Category: Economy

MIL-OSI United Kingdom: Former St Helens pub landlord failed to declare he was bankrupt when applying for Covid loan
Source: United Kingdom – Executive Government & Departments

News story

Former St Helens pub landlord failed to declare he was bankrupt when applying for Covid loan

Suspended sentence for former St Helens pub owner
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic

Wright was subsequently declared bankrupt in early 2020

This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process

The loan was repaid in full earlier this year

A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.

Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020.

The 46-year-old made the application on behalf of the Talbot Ale House on Duke Street in St Helens town centre, the pub he ran before his bankruptcy earlier that year.

Wright, of Bleak Hill Road, St Helens, was sentenced to two years in prison, suspended for two years, at Liverpool Crown Court on Thursday 24 April.

He was also ordered to complete 150 hours of unpaid work and pay £1,500 in costs.

The Bounce Back Loan was repaid in full shortly before Wright was sentenced.

David Snasdell, Chief Investigator at the Insolvency Service, said:

Gary Wright incurred significant debts after his business failed and he was ultimately declared bankrupt.

He then attempted to take advantage of a scheme which was backed by taxpayers and designed to support viable small businesses through the pandemic.

Bankrupts are legally required to declare their status when applying for loans or credit. Wright clearly failed to do this which is why he now has a criminal conviction.

Talbot Ale House ceased trading in September 2019 and Wright was declared bankrupt in February 2020 due to debts owed to a major utility company.

Despite this, Wright applied for a £25,000 Bounce Back Loan in June 2020, claiming the turnover of the pub was £400,000.

Wright remains an undischarged bankrupt, meaning he has not been officially released from his bankruptcy.

Individuals subject to a bankruptcy order must disclose their status if they borrow or obtain credit of £500 or more.

A pub continues to run from the same address but under different management.

Further information

Gary Wright is of Bleak Hill Road, St Helens. His date of birth is 15 December 1978

Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct 

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 2 May 2025
MIL OSI United Kingdom –
May 2, 2025
MIL-OSI: Municipality Finance issues a EUR 50 million tap under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
2 May 2025 at 11:00 am (EEST)

Municipality Finance issues a EUR 50 million tap under its MTN programme

On 5 May 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 50 million to an existing benchmark issued on 29 August 2024. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.150 billion. The maturity date of the benchmark is 29 August 2029. The benchmark bears interest at a fixed rate of 2.500 % per annum.

The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 5 May 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

NatWest Markets N.V acts as the Dealer for the issue of the new tranche.

MUNICIPALITY FINANCE PLC

Further information:

Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

May 2, 2025
MIL-OSI: xSuite Asia Invites Customers to the 2025 User Conference in Singapore
Source: GlobeNewswire (MIL-OSI)

Under the Theme “One Team. One Journey,” the Software Provider Showcases Innovations and Solutions for the Finance Sector

Singapore, May 2, 2025 – xSuite Asia invites users to join the 2025 User Conference, taking place on May 29 in Singapore, for an in-depth look at future-ready technologies. The one-day event will focus on today’s most critical topics for IT and finance professionals: artificial intelligence, invoice processing, SAP S/4HANA, cloud computing, and SAP Clean Core strategies.

A highlight of the agenda will be a customer keynote presenting real-world insights into the deployment of xSuite’s automated invoice processing solution. Attendees will learn about the initial project setup, the challenges that were addressed, and the measurable outcomes that have been achieved.

Finance Technology with a Forward Focus
Technologies like cloud platforms and AI are creating new possibilities in financial operations—and development is accelerating. At the conference, xSuite will present its latest product innovations and roadmap, while also exploring emerging technology trends shaping the future of finance.

Key Focus Areas
1. Deep Dive Artificial Intelligence: xSuite’s Prediction Server delivers AI-powered support for invoice processing in SAP environments. This session will highlight how AI is expanding its capabilities across additional finance workflows, and how Large Language Models (LLMs) are transforming document recognition and data extraction.

2. Deep Dive SAP S/4HANA and Cloud: As many organizations are progressing with or preparing for their SAP S/4HANA migration, aligning with SAP’s Clean Core strategy is essential—even in Private Cloud environments—to prevent future technical debt. Participants will explore xSuite’s solution architecture, including SAP-integrated Business Solutions 6.0 and offerings built on the SAP Business Technology Platform (BTP).

Networking and Strategic Discussions
The event will conclude with networking opportunities and discussions around customer requirements, xSuite’s role as a premium partner, and best practices for implementing successful digital transformation projects.

Event Details:
xSuite User Conference
Date: May 29, 2025
Location: Oasia Hotel Downtown, 100 Peck Seah Street, Singapore 079333
Time: 10:00 AM – 3:00 PM
More information and registration: https://news.xsuite.com/en/user-conference-2025-singapore

About xSuite Group

xSuite is a software manufacturer of applications for document-based processes and provides standardized, digital solutions worldwide that enable simple, secure, and fast work. We focus mainly on the automation of important work processes in conjunction with end-to-end document management. Our core competence lies in accounts payable (AP) automation in SAP (including
e-invoicing), for leading companies worldwide, as well as for public clients. This is supplemented by applications for purchasing and order processes as well as archiving – all delivered from a single source, including both software components and services. xSuite solutions operate in the cloud or in hybrid scenarios. We take pride in the high-quality solutions we offer, as evidenced by the regular certifications we receive for our SAP solutions and deployment environments.” With over 300,000 users benefitting from our solutions, xSuite processes more than 80 million documents per year in over 60 countries.

Founded in 1994 and headquartered in Ahrensburg, Germany, xSuite has around 300 staff across nine locations worldwide – in Europe, Asia, and the United States. Our company has an established information security management system that is certified in accordance with ISO 27001:2022.

Contact:
Barbara Wirtz
xSuite Group GmbH
Marketing & PR
Tel. +49 (0)4102/88 38 36
barbara.wirtz@xsuite.com
www.xsuite.com

Attachment
- xSuite-User-Conference-2025-Singapore
The MIL Network –
May 2, 2025
MIL-OSI: WTW Strengthens Middle East Capabilities with Al-Futtaim Willis change

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, May 02, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today announced a change in the ownership of its longstanding joint venture, United Arab Emirates (UAE) based Al-Futtaim Willis (AFW). Al-Futtaim’s decision to sell their 51% stake in the joint venture will enable WTW to wholly manage the AFW business when regulatory approvals are received.

Pamela Thomson-Hall, Head of International at WTW, said: “We are fortunate to have enjoyed a prosperous relationship with Al-Futtaim spanning nearly 50 years, for which we are very thankful. WTW’s investment strategy remains acutely focused on investing strategically to optimize the company’s portfolio globally and pursue scaled and high-growth broking businesses. Our ability to wholly manage our businesses in Dubai and Bahrain on a go-forward basis will further strengthen this strategy and enable us to provide clients in the UAE and the wider region improved access to our specialist expertise and global placement capabilities. It also enhances our ability to serve our global benefit management clients through a more consistent delivery approach.”

Head of WTW CEEMEA, Eleni Lykoudi, commented: “Having worked with Al-Futtaim for half a century, our two companies will remain trusted friends and partners, and we look forward to many more years of working together in the future. This change in ownership structure complements WTW’s recent investments in the neighboring Kingdom of Saudi Arabia, where the company recently established insurance and reinsurance broking entities. The integration of AFW will allow our local, regional, and global clients to access WTW’s entire portfolio, enhancing our value proposition in the market. All of this speaks to WTW’s commitment to invest in the Middle East and our enhanced client service offering in the region.”

On behalf of Al-Futtaim, Omer Elamin said: “We are proud of the strong and successful relationship we have built with WTW over nearly five decades. As we amicably conclude this chapter of our partnership, we remain committed to maintaining the professionalism and spirit of collaboration that have defined our journey together and we look forward to the future possibilities that may arise from this mutual understanding.”

This transaction is subject to regulatory approval and is expected to close in the second half of 2025.

About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com

About Al-Futtaim
Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates.
Structured into five operating divisions—automotive, financial services, real estate, retail, and health—Al-Futtaim employs more than 33,000 people across over 18 countries in the Middle East, Asia, and North Africa. Its portfolio includes partnerships with over 200 of the world’s most renowned and innovative brands.

Driven by an entrepreneurial spirit and a steadfast commitment to meeting customer needs, Al-Futtaim continues to grow and evolve, aligning with the changing demands of the communities it serves. Anchored by its core values of respect, excellence, collaboration, and integrity, Al-Futtaim consistently enriches the lives and aspirations of its customers.

For more information, visit: www.alfuttaim.com

Media Contacts

Jamie Kilduff – Jamie.kilduff@wtwco.com

Emmanuel Ofosu-Appiah – Emmanuel.ofosu-appiah@edelmansmithfield.com

Forward Looking Disclaimer

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements and other forward-looking statements by words such as ‘may’, ‘will’, ‘would’, ‘commit’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘future’, or similar words, expressions or the negative of such terms or other comparable terminology. These forward-looking statements include, but are not limited to, strategic plans and the future of our business, receipt of regulatory approvals and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including, but not limited to those described under “Risk Factors” in the Company’s most recent 10-K filing and subsequent filings filed with the SEC. The foregoing list of factors is not exhaustive, and new factors may emerge from time to time that could also affect actual performance and results. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

The MIL Network –

May 2, 2025
MIL-OSI Economics: Sanjay Malhotra: India – a partner in progress and prosperity

Source: Bank for International Settlements

I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).

Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.

No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.

Policy continuity and stability

First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space.

MIL OSI Economics –

May 2, 2025
MIL-OSI Economics: Darryl Chan: Global outlook – unlocking market potential through financial connectivity
Source: Bank for International Settlements

Mr Peng Yang (CEO, Ant International), distinguished guests, ladies and gentlemen:

Good morning. To those of you who have travelled from far and wide, a very warm welcome to Hong Kong!

It gives me great pleasure to join you today for MO·MENTS 2025 organised by Ant International. This is a great gathering of forward-looking, innovative people who bring and share remarkable expertise, experience and ideas to shape the future of payments. Indeed, payments is shaping the future of finance by unlocking the many possibilities and immense potential.

The theme of this event is global connectivity.  In my discussion today, I will share with you the exciting journey Hong Kong is going through to promote connectivity in the payments space, both locally and globally.  Our objective is to achieve cheaper, faster, more transparent, and more accessible payment services.  Before going global, we started with local. There were two starting points: stored value facilities (or SVF in short) and faster payment system, or FPS.

In 2015, the Hong Kong Monetary Authority (HKMA) introduced a regime to regulate SVF operators who take the form of e-wallets or prepaid cards.  Today we have a robust SVF ecosystem of 15 operators. These operators serve a wide range of institutional and retail customers from mass market to more niched segments. In less than a decade, the number of SVF accounts have doubled, from around 40 million in end 2016 to 80 million in end 2024; and the total number of transactions has grown by almost 60%, from around 15 million per day in Q4 2016 to 24 million in Q4 2024.

The FPS is another success story.  Launched in 2018, it is a platform that supports full connectivity among banks and SVFs.  It provides real-time, 24×7 interbank transfers with just a few clicks on mobile devices.  Since its launch, FPS has experienced phenomenal growth.  It now has 16.4 million registrations in total, on the back of a local population of 7.5 million.

The SVF and FPS, working individually or in combination, provide a powerful tool that facilitates cheaper, faster payments and enhances user experience.  They promote not just financial inclusion but also the growth of e-commerce.

The use of SVF and FPS goes beyond Hong Kong.  For example, Hong Kong e-wallets can now be used at over 30 million merchants in Mainland China. Between 2021 and 2024, the number of cross-border transactions in the Mainland has grown by almost 50 times.

In the case of FPS, in 2023 the HKMA joined hands with the Bank of Thailand to link up FPS and Thailand’s PromptPay, enabling cross-border QR payments between the two jurisdictions.  Meanwhile, we are working closely with the People’s Bank of China to connect FPS with the Mainland’s Internet Banking Payment System.  Our plan is to formally roll out the link by the middle of this year.  Looking ahead, we are also exploring the possibility of further expanding the linkage of FPS with other fast payment systems in the region.

