible to advance resilience and sustainable development without integrating gender equality into environmental and climate policies,” said Janja Lula da Silva, First Lady of Brazil and Special Envoy for Women at COP30, who participated in the closing ceremony. “There can be no climate justice without gender equality. And no climate justice without the full participation of women.”

As the UN’s lead agency on sexual and reproductive health, UNFPA brings a critical rights-based perspective to climate action, grounded in gender equality and the lived realities of diverse women and girls. With decades of experience in humanitarian response, data systems, and frontline health services, UNFPA is working with countries to ensure sexual and reproductive health care and interventions to address GBV and harmful practices remain available during climate shocks. From supporting displaced women during emergencies to strengthening climate-resilient health systems, UNFPA is helping countries respond to today’s risks while preparing for a more uncertain future.

Press Enquiries:

Zina Alam; zialam@unfpa.org; media@unfpa.org

MIL OSI United Nations News –
August 5, 2025
MIL-OSI USA: VIDEO: Ricketts Fights for America’s Producers

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

WASHINGTON, D.C. – This week, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the One Big Beautiful Bill and his work to secure the future for those who feed and fuel America.

Watch the video here.

“Agriculture is the heart and soul of what we do in Nebraska,” said Ricketts.  “Family farms, ranches, and agri-businesses are the backbone of communities across our state. The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad.”

TRANSCRIPT:

Senator Ricketts: “Agriculture is the heart and soul of what we do in Nebraska.

“Family farms, ranches, and agri-businesses are the backbone of communities across Nebraska.

“The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow.

“It grows our economy at home and will help gain new markets abroad.

“The One Big Beautiful Bill (OBBB) secures the future for those who feed and fuel America—and the world.

“The One Big Beautiful Bill backs our way of life.

“First of all, the bill avoided a $2,400 tax increase that would have hit the average Nebraska family.

“That’s $2,400 that Nebraskans can continue to spend on groceries, electric bills or to save for a family vacation.

“The bill also helps farmers plan for the next generation.

“Over 80% of Nebraska’s farms are family-owned.

“The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families that were going to be subject to the Death Tax.

“The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation.

“This will ensure that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government.

“Now, more farms will be passed down, not taxed away to Uncle Sam.

“The 45Z clean fuel production credit is another major win for Nebraska.

“Biofuels are a win for consumers who save money at the pump.

“It’s a win for the environment, because it helps clean up our environment, and it’s a win for our farmers and ranchers.

“Last year, Nebraskans saved $325 million using ethanol blends.

“Last time I fueled up at Hy-Vee with E10, I saved 55 cents per gallon.

“The 45Z credit boosts biofuel production and creates value for farmers and ranchers.

“It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition.

“Producers in Communist China should be prevented from receiving American tax subsidies.

“All of this boosts demand for row crops and renewable fuel production.

“That means more jobs and better prices.

“Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact.

“The credit gives investors the certainty they need to hire and expand.

“Nebraska agriculture feeds and fuels the world.

“When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers.

“I launched an international trade council to discover new opportunities for overseas markets.

“Nebraska’s economy thrives when our producers can reach high-paying global markets.

“Recognizing this, the One Big Beautiful Bill strengthens the Supplemental Agricultural Trade Promotion Program.

“It provides $285 million annually to promote U.S. agricultural exports.

“It doubles funding for the Market Access Program and the Foreign Market Development program.

“That means more demand for Nebraska beef, corn, and soybeans abroad.

“Simply put, when agriculture thrives, so does the entire Nebraska economy.

“Maintaining current exports and opening up markets under the bill will help get better prices for their products for our producers.

“The big beautiful bill gives critical support to young farmers and ranchers, as well, taking over the family business or starting out on their own.

“The Beginning Farmer and Rancher Development Benefit was extended from five years to ten years.

“That gives new producers access to critical risk management tools.

“The bill also supports educational access for rural students.

“It excludes agricultural assets from student financial aid calculations.

“That means farm kids will not be discriminated against when applying for financial aid.

“For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training.

“That includes hands-on fields like welding, diesel tech, and irrigation systems.

“Now, a young Nebraskan in Scottsbluff, for example, can learn a trade and start working at places like Aulick Industries without piling up debt.

“The One Big Beautiful Bill helps Nebraska producers grow and reinvest.

“Full expensing is now permanent for property like tractors and other heavy machinery.

“A corn grower in Custer County will be able to fully write off a new, more efficient combine.

“Another provision in the bill boosts expensing for tools and equipment.

“This helps small businesses from welders to seed dealers invest to improve productivity.

“The Big Beautiful Bill gives producers needed updates to the farm safety net.

“Reference prices now reflect today’s markets.

“Drought aid under the Livestock Forage Program has been improved.

“Now, producers facing feed losses from grazing shortfalls will see faster relief.

“These updates give producers support, stability, and long-term certainty.

“Nebraska’s future depends on certainty for farmers, ranchers, and agri-business.

“The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers.

“That is how we keep producing the Good Life.”

MIL OSI USA News –

August 5, 2025
MIL-OSI Europe: EIB supports €100 million initiative to improve Cyprus’s road network
Source: European Investment Bank

EIB
- EIB funds Cypriot government €100 million to make road travel easier and safer
- The financial agreement is second tranche of €200m total funding to co-finance network upgrades and extensions
- Works to include environmental management systems such as better water collection and drainage systems.
The European Investment Bank (EIB) is funding Cyprus a further €100 million for a range of road improvements in the country. The EIB credit will cover 50% of the costs of planned renovations and extensions to make road travel in Cyprus easier and safer.

The agreement is part of a €200 million approved EIB financing package for Cypriot road infrastructure. The first tranche of €100 million was signed in December 2024. The works, which will cover road networks and infrastructure improvement in various areas across the country, are due to be completed by 2029.

“Investing in essential infrastructure like road networks is vital for strengthening social cohesion and driving economic growth in Cyprus” said EIB Vice-President Kyriacos Kakouris. “This project will have a real and lasting impact on the daily lives of Cypriots — improving mobility, enhancing safety, and boosting climate resilience”.

The EIB’s agreement supports a multiyear national plan by the Cypriot Ministry of Transport, Communications and Works. The plan includes a wide range of works, from upgrading motorways, regional and rural roads, and building new bridges, tunnels and walking and cycling lanes, to upgraded traffic management systems and drainage systems.

“This new financing agreement with the EIB reflects our strong and long-standing partnership. It will allow us to implement essential infrastructure projects that enhance road safety, connectivity, and sustainable mobility across Cyprus. We are grateful for the EIB’s continued support and its role as a key partner in our development efforts”, said Cypriot Minister of Finance Makis Keravnos.

“The Ministry of Transport, Communications and Works, with the support of the European Investment Bank, promotes strategic land transport projects in urban and interurban areas, with the aim of improving accessibility in less privileged-isolated areas of Cyprus, enhancing road safety, addressing the impacts of climate change, promote alternative – sustainable travel options, as well as to improve the socio-economic cohesion of our island”, said Eleftherios Eleftheriou, Director of Public Works Department in his speech on behalf of the Minister of Transport, Communications and Works Alexis Vafeadis.

EIB road financing in Cyprus

With this new financing, total EIB’s investment in critical road projects in Cyprus has exceeded €670 million since 1998. Before the two recent €100m accords, the most recent EIB financing for this area in Cyprus was a 112 million loan in 2021 to support four projects in Nicosia, Limassol and Paphos as well as the Vasilikos Energy Centre road.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.

EIB supports €100 million initiative to improve Cyprus’s road network
EIB supports €100 million initiative to improve Cyprus’s road network
©EIB
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MIL OSI Europe News –
August 5, 2025
MIL-OSI USA: NCDHHS Urges Caution Outdoors Amid Record High Heat-Related Illnesses
Source: US State of North Carolina

Headline: NCDHHS Urges Caution Outdoors Amid Record High Heat-Related Illnesses

NCDHHS Urges Caution Outdoors Amid Record High Heat-Related Illnesses
jawerner
Thu, 07/31/2025 – 12:19
As summer temperatures continue to soar, the North Carolina Department of Health and Human Services is urging caution when spending time outdoors or in areas that are not air conditioned. Halfway through the summer season, from May 1 to July 12, 2025, NCDHHS has documented more than 3,300 emergency department visits for heat-related illness, the highest number in the last five years. In comparison, there was an average of 1,675 heat-related illness emergency department visits in the same time period in 2020 to 2024.