There is enough to keep us busy just by enhancing the interoperability and connectivity of the existing payment systems and networks. Yet we are keenly aware of the need to keep taps on developments that bring new dimensions to the form and functioning of money. Here I am referring to the emergence of central bank digital currency or CBDC, tokenised bank deposits, and stablecoins.

In terms of CBDC, our flagship project mBridge achieved the minimum viable product stage in 2024. It is a seamless cross-border wholesale CBDC platform co-founded by the HKMA and several other central banks. Supported by a comprehensive legal framework and a fit-for-purpose governance structure, the platform seeks to address the typical pain points in cross-border payments by enhancing efficiency and reducing costs through central bank digital money. Going forward, the project will continue to expand the participation of public and private institutions with a view to achieving greater network effect.

We also leverage on our CBDC research to support the development of the tokenisation market. Last year, the HKMA initiated Project Ensemble and established an Architecture Community to develop common industry standards that support interoperability between CBDC, tokenised money and tokenised assets. In August, we launched the Ensemble Sandbox, working with our securities regulator and the private sector to explore and experiment with tokenisation of financial assets and real-world assets. Currently, the use cases cover liquidity management, supply chain finance, green finance, and investment funds. We are pleased that Ant Group is an active participant of the Sandbox. Project Ensemble also goes beyond Hong Kong. We are partnering with other central banks including Thailand, Brazil and France to explore cross-border tokenisation use cases.

On stablecoin, we are in the final stage of passing the law that empowers the HKMA to license and supervise stablecoin issuers in Hong Kong. Together with other regulatory efforts governing the exchange, trading and custody of crypto assets, the stablecoin licensing regime is an important element to nurture a responsible and sustainable crypto ecosystem in Hong Kong.

Running in parallel to the legislative process, a stablecoin sandbox was set up last year to provide a controlled environment for potential issuers to test the various features and controls of their proposed schemes, as well as their use cases that cover supply chain, capital market activities, cross-border payments, and Web3.0 applications. The sandbox also enables the HKMA team to gain insights that inform the formulation of specific regulatory requirements and ensure they are fit-for-purpose.

Ladies and gentlemen, the payments industry has seen exponential growth in recent years and we should expect the momentum to sustain-if we do the right things. On this, I don’t think people in this room need to be convinced. Let me share some thoughts on how to capture those opportunities.

First is to make good use of technology. Technology is the key driver in this growth story and it keeps pushing the possibility frontier. Just imagine the potential of combining the ever growing computing power, artificial intelligence (A.I.), machine learning and big data.

What technology can deliver is amazing:
- in terms of making payment so much easier through one-click payment or voice-automated payments;
- in terms of capturing new customer demands such as buy-now-pay later or subscription payments; and
- in terms of tailoring payment service to the needs of individual customers.
What we need is to stretch our imagination and be innovative.

In the process, one thing we always need to bear in mind is the fundamental value proposition of payment services-how payments can be made easier, faster, cheaper, and equally important, more accessible. It is therefore heartening that we have a session today dedicated to inclusive growth.

Technology is a double-edged sword. One increasingly troubling aspect related to banking and payments is the prevalence of fraud and scams. In Hong Kong, more than 44,000 deception cases were reported last year, an increase of close to 12% year-on-year. In a way we are victim of our own success by making payments much faster and more convenient. This has now become one of the top challenges facing financial regulators across jurisdictions. If unchecked, it will seriously undermine public confidence in the safety of the banking and payments sector, not to mention the issue of how to apportion the loss.

The HKMA and the banking and payments industries have therefore been in close collaboration with law enforcement agencies to raise public awareness, share intelligence and good practices, and use Scameter data to alert potentially at-risk customers. This is a never ending battle, and technology can help address the risk. We look forward to payments operators leveraging A.I. and machine learning in fraud detection and prevention of money laundering. We at the HKMA stand ready to work with the industry in testing and deploying such technology.

My second point is about collaboration. Deglobalisation, reglobalisation, fragmentation-it may take on different names or different forms, but one thing is for sure, the global economy is entering uncharted waters, in search of the more stable state when the dust gets a little settled.

For an industry like payments that thrives on interoperability and connectivity, this is not good news. But the reshaping of the global economic order and the realignment of global supply chain can also mean new business opportunities for the payments sector:
- think about the possible shifts, within a relatively short timeframe, in trade patterns and trade flows;
- think about new relationships to be established between buyers and suppliers; and
- think about the new payment corridors across countries and regions that may involve more local currencies.
These changes call for more timely, in-depth collaboration between different players in the payments space to better support customers. And as long as payments remains a regulated space, we also need cross-border collaboration in the official sector, either through system linkage or policy coordination, to make this happen.

If I may quickly turn to my third point, which is the significance of operational resilience. With increased connectivity and collaboration, system outage or cyber incidents will have much pronounced consequences. It is crucial therefore, that operational resilience is a core objective and KPI. And always have a contingency plan ready should anything untoward happen.

Ladies and gentlemen, as we look to the future, we need to be resilient, be agile, embrace technology, and, most importantly, remain customer-centric. This should be the winning formula to unlock market potentials and promote a more efficient and inclusive financial ecosystem.

With that, I wish the event a great success. Thank you very much.
MIL OSI Economics –
May 2, 2025
MIL-OSI Economics: Denis Beau: Our payment system at a time of geopolitical risks
Source: Bank for International Settlements

Slides accompanying the speech

[Slide 1 Cover slide]

The payments sector has undergone significant changes in recent decades, driven by digitalisation and the rise of new technologies. While the latter provide opportunities, they also bring risks, particularly in terms of financial stability and sovereignty. These risks have been amplified since the inauguration of the new US administration and the upheavals to the international order that its challenges to multilateralism and its deregulatory and protectionist policies could cause.

Against this backdrop of great uncertainty and the major shocks to the financial system since the start of the month, the financial authorities have an important role to play in fostering stability and trust among the players in the French and European economy and financial system. Accordingly, in addition to ensuring price stability, the objective of the Banque de France, in keeping with its monetary and financial stability mandates, is to help maintain stable access to financial services, particularly credit, and to encourage innovation and diversification. It also strives to ensure the smooth functioning of our economy and the infrastructures on which it relies, and especially our payment system.

In my presentation this morning, I would first like to review the main trends and challenges facing the European payments ecosystem, and then present the levers we are using at the Banque de France to ensure its efficient operation and the security of payment systems and payment means, and to help strengthen Europe’s sovereignty over its payment system.

[Slide 2 – I. Trends and challenges for payments in France and Europe]

I. The digitalisation of payments and its implications

A. Progress in technology is leading to the rapid digitalisation of the payments ecosystem

[Slide 3: A rapid payment digitalisation process]

For a little over a decade now, we have been witnessing a strong move towards digitalisation and the increasing use of electronic payment solutions, with an attendant decrease in the use of cash. Payment cards are now the most commonly used means of payment at the points of sale, accounting for more than 48% of transactions in France in 2024. Conversely, cash payments are gradually decreasing, falling to 43% of point-of-sale transactions in France in 2024, whereas they stood at 50% in 2022, and as high as 68% in 2016.

This trend accelerated even further with the rise of online shopping and the Covid pandemic. The share of e-commerce in the number of transactions thus doubled between 2019 and 2024 to reach a quarter of all transactions in France. At the same time, contactless payments and mobile payments have developed rapidly, with the aim of making payments increasingly seamless and almost invisible to consumers. This trend has been facilitated by the development of new technologies that have modernised payments, such as near-field communication (NFC) and QR codes, which have enabled the roll-out of contactless payments.

Against this backdrop, new players in payments have emerged, whose value added stems from technological innovation. These new players are now competing with traditional financial institutions such as banks. They include not only FinTechs but also “non-financial” players, namely telecom operators, technical service providers (specialising, for example, in the tokenisation of payment card data), and BigTechs, in particular the American GAFAMs – ApplePay, GooglePay – which dominate the mobile payments market. They also include Chinese and Korean platforms such as AliPay and WeChatPay.

The growth in the tokenisation of financial instruments, driven by the use of distributed ledger technologies (DLT) such as blockchain, represents a significant opportunity for our markets. Significant benefits are expected: faster exchanges, lower operating costs and greater transparency of transactions. However, this trend is now going hand in hand with a plethora of uncoordinated DLT initiatives, giving rise to the emergence of new private settlement assets, most notably stablecoins. These initiatives are largely controlled by non-European players and mechanisms, whose reference currency is the dollar.

B. The challenges raised by changes in the payments landscape

[Slide 4: Issues and challenges posed by the digitalisation of the European payments system]

While the digitalisation of payment means has delivered many benefits, in particular by enabling simpler, faster, more convenient and more secure payments, it also poses challenges.

The decline in the use of cash raises questions about the sustainability of some of its characteristics, particularly confidentiality, universal acceptance and accessibility, which are not currently available in the digital sphere. Furthermore, the increase in the use of digital payments raises questions about the role of central bank money, as opposed to commercial money used for card payments, even though central bank money plays a key role in anchoring confidence in our monetary system.

Furthermore, expanding the use of digital solutions has steadily upped our reliance on non-European entities (particularly from the United States and China), which already leverage significant network effects, thanks notably to their ability to harness extensive datasets and customer bases. They also control a number of widely used proprietary standards (Visa, Mastercard). Beyond the question of operational resilience, this situation raises concerns over competition, strategic autonomy and data protection. With the emergence of these international players, European payment solutions appear highly fragmented and their market share has been eroding.¹

The growing digitalisation of payments also represents a challenge to maintain a high level of payment security. Fraud schemes are becoming increasingly complex, involving the manipulation of payers and the circumvention of the strong authentication mechanisms put in place to ensure the security of digital payments in Europe. In particular, artificial intelligence (AI) is a double-edged sword.

AI amplifies cyber risk and, in payments, it can considerably facilitate payment scams, for example through deepfakes. But this technology can also become an invaluable ally in the fight against fraud, by enabling fraud schemes to be more rapidly and effectively identified. Against this backdrop, integrating AI into anti-fraud models could help to improve the security of the digital payment means available to the public.

It should also be noted that digitalisation could extend to financial assets, through tokenisation, although at present there are no suitable and really secure payment solutions available for these financial transactions. Therefore, without a central bank money-based payment solution for these “wholesale” transactions, private non-European solutions could become dominant, in particular stablecoins. However, almost all stablecoins are currently pegged to the dollar, and their issuance in the United States is not currently subject to any protective federal regulatory framework. If the tokenisation of financial assets were to gather pace, the lack of a central bank money payment solution in euro might therefore threaten the role of central bank money as the anchor of the euro area’s monetary architecture, with concrete adverse consequences: an increase in counterparty and liquidity risks, increased fragmentation of settlement, and ultimately a loss of sovereignty and a weakening of financial stability.

In this context, the recent positions adopted by the new US administration, and in particular the adoption on 23 January of an Executive order, are likely to amplify these risks as this Executive Order (i) prohibits all work related to the development of a new form of central bank money compatible with technological changes, (ii) promotes the development of dollar-backed stablecoins, and (iii) encourages citizens and businesses to use public blockchains. This new political direction reinforces the need for Europe to preserve its monetary sovereignty, which means developing its payment sovereignty.

II. To meet these challenges, the Banque de France is using several additional levers for action

[Slide 5: Transition – Two additional responses: regulation/support and innovation.]

A. Adapting regulatory frameworks and supporting innovation within a framework of trust

[Slide 6: Adapting regulatory frameworks at national and international level]

First and foremost, the Banque de France promotes clear, standardised and balanced regulatory frameworks that allow innovation to flourish within a framework of trust conducive to their sustainable deployment. It therefore supports and contributes to the development of frameworks that aim to:
- Maintain a level playing field between players. For example, this has made it possible for operators other than Apple to have access to NFC antennae on iPhones at the European level to promote better competition.
- Adapt to technological progress to support the development of new players, while ensuring they are adequately regulated, based on the principle of “same activity, same risk, same regulation”. This approach has guided the deployment of the Markets in Crypto-Assets (MiCA) regulation, which standardises the rules applicable to crypto-asset service providers, enabling them to develop their business while ensuring that risks to users and the financial system are properly managed.
- Protect consumers. This was, for example, the aim of the second European Payment Services Directive (PSD2), which introduced “strong customer authentication” (SCA) for more secure payments. The Instant Payment Regulation (IPR) follows the same logic, requiring payment service providers (PSPs) to deploy fraud protection measures (e.g. checking the name of the beneficiary against the IBAN) to ensure the orderly development of instant payments.
[Slide 7: Strengthening the security of means of payment]

As part of its statutory mission, which includes ensuring the security of means of payment, the Banque de France supports innovation by ensuring that it does not jeopardise the security of payment methods. The following tasks are performed within the framework of the Observatory for the Security of Payment Means (OSMP).
- Communication campaigns targeting the general public, such as “never give out your data”, carried by various audio-visual media and radio, and aiming to raise awareness of the personal nature of passwords in particular,
- Initiatives aimed at boosting cooperation with data protection, cybersecurity and telecommunications authorities to limit fraud as much as possible.
[Slide 8: Promoting innovation by supporting private initiatives]

Support for innovation also seeks to ensure that private initiatives help to strengthen European sovereignty over the euro payment system:
- At the national level, this support aims to consolidate the position of high-performance French payment solutions, such as the Groupement carte bancaire (CB bank card group), which has been allocated specific support within the framework of the new national retail payments strategy for 2025-30, implemented by the National Payments Committee (CNMP) last October.
- At the European level, pan-European solutions, such as the European Payments Initiative (EPI), are strongly supported. EPI launched the ‘Wero’ digital payment wallet for consumers last autumn, providing instant payments across five European countries (Belgium, France, Germany, Luxembourg and the Netherlands). This initiative with pan-European ambition aims to promote competition and strengthen Europe’s strategic autonomy in retail payments.
B. The provision of new central bank money services to preserve the key role of central bank money in a digitalised world

Alongside regulating and supporting private initiatives, the Banque de France is making a strong and decisive contribution to the Eurosystem’s work on developing its services through the creation of a central bank digital currency for both retail and wholesale transactions. This work has become more strategically important in terms of ensuring European sovereignty over its payment system since the policy shift initiated by the new US administration that I referred to a few minutes ago.

[Slide 9: Innovating with the digital euro: a European payment solution]

1. The digital euro

Given the strong dependence on American payment solutions and networks, the Banque de France thus supports and participates fully in the digital euro project spearheaded by the Eurosystem, which will constitute a public alternative, preserving the freedom to choose means of payment, sovereignty and competition in the euro area.

The digital euro aims to provide everyone with the possibility to use a ‘digital banknote’ in the digital payments sphere that incorporates the main features of a ‘physical’ banknote. Its off-line mechanism will provide a cash-like level of privacy and will be a guarantee of resilience. It will be free of charge for individuals. Its characteristics will foster digital financial inclusion, including for people without bank accounts or smartphones. It will also be a new form of public money, which will safeguard the anchoring role of central bank money and trust in our single currency.

The digital euro also aims to strengthen European integration and strategic autonomy in payments thanks to the legal tender status it would be given, making it usable anywhere and in any circumstances within the euro area. It will also be based on open and harmonised standards, which private payment solutions such as Wero will be able to use to expand their reach. In this way, the digital euro aims to foster the development of private solutions under European governance, which can be used across the euro area, whereas most solutions are currently restricted to certain countries or use cases.

The Eurosystem is currently in a preparation phase that will last until the end of 2025. At the same time, a democratic debate is taking place at the European level to define, by means of legislation, the conditions in which the digital euro may be used. A decision on issuance can be taken once this legislation has been approved by the European Parliament and the Council.

[Slide 10: From Wholesale CBDC to a shared European ledger]

2. Wholesale central bank digital currency

With the development of tokenised assets, the Banque de France is also firmly committed to providing a payment solution in central bank money that includes making it available in tokenised form, in other words, a “wholesale CBDC”.

The Banque de France has been resolutely committed to this solution since 2020, playing a pioneering role at the European level in an experimental programme conducted between 2020 and 2022, in partnership with various private and institutional sector players. This work, which allowed the Banque de France to develop and test its own blockchain (DL3S), was followed by that of the Eurosystem in 2024. This was used to test three solutions for settling tokenised assets in central bank currency through around 40 or so experiments.

Drawing on the lessons learned from these experiments and their confirmation of a demand for adapting central bank money services, in February 2025, the ECB Governing Council decided to quickly make available a settlement service in CB money adapted for tokenised assets, which will include money in token form, i.e. a “wholesale” CB digital currency.

This decision also paves the way for discussions on building a European shared ledger that could be used to adapt European payment infrastructures to the digital era to ensure sovereignty. By providing a credible alternative to non-European solutions, based on a standardised legal and regulatory framework, a European shared ledger could support financial integration within the EU and help strengthen the resilience and attractiveness of our financial market.

Conclusion : As a central bank tasked with safeguarding monetary and financial stability, and notably the security and efficiency of payment systems and means of payment for the euro, the Banque de France is fully committed to monitoring, understanding and supporting the major transformations currently taking place in the payments landscape. These transformations have recently assumed major strategic importance for the monetary sovereignty of euro area countries, necessitating the mobilisation of all the European players concerned to respond in an appropriate and adequate manner. This involves developing secure, efficient public and private pan-European payment solutions that contribute to European sovereignty over its payment system. As both supervisor and provider of central bank money services, we are determined to play our part.

[Slide 11: Thank you for your attention]
MIL OSI Economics –
May 2, 2025
MIL-OSI Europe: Swedish economic recovery under way

Source: Government of Sweden

In the second half of 2024, the Swedish economy entered into a recovery phase that is expected to continue this year. At the same time, the high level of uncertainty resulting from factors such as increased tariffs is projected to dampen growth in the near future. These are the conclusions of the Ministry of Finance in a new forecast of economic developments.

MIL OSI Europe News –

May 2, 2025
MIL-OSI Economics: Public Statement concerning the imposition of a civil penalty on RL360
Source: Isle of Man

RL360 Insurance Company Limited and RL360 Life Insurance Company Limited (together referred to as “RL360”)

1. Action

1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under each of section 35 of the Insurance Act 2008 (the “IA08”) and regulation 5(7) of the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (the “Regulations”).

1.2 The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.

1.3 Following an inspection of RL360 by the Authority under section 36 of the IA08 (the “Inspection”), which identified a number of contraventions by RL360 in relation to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the “Code”), the Authority has deemed it reasonable, appropriate and proportionate, in all the circumstances, that RL360 be required to pay a civil penalty imposed under the Regulations in the sum of £2,785,714, which is discounted by 30% to £1,950,000 (the “Civil Penalty”).

1.4 RL360 has proactively brought about operational changes across its business to address the issues identified and it has already taken substantial steps to remediate matters. Further, the Authority acknowledges the constructive and pragmatic dialogue between RL360 and the Authority and gives credit for the engagement in this regard.

1.5 The level of the Civil Penalty reflects the level of co-operation with the Authority and that a settlement was agreed at an early stage as well as RL360’s proactive implementation of operational enhancements to address the issues identified. As with all discretionary civil penalties issued by the Authority, the level of the Civil Penalty is calculated as a percentage of RL360’s relevant income at the time that the contraventions noted within this public statement were identified. The absolute amount of the Civil Penalty relative to other civil penalties that have been issued by the Authority previously is not necessarily indicative of the seriousness of the contraventions and is determined each time on the facts of a particular matter. The level of a civil penalty is determined each time on the facts of a particular matter and regard is had by the Authority to the level and the percentage of civil penalties imposed in other matters. In determining the Civil Penalty, the Authority considered mitigating factors specific to the circumstances of this case.

2. Background

2.1 RL360 at all material times has been authorised with the Authority as an authorised insurer pursuant to Section 8 of the IA08.

2.2 The Authority conducted the Inspection in February 2023 and identified a number of contraventions of the Code by RL360 (the “Contraventions”).

2.3 RL360 has engaged positively with the Authority throughout this matter in a timely and constructive manner.

2.4 RL360 undertook an extensive remediation programme to address the shortcomings identified and continues to enhance its related internal processes and procedures.

2.5 The RL360 remediation programme has not resulted in the risk profile of the business changing materially.

3. Key Findings from inspection report

Contraventions of the Code identified by the Inspection included:
- The Business Risk Assessment (the “BRA”) did not independently assess Money Laundering/Terrorist Financing (“ML/TF”) risks specific to each entity and failed to adequately incorporate customer risk assessments and relevant risk factors into RL360’s broader risk management framework. (Paragraph 5 of the Code)
- The Customer Risk Assessment (“CRA”) process lacked sufficient detail, clarity, and a clear methodology. In some instances, high-risk customers were incorrectly classified, or their assessments failed to incorporate all relevant risk factors, including jurisdiction and product risk. (Paragraph 6 of the Code)
- In some instances, RL360 could not evidence obtaining adequate documentation and sufficient due diligence collected at the point of onboarding. (Paragraph 8 of the Code)
- RL360 conducted insufficient ongoing monitoring for high-risk customers, and trigger event reviews were often not carried out or were insufficient. This includes neglecting to reassess customer risk profiles when changes occurred. (Paragraph 13 of the Code)
- For some matters, Customer Due Diligence (“CDD”) and Enhanced Customer Due Diligence (“ECDD”) records were insufficient, especially for high-risk customers such as PEPs. Missing or incomplete information, and a failure to evidence proactive assessment of customers’ source of funds and wealth, resulted in non-compliance with AML obligations. (Paragraph 14 & 15 of the Code)
- In some instances, RL360 failed to adhere to internal policies, such as annual reviews of high-risk customers, and did not fully follow procedures for ensuring that required CDD/ECDD was obtained, resulting in significant compliance gaps. (Paragraph 4 of the Code)
- Business relationships with certain high-risk jurisdictions were not properly documented or factored into the CRA process. This impacted RL360’s ability to appropriately risk-rate customers and properly assess and manage risk. (Paragraph 30 of the code)
4. Key Learning Points for Industry

4.1 Compliance with the Code is a legal requirement; all firms undertaking business in the regulated sector have an obligation to conduct their affairs in a manner that adequately mitigates the risks faced by it in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, international financial centre.

4.2 It is imperative that firms conduct a comprehensive, independent, and detailed risk assessment for each entity within their group. The CRA must be based on accurate data, consider all relevant risk factors (including customer geography, product type, and business activities), and be updated regularly to reflect any changes. The results of the CRA should directly inform the BRA to ensure that identified risks are fully integrated into the firm’s broader risk management framework (particularly when dealing with higher risk jurisdictions which should be noted in the CRA with appropriate senior management approval). A failure to properly assess and address the specific risks posed by customers will lead to regulatory breaches and inadequate AML controls.

4.3 Higher risk customers must be subject to ongoing monitoring, with periodic reviews conducted as per the risk rating assigned during onboarding. Ongoing monitoring cannot be neglected or limited to PEPs and sanction-listed individuals; any customer with higher risk indicators must undergo enhanced scrutiny, and trigger event reviews must be conducted in a timely, thorough, and consistent manner. A failure to adequately monitor higher risk customers exposes the firm to significant compliance risk. Sector specific guidance can be found on the Authority’s website that recommends how this ongoing monitoring can occur.

4.4 Firms are required to take a proactive approach to updating and maintaining accurate and complete customer information, not deferring CDD/ECDD updates until a trigger event occurs. Promptly obtaining and verifying missing or updated information where required ensures that customer profiles remain accurate and compliant with the AML Code[1].

4.5 If Internal policies, such as conducting annual reassessments of high-risk customers, are in place they must be rigorously followed. Non-compliance with these policies not only breaches internal standards but also undermines the firm’s ability to manage its AML risks effectively. Failing to follow documented procedures, particularly in relation to high-risk customers or jurisdictions, can lead to serious regulatory and reputational consequences.