“We are seeing more people coming to emergency departments across the state with heat-related illnesses this summer,” said Dr. Zack Moore, NCDHHS State Epidemiologist. “Heat-related illnesses can affect anyone, regardless of age or physical condition, but some groups are at higher risk, including outdoor workers, infants and children, older adults, pregnant people, athletes, low-income individuals and people with underlying health conditions.”

Recognizing the symptoms of heat illness is key to preventing serious complications, including death. Some signs and symptoms include heavy sweating, paleness, muscle cramps, racing or weak pulse, dizziness, headache, fainting, and nausea or vomiting.

To help prevent heat-related illness, the NCDHHS Heat Health Alert System sends out heat alerts when the forecast is projected to reach unhealthy levels. From May 1 to July 18 of this year, more than 900 county-level alerts were distributed in English and Spanish across the state. Visit the NCDHHS Climate and Health webpage to sign up for heat alerts.

NCDHHS also recommends the following tips to stay safe in hot weather:
- Stay hydrated: Drink plenty of water throughout the day and don’t wait until you’re thirsty to drink. Avoid or reduce alcohol and caffeine intake.
- Limit time outside: Avoid outdoor activity during the hottest parts of the day if possible. Wear light, loose clothing and take frequent breaks in shade or air conditioning.
- Seek air conditioning: If you don’t have air conditioning and it’s hotter than 95 degrees, go to a public building where it’s cooler.
- Stay informed: Sign up for NCDHHS heat alerts and stay updated on local weather forecasts so you can safely plan outdoor activities.
The NCDHHS Division of Public Health continues to provide reports and outreach to minimize extreme heat impacts. In addition to the Heat-Related Illness Surveillance System and Heat Health Alert System, the NCDHHS Climate and Health Team provides other services to prevent heat-related illness, including:
- Providing 1,300 high-velocity cooling fans to farmworkers across the state and to partners in the sandhills region;
- Creating training for doctors and care teams to treat and prevent heat-related illnesses in farmworkers in collaboration with the NCDHHS Office of Rural Health;
- Distributing educational materials to populations at risk of extreme heat exposure, including water bottles, cooling towels and hats that include guidance on heat prevention strategies; and
- Supporting the NC Department of Environmental Quality in planning and leading the Extreme Heat Cohort Program for local governments and partners to develop a heat action plan.
A medida que las temperaturas del verano continúan aumentando, el Departamento de Salud y Servicios Humanos de Carolina del Norte urge en tener precaución al pasar tiempo al aire libre o en áreas que no tienen aire acondicionado. A mitad de la temporada de verano, entre el 1 de mayo al 12 de julio de 2025, el Departamento de Salud y Servicios Humanos de Carolina del Norte (NCDHHS, por sus siglas en inglés), ha documentado más de 3,300 visitas al departamento de emergencias debido a enfermedades relacionadas con el calor, siendo el número más alto en los últimos cinco años. En comparación, hubo un promedio de 1,675 visitas al departamento de emergencia por enfermedades relacionadas con el calor en el mismo período de 2020 a 2024.

“Estamos viendo a más personas acudiendo a los departamentos de emergencias en todo el estado con enfermedades relacionadas con el calor este verano”, dijo el Dr. Zack Moore, epidemiólogo estatal de NCDHHS. “Las enfermedades relacionadas con el calor pueden afectar a cualquier persona, independientemente de su edad o condición física, pero algunos grupos corren un mayor riesgo, incluso los trabajadores al aire libre, los bebés y los niños, los adultos mayores, las personas embarazadas, los atletas, las personas de bajos ingresos y las personas con afecciones de salud subyacentes”.

Reconocer los síntomas de la enfermedad por calor es clave para prevenir complicaciones graves, incluso la muerte. Algunos signos y síntomas incluyen sudoración intensa, palidez, calambres musculares, pulso acelerado o débil, mareos, dolor de cabeza, desmayos y náuseas o vómitos.

Para ayudar a prevenir enfermedades relacionadas con el calor, el Sistema de Alerta de Salud por Calor de NCDHHS envía alertas de calor cuando se prevé que el pronóstico del calor alcanzará niveles insalubres. Del 1 de mayo al 18 de julio de este año, se distribuyeron más de 900 alertas a nivel de condado en inglés y español en todo el estado. Visite la página web NCDHHS Clima y Salud para suscribirse a las alertas de calor.

NCDHHS también recomienda los siguientes consejos para mantenerse a salvo en climas cálidos:
- Manténgase hidratado: beba mucha agua durante todo el día y no espere hasta que tenga sed para beber. Evite o reduzca el consumo de alcohol y cafeína.
- Limite el tiempo al aire libre: evite la actividad al aire libre durante el tiempo más caluroso del día si es posible. Use ropa ligera y suelta y tome descansos frecuentes en la sombra o en el aire acondicionado.
- Busque aire acondicionado: si no tiene aire acondicionado y la temperatura está más elevada que 95 grados, vaya a un edificio público donde hace más fresco.
- Manténgase informado: suscríbase a las alertas de calor de NCDHHS y manténgase actualizado sobre los pronósticos meteorológicos locales para que pueda planificar actividades al aire libre de manera segura.
La División de Salud Pública de NCDHHS continúa proporcionando informes y actividades de alcance para minimizar los impactos del calor extremo. Además del Sistema de Vigilancia de Enfermedades Relacionadas con el Calor y el Sistema de Alerta de Salud por Calor, el Equipo de Clima y Salud de NCDHHS proporciona otros servicios para prevenir enfermedades relacionadas con el calor, incluso:
- Proporcionando 1,300 ventiladores de alta velocidad a los trabajadores agrícolas en todo el estado y a los colaboradores en la región de Sandhills;
- Creando capacitación para médicos y equipos de atención para tratar y prevenir enfermedades relacionadas con el calor en trabajadores agrícolas en colaboración con la Oficina de Salud Rural de NCDHHS;
- Distribuyendo materiales educativos a las poblaciones en riesgo de exposición al calor extremo que incluyen orientación sobre estrategias de prevención para el calor, además botellas de agua, toallas refrescantes y sombreros; y
- Apoyando al Departamento de Calidad Ambiental de Carolina del Norte en la planificación y dirección del Programa cohorte de calor extremo para que los gobiernos locales y los colaboradores desarrollen un plan de acción contra el calor.
Jul 31, 2025

MIL OSI USA News –
August 5, 2025
MIL-OSI USA: State of Emergency Ahead of Heavy Rainfall
Source: US State of New York

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

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

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

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

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

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

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

Agency Preparations

Division of Homeland Security and Emergency Services

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

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

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

Department of Transportation

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

Statewide equipment numbers are as follows:
- 1,430 large dump trucks
- 337 large loaders
- 92 chippers
- 87 tracked and wheeled excavators
- 33 water pumps
- 32 traffic and tree crew bucket trucks
- 28 traffic tower platforms
- 16 vacuum trucks with sewer jets
The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

Thruway Authority

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

Statewide equipment numbers are as follows:
- 337 Large and Small Dump Trucks
- 63 Loaders
- 31 Trailers
- 5 Vac Trucks
- 14 Excavators
- 8 Brush Chippers
- 99 Chainsaws
- 24 Aerial Trucks
- 22 Skid Steers
- 86 Portable Generators
- 65 Portable Light Units
The Thruway Authority encourages motorists to download its mobile app which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

Department of Public Service

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

New York State Police

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

Department of Environmental Conservation

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

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

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

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

Office of Parks, Recreation and Historic Preservation

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

Metropolitan Transportation Authority

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

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

Port Authority of New York and New Jersey

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

Before and During the Storm
- Stay Informed: Monitor your local weather forecast and follow any warnings that may be broadcast.
- Follow Instructions from Local Officials: If you are advised by emergency officials to take immediate action such as evacuation, do not wait – follow all orders promptly.
- Do Not Walk, Swim or Drive Through Floodwaters: One foot of moving water can sweep a vehicle away. If you have doubts, remember: “Turn Around, Don’t Drown!”
- Know your evacuation route and how to get to higher ground
- Know your area’s type of flood risk — visit FEMA’s Flood Map Service Center.
- Have a flood emergency plan in place that includes considerations for your children, pets and neighbors.
- Have an emergency go bag ready to grab for you, your family and your pets that includes any medications you may need.
- Check in with elderly neighbors or those who may have mobility issues.
- Do not touch downed power lines
- Keep your phone charged
- Keep a small disaster supply kit in the trunk of your car.
After Flood Waters Have Receded
- Wait until an area has been declared safe before entering. Be careful driving, since roads may be damaged and power lines may be down.
- If your home or apartment has been flooded, DO NOT turn on electrical appliances until an electrician has checked the system and appliances.
- Throw out any medicine or food that may have had contact with flood waters.
- Keep your automobile fueled. If electric power is cut off, gasoline stations may not be able to pump fuel for several days.
- Do not touch downed power lines.
For more preparedness information and safety tips from DHSES, visit dhses.ny.gov. The National Weather Service website also includes Flood Safety Tips and Spring Safety Resources.