[1] ‘Anti-Money Laundering and Countering the Financing of Terrorism Code 2019’ Para 10 Page 19 & Para 13 Page 23.
MIL OSI Economics –
May 2, 2025
MIL-OSI: MEXC Ventures Announces $300 Million Ecosystem Development Fund at Token2049 Event

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, May 02, 2025 (GLOBE NEWSWIRE) — MEXC Ventures, the investment arm of the global cryptocurrency exchange MEXC, has unveiled a $300 million Ecosystem Development Fund aimed at accelerating blockchain innovation and ecosystem growth over the next five years. The initiative was officially announced at Token2049 in Dubai on April 30, aligning with MEXC’s 7th anniversary and reaffirming the company’s evolution from a trading platform to a full-scale Web3 ecosystem builder.

The new fund marks a strategic pivot in MEXC’s positioning — from a user-focused exchange to a foundational force in blockchain infrastructure. With this move, MEXC plans to foster long-term value across the entire crypto landscape by supporting early-stage technologies, public chains, wallets, and other decentralized tools that drive the future of Web3.

“We see this commitment as an opportunity to position MEXC well above its perceived place in the industry as an exchange service. We can and intend to offer much more through this investment, driving businesses and users to our ecosystem with a value offering built on best practices. Our ultimate vision is to transition from a trading venue to an ecosystem platform that will cater to all the needs of crypto industry participants in unique, innovative, and attractive ways,” as Tracy Jin, COO of MEXC exchange, commented on the upcoming announcement.

The Ecosystem Development Fund foresees the establishment of an investment and cooperation linkage model that will connect the different businesses with the broader MEXC ecosystem to drive value. The trusted basis of MEXC as a leader in innovation will be used to expand and enhance the overall trading experience for users by offering support beyond capital. Cooperation between exchange business and investments will focus on the development of public chains, stablecoins, wallets, and media platforms as part of the MEXC ecosystem. Comprehensive selection criteria will be announced for projects interested in joining the new initiative.

The new development will allow projects to attract investments and attain visibility, thus advancing their integration across industry services. This will, in turn, give users access to new services, upping their overall experience and building trust. Greater integration and cooperation between businesses, projects and users will ultimately positively impact the industry as a whole, advancing innovation and promoting adoption across different markets and regions.

Existing initiatives within the MEXC ecosystem include Ethena, a leading innovator in the stablecoin space. MEXC has made a strategic investment of $16 million in Ethena and has also purchased $20 million worth of USDe, Ethena’s synthetic dollar. In collaboration with Ethena, MEXC launched several joint campaigns that have gained significant traction in recent weeks, driving strong user engagement. ENA, Ethena’s native token, has showcased up to $15 million in trading volume over the past 24-hour timeframe. Such results indicate strong support for the products on the part of users, as well as demand from a liquidity standpoint. MEXC had recently invested in Ethena and launched a number of joint campaigns focused on expanding the use of public chains, wallets, and media platforms.

MEXC is determined to elevate the positioning of the platform beyond its perceived status as a trading venue to its full potential as an industry ecosystem element. Such a transition is aimed at building greater value for users and making the crypto environment more attractive to both businesses and investments. MEXC invites all projects in the crypto space to join its latest initiative.

About MEXC Ventures
MEXC Ventures is a comprehensive fund MEXC dedicated to driving innovation in the cryptocurrency sector through investments in L1/L2 ecosystems, strategic investments, M&A, and incubation. Upholding the principle of “Empowering Growth Through Synergy,” MEXC Ventures is committed to supporting innovative ideas and active builders.

MEXC Ventures is an investor and supporter of TON and Aptos, and looks forward to staying at the forefront of TON and Aptos innovations while actively engaging with builders to drive ecosystem growth.

For more information, visit: MEXC Ventures Website

Source

Contact:
Lucia Hu
lucia.hu@mexc.com

Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12e0863c-eb70-4443-a080-3706360e53df

The MIL Network –

May 2, 2025
MIL-OSI: Defiance ETFs Unveils $MST: The First Leveraged MicroStrategy ETF that Seeks to Pay Income Weekly
Source: GlobeNewswire (MIL-OSI)

MIAMI, May 02, 2025 (GLOBE NEWSWIRE) — Defiance ETFs has launched the Defiance Leveraged Long + Income MSTR ETF (MST), an innovative exchange-traded fund (ETF) that combines leveraged exposure to MicroStrategy Incorporated (NASDAQ: MSTR) aiming for a unique weekly income payout feature. This ETF is the first of its kind, designed to offer retail investors both amplified growth potential and consistent cash flow through an options-driven strategy.

Sylvia Jablonski, CEO of Defiance ETFs, stated: “Retail investors want the thrill of leverage and the comfort of income. $MST combines leveraged exposure to MicroStrategy’s momentum with weekly payouts to balance the journey. It’s a bold, tactical option for today’s market.”

What Makes $MST Stand Out?
- Leveraged Exposure: $MST aims to deliver approximately 150% to 200% of MicroStrategy’s daily price performance, capitalizing on its volatility and growth potential.
- Seeks Weekly Income: By utilizing a credit call spreads strategy, the ETF generates high income, which is distributed to investors every week, providing regular cash flow¹ and a potential buffer against declines.
- Bitcoin Exposure: Through MicroStrategy—a company known for its significant Bitcoin holdings—$MST offers indirect access to Bitcoin’s market trends without the need to own cryptocurrency directly.
Investment Objective
The Defiance Leveraged Long + Income MSTR ETF (the “Fund”) seeks long-term capital appreciation, with a secondary objective to seek current income. The Income Generation Strategy complements the Leveraged Strategy by utilizing credit call spreads to seek to generate premium income and manage risk associated with the Fund’s leveraged exposure.

The Fund may not achieve daily investment results, before fees and expenses, that correspond to 150% to 200% the performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended leverage target range, both intraday and at the close of trading, potentially resulting in significantly lower returns.

Why MicroStrategy?
MicroStrategy has seen remarkable growth, rising over 4,000% since its December 2022 low, fueled by its Bitcoin-focused strategy and leadership in data analytics. Building on the success of Defiance’s earlier MSTR-based ETFs, which have surpassed $1 billion in combined assets, $MST takes this a step further with leverage and income generation.

About Defiance
Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

¹Cash flow refers to the regular, tangible payouts (income distributions) made by the ETF to its shareholders.

Important Disclosures

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

Investing involves risk. Principal loss is possible.

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

MSTR Risks. The Fund invests in swap contracts and options that are based on the share price of MSTR. This subjects the Fund to the risk that MSTR’s share price decreases. If the share price of MSTR decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. Therefore, as a result of the Fund’s exposure to the value of MSTR, the Fund may also be subject to the following risks:

Indirect Investment in MSTR Risk. MSTR is not affiliated with the Trust, the Fund, the Adviser or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of MSTR but will be exposed to the performance of MSTR (the underlying stock).

MSTR Trading Risk. The trading price of MSTR may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

MSTR Performance Risk. MSTR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MSTR to decline.

Software Industry Risk. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence.

Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its investments in options contracts that reference MSTR.

Blockchain Risk. Companies involved in the crypto asset industry are subject to the risks associated with blockchain technology, the occurrence of which could negatively impact the value of such companies.

Derivatives Risks. The Fund’s derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets or index, and the potential for loss of principal, which can exceed the initial investment.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

Leverage Risk: As part of the Fund’s principal investment strategy, the Fund will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss. If the Fund uses leverage through purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund.

Compounding and Market Volatility Risk. To achieve its objective, the Fund seeks to generate daily returns of approximately 150% to 200% of the performance of MSTR, before fees and expenses. However, due to the effects of compounding, the Fund’s performance over periods longer than a single trading day is likely to differ from this targeted range. Compounding impacts all investments, but the effects are more pronounced for funds that seek leveraged daily returns and rebalance daily.

High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

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

New Fund Risk: As a newly formed fund, it has no operating history, providing limited basis for investors to assess performance or management.

Brokerage Commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

David Hanono
info@defianceetfs.com
833.333.9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57de3272-466f-49db-a2eb-40c39ff90d7b

The MIL Network –
May 2, 2025
MIL-OSI Economics: Adnan Zaylani Mohamad Zahid: Next-generation fintech ecosystem – harnessing the full potential of innovation
Source: Bank for International Settlements

It is a privilege to be here at Money 20/20 Asia, joining these conversations and discussing the evolving roles of fintech and financial innovation in redefining the future of finance. It also gives me the opportunity to share some perspectives from Malaysia as well as what we gathered from ASEAN meetings that took place in recent weeks. We have only just come out of a series of ASEAN Finance Ministers’ and Central Bank Governors’ meetings held in Kuala Lumpur that focused much on sustainability, climate, and inclusion or well-being, certainly areas of great interest for fintech and financial innovation.

Indeed, if we look at the past decade, the financial sector has experienced significant advancements in this space, and at the same time, the ASEAN region has emerged as a key player. Propelled by the digital revolution and evolving consumer expectations, technology has rapidly transformed financial services, unlocking new opportunities for inclusion, resilience and efficiency. Today, ASEAN stands as one of the world’s most dynamic regions with a GDP size of US$3.8 trillion¹ and a population of more than 650 million. It is also becoming a vibrant fintech landscape that fuels economic activity with improving financial access for millions. The region’s fintech sector has demonstrated remarkable resilience in the face of uneven global funding trends, achieving a more than tenfold increase in fintech funding over the last decade.² This surge in fintech activity has not only spurred growth in sectors like payments and alternative lending, enhancing financial inclusion, but also played a pivotal role in facilitating regional trade and investment across ASEAN.

Progress does not come by chance. As a region, ASEAN has come together under the ASEAN Economic Community, aimed at fostering economic and financial advancements. Under Malaysia’s chairmanship this year, for example, we have committed focus towards catalysing financing for climate resilient and a just transition, accelerating growth of our regional capital markets and fostering inclusive instant payment connectivity in ASEAN. We have also committed to greater collaboration and strengthening integration, as a key strategy and mitigation in dealing with rising geopolitical and economic uncertainties.

Looking ahead, the financial sector will need to play a critical role in supporting ASEAN’s continued economic integration and social advancement. The region is projected to need over USD3 trillion in infrastructure investment by 2040³ to sustain growth and improve living standards. Meeting these demands – while also addressing climate goals, demographic shifts, and the digital economy – would require ASEAN’s financial ecosystem to be adaptive and future-ready. This means building a progressive financial sector that is not only resilient and inclusive, but also capable of harnessing the full potential of emerging technologies such as artificial intelligence (AI), cloud, blockchain, and quantum computing, while managing attendant risks.

So, the question before us today is: how can we shape our financial ecosystem to further expand the frontiers of financing and meet our future needs as a region? Specifically, I believe this means strengthening the foundation for a collaborative environment that includes:
1. First, facilitative regulatory frameworks;
2. Second, fit-for-purpose ecosystem enablers; and
3. Third, responsible innovation by ecosystem players.
Allow me to share my reflections on these three aspects.

Regulators play a vital role in enabling innovation through safeguarding market integrity and public trust. A credible and trusted regulatory framework goes some way in supporting confidence in something new. And as technology rapidly evolves, regulatory approaches must be agile, forward-looking, and anchored on clear principles. To fully harness innovation, a balanced ecosystem with a blend of future-proof technologies, inclusive innovation pathways, and a thriving mix of players is essential. This will go beyond updating rules and regulations. It may even require more principle-based frameworks that can offer clarity and confidence to investors and consumers, a direction increasingly embraced by regulators across ASEAN.

In Malaysia, our regulatory philosophy is grounded by three key principles:
1. Parity, to ensure a level playing field for all market participants;
2. Proportionality, to calibrate regulatory rigour with the level of risk; and
3. Neutrality, to prioritise desirable outcomes while remaining agnostic to different technologies, systems and approaches.
This approach allows us to foster a regulatory environment that encourages responsible experimentation and healthy competition. At the same time, we remain alert to new and emerging risks – such as cyber threats, digital fraud, and data privacy concerns – which must be managed to ensure long-term resilience in the financial sector.

To support innovation while managing the associated risks, an effective tool that has been widely adopted by regulators globally and regionally is the Regulatory Sandbox. The Sandbox model helps innovators refine their solutions while regulators assess its potential risks. Malaysia was among the early adopters of the Regulatory Sandbox globally. Since its inception in 2016, the Sandbox has played a pivotal role in shaping Malaysia’s fintech ecosystem by facilitating innovations such as fully digital account openings, digital insurance and takaful models as well as cross-border remittance solutions. These experiments have informed the development of new frameworks, including the newly launched licensing application for Digital Insurers and Takaful Operators (DITO) aimed at promoting greater inclusion, competition, and efficiency in the insurance and takaful sectors.

Recognising the growing diversity of innovation, we recently refreshed the Sandbox initiative to introduce two distinct tracks:
1. A Standard Sandbox with a simplified eligibility assessment process to encourage broader participation; and
2. A Green Lane with an accelerated pathway for financial institutions with strong risk management capabilities, allowing them to test innovations more swiftly.
This was followed by a significant increase in the volume and diversity of innovations submitted, with a total of 11 Standard Sandbox and three Green Lane applications received in 2024. Certainly, affirming our perspective that regulators and regulations also need to be agile.

Looking ahead, we must also be prepared for transformative technologies on the horizon. These include not only AI and digital assets, but also more recent developments such as quantum computing. While at various stages of maturity, these technologies have the potential to further reshape the financial landscape and may require proportionate and appropriate regulatory responses that keep evolving alongside them.

But none of us can do this alone. The pervasive reach and global nature of these transformative technologies necessitate cross-border approaches. For example, further exploration of joint innovation use cases through cross-border sandboxes can facilitate collaborative experimentation and mutual learning, while a coordinated approach to supervisory oversight is important to ensure a more holistic understanding of risk and collective resilience across economies.

At the same time, the role of regulators needs to keep evolving. While mandates may remain, the delivery of such mandates in many cases now require whole-of-ecosystem approach, as regulators may need to collaborate more closely with other sectoral regulators or consider expanding the remit of its regulation when other parts in the supply chain can affect the performance of the mandates. A strong collaboration between regulators, industry players, and key stakeholders is also vital to fostering an ecosystem that is innovative and robust. By working together, we can build financial systems that not only embrace technology well but can channel it towards strengthening economic resilience and promoting long-term financial well-being.

The second pillar underpinning a future-ready financial system is the digital infrastructure. As digital finance becomes increasingly embedded in our everyday life, we must ensure that the right foundational enablers are in place. These include robust digital identity systems that facilitate secured access to financial services, interoperable payment networks that expand inclusion and reduce costs, and real-time fraud prevention capabilities that sustain public trust. Together, I believe these elements lay the foundation for innovative growth.

Across the globe, countries are at varying stages of developing capabilities for digital financial infrastructure. ASEAN is an active voice and proponent on this pursuit. In 2024, the region made notable strides in strengthening its digital financial infrastructure, focusing particularly on the payments sector. Efforts to enhance cross-border payments connectivity have gained significant momentum across the region, with many countries exploring real-time linkages and multi-currency settlements. Malaysia has been a contributor to this progress, establishing real-time QR payment linkages with Thailand, Indonesia, Singapore and Cambodia, alongside peer-to-peer (P2P) fund transfer capabilities with Singapore and Cambodia. Through these linkages, alongside other bilateral linkages within ASEAN and Asia, customers and businesses benefit from faster, cheaper and more seamless cross-border payments. Looking ahead, Project Nexus – a collaboration with the BIS Innovation Hub and central banks from Singapore, Thailand, the Philippines, and India, aims to create a multi-country instant payment network. This will allow users to send cross-border payments using proxies such as mobile phone numbers, reducing costs and promoting regional financial and economic integration.

The adoption of digital payments – particularly QR-based payments – has also grown significantly in ASEAN. With over 80 e-wallets in ASEAN linking 205 million users and 25 million merchants⁴, the region is experiencing a transformative shift towards a more digital economy. Malaysia is no exception. Our interoperable QR payment standard, DuitNow QR, has seen widespread adoption, with a 30% increase of QR acceptance points across Malaysia that has contributed to more than two-fold increase in QR transactions in 2024. This success reflects a concerted effort to build an open and efficient payment ecosystem. At the same time, safeguarding public trust remains a top priority. The launch of the National Fraud Portal – a collaboration between Bank Negara Malaysia and Payments Network Malaysia (PayNet), the country’s retail payment system operator – has equipped financial institutions with tools to detect, trace, and freeze suspicious transactions instantaneously. Such initiatives have empowered financial institutions, including our Islamic finance players, to develop more digital and innovative solutions, ensuring the financial sector remains secure.

Digital transformation is also unlocking unique opportunities to advance innovation in Islamic finance through value-based solutions. Globally, impact-driven finance is gaining traction as investors and institutions seek to better align financial activities with social and environmental outcomes. Islamic finance plays a crucial role in this shift, offering ethical and inclusive financial solutions grounded in principles of sustainability and social responsibility. In Southeast Asia, Islamic finance assets reached USD 859 billion or 17% of the global market in 2023, a growth of 11% from the previous year.⁵ Building on this momentum and leveraging on the Value-Based Intermediation (VBI) framework, Malaysia continues to support financial intermediation that promotes long-term positive impact. Since its inception in 2017, VBI-aligned initiatives have mobilised nearly RM650 billion (or USD140 billion) through various channels including social finance, impact-based lending, and sustainability-focused sukuk.

Complementing these efforts, the Islamic fintech sector in ASEAN has experienced rapid growth in recent years, driven by strong demand for Shariah-compliant financial solutions. As of 2024, Southeast Asia is home to 145 Islamic fintech startups, with Malaysia and Indonesia emerging as key hubs. The region accounted for approximately 13.7% of the global Islamic fintech market size in 2024. This growth is now evolving with the entry and expansion of full-fledged Islamic digital banks. In Malaysia, an Islamic digital bank launched its operations last year and another has been approved to commence operations earlier this year, offering Shariah-compliant savings, financing, and lifestyle services entirely via mobile. Similarly in Indonesia, digital Islamic banking is featured to serve the underserved and promote financial inclusion. This trend signals a broader transformation of the Islamic finance landscape in ASEAN – blending tradition with innovation to meet the evolving needs of Muslim consumers.

Ultimately, stronger regional integration will be a key to unlocking future growth, particularly within the ASEAN region. A well-developed financial ecosystem – comprising both conventional and Islamic finance, supported by digital readiness and progressive regulations – provides fertile ground for competition and innovation. Malaysia’s experience highlights how the right infrastructure and policy environment can empower institutions to build solutions that are not only technologically advanced but also socially meaningful. As we look to the future, the priority for regulators and industry alike is clear: to create a dynamic and inclusive financial sector – one that leverages innovation to strengthen resilience, promote prosperity, and leaves no one behind.

Innovation flourishes in a collaborative environment where creativity is encouraged, risks are well-managed, and failures are seen as learning opportunities. While regulators establish the foundation for a stable and well-functioning financial system, industry players – including incumbent financial institutions, technology firms, and agile startups – are the true driving force behind financial innovation. Across ASEAN, several financial providers have successfully expanded into areas such as digital payments, micro-lending, and insurance, leveraging their extensive customer networks to enhance financial access for the unserved and underserved such as gig economy workers and small businesses.

At the same time, growing collaborations between traditional financial institutions and fintech startups have led to innovative product offerings that blend conventional risk management expertise with the speed and adaptability of startups. However, as financial services evolve, these advancements have also introduced new challenges that must be carefully managed to ensure responsible and sustainable innovation.

Responsible innovation, the third aspect in strengthening our foundations, requires strong governance, sound risk management, and an unwavering commitment to market integrity. Industry leaders must ensure that technological advancements are supported by robust safeguards while continuously strengthening talent and technological capabilities. By doing so, we can welcome new ideas responsibly, challenge the status quo, and continuously seek better ways to serve our customers and communities.

One key area of focus is Open Finance, which aims to empower consumers by giving them greater control over their personal financial data in an increasingly interconnected financial ecosystem. The success of Open Finance relies on industry leadership in developing safe, responsible, and innovative products that maximise the benefits of data sharing while safeguarding consumer interests. By proactively shaping secure standards and building public confidence in an open ecosystem, financial players can unlock new opportunities for financial inclusion, efficiency and competition.

Beyond Open Finance, emerging technologies such as alternative credit scoring models and AI-driven lending solutions present significant potential to address longstanding challenges, particularly in bridging financing and protection gaps for underserved communities. Thoughtful product design, strategic partnerships, and improved accessibility will be key to ensuring that these innovations reach those who need them most while maintaining financial system integrity.

Ultimately, innovation should drive meaningful impact by fostering efficiency, financial inclusion, and economic resilience. However, success depends on two fundamental factors: accessibility and trust. It is crucial to bridge geographical, economic, and digital divides by integrating financial literacy into digital solutions to bring about real, positive change. While regulators will continue to promote financial literacy initiatives, it is equally important for innovators to embed educational elements into everyday financial interactions. Leveraging digital platforms, AI-driven advisory tools, and personalised financial solutions can empower individuals and businesses to navigate an increasingly digital economy – ensuring that innovation remains a force for good, benefiting society as a whole.

Let me conclude. As we navigate this era of rapid technological transformation, innovation must be both inclusive and purposeful. The advancements we witness today – whether in AI, digital assets, or payments – underscore the importance of a collective commitment to shaping a fintech ecosystem that is dynamic, resilient, and responsive to the real needs of businesses and communities.

At Bank Negara Malaysia, we believe that responsible innovation is best achieved through collaboration and co-creation – where key stakeholders are brought to the table early to jointly navigate trade-offs and shape practical solutions. Platforms such as the Regulatory Sandbox provide space for innovators to engage with regulators, test emerging technologies, and develop solutions that improve financial access and efficiency. On this, we actively support the exploration of innovative solutions that expand the frontiers of traditional finance in our Sandbox, including in the areas of AI, asset tokenisation, digital insurance, electronic Know-Your-Customer solutions and advanced income estimation models.

Key global gatherings such as this demonstrate the promise of collaboration in driving progress and innovation. Similarly, throughout this year, events across ASEAN will serve as important platforms for effective dialogue and partnership. In Malaysia, we seek to contribute to this exchange at the MyFintech Week 2025, happening on 4–7 August in Kuala Lumpur. This event, which we organise alongside other regulators and industry players, will bring together thought leaders, innovators, and policymakers in conversation to collectively shape the future of finance.

We will also have the 9th edition of the Global Islamic Finance Forum and the 2nd Impact Challenge Prize on 6–8 October 2025, aimed to sustain the momentum in advancing financial inclusion and impact-driven solutions by showcasing how Islamic finance can drive business progression while empowering societies. By blending ethical foundations with cutting-edge advancements, the event provides insight into the pathways to sustainable growth, fostering inclusivity, innovation and resilience.

Finally, as the ASEAN chairman this year, Malaysia looks forward to further advancing ASEAN’s aspirations in deepening regional financial integration and advancing a more connected, sustainable, and inclusive ASEAN financial ecosystem. We all here today have an invaluable role to play in seizing these opportunities, embracing partnerships and ensuring that innovation is grounded in trust, security, and inclusivity.

Together, we can shape a financial future that is progressive, resilient and forward-looking. Thank you.
MIL OSI Economics –
May 2, 2025

MIL-OSI Europe: Results of the March 2025 Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

Source: European Central Bank

2 May 2025

Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 2025
Financing rates/spreads and haircuts in securities financing transactions decreased across most asset classes
Demand for funding secured against domestic government bonds decreased for the first time since 2021

Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 2025^[1], which broadly corresponds to expectations expressed in the previous quarter. For price terms, survey responses indicated no net change, while for non-price terms a very minor net tightening was reported. For the second quarter of 2025, some survey respondents expected a slight tightening in credit terms and conditions. However, the vast majority (88%) stated that, overall, no changes were foreseen (Chart 1).

Chart 1

Expected and realised quarterly changes in overall credit terms and price/non-price terms offered to counterparties across all transaction types

(net percentages of survey respondents)

Source: ECB.

Note: Net percentages are calculated as the difference between the percentage of respondents reporting “tightened somewhat” or “tightened considerably” and the percentage reporting “eased somewhat” or “eased considerably”.