MIL OSI USA News –
August 5, 2025
MIL-OSI USA: Newly Declassified Appendix to Durham Report Sheds Additional Light on Clinton Campaign Plan to Falsely Tie Trump to Russia and FBI’s Failure to Investigate
US Senate News:
Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today is making public the formerly Classified Appendix (“Durham annex”) to John Durham’s 2023 Special Counsel report. The Unclassified Report and the Classified Appendix form the entirety of Durham’s Special Counsel Report.

The Durham annex contains previously classified information exposing a reported Clinton campaign plan to falsely tie President Donald Trump to Russia.

The annex also goes into further detail on matters discussed in the Unclassified Report, specifically:

The FBI’s failure – under the leadership of then-Director James Comey – to investigate intelligence that the Clinton campaign may have created the Russia collusion hoax. Meanwhile the Comey-led FBI used the Steele Dossier – a Clinton campaign creation – to obtain FISA warrants on Carter Page.

Attorney General Pam Bondi, Federal Bureau of Investigation (FBI) Director Kash Patel and Intelligence Community elements declassified the Durham annex at Grassley’s request. In requesting its declassification, which included declassification of information by the Central Intelligence Agency (CIA) and National Security Agency (NSA), Grassley argued that “the overriding public interest demands the release of this information, and doing so would benefit public transparency and accountability.”

“Based on the Durham annex, the Obama FBI failed to adequately review and investigate intelligence reports showing the Clinton campaign may have been ginning up the fake Trump-Russia narrative for Clinton’s political gain, which was ultimately done through the Steele Dossier and other means. These intelligence reports and related records, whether true or false, were buried for years. History will show that the Obama and Biden administration’s law enforcement and intelligence agencies were weaponized against President Trump. This political weaponization has caused critical damage to our institutions and is one of the biggest political scandals and cover-ups in American history. The new Trump administration has a tremendous responsibility to the American people to fix the damage done and do so with maximum speed and transparency,” Grassley said.

“For years, I’ve fought to assemble and publicize all the facts surrounding Durham’s investigation, Crossfire Hurricane and related matters. The American people shouldn’t be shortchanged or strung out on matters of significant public interest, and that firm belief fuels my tireless oversight. It’s been a refreshing change to see Attorney General Bondi and Director Patel’s increased efforts to bring transparency to a very dark corner of the people’s government. I hope that attitude continues, and you can be sure my oversight work will continue as well, because there’s much work yet to be done,” Grassley concluded.
Read the Durham annex HERE.

Key Findings of the Durham Annex:

The Clinton Campaign Plan

In 2016, the Obama administration obtained intelligence information from a source contained in two separate memoranda – one memorandum from January 2016 and another from March 2016. The two memoranda “described ‘confidential conversations’ between then-Democratic National Committee (DNC) Chair Debbie Wasserman Schultz and two individuals at the [Soros] Open Society Foundations (i) [Leonard] Benardo and (ii) Jeffrey Goldstein.” (Pgs. 2-3)

This memo stated, in part, that “[the Democratic Party’s] opposition is focused on discrediting Trump…. [a]mong other things, the Clinton staff, with support from special services, is preparing scandalous revelations of business relations between Trump and the ‘Russian Mafia’”. (Pg. 4)

According to the Durham annex, based on an analysis and translation of the intelligence, FBI analysts believed that, at the time, the “special services” in the March 2016 memorandum could refer “to the FBI and the CIA or more broadly to the intelligence and law enforcement communities” in the United States, or, analysts speculated, it could refer to “Trump dossier author Christopher Steele.” (Pg. 5)

When the Obama administration received this intelligence in March 2016, Fusion GPS was preparing open source opposition research regarding purported ties between Trump and Russians. The research was paid for by Clinton’s campaign and the DNC. (Pg. 5).

Notably, on April 15, 2020, Grassley released Department of Justice Office of the Inspector General (DOJ OIG) footnotes showing that Russian intelligence was aware of Steele’s anti-Trump research in early July 2016. Further, the FBI had reports in hand in 2017 that the Dossier may have Russian sources and was potentially Russian disinformation.

On March 31, 2016, FBI personnel, including then-Deputy Director Andrew McCabe, shared the intelligence regarding the potential Clinton Campaign Plan with high-ranking career officials at DOJ. (Pg. 5)
FBI Receipt of Additional Intelligence Information on the Clinton Campaign Plan

The Durham annex describes that, in July 2016, the FBI received additional intelligence regarding a possible Clinton Campaign Plan, including documents with purported emails allegedly sent by Leonard Benardo, Senior Vice President of Soros’ Open Society Foundations. The intelligence included data providing specificity on the plan and the attempt to smear then-candidate Donald Trump by falsely linking him to Russia, while apparently counting on the support of the FBI to open up an investigation. (Pgs. 7-11)

The intelligence the FBI received also included information and analysis from purported Leonard Benardo emails that stated, in part:

“During the first stage of the campaign, due to lack of direct evidence, it was decided to disseminate the necessary information through the FBI-affiliated…technical structures… in particular, the Crowdstrike and ThreatConnect companies, from where the information would then be disseminated through leading U.S. publications.” (Pg. 8)

“The point is making the Russian play a U.S. domestic issue… In absence of direct evidence, Crowdstrike and ThreatConnect will supply the media, and GRU [Russia’s Main Intelligence Directive] will hopefully carry on to give more facts.” (Pg. 11)

Assessment of Authenticity of the “Benardo Emails” Intelligence

The Durham annex states, “Analysts and officers whom [Durham’s team] interviewed, and who were well-versed in the Sensitive Intelligence collection, stated that their best assessment was that the Bernardo emails were likely authentic.” (Pg. 11)

Durham’s team conducted investigative work to inform their assessment. Per the Durham annex:
Communications the Durham team reviewed provided additional support that the Clinton campaign was engaged in a plan to tie Trump to Russia and that the campaign wanted or expected the Office of the Vice President, the FBI or other parts of the Intelligence Community, such as the State Department’s Bureau of Intelligence and Research (INR), to aid that effort. (Pgs. 16-17)

The Durham annex states, “The Office’s best assessment is that the … emails that purport to be from Benardo were ultimately a composite of several emails that were obtained through Russian intelligence hacking of the U.S.-based Think Tanks, including the Open Society Foundations, the Carnegie Endowment, and others.” (Pg. 17)

The Durham annex concludes, “It is a logical deduction [redacted] [Julianne] Smith was, at minimum, playing a role in the Clinton campaign’s efforts to tie Trump to Russia,” and that the communications it reviewed “certainly lends at least some credence that such a plan existed.” (Pg. 17)

The Obama-Biden Administration’s Response to Intelligence on the Clinton Campaign Plan

According to the Durham annex, following the receipt of this intelligence, multiple high-ranking U.S. officials were briefed on the matter, including an August 3, 2016 briefing in the White House by CIA Director John Brennan to President Obama, Vice President Joe Biden, Director of National Intelligence James Clapper, FBI Director Comey, among others. As described in Durham’s Unclassified Report, ultimately, the CIA sent the FBI an investigative referral that included the “purported Clinton campaign plan.” (Pg. 18)

In 2017, the “CIA prepared a written assessment of the authenticity and veracity of the above-referenced intelligence. The CIA stated that it did not assess that the above [redacted] memoranda, or [redacted] hacked U.S. communications, to be the product of Russian fabrications.” (Pg. 19)

The Durham annex notes that “FBI was fully alerted to the possibility that at least some of the information it was receiving about the Trump campaign might have its origin either with the Clinton campaign or its supporters, or alternatively, was the product of Russian disinformation.”

The Durham annex concludes, in part, that “[d]espite this awareness, the FBI appears to have dismissed the [intelligence information] as not credible without any investigative steps actually having been taken to either corroborate or disprove the allegations.” (Pgs. 22-24)

The Threat of Foreign Election Influence and Assessment in FISA Renewal Applications

As the Unclassified Durham Report noted, “[b]eginning in late 2014… the FBI learned from a well-placed Confidential Human Source that a foreign government (“Foreign Government-2”) was planning to send an individual (“Non-U.S. Person-I”) to contribute to Clinton’s anticipated presidential campaign, as a way to gain influence with Clinton should she win the presidency.”

The Durham annex notes that “Non-U.S.Person-I” was “directly tasked by the leader of Foreign Government-2” with facilitating this plan, but had indicated plans to travel to the U.S. in late 2014.
However, as known from the Unclassified Durham Report, the FISA “application lingered because ‘everyone was super more careful’ and ‘scared with the big name [Clinton]’ involved.”

Ultimately, after four months, the FISA authority was authorized following a commitment that Clinton and others targeted by Foreign Government-2 would receive defensive briefings. (Pgs. 23-24)

The remainder of the Durham annex reinforces that the FBI provided false and misleading information to the FISA court in pursuit of FISA renewals, and at least one Confidential Human Source lied to his handlers.

The information in the Durham annex, taken together with previously released details in the Unclassified Report, reinforce the FBI’s disparate treatment of Trump versus Clinton. Despite lacking probable cause and relying on false information, the FBI secured a FISA warrant and multiple renewals to surveil Carter Page and did not provide Trump a defensive briefing equivalent to Clinton’s briefings.

-30-
MIL OSI USA News –
August 5, 2025
MIL-OSI Canada: Updating Flood Risk Planning for Safe and Strong Community Development

Source: Government of Canada regional news

Released on July 31, 2025

Saskatchewan Adopting 1:200-Year Flood Elevation

Ensuring municipalities can plan for the growth of their communities, the Ministry of Government Relations is aligning the regulations of The Planning and Development Act, 2007, to the standard of a one-in-200-year flood event.

This change will bring the province into alignment with the Federal Disaster Financial Assistance Arrangements program. A one-in-200-year flood risk is a 0.5 per cent chance of flooding occurring in a given year.

“Keeping our communities safe while supporting development is key to a growing province,” Government Relations Minister Eric Schmalz said. “This move confirms our commitment to growing communities, making room for economic development opportunities in this province. Our government will continue to examine how we can harmonize standards across Canada, including for community planning and building.”

“The Water Security Agency (WSA) is committed to helping municipalities build and grow in a sustainable way,” Minister Responsible for the WSA Daryl Harrison said. “WSA has been engaging with communities across Saskatchewan about flood mapping and helping them balance development and flood mapping.”

“The RM of Corman Park welcomes the Government of Saskatchewan’s move to adopt the one-in-200-year flood elevation standard,” R.M. of Corman Park Reeve Joe Hargrave said. “This legislative change not only prioritizes public safety but also strengthens our ability to plan and build with confidence in a changing climate within the flood fringe areas. We appreciate the province’s effort to align with federal guidelines, and we look forward to further guidance and potential provincial support to help municipalities like ours adapt zoning bylaws and building policies in a way that balances safety and local development needs. These new guidelines will help form our upcoming discussions with valley residents who live within the flood plain.”

“Ensuring alignment between provincial and municipal efforts is key to maximizing the growth of the province, especially when it comes to critical information tied to safety and real estate development,” Saskatchewan Realtors Association President and CEO Chris Guérette said. “We are pleased to see this kind of alignment in regard to flood protection so property owners, neighbourhoods and municipalities can work together to maximize their growth potential.”

For communities interested in more information and details on this change, visit: saskatchewan.ca.

-30-

For more information, contact:

MIL OSI Canada News –

August 5, 2025
MIL-OSI United Nations: In Myanmar, conflict and floods collide as UN warns of deepening crisis

Source: United Nations 4

Farhan Haq, UN Deputy Spokesperson, stressed the need for unimpeded relief operations and a peaceful path out of crisis.

“The UN remains concerned by ongoing violence in Myanmar, including aerial bombardment hitting civilians and civilian infrastructure,” he said, at the regular press briefing in New York.

“Civilians and humanitarian workers must be protected.”

His remarks come as monsoon rains and flooding – worsened by Cyclone Wipha – swept through parts of the country, further straining regions already destabilized by conflict and a devastating earthquake in March.

Millions forced to flee

The crisis left more than 3.3 million people internally displaced, with another 182,000 seeking refuge abroad since the military coup in February 2021, according to the latest UN figures. In addition, over 1.2 million – mostly members of the minority Muslim Rohingya community – were forced to flee the country, driven by waves of violence.

The largest exodus took place in August 2017, when nearly one million Rohingya fled brutal violence and attacks by security forces, likened to a “textbook example of ethnic cleansing” by then UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein.

© UNICEF/Nyan Zay Htet

Disasters and fighting has forced millions across Myanmar to flee their homes in search of safety. Many shelter in IDP camps like this one in central Myanmar.

Floods, landslides upend lives

In the flood-affected areas of Bago, Kayin and Mon states, more than 85,000 people have been affected, with homes destroyed, roads cut off and emergency services overstretched.

Relief partners report significant shortages of food, safe drinking water and medical supplies. In Taungoo district (Bago) alone, three flood-related deaths have been confirmed, while six more people reportedly died in a landslide in Shan state.

The pathway out of the deteriorating situation in Myanmar requires an end to the violence
– UN spokesperson Farhan Haq

“The pathway out of the deteriorating situation in Myanmar requires an end to the violence and unimpeded access for relief workers and supplies,” Mr. Haq stressed, noting that health systems are also under acute strain.

Disease outbreaks rising

A humanitarian bulletin from the World Health Organization (WHO)-led Health Cluster warns that floodwaters are driving spikes in acute watery diarrhoea, dengue and malaria.

There are deep concerns over outbreaks of vaccine-preventable diseases like measles, and polio is increasing due to low immunization rates and poor hygiene conditions in overcrowded camps.

WHO has verified 27 attacks on healthcare facilities so far this year, with other monitoring groups reporting over 140 additional incidents.

Meanwhile, severe funding shortages – exacerbated by cuts in United States funding – have forced the suspension of services at 65 health facilities and 38 mobile clinics across Myanmar. Services at a further 28 mobile clinics have been scaled down.

© OCHA/Eva Modvig

Hakha, the capital of Chin state in Myanmar.

Elections under military cannot be credible

The political context remains grim. Since the February 2021 military coup, which overthrew the elected government and imprisoned top leaders including State Counsellor Aung San Suu Kyi, Myanmar has seen a steady escalation of armed conflict and repression.

The junta’s plans to hold elections have drawn deep concern, including from the UN.

“The Secretary-General reiterates his concern over the military’s plan to hold elections amid ongoing conflict and human rights violations, and without conditions that would permit the people of Myanmar to freely and peacefully exercise their political rights,” said Mr. Haq.

He recalled Security Council Resolution 2669, adopted in 2022, which called for the immediate release of all arbitrarily detained prisoners, including President Win Myint and Aung San Suu Kyi; upholding democratic institutions and processes; and pursuing in constructive dialogue and reconciliation in accordance with the will and interests of the people of Myanmar.

Commitment to stay and deliver

Despite the volatility and access constraints, UN agencies remain committed to reaching affected populations.

As of July, nearly 306,000 people had received health services in 59 earthquake-hit townships – just 67 per cent of the target population, reflecting the limited funding and security challenges faced by aid workers.

“The United Nations is committed to staying and delivering in Myanmar,” Mr. Haq affirmed, “and to working with all stakeholders, including ASEAN and other regional actors, to attain sustainable peace.”