Turning to financing conditions for funding secured against the various types of collateral, respondents pointed to a decrease in haircuts across nearly all asset classes. Only for high-quality government, sub-national and supra-national bonds were no net changes reported. In particular, credit secured against high-quality corporate bonds, both financial and non-financial, experienced considerable net decreases in haircuts, with a net 20% of respondents marking a decline (Chart 2, panel a). Moreover, financing rates/spreads have now reversed a three-year trend of net increases across all collateral types except equities. For corporate bonds, asset-backed securities and covered bonds, a net decrease of financing rates/spreads has materialised for the first time since 2021 (Chart 2, panel b). At the same time, demand for funding secured against government bonds experienced a net decrease for the first time in more than three years (Chart 2, panel c).

Chart 2

Securities financing transactions experienced reversals of multiple long-term trends

a) Change in haircuts for funding secured against high-quality financial corporate bonds	b) Change in financing rates/spreads for funding secured against high-yield corporate bonds	c) Change in demand for funding secured against domestic government bonds
(net percentages of survey respondents)	(net percentages of survey respondents)	(net percentages of survey respondents)

Source: ECB.

Looking at credit terms and conditions for the various types of non-centrally cleared OTC derivatives, initial margin requirements, credit limits and liquidity remained largely unchanged. However, survey respondents pointed out a noticeable change for the duration and persistence of valuation disputes, which decreased somewhat across all types of derivatives.

The ECB included a number of special questions in the March 2025 survey to look at longer‑term trends. The survey asked respondents to compare credit terms and conditions at the end of February 2025^[2] with those reported in the March 2024 survey. Compared to the previous year, overall terms and conditions for securities financing and OTC derivatives transactions had remained largely unchanged, skewed very slightly towards tightening across all counterparties. Respondents reported a minor tightening of credit terms for secured funding of equities and convertible securities, and a very slight easing with regard to non-domestic government bonds.

The results of the March 2025 SESFOD survey, the underlying detailed data seriesSESFOD guidelines and the are available on the ECB’s website, together with all other SESFOD publications.

The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over three-month reference periods ending in February, May, August and November. The March 2025 survey collected qualitative information on changes between December 2024 and February 2025. The results are based on the responses received from a panel of 27 large banks, comprising 14 euro area banks and 13 banks with head offices outside the euro area.

For media queries, please contact Verena Reith, tel.: +49 172 2570849.

MIL OSI Europe News –

May 2, 2025

MIL-OSI: Shell Plc 1st Quarter 2025 Unaudited Results

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
4,780	928	7,358	+415	Income/(loss) attributable to Shell plc shareholders
5,577	3,661	7,734	+52	Adjusted Earnings	A
15,250	14,281	18,711	+7	Adjusted EBITDA	A
9,281	13,162	13,330	-29	Cash flow from operating activities
(3,959)	(4,431)	(3,528)		Cash flow from investing activities
5,322	8,731	9,802		Free cash flow	G
4,175	6,924	4,493		Cash capital expenditure	C
8,575	9,401	8,997	-9	Operating expenses	F
8,453	9,138	9,054	-7	Underlying operating expenses	F
10.4%	11.3%	12.0%		ROACE	D
76,511	77,078	79,931		Total debt	E
41,521	38,809	40,513		Net debt	E
18.7%	17.7%	17.7%		Gearing	E
2,838	2,815	2,911	+1	Oil and gas production available for sale (thousand boe/d)
0.79	0.15	1.14	+427	Basic earnings per share ($)
0.92	0.60	1.20	+53	Adjusted Earnings per share ($)	B
0.3580	0.3580	0.3440	—	Dividend per share ($)

1.Q1 on Q4 change

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.

First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 billion.

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

Cash flow from operating activities for the first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.

Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 billion, and net other investing cash outflows of $0.9 billion which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by divestment proceeds of $0.6 billion.

Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.

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

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

3.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

In February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.

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

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

Chemicals and Products

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

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

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

Renewables and Energy Solutions

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

Page 2

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
2,789	1,744	2,761	+60	Income/(loss) for the period
306	(421)	(919)		Of which: Identified items	A
2,483	2,165	3,680	+15	Adjusted Earnings	A
4,735	4,568	6,136	+4	Adjusted EBITDA	A
3,463	4,391	4,712	-21	Cash flow from operating activities	A
1,116	1,337	1,041		Cash capital expenditure	C
126	116	137	+9	Liquids production available for sale (thousand b/d)
4,644	4,574	4,954	+2	Natural gas production available for sale (million scf/d)
927	905	992	+2	Total production available for sale (thousand boe/d)
6.60	7.06	7.58	-6	LNG liquefaction volumes (million tonnes)
16.49	15.50	16.87	+6	LNG sales volumes (million tonnes)

1.Q1 on Q4 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.

Identified items in the first quarter 2025 included favourable movements of $362 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2024 which included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million due to the fair value accounting of commodity derivatives.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.

Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.

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

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

Page 3

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



UPSTREAM
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
2,080	1,031	2,272	+102	Income/(loss) for the period
(257)	(651)	339		Of which: Identified items	A
2,337	1,682	1,933	+39	Adjusted Earnings	A
7,387	7,676	7,888	-4	Adjusted EBITDA	A
3,945	4,509	5,727	-13	Cash flow from operating activities	A
1,923	2,076	2,010		Cash capital expenditure	C
1,335	1,332	1,331	—	Liquids production available for sale (thousand b/d)
3,020	3,056	3,136	-1	Natural gas production available for sale (million scf/d)
1,855	1,859	1,872	—	Total production available for sale (thousand boe/d)

1.Q1 on Q4 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).

Identified items in the first quarter 2025 included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.

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

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.

Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.

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

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

Page 4

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



MARKETING
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
814	103	896	+688	Income/(loss) for the period
(49)	(736)	(7)		Of which: Identified items	A
900	839	781	+7	Adjusted Earnings	A
1,869	1,709	1,686	+9	Adjusted EBITDA	A
1,907	1,363	1,319	+40	Cash flow from operating activities	A
256	811	465		Cash capital expenditure	C
2,674	2,795	2,763	-4	Marketing sales volumes (thousand b/d)

1.Q1 on Q4 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).

Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.

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

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.

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

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

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

Page 5

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



CHEMICALS AND PRODUCTS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
(77)	(276)	1,311	+72	Income/(loss) for the period
(581)	(99)	(458)		Of which: Identified items	A
449	(229)	1,615	+296	Adjusted Earnings	A
1,410	475	2,826	+197	Adjusted EBITDA	A
130	2,032	(349)	-94	Cash flow from operating activities	A
458	1,392	500		Cash capital expenditure	C
1,362	1,215	1,430	+12	Refinery processing intake (thousand b/d)
2,813	2,926	2,883	-4	Chemicals sales volumes (thousand tonnes)

1.Q1 on Q4 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).

In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.

Identified items in the first quarter 2025 included impairment charges of $277 million, and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..

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

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.

Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.

Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.

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

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

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RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
(247)	(1,226)	553	+80	Income/(loss) for the period
(205)	(914)	390		Of which: Identified items	A
(42)	(311)	163	+87	Adjusted Earnings	A
111	(123)	267	+190	Adjusted EBITDA	A
367	850	2,466	-57	Cash flow from operating activities	A
403	1,277	438		Cash capital expenditure	C
76	76	77	+1	External power sales (terawatt hours)2
184	165	190	+12	Sales of pipeline gas to end-use customers (terawatt hours)3

1.Q1 on Q4 change

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

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

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.

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

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

Additional Growth Measures


Quarters
Q1 2025	Q4 2024	Q1 2024	%¹
				Renewable power generation capacity (gigawatt):
3.5	3.4	3.2	+4	– In operation2
4.0	4.0	3.5	-1	– Under construction and/or committed for sale3

1.Q1 on Q4 change

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

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

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CORPORATE
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024		Reference
(483)	(335)	(354)	Income/(loss) for the period
(26)	45	14	Of which: Identified items	A
(457)	(380)	(368)	Adjusted Earnings	A
(261)	(24)	(92)	Adjusted EBITDA	A
(531)	16	(545)	Cash flow from operating activities	A

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.

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

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

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

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OUTLOOK FOR THE SECOND QUARTER 2025

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

Integrated Gas production is expected to be approximately 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.

Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

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

Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.

Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.

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

FORTHCOMING EVENTS



Date			Event
May 20, 2025			Annual General Meeting
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
69,234	66,281	72,478	Revenue1
615	(156)	1,318	Share of profit/(loss) of joint ventures and associates
302	683	907	Interest and other income/(expenses)2
70,152	66,807	74,703	Total revenue and other income/(expenses)
45,849	43,610	46,867	Purchases
5,549	5,839	5,810	Production and manufacturing expenses
2,840	3,231	2,975	Selling, distribution and administrative expenses
185	331	212	Research and development
210	861	750	Exploration
5,441	7,520	5,881	Depreciation, depletion and amortisation2
1,120	1,213	1,164	Interest expense
61,194	62,605	63,659	Total expenditure
8,959	4,205	11,044	Income/(loss) before taxation
4,083	3,164	3,604	Taxation charge/(credit)2
4,875	1,041	7,439	Income/(loss) for the period
95	113	82	Income/(loss) attributable to non-controlling interest
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders
0.79	0.15	1.14	Basic earnings per share ($)3
0.79	0.15	1.13	Diluted earnings per share ($)3

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
4,875	1,041	7,439	Income/(loss) for the period
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
1,711	(4,899)	(1,995)	– Currency translation differences1
6	(11)	(6)	– Debt instruments remeasurements
(25)	224	53	– Cash flow hedging gains/(losses)
(42)	(50)	(14)	– Deferred cost of hedging
74	(91)	(12)	– Share of other comprehensive income/(loss) of joint ventures and associates
1,723	(4,827)	(1,974)	Total
			Items that are not reclassified to income in later periods:
306	239	439	– Retirement benefits remeasurements
(16)	(50)	78	– Equity instruments remeasurements
(36)	46	10	– Share of other comprehensive income/(loss) of joint ventures and associates
254	235	528	Total
1,977	(4,592)	(1,445)	Other comprehensive income/(loss) for the period
6,852	(3,552)	5,994	Comprehensive income/(loss) for the period
105	50	56	Comprehensive income/(loss) attributable to non-controlling interest
6,748	(3,602)	5,937	Comprehensive income/(loss) attributable to Shell plc shareholders

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

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CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	March 31, 2025	December 31, 2024
Assets
Non-current assets
Goodwill	16,072	16,032
Other intangible assets1	11,365	9,480
Property, plant and equipment	183,712	185,219
Joint ventures and associates	24,236	23,445
Investments in securities	2,284	2,255
Deferred tax	6,989	6,857
Retirement benefits	10,266	10,003
Trade and other receivables	7,269	6,018
Derivative financial instruments²	400	374
	262,593	259,683
Current assets
Inventories	22,984	23,426
Trade and other receivables	48,247	45,860
Derivative financial instruments²	8,941	9,673
Cash and cash equivalents	35,601	39,110
	115,773	118,069
Assets classified as held for sale1	10,881	9,857
	126,654	127,926
Total assets	389,248	387,609
Liabilities
Non-current liabilities
Debt	65,120	65,448
Trade and other payables	5,487	3,290
Derivative financial instruments²	1,565	2,185
Deferred tax	13,257	13,505
Retirement benefits	6,756	6,752
Decommissioning and other provisions	20,313	21,227
	112,498	112,407
Current liabilities
Debt	11,391	11,630
Trade and other payables	60,870	60,693
Derivative financial instruments²	6,371	7,391
Income taxes payable	4,343	4,648
Decommissioning and other provisions	5,104	4,469
	88,079	88,831
Liabilities directly associated with assets classified as held for sale1	8,001	6,203
	96,080	95,034
Total liabilities	208,578	207,441
Equity attributable to Shell plc shareholders	178,813	178,307
Non-controlling interest	1,856	1,861
Total equity	180,670	180,168
Total liabilities and equity	389,248	387,609