MIL OSI United Nations News –

August 5, 2025
MIL-OSI United Nations: In Myanmar, conflict and floods collide as UN warns of deepening crisis

Source: United Nations 4

Farhan Haq, UN Deputy Spokesperson, stressed the need for unimpeded relief operations and a peaceful path out of crisis.

“The UN remains concerned by ongoing violence in Myanmar, including aerial bombardment hitting civilians and civilian infrastructure,” he said, at the regular press briefing in New York.

“Civilians and humanitarian workers must be protected.”

His remarks come as monsoon rains and flooding – worsened by Cyclone Wipha – swept through parts of the country, further straining regions already destabilized by conflict and a devastating earthquake in March.

Millions forced to flee

The crisis left more than 3.3 million people internally displaced, with another 182,000 seeking refuge abroad since the military coup in February 2021, according to the latest UN figures. In addition, over 1.2 million – mostly members of the minority Muslim Rohingya community – were forced to flee the country, driven by waves of violence.

The largest exodus took place in August 2017, when nearly one million Rohingya fled brutal violence and attacks by security forces, likened to a “textbook example of ethnic cleansing” by then UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein.

© UNICEF/Nyan Zay Htet

Disasters and fighting has forced millions across Myanmar to flee their homes in search of safety. Many shelter in IDP camps like this one in central Myanmar.

Floods, landslides upend lives

In the flood-affected areas of Bago, Kayin and Mon states, more than 85,000 people have been affected, with homes destroyed, roads cut off and emergency services overstretched.

Relief partners report significant shortages of food, safe drinking water and medical supplies. In Taungoo district (Bago) alone, three flood-related deaths have been confirmed, while six more people reportedly died in a landslide in Shan state.

The pathway out of the deteriorating situation in Myanmar requires an end to the violence
– UN spokesperson Farhan Haq

“The pathway out of the deteriorating situation in Myanmar requires an end to the violence and unimpeded access for relief workers and supplies,” Mr. Haq stressed, noting that health systems are also under acute strain.

Disease outbreaks rising

A humanitarian bulletin from the World Health Organization (WHO)-led Health Cluster warns that floodwaters are driving spikes in acute watery diarrhoea, dengue and malaria.

There are deep concerns over outbreaks of vaccine-preventable diseases like measles, and polio is increasing due to low immunization rates and poor hygiene conditions in overcrowded camps.

WHO has verified 27 attacks on healthcare facilities so far this year, with other monitoring groups reporting over 140 additional incidents.

Meanwhile, severe funding shortages – exacerbated by cuts in United States funding – have forced the suspension of services at 65 health facilities and 38 mobile clinics across Myanmar. Services at a further 28 mobile clinics have been scaled down.

© OCHA/Eva Modvig

Hakha, the capital of Chin state in Myanmar.

Elections under military cannot be credible

The political context remains grim. Since the February 2021 military coup, which overthrew the elected government and imprisoned top leaders including State Counsellor Aung San Suu Kyi, Myanmar has seen a steady escalation of armed conflict and repression.

The junta’s plans to hold elections have drawn deep concern, including from the UN.

“The Secretary-General reiterates his concern over the military’s plan to hold elections amid ongoing conflict and human rights violations, and without conditions that would permit the people of Myanmar to freely and peacefully exercise their political rights,” said Mr. Haq.

He recalled Security Council Resolution 2669, adopted in 2022, which called for the immediate release of all arbitrarily detained prisoners, including President Win Myint and Aung San Suu Kyi; upholding democratic institutions and processes; and pursuing in constructive dialogue and reconciliation in accordance with the will and interests of the people of Myanmar.

Commitment to stay and deliver

Despite the volatility and access constraints, UN agencies remain committed to reaching affected populations.

As of July, nearly 306,000 people had received health services in 59 earthquake-hit townships – just 67 per cent of the target population, reflecting the limited funding and security challenges faced by aid workers.

“The United Nations is committed to staying and delivering in Myanmar,” Mr. Haq affirmed, “and to working with all stakeholders, including ASEAN and other regional actors, to attain sustainable peace.”

MIL OSI United Nations News –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

1.Q2 on Q1 change

Quarter Analysis1

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

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

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

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

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

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

Shareholder distributions

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

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

4.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

Chemicals and Products

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

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

Page 2

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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UPSTREAM
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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MARKETING
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

766	814	202	-6	Income/(loss) for the period		1,580	1,099	+44
(354)	(49)	(825)		Of which: Identified items	A	(402)	(832)

1,199	900	1,082	+33	Adjusted Earnings	A	2,100	1,863	+13
2,181	1,869	1,999	+17	Adjusted EBITDA	A	4,049	3,686	+10
2,718	1,907	1,958	+43	Cash flow from operating activities	A	4,625	3,277	+41
429	256	644		Cash capital expenditure	C	684	1,109
2,813	2,674	2,868	+5	Marketing sales volumes (thousand b/d)		2,744	2,816	-3

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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CHEMICALS AND PRODUCTS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

(174)	(77)	545	-125	Income/(loss) for the period		(252)	1,856	-114
(51)	(581)	(499)		Of which: Identified items	A	(631)	(956)

118	449	1,085	-74	Adjusted Earnings	A	567	2,700	-79
864	1,410	2,242	-39	Adjusted EBITDA	A	2,274	5,068	-55
1,372	130	2,249	+956	Cash flow from operating activities	A	1,502	1,900	-21
775	458	638		Cash capital expenditure	C	1,233	1,138
1,156	1,362	1,429	-15	Refinery processing intake (thousand b/d)		1,258	1,429	-12
2,164	2,813	3,052	-23	Chemicals sales volumes (thousand tonnes)		4,977	5,934	-16

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

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RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Half year
Q2 2025	Q1 2025	Q2 2024	%¹		Reference	2025	2024	%

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

1.Q2 on Q1 change

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

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

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

Additional Growth Measures


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

1.Q2 on Q1 change

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

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



CORPORATE
Quarters			$ million		Half year
Q2 2025	Q1 2025	Q2 2024		Reference	2025	2024

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

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

Quarter Analysis1

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

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

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

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

Half Year Analysis1

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

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

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

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

accumulated other comprehensive income.

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

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

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

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

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OUTLOOK FOR THE THIRD QUARTER 2025

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

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

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

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

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

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

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

FORTHCOMING EVENTS



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

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



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

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.



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

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

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

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

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

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

1. See Note 4 “Share capital”.

2. See Note 5 “Other reserves”.

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

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

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

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

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

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

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

Going Concern

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

Key accounting considerations, significant judgements and estimates

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

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

2. Segment information

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

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

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

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ADJUSTED EARNINGS BY SEGMENT



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							3,601
Income/(loss) attributable to non-controlling interest							43
Income/(loss) for the period	1,838	2,008	766	(174)	(254)	(539)	3,644
Add: Current cost of supplies adjustment before taxation			104	333			436
Add: Tax on current cost of supplies adjustment			(24)	(91)			(115)
Less: Identified items before taxation	(102)	271	(460)	(64)	(300)	(63)	(717)
Add: Tax on identified items	(203)	(5)	(106)	(13)	(55)	14	(369)
Adjusted Earnings	1,737	1,732	1,199	118	(9)	(463)	4,314
Adjusted Earnings attributable to Shell plc shareholders							4,264
Adjusted Earnings attributable to non-controlling interest							50



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							4,780
Income/(loss) attributable to non-controlling interest							95
Income/(loss) for the period	2,789	2,080	814	(77)	(247)	(483)	4,875
Add: Current cost of supplies adjustment before taxation			52	(67)			(15)
Add: Tax on current cost of supplies adjustment			(14)	12			(2)
Less: Identified items before taxation	348	121	(44)	(679)	(260)	4	(510)
Add: Tax on identified items	43	378	4	(99)	(54)	29	301
Adjusted Earnings	2,483	2,337	900	449	(42)	(457)	5,670
Adjusted Earnings attributable to Shell plc shareholders							5,577
Adjusted Earnings attributable to non-controlling interest							94