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

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

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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	—	—	1,967	4,780	6,748	105	6,852
Transfer from other comprehensive income	—	—	11	(11)	—	—	—
Dividends³	—	—	—	(2,179)	(2,179)	(86)	(2,265)
Repurchases of shares4	(8)	—	8	(3,513)	(3,513)	—	(3,513)
Share-based compensation	—	500	(663)	(405)	(567)	—	(567)
Other changes	—	—	—	23	22	(24)	(2)
At March 31, 2025	502	(304)	21,090	157,527	178,813	1,856	180,670
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(1,420)	7,358	5,937	56	5,994
Transfer from other comprehensive income	—	—	138	(138)	—	—	—
Dividends3	—	—	—	(2,210)	(2,210)	(68)	(2,278)
Repurchases of shares4	(7)	—	7	(3,502)	(3,502)	—	(3,502)
Share-based compensation	—	543	(426)	(392)	(275)	—	(275)
Other changes	—	—	—	8	8	(4)	4
At March 31, 2024	537	(455)	19,445	167,038	186,565	1,739	188,304

1. See Note 4 “Share capital”.

2. See Note 5 “Other reserves”.

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

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

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CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
8,959	4,205	11,044	Income before taxation for the period
			Adjustment for:
636	665	576	– Interest expense (net)
5,441	7,520	5,881	– Depreciation, depletion and amortisation1
28	649	554	– Exploration well write-offs
127	288	(10)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses
(615)	156	(1,318)	– Share of (profit)/loss of joint ventures and associates
523	1,241	738	– Dividends received from joint ventures and associates
854	131	(608)	– (Increase)/decrease in inventories
(2,610)	751	(195)	– (Increase)/decrease in current receivables
(907)	1,524	(1,949)	– Increase/(decrease) in current payables
(244)	111	1,386	– Derivative financial instruments
(100)	(58)	(61)	– Retirement benefits
(480)	(256)	(600)	– Decommissioning and other provisions
570	(856)	509	– Other1
(2,900)	(2,910)	(2,616)	Tax paid
9,281	13,162	13,330	Cash flow from operating activities
(3,748)	(6,486)	(3,980)	Capital expenditure
(413)	(421)	(500)	Investments in joint ventures and associates
(15)	(17)	(13)	Investments in equity securities
(4,175)	(6,924)	(4,493)	Cash capital expenditure
559	493	323	Proceeds from sale of property, plant and equipment and businesses
33	305	133	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5	6	569	Proceeds from sale of equity securities
508	581	577	Interest received
506	1,762	857	Other investing cash inflows
(1,394)	(655)	(1,494)	Other investing cash outflows1
(3,959)	(4,431)	(3,528)	Cash flow from investing activities
80	65	(107)	Net increase/(decrease) in debt with maturity period within three months
			Other debt:
139	(13)	167	– New borrowings
(2,514)	(2,664)	(1,532)	– Repayments
(846)	(1,379)	(911)	Interest paid
326	(833)	(297)	Derivative financial instruments
(25)	(10)	(4)	Change in non-controlling interest
			Cash dividends paid to:
(2,179)	(2,114)	(2,210)	– Shell plc shareholders
(86)	(53)	(68)	– Non-controlling interest
(3,311)	(3,579)	(2,824)	Repurchases of shares
(768)	(309)	(462)	Shares held in trust: net sales/(purchases) and dividends received
(9,183)	(10,889)	(8,248)	Cash flow from financing activities
353	(985)	(379)	Effects of exchange rate changes on cash and cash equivalents
(3,509)	(3,142)	1,175	Increase/(decrease) in cash and cash equivalents
39,110	42,252	38,774	Cash and cash equivalents at beginning of period
35,601	39,110	39,949	Cash and cash equivalents at end of period

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

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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 Form 20-F (pages 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

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

Key accounting considerations, significant judgements and estimates

Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.

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

2. Segment information

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

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

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

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REVENUE AND ADJUSTED EARNINGS BY SEGMENT
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
			Third-party revenue
9,602	9,294	9,195	Integrated Gas
1,510	1,652	1,759	Upstream
27,083	27,524	30,041	Marketing
21,610	19,992	23,735	Chemicals and Products
9,417	7,808	7,737	Renewables and Energy Solutions
12	10	11	Corporate
69,234	66,281	72,478	Total third-party revenue1
			Inter-segment revenue
2,675	2,024	2,404	Integrated Gas
9,854	9,931	10,287	Upstream
1,849	984	1,355	Marketing
8,255	8,656	10,312	Chemicals and Products
1,164	1,879	1,005	Renewables and Energy Solutions
—	—	—	Corporate
			Adjusted Earnings
2,483	2,165	3,680	Integrated Gas
2,337	1,682	1,933	Upstream
900	839	781	Marketing
449	(229)	1,615	Chemicals and Products
(42)	(311)	163	Renewables and Energy Solutions
(457)	(380)	(368)	Corporate
5,670	3,766	7,804	Total Adjusted Earnings2
5,577	3,661	7,734	Adjusted Earnings attributable to Shell plc shareholders
94	106	70	Adjusted Earnings attributable to non-controlling interest

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

2.See Reconciliation of income for the period to Adjusted Earnings below.

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



CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
			Capital expenditure
943	1,123	858	Integrated Gas
1,727	2,205	1,766	Upstream
252	798	427	Marketing
451	1,121	474	Chemicals and Products
358	1,214	421	Renewables and Energy Solutions
17	25	34	Corporate
3,748	6,486	3,980	Total capital expenditure
			Add: Investments in joint ventures and associates
174	214	184	Integrated Gas
197	(117)	244	Upstream
4	13	38	Marketing
7	271	26	Chemicals and Products
30	36	8	Renewables and Energy Solutions
1	4	—	Corporate
413	421	500	Total investments in joint ventures and associates
			Add: Investments in equity securities
—	—	—	Integrated Gas
—	(11)	—	Upstream
—	—	—	Marketing
—	—	—	Chemicals and Products
14	28	10	Renewables and Energy Solutions
—	—	3	Corporate
15	17	13	Total investments in equity securities
			Cash capital expenditure
1,116	1,337	1,041	Integrated Gas
1,923	2,076	2,010	Upstream
256	811	465	Marketing
458	1,392	500	Chemicals and Products
403	1,277	438	Renewables and Energy Solutions
19	30	37	Corporate
4,175	6,924	4,493	Total Cash capital expenditure

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RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders
95	113	82	Income/(loss) attributable to non-controlling interest
4,875	1,041	7,439	Income/(loss) for the period
(15)	(75)	(360)	Add: Current cost of supplies adjustment before taxation
(2)	23	84	Add: Tax on current cost of supplies adjustment
(510)	(3,008)	(1,244)	Less: Identified items adjustment before taxation
301	(230)	(604)	Add: Tax on identified items adjustment
5,670	3,766	7,804	Adjusted Earnings
5,577	3,661	7,734	Adjusted Earnings attributable to Shell plc shareholders
94	106	70	Adjusted Earnings attributable to non-controlling interest

Identified items

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

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



Q1 2025	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(106)	(1)	154	(57)	(15)	(187)	—
Impairment reversals/(impairments)	(341)	—	(21)	10	(293)	(38)	—
Redundancy and restructuring	(44)	(1)	(15)	(9)	(13)	(9)	4
Fair value accounting of commodity derivatives and certain gas contracts1	194	420	(1)	12	(258)	20	—
Other2	(212)	(70)	4	—	(101)	(46)	—
Total identified items included in Income/(loss) before taxation	(510)	348	121	(44)	(679)	(260)	4
Less: Total identified items included in Taxation charge/(credit)	301	43	378	4	(99)	(54)	29
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(208)	—	8	(61)	(12)	(143)	—
Impairment reversals/(impairments)	(317)	—	(15)	6	(277)	(31)	—
Redundancy and restructuring	(24)	(1)	(5)	(1)	(12)	(7)	2
Fair value accounting of commodity derivatives and certain gas contracts1	187	362	—	7	(202)	20	—
Impact of exchange rate movements and inflationary adjustments on tax balances3	108	4	132	—	—	—	(28)
Other2	(558)	(59)	(377)	—	(77)	(45)	—
Impact on Adjusted Earnings	(811)	306	(257)	(49)	(581)	(205)	(26)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(811)	306	(257)	(49)	(581)	(205)	(26)

1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end

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market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

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

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



Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(288)	(99)	(66)	(216)	42	51	—
Impairment reversals/(impairments)	(2,554)	(523)	(183)	(493)	(288)	(1,065)	(1)
Redundancy and restructuring	(175)	(27)	(62)	(70)	(5)	(11)	(1)
Fair value accounting of commodity derivatives and certain gas contracts1	209	136	(14)	58	(38)	67	—
Other1	(200)	—	(165)	(33)	(2)	—	—
Total identified items included in Income/(loss) before taxation	(3,008)	(514)	(491)	(753)	(291)	(958)	(2)
Less: Total identified items included in Taxation charge/(credit)	(230)	(92)	160	(17)	(191)	(43)	(47)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(321)	(96)	(51)	(247)	33	40	—
Impairment reversals/(impairments)	(2,170)	(339)	(152)	(458)	(224)	(996)	(1)
Redundancy and restructuring	(115)	(16)	(34)	(52)	(3)	(8)	(1)
Fair value accounting of commodity derivatives and certain gas contracts1	184	109	(4)	46	(17)	50	—
Impact of exchange rate movements and inflationary adjustments on tax balances1	(210)	(57)	(199)	—	—	—	46
Other1	(147)	(22)	(212)	(25)	113	—	—
Impact on Adjusted Earnings	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(2,778)	(421)	(651)	(736)	(99)	(914)	45

1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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Q1 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	10	(3)	27	(15)	(9)	10	—
Impairment reversals/(impairments)	(227)	(8)	(96)	(4)	(178)	59	—
Redundancy and restructuring	(74)	(1)	(13)	(20)	(18)	(15)	(6)
Fair value accounting of commodity derivatives and certain gas contracts1	(1,079)	(1,068)	(2)	6	(416)	400	—
Other1	126	4	38	23	45	16	—
Total identified items included in Income/(loss) before taxation	(1,244)	(1,075)	(46)	(11)	(575)	469	(6)
Less: Total identified items included in Taxation charge/(credit)	(604)	(157)	(385)	(4)	(118)	80	(20)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(4)	(2)	10	(11)	(7)	6	—
Impairment reversals/(impairments)	(186)	(5)	(102)	(3)	(152)	77	—
Redundancy and restructuring	(53)	(1)	(9)	(15)	(14)	(11)	(4)
Fair value accounting of commodity derivatives and certain gas contracts1	(896)	(887)	—	5	(319)	306	—
Impact of exchange rate movements and inflationary adjustments on tax balances1	403	(27)	412	—	—	—	18
Other1	95	3	28	17	34	12	—
Impact on Adjusted Earnings	(641)	(919)	339	(7)	(458)	390	14
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(641)	(919)	339	(7)	(458)	390	14

1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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

3. Earnings per share



EARNINGS PER SHARE
Quarters
Q1 2025	Q4 2024	Q1 2024
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders ($ million)

			Weighted average number of shares used as the basis for determining:
6,033.5	6,148.4	6,440.1	Basic earnings per share (million)
6,087.8	6,213.9	6,504.3	Diluted earnings per share (million)

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4. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2025

6,115,031,158

510

Repurchases of shares

(98,948,766)

(8)

At March 31, 2025

6,016,082,392

502

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(88,893,999)

(7)

At March 31, 2024

6,435,215,050

537

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

5. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2025	37,298	154	270	1,417	(19,373)	19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	1,967	1,967
Transfer from other comprehensive income	—	—	—	—	11	11
Repurchases of shares	—	—	8	—	—	8
Share-based compensation	—	—	—	(663)	—	(663)
At March 31, 2025	37,298	154	279	754	(17,394)	21,090
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,420)	(1,420)
Transfer from other comprehensive income	—	—	—	—	138	138
Repurchases of shares	—	—	7	—	—	7
Share-based compensation	—	—	—	(426)	—	(426)
At March 31, 2024	37,298	154	244	882	(19,132)	19,445

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

6. Derivative financial instruments and debt excluding lease liabilities

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

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The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 million for the current liabilities.