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							3,517
Income/(loss) attributable to non-controlling interest							133
Income/(loss) for the period	2,454	2,179	202	545	(75)	(1,656)	3,650
Add: Current cost of supplies adjustment before taxation			74	59			133
Add: Tax on current cost of supplies adjustment			(19)	(17)			(36)
Less: Identified items before taxation	(260)	(215)	(1,111)	(333)	198	(1,105)	(2,826)
Add: Tax on identified items	(40)	(58)	(286)	165	87	(25)	(157)
Adjusted Earnings	2,675	2,336	1,082	1,085	(187)	(576)	6,415
Adjusted Earnings attributable to Shell plc shareholders							6,293
Adjusted Earnings attributable to non-controlling interest							122

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Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							8,381
Income/(loss) attributable to non-controlling interest							138
Income/(loss) for the period	4,627	4,088	1,580	(252)	(501)	(1,022)	8,519
Add: Current cost of supplies adjustment before taxation			156	266			422
Add: Tax on current cost of supplies adjustment			(38)	(79)			(116)
Less: Identified items before taxation	246	392	(504)	(743)	(559)	(59)	(1,227)
Add: Tax on identified items	(160)	373	(102)	(111)	(110)	43	(68)
Adjusted Earnings	4,220	4,068	2,100	567	(51)	(920)	9,984
Adjusted Earnings attributable to Shell plc shareholders							9,841
Adjusted Earnings attributable to non-controlling interest							144



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							10,874
Income/(loss) attributable to non-controlling interest							215
Income/(loss) for the period	5,215	4,451	1,099	1,856	478	(2,010)	11,089
Add: Current cost of supplies adjustment before taxation			(79)	(148)			(227)
Add: Tax on current cost of supplies adjustment			11	37			48
Less: Identified items before taxation	(1,336)	(261)	(1,123)	(908)	668	(1,111)	(4,070)
Add: Tax on identified items	(197)	(443)	(290)	48	167	(45)	(761)
Adjusted Earnings	6,354	4,270	1,863	2,700	(24)	(944)	14,219
Adjusted Earnings attributable to Shell plc shareholders							14,027
Adjusted Earnings attributable to non-controlling interest							192

CASH CAPITAL EXPENDITURE BY SEGMENT

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



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	988	2,774	427	704	468	32	5,393
Add: Investments in joint ventures and associates	209	52	1	71	72	1	406
Add: Investment in equity securities	—	—	—	—	16	2	17
Cash capital expenditure	1,196	2,826	429	775	555	36	5,817



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	943	1,727	252	451	358	17	3,748
Add: Investments in joint ventures and associates	174	197	4	7	30	1	413
Add: Investments in equity securities	—	—	—	—	14	—	15
Cash capital expenditure	1,116	1,923	256	458	403	19	4,175

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Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,024	1,769	644	601	377	30	4,445
Add: Investments in joint ventures and associates	127	60	—	37	35	1	261
Add: Investments in equity securities	—	—	—	—	13	—	13
Cash Capital expenditure	1,151	1,829	644	638	425	32	4,719



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,930	4,501	679	1,155	826	49	9,141
Add: Investments in joint ventures and associates	383	248	5	78	102	3	819
Add: Investment in equity securities	—	—	—	—	30	2	32
Cash capital expenditure	2,313	4,749	684	1,233	958	54	9,993



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,882	3,535	1,071	1,074	797	64	8,424
Add: Investments in joint ventures and associates	310	304	38	63	43	2	761
Add: Investments in equity securities	—	—	—	—	22	3	25
Cash capital expenditure	2,192	3,839	1,109	1,138	863	69	9,211

REVENUE BY SEGMENT

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



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,576	1,193	28,241	18,388	7,996	12	65,406
Inter-segment	2,412	8,502	2,177	8,775	835	—	22,701



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,602	1,510	27,083	21,610	9,417	12	69,234
Inter-segment	2,675	9,854	1,849	8,255	1,164	—	23,797

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Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	9,052	1,590	32,005	24,583	7,222	11	74,463
Inter-segment	2,157	10,102	1,363	9,849	957	—	24,428



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	19,179	2,703	55,324	39,998	17,413	23	134,640
Inter-segment	5,086	18,356	4,026	17,030	1,999	—	46,498



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	18,247	3,349	62,045	48,319	14,959	22	146,942
Inter-segment	4,560	20,390	2,718	20,161	1,962	—	49,791

Identified items

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

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

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

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

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

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

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

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



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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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



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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

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

3. Earnings per share



EARNINGS PER SHARE
Quarters				Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
3,601	4,780	3,517	Income/(loss) attributable to Shell plc shareholders ($ million)	8,381	10,874

			Weighted average number of shares used as the basis for determining:
5,947.9	6,033.5	6,355.4	Basic earnings per share (million)	5,990.5	6,397.7
6,004.7	6,087.8	6,417.6	Diluted earnings per share (million)	6,046.0	6,461.0

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

4. Share capital



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

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

5. Other reserves



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

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

6. Derivative financial instruments and debt excluding lease liabilities

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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



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

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

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

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

Consolidated Statement of Income

Interest and other income



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

Depreciation, depletion and amortisation



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

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

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

Taxation charge/credit

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,332

4,083

3,754

Taxation charge/(credit)

6,415

7,358

Of which:

2,277

4,024

3,666

Income tax excluding Pillar Two income tax

6,301

7,192

Income tax related to Pillar Two income tax

113

167

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

4,127

1,711

698

Currency translation differences

5,837

(1,296)

Of which:

4,117

1,618

(406)

Recognised in Other comprehensive income

5,736

(2,388)

1,104

(Gain)/loss reclassified to profit or loss

101

1,092

Condensed Consolidated Balance Sheet

Assets classified as held for sale



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

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

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

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

684

570

2,027

Other

1,254

2,536

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

Dividends received from joint ventures and associates

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,361

523

792

Dividends received from joint ventures and associates

2,884

1,530

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

Proceeds from sale of property, plant and equipment and businesses

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

(57)

559

710

Proceeds from sale of property, plant and equipment and businesses

502

1,033

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

8. Reconciliation of Operating expenses and Total Debt



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Half year
Q2 2025	Q1 2025	Q2 2024		2025	2024
4,909	5,549	5,593	Production and manufacturing expenses	10,459	11,403
3,077	2,840	3,094	Selling, distribution and administrative expenses	5,917	6,069
278	185	263	Research and development	464	475
8,265	8,575	8,950	Operating expenses	16,840	17,947



RECONCILIATION OF TOTAL DEBT


June 30, 2025	March 31, 2025	June 30, 2024	$ million	June 30, 2025	June 30, 2024
10,457	11,391	10,849	Current debt	10,457	10,849
65,218	65,120	64,619	Non-current debt	65,218	64,619
75,675	76,511	75,468	Total debt	75,675	75,468

9. Post-balance sheet events

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

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

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ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							4,264
Add: Non-controlling interest							50
Adjusted Earnings plus non-controlling interest	1,737	1,732	1,199	118	(9)	(463)	4,314
Add: Taxation charge/(credit) excluding tax impact of identified items	497	2,205	413	(103)	20	(217)	2,815
Add: Depreciation, depletion and amortisation excluding impairments	1,585	2,353	557	872	90	6	5,463
Add: Exploration well write-offs	3	203	—	—	—	—	206
Add: Interest expense excluding identified items	53	171	12	16	2	820	1,074
Less: Interest income	—	26	—	39	2	492	559
Adjusted EBITDA	3,875	6,638	2,181	864	102	(346)	13,313
Less: Current cost of supplies adjustment before taxation			104	333			436
Joint ventures and associates (dividends received less profit)	92	1,542	161	70	10	—	1,876
Derivative financial instruments	542	25	13	3	(66)	410	928
Taxation paid	(967)	(1,948)	(132)	(87)	(60)	(238)	(3,432)
Other	(265)	(413)	533	471	142	(395)	74
(Increase)/decrease in working capital	352	655	67	383	(128)	(1,715)	(386)
Cash flow from operating activities	3,629	6,500	2,718	1,372	1	(2,283)	11,937



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							5,577
Add: Non-controlling interest							94
Adjusted Earnings plus non-controlling interest	2,483	2,337	900	449	(42)	(457)	5,670
Add: Taxation charge/(credit) excluding tax impact of identified items	803	2,619	391	99	63	(191)	3,784
Add: Depreciation, depletion and amortisation excluding impairments	1,404	2,213	566	852	90	6	5,130
Add: Exploration well write-offs	—	29	—	—	—	—	28
Add: Interest expense excluding identified items	51	200	12	14	2	841	1,119
Less: Interest income	4	11	—	4	2	461	481
Adjusted EBITDA	4,735	7,387	1,869	1,410	111	(261)	15,250
Less: Current cost of supplies adjustment before taxation			52	(67)			(15)
Joint ventures and associates (dividends received less profit)	(286)	(159)	203	54	10	—	(178)
Derivative financial instruments	542	14	10	(508)	(169)	73	(38)
Taxation paid	(773)	(1,999)	(174)	63	52	(68)	(2,900)
Other	(68)	(386)	396	125	(17)	(257)	(206)
(Increase)/decrease in working capital	(687)	(913)	(344)	(1,081)	380	(19)	(2,663)
Cash flow from operating activities	3,463	3,945	1,907	130	367	(531)	9,281

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							6,293
Add: Non-controlling interest							122
Adjusted Earnings plus non-controlling interest	2,675	2,336	1,082	1,085	(187)	(576)	6,415
Add: Taxation charge/(credit) excluding tax impact of identified items	940	2,312	359	297	(10)	49	3,947
Add: Depreciation, depletion and amortisation excluding impairments	1,375	2,750	548	867	95	6	5,642
Add: Exploration well write-offs	5	264	—	—	—	—	269
Add: Interest expense excluding identified items	44	166	10	23	1	904	1,149
Less: Interest income	—	(1)	—	30	(9)	595	616
Adjusted EBITDA	5,039	7,829	1,999	2,242	(91)	(213)	16,806
Less: Current cost of supplies adjustment before taxation			74	59			133
Joint ventures and associates (dividends received less profit)	96	(288)	(54)	46	64	—	(135)
Derivative financial instruments	(133)	9	7	304	607	(79)	713
Taxation paid	(1,039)	(1,955)	(17)	(186)	(138)	(113)	(3,448)
Other	(104)	(341)	(57)	263	180	20	(38)
(Increase)/decrease in working capital	324	484	153	(361)	225	(1,083)	(258)
Cash flow from operating activities	4,183	5,739	1,958	2,249	847	(1,468)	13,508



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							9,841
Add: Non-controlling interest							144
Adjusted Earnings plus non-controlling interest	4,220	4,068	2,100	567	(51)	(920)	9,984
Add: Taxation charge/(credit) excluding tax impact of identified items	1,299	4,824	804	(3)	83	(408)	6,599
Add: Depreciation, depletion and amortisation excluding impairments	2,988	4,566	1,123	1,724	180	13	10,593
Add: Exploration well write-offs	3	232	—	—	—	—	234
Add: Interest expense excluding identified items	104	371	24	29	4	1,661	2,193
Less: Interest income	4	37	1	43	3	953	1,040
Adjusted EBITDA	8,610	14,024	4,049	2,274	213	(607)	28,563
Less: Current cost of supplies adjustment before taxation			156	266			422
Joint ventures and associates (dividends received less profit)	(194)	1,384	365	124	20	—	1,698
Derivative financial instruments	1,084	39	23	(504)	(235)	484	891
Taxation paid	(1,741)	(3,946)	(306)	(24)	(8)	(306)	(6,331)
Other	(332)	(799)	928	597	126	(651)	(132)
(Increase)/decrease in working capital	(335)	(257)	(277)	(698)	252	(1,734)	(3,049)
Cash flow from operating activities	7,092	10,445	4,625	1,502	368	(2,814)	21,218



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							14,027
Add: Non-controlling interest							192
Adjusted Earnings plus non-controlling interest	6,354	4,270	1,863	2,700	(24)	(944)	14,219
Add: Taxation charge/(credit) excluding tax impact of identified items	1,936	4,834	717	635	(9)	(42)	8,071
Add: Depreciation, depletion and amortisation excluding impairments	2,785	5,477	1,084	1,737	201	12	11,296
Add: Exploration well write-offs	13	811	—	—	—	—	823
Add: Interest expense excluding identified items	87	335	22	40	2	1,825	2,312
Less: Interest income	—	9	—	44	(5)	1,155	1,204
Adjusted EBITDA	11,175	15,717	3,686	5,068	175	(304)	35,517
Less: Current cost of supplies adjustment before taxation			(79)	(148)			(227)
Joint ventures and associates (dividends received less profit)	(101)	(834)	38	102	78	—	(717)
Derivative financial instruments	(1,213)	5	(32)	(98)	2,585	(228)	1,019
Taxation paid	(1,506)	(3,757)	(191)	(205)	(382)	(23)	(6,064)
Other	(59)	(572)	337	(115)	151	124	(135)
(Increase)/decrease in working capital	599	905	(639)	(3,000)	706	(1,581)	(3,010)
Cash flow from operating activities	8,895	11,466	3,277	1,900	3,313	(2,013)	26,838

Page 31

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Identified items

See Note 2 “Segment information” for details.

B. Adjusted Earnings per share

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

C. Cash capital expenditure

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

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

D. Capital employed and Return on average capital employed

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

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

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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

E. Net debt and gearing

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

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



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

F. Operating expenses and Underlying operating expenses

Operating expenses

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	899	1,940	179	1,459	431	—	4,909
Selling, distribution and administrative expenses	30	43	2,319	441	138	106	3,077
Research and development	36	71	49	38	23	61	278
Operating expenses	965	2,055	2,547	1,939	592	168	8,265



Q1 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	947	2,139	349	1,621	486	8	5,549
Selling, distribution and administrative expenses	38	42	2,053	442	153	111	2,840
Research and development	22	32	42	25	21	43	185
Operating expenses	1,006	2,213	2,444	2,088	661	162	8,575



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,050	2,219	320	1,573	422	10	5,593
Selling, distribution and administrative expenses	64	62	2,295	293	279	101	3,094
Research and development	32	61	47	37	24	62	263
Operating expenses	1,146	2,341	2,662	1,902	725	173	8,950



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,846	4,079	528	3,080	916	8	10,459
Selling, distribution and administrative expenses	67	85	4,371	884	292	218	5,917
Research and development	57	103	92	63	44	104	464
Operating expenses	1,971	4,268	4,991	4,027	1,253	330	16,840



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	2,006	4,487	685	3,207	1,001	16	11,403
Selling, distribution and administrative expenses	126	120	4,483	713	437	190	6,069
Research and development	58	119	81	71	36	111	475
Operating expenses	2,190	4,726	5,249	3,990	1,475	317	17,947

Underlying operating expenses

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

Page 34

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

8,265

8,575

8,950

Operating expenses

16,840

17,947

(119)

(44)

(210)

Redundancy and restructuring (charges)/reversal

(162)

(283)

(1)

(101)

(212)

(Provisions)/reversal

(102)

(212)

—

123

Other

252

(120)

(121)

(299)

Total identified items

(241)

(242)

8,145

8,453

8,651

Underlying operating expenses

16,598

17,704

G. Free cash flow and Organic free cash flow

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

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



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

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

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

H. Cash flow from operating activities excluding working capital movements

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

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

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

11,937

9,281

13,508

Cash flow from operating activities

21,218

26,838

(27)

854

(954)

(Increase)/decrease in inventories

827

(1,562)

3,635

(2,610)

1,965

(Increase)/decrease in current receivables

1,025

1,770

(3,994)

(907)

(1,269)

Increase/(decrease) in current payables

(4,901)

(3,218)

(386)

(2,663)

(258)

(Increase)/decrease in working capital

(3,049)

(3,010)

12,323

11,944

13,766

Cash flow from operating activities excluding working capital movements

24,267

29,848

I. Divestment proceeds

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

J. Structural cost reduction

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

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

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

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



			$ million
Structural cost reduction up to second quarter 2025 compared with 2022 levels			(3,905)

Underlying operating expenses 2024			35,707
Underlying operating expenses 2022			39,456
Total decrease in Underlying operating expenses			(3,749)
Of which:
Structural cost reductions			(3,119)
Change in Underlying operating expenses excluding structural cost reduction			(630)

Underlying operating expenses first half 2025			16,598
Underlying operating expenses first half 2024			17,704
Total decrease in Underlying operating expenses			(1,106)
Of which:
Structural cost reductions			(786)
Change in Underlying operating expenses excluding structural cost reduction			(320)

Page 36

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PRINCIPAL RISKS AND UNCERTAINTIES

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

1.Portfolio risks

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

2.Climate change and the energy transition

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

3.Country risks

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

4.Financial risks

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

5.Trading risks

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

6.Health, safety, security and the environment

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

7.Information technology and cybersecurity risks

We rely heavily on information technology systems in our operations.

8.Litigation and regulatory compliance

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

9.Reputation and risks to our licence to operate

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

10.Our people and culture

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

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

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

Page 37

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

2025 PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

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

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

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.

Renewables and Energy Solutions

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

Page 38

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

RESPONSIBILITY STATEMENT

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

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

On behalf of the Board

Wael Sawan

Sinead Gorman

Chief Executive Officer

Chief Financial Officer

July 31, 2025

Page 39

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

INDEPENDENT REVIEW REPORT TO SHELL PLC

Conclusion

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

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

Basis for Conclusion

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

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

Conclusions Relating to Going Concern

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

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

Responsibilities of the Directors

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

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

Auditor’s Responsibilities for the review of the financial information

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

Use of our report

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

Ernst & Young LLP

London

July 31, 2025

Page 40

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

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

Forward-Looking statements

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

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

Page 41

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

This announcement contains inside information.

July 31, 2025


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

Page 42

The MIL Network –

August 5, 2025

MIL-OSI: Shell plc publishes second quarter 2025 press release

Source: GlobeNewswire (MIL-OSI)

London, July 31, 2025

“Shell generated robust cash flows reflecting strong operational performance in a less favourable macro environment. We continued to deliver on our strategy by enhancing our deep-water portfolio in Nigeria and Brazil, and achieved a key milestone by shipping the first cargo from LNG Canada.

Our continued focus on performance, discipline and simplification helped deliver $3.9 billion of structural cost reductions since 2022, with the majority delivered through non-portfolio actions. This focus enables us to commence another $3.5 billion of buybacks for the next three months, the 15th consecutive quarter of at least $3 billion in buybacks.”

Shell plc Chief Executive Officer, Wael Sawan

ROBUST CASH GENERATION; STRONG OPERATIONAL PERFORMANCE

Adjusted Earnings¹ of $4.3 billion despite lower trading contribution in a weaker margin environment.
Robust CFFO of $11.9 billion, supported by strong operational performance, enables commencement of another $3.5 billion share buyback programme for the next three months.
Strong balance sheet, with gearing of 19%. 2025 cash capex outlook unchanged at $20 – 22 billion. Total shareholder distributions paid over the last 4 quarters were 46% of CFFO.
Achieved $0.8 billion of structural cost reductions in the first half of 2025, of which $0.5 billion is through non-portfolio actions; cumulative reductions since 2022 are $3.9 billion, against CMD25 target of $5 – 7 billion by end of 2028.
First cargo shipped from LNG Canada, strengthening our leading LNG position and supporting our ambition to achieve LNG sales cumulative annual growth rate of 4 – 5% to 2030.
Further enhanced peer-leading deep-water position with start-up of Mero-4 (Brazil) and announced increase of interests in Gato do Mato (Brazil) and Bonga (Nigeria); continued to high-grade Downstream and R&ES portfolio.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		1,737	3,875	3,629	1,196
Upstream		1,732	6,638	6,500	2,826
Marketing		1,199	2,181	2,718	429
Chemicals & Products²		118	864	1,372	775
Renewables & Energy Solutions (R&ES)		(9)	102	1	555
Corporate		(463)	(346)	(2,283)	36
Less: Non-controlling interest (NCI)		50
Shell	Q2 2025	4,264	13,313	11,937	5,817
Shell	Q1 2025	5,577	15,250	9,281	4,175

¹Income/(loss) attributable to shareholders for Q2 2025 is $3.6 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
²Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.2) billion and Products $0.3 billion.

CFFO excluding working capital of $12.3 billion is helped by derivative inflows and JV dividends received.
Working capital outflow of $0.4 billion reflects a reduction in JV deposits. $1.7 billion of the JV dividends received were previously held in deposit in the Corporate segment.
Net debt excluding leases is $14.3 billion.

$ billion¹	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Working capital	(0.3)	2.7	2.4	(2.7)	(0.4)
Divestment proceeds	0.8	0.2	0.8	0.6	(0.0)
Free cash flow	10.2	10.8	8.7	5.3	6.5
Net debt	38.3	35.2	38.8	41.5	43.2

¹Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

Q2 2025 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	64	60	—
Realised gas price ($/thousand scf)	7.4	7.2	—
Production (kboe/d)	927	913	910 – 970
LNG liquefaction volumes (MT)	6.6	6.7	6.7 – 7.3
LNG sales volumes (MT)	16.5	17.8	—

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices and significantly lower trading and optimisation results.

UPSTREAM

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	71	64	—
Realised gas price ($/thousand scf)	7.4	6.9	—
Liquids production (kboe/d)	1,335	1,334	—
Gas production (million scf/d)	3,020	2,310	—
Total production (kboe/d)	1,855	1,732	1,700 – 1,900

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices.

MARKETING

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Marketing sales volumes (kb/d)	2,674	2,813	2,600 – 3,100
Mobility (kb/d)	1,964	2,044	—
Lubricants (kb/d)	87	85	—
Sectors & Decarbonisation (kb/d)	623	684	—

Adjusted Earnings were higher than in Q1 2025, driven mainly by improved Mobility unit margins and seasonally higher volumes.

CHEMICALS & PRODUCTS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Refinery processing intake (kb/d)	1,362	1,156	—
Chemicals sales volumes (kT)	2,813	2,164	—
Refinery utilisation (%)	85	94	88 – 96
Chemicals manufacturing plant utilisation (%)	81	72	78 – 86
Indicative refining margin (Updated¹ $/bbl)	6.2	8.9	—
Indicative chemical margin (Updated¹ $/t)	126	166	—

¹Q2 2025 indicative margins reflect the divestment of Singapore Energy and Chemicals (E&C) Park.
Q2 2025 indicative margins if including Singapore E&C Park would have been: Refining – 7.5$/bbl, Chemicals – 143$/t.

Adjusted Earnings were lower than in Q1 2025 with significantly lower trading and optimisation results, reflecting a disconnect between market volatility and supply-demand fundamentals. Chemicals results were impacted by unplanned downtime and a continued weak margin environment.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q1 2025	Q2 2025
External power sales (TWh)	76	70
Sales of pipeline gas to end-use customers (TWh)	184	132
Renewables power generation capacity (GW)*	7.5	7.6
in operation (GW)	3.5	3.9
under construction and/or committed for sale (GW)	4.0	3.8

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

Adjusted Earnings were in line with Q1 2025 with seasonally lower trading and marketing margins, offset by lower opex.

CORPORATE

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Adjusted Earnings ($ billion)	(0.5)	(0.5)	(0.7) – (0.5)

UPCOMING INVESTOR EVENTS

October 30, 2025

Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q2 2025
Quarterly Databook Q2 2025
Webcast registration Q2 2025
Dividend announcement Q2 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 and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 31, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this 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

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 and any amendment thereto, 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 second quarter 2025 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; U.S. and Canada: Contact form

The MIL Network –

August 5, 2025

Category: Climate Change

More aid delivered

Haiti: Armed groups expand activities

2017 lightning flash in US Great Plains sets new world record

Value of early warning systems

Source: Earth Sciences New Zealand

Source: MinterEllisonRuddWatts

The promise and peril of marine climate interventions

Governance gaps and ethical dilemmas

Toward responsible marine transformation

Proceed with caution

JULY 31, 2025-2025-011_NEWS RELEASE-HIEMA ALERTS PUBLIC TO RED FLAG WARNING-EXTREME FIRE DANGER CONDITIONS EXIST

Climate phenomena are closely interconnected

A curatorial geomorphology of the sea

Concrete titans

Harnessing the rivers

Millions forced to flee

Floods, landslides upend lives

Disease outbreaks rising

Elections under military cannot be credible

Commitment to stay and deliver

Millions forced to flee

Floods, landslides upend lives

Disease outbreaks rising

Elections under military cannot be credible

Commitment to stay and deliver