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



DEBT EXCLUDING LEASE LIABILITIES
$ million	March 31, 2025	December 31, 2024
Carrying amount1	48,023	48,376
Fair value2	44,240	44,119

1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2025.

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

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

Consolidated Statement of Income

Interest and other income



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
302	683	907	Interest and other income/(expenses)
			Of which:
481	548	588	Interest income
1	25	23	Dividend income (from investments in equity securities)
(127)	(288)	10	Net gains/(losses) on sales and revaluation of non-current assets and businesses
(137)	267	66	Net foreign exchange gains/(losses) on financing activities
85	131	219	Other

Depreciation, depletion and amortisation



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
5,441	7,520	5,881	Depreciation, depletion and amortisation
			Of which:
5,130	5,829	5,654	Depreciation
311	1,797	382	Impairments
(1)	(106)	(154)	Impairment reversals

Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.

Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax).

Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller

impairments in various segments.

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Taxation charge/credit

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

4,083

3,164

3,604

Taxation charge/(credit)

Of which:

4,024

3,125

3,525

Income tax excluding Pillar Two income tax

Income tax related to Pillar Two income tax

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

1,711

(4,899)

(1,995)

Currency translation differences

Of which:

1,618

(5,028)

(1,983)

Recognised in Other comprehensive income

129

(12)

(Gain)/loss reclassified to profit or loss

Condensed Consolidated Balance Sheet

Other intangible assets



$ million
	March 31, 2025	December 31, 2024
Other intangible assets	11,365	9,480

The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.

Assets classified as held for sale



$ million
	March 31, 2025	December 31, 2024
Assets classified as held for sale	10,881	9,857
Liabilities directly associated with assets classified as held for sale	8,001	6,203

Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both in Chemicals and Products. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

The major classes of assets and liabilities classified as held for sale at March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).

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Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

570

(856)

509

Other

‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).

Cash flow from investing activities – Other investing cash outflows

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

(1,394)

(655)

(1,494)

Other investing cash outflows

‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

8. Reconciliation of Operating expenses and Total Debt



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
5,549	5,839	5,810	Production and manufacturing expenses
2,840	3,231	2,975	Selling, distribution and administrative expenses
185	331	212	Research and development
8,575	9,401	8,997	Operating expenses

RECONCILIATION OF TOTAL DEBT

March 31, 2025

December 31, 2024

March 31, 2024

$ million

11,391

11,630

11,046

Current debt

65,120

65,448

68,886

Non-current debt

76,511

77,078

79,931

Total debt

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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.

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



Q1 2025	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	4,875	2,789	2,080	814	(77)	(247)	(483)
Add: Current cost of supplies adjustment before taxation	(15)			52	(67)
Add: Tax on current cost of supplies adjustment	(2)			(14)	12
Less: Identified items	(811)	306	(257)	(49)	(581)	(205)	(26)
Less: Income/(loss) attributable to non-controlling interest	95
Less: Current cost of supplies adjustment attributable to non-controlling interest	(1)
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	5,577
Add: Non-controlling interest	94
Adjusted Earnings plus non-controlling interest	5,670	2,483	2,337	900	449	(42)	(457)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,784	803	2,619	391	99	63	(191)
Add: Depreciation, depletion and amortisation excluding impairments	5,130	1,404	2,213	566	852	90	6
Add: Exploration well write-offs	28	—	29
Add: Interest expense excluding identified items	1,119	51	200	12	14	2	841
Less: Interest income	481	4	11	—	4	2	461
Adjusted EBITDA	15,250	4,735	7,387	1,869	1,410	111	(261)
Less: Current cost of supplies adjustment before taxation	(15)			52	(67)
Joint ventures and associates (dividends received less profit)	(178)	(286)	(159)	203	54	10	—
Derivative financial instruments	(38)	542	14	10	(508)	(169)	73
Taxation paid	(2,900)	(773)	(1,999)	(174)	63	52	(68)
Other	(206)	(68)	(386)	396	125	(17)	(257)
(Increase)/decrease in working capital	(2,663)	(687)	(913)	(344)	(1,081)	380	(19)
Cash flow from operating activities	9,281	3,463	3,945	1,907	130	367	(531)

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Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	1,041	1,744	1,031	103	(276)	(1,226)	(335)
Add: Current cost of supplies adjustment before taxation	(75)			(2)	(73)
Add: Tax on current cost of supplies adjustment	23			2	21
Less: Identified items	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Less: Income/(loss) attributable to non-controlling interest	113
Less: Current cost of supplies adjustment attributable to non-controlling interest	(7)
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	3,661
Add: Non-controlling interest	106
Adjusted Earnings plus non-controlling interest	3,766	2,165	1,682	839	(229)	(311)	(380)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,371	635	2,618	266	(198)	97	(46)
Add: Depreciation, depletion and amortisation excluding impairments	5,829	1,440	2,803	587	896	96	8
Add: Exploration well write-offs	649	277	372	—	—	—	—
Add: Interest expense excluding identified items	1,213	54	201	17	16	2	923
Less: Interest income	548	3	—	—	10	7	529
Adjusted EBITDA	14,281	4,568	7,676	1,709	475	(123)	(24)
Less: Current cost of supplies adjustment before taxation	(75)			(2)	(73)
Joint ventures and associates (dividends received less profit)	451	110	(22)	172	139	51	—
Derivative financial instruments	319	120	(28)	(8)	230	533	(527)
Taxation paid	(2,910)	(635)	(2,019)	(130)	36	(41)	(120)
Other	(1,461)	114	(486)	(1,227)	(313)	77	375
(Increase)/decrease in working capital	2,407	114	(611)	845	1,394	353	312
Cash flow from operating activities	13,162	4,391	4,509	1,363	2,032	850	16



Q1 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	7,439	2,761	2,272	896	1,311	553	(354)
Add: Current cost of supplies adjustment before taxation	(360)			(153)	(207)
Add: Tax on current cost of supplies adjustment	84			30	54
Less: Identified items	(641)	(919)	339	(7)	(458)	390	14
Less: Income/(loss) attributable to non-controlling interest	82
Less: Current cost of supplies adjustment attributable to non-controlling interest	(12)
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	7,734
Add: Non-controlling interest	70
Adjusted Earnings plus non-controlling interest	7,804	3,680	1,933	781	1,615	163	(368)
Add: Taxation charge/(credit) excluding tax impact of identified items	4,124	996	2,522	358	338	—	(91)
Add: Depreciation, depletion and amortisation excluding impairments	5,654	1,410	2,727	535	870	106	6
Add: Exploration well write-offs	554	8	546	—	—	—	—
Add: Interest expense excluding identified items	1,163	42	169	12	17	1	922
Less: Interest income	588	—	10	—	14	4	560
Adjusted EBITDA	18,711	6,136	7,888	1,686	2,826	267	(92)
Less: Current cost of supplies adjustment before taxation	(360)			(153)	(207)
Joint ventures and associates (dividends received less profit)	(582)	(197)	(546)	93	56	13	—
Derivative financial instruments	306	(1,080)	(3)	(39)	(402)	1,978	(149)
Taxation paid	(2,616)	(467)	(1,802)	(175)	(19)	(244)	91
Other	(97)	45	(231)	393	(378)	(30)	104
(Increase)/decrease in working capital	(2,752)	275	421	(792)	(2,639)	481	(499)
Cash flow from operating activities	13,330	4,712	5,727	1,319	(349)	2,466	(545)

Identified items

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See Note 2 “Segment information” for details.

B. Adjusted Earnings per share

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

C. Cash capital expenditure

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

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

D. Capital employed and Return on average capital employed

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

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

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



$ million	Quarters
	Q1 2025	Q4 2024	Q1 2024
Current debt	11,046	9,931	9,044
Non-current debt	68,886	71,610	76,098
Total equity	188,304	188,362	195,530
Less: Cash and cash equivalents	(39,949)	(38,774)	(42,074)
Capital employed – opening	228,286	231,128	238,598
Current debt	11,391	11,630	11,046
Non-current debt	65,120	65,448	68,886
Total equity	180,670	180,168	188,304
Less: Cash and cash equivalents	(35,601)	(39,110)	(39,949)
Capital employed – closing	221,580	218,134	228,286
Capital employed – average	224,933	224,630	233,442

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$ million	Quarters
	Q1 2025	Q4 2024	Q1 2024
Adjusted Earnings – current and previous three quarters (Reference A)	21,558	23,716	26,338
Add: Income/(loss) attributable to NCI – current and previous three quarters	441	427	295
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	25	14	(24)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	18	18	(11)
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	22,005	24,139	26,620
Add: Interest expense after tax – current and previous three quarters	2,639	2,701	2,718
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,329	1,389	1,368
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	23,315	25,452	27,971
Capital employed – average	224,933	224,630	233,442
ROACE on an Adjusted Earnings plus NCI basis	10.4%	11.3%	12.0%

E. Net debt and gearing

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

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



$ million
	March 31, 2025		December 31, 2024		March 31, 2024
Current debt	11,391		11,630		11,046
Non-current debt	65,120		65,448		68,886
Total debt	76,511		77,078		79,931
Of which: Lease liabilities	28,488		28,702		26,885
Add: Debt-related derivative financial instruments: net liability/(asset)	1,905		2,469		1,888
Add: Collateral on debt-related derivatives: net liability/(asset)	(1,295)		(1,628)		(1,357)
Less: Cash and cash equivalents	(35,601)		(39,110)		(39,949)
Net debt	41,521		38,809		40,513
Total equity	180,670		180,168		188,304
Total capital	222,190		218,974		228,817
Gearing	18.7	%	17.7	%	17.7	%

F. Operating expenses and Underlying operating expenses

Operating expenses

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

Page 27

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



Q1 2025	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,549	947	2,139	349	1,621	486	8
Selling, distribution and administrative expenses	2,840	38	42	2,053	442	153	111
Research and development	185	22	32	42	25	21	43
Operating expenses	8,575	1,006	2,213	2,444	2,088	661	162



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



Q1 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,810	956	2,269	366	1,634	579	5
Selling, distribution and administrative expenses	2,975	62	58	2,188	420	158	89
Research and development	212	26	58	34	34	12	49
Operating expenses	8,997	1,044	2,385	2,587	2,088	749	144

Underlying operating expenses

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

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

8,575

9,401

8,997

Operating expenses

(44)

(174)

(73)

Redundancy and restructuring (charges)/reversal

(101)

(88)

—

(Provisions)/reversal

—

130

Other

(121)

(262)

Total identified items

8,453

9,138

9,054

Underlying operating expenses

G. Free cash flow and Organic free cash flow

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

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

Page 28

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
9,281	13,162	13,330	Cash flow from operating activities
(3,959)	(4,431)	(3,528)	Cash flow from investing activities
5,322	8,731	9,802	Free cash flow
597	805	1,025	Less: Divestment proceeds (Reference I)
45	1	—	Add: Tax paid on divestments (reported under “Other investing cash outflows”)
130	525	62	Add: Cash outflows related to inorganic capital expenditure1
4,899	8,453	8,839	Organic free cash flow2

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

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

H. Cash flow from operating activities excluding working capital movements

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

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

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

9,281

13,162

13,330

Cash flow from operating activities

854

131

(608)

(Increase)/decrease in inventories

(2,610)

751

(195)

(Increase)/decrease in current receivables

(907)

1,524

(1,949)

Increase/(decrease) in current payables

(2,663)

2,407

(2,752)

(Increase)/decrease in working capital

11,944

10,755

16,082

Cash flow from operating activities excluding working capital movements

I. Divestment proceeds

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



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
559	493	323	Proceeds from sale of property, plant and equipment and businesses
33	305	133	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5	6	569	Proceeds from sale of equity securities
597	805	1,025	Divestment proceeds

Page 29

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

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

Forward-Looking statements

This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

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

Page 30

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

This announcement contains inside information.

May 2, 2025


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Page 31

The MIL Network –

May 2, 2025

MIL-OSI: Middlefield Canadian Income PCC – Proposed Rollover into UCITS ETF

Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

Middlefield Canadian Income PCC (the “Company”)
Including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
Registered No: 93546 Legal Entity Identifier: 2138007ENW3JEJXC8658

2 May 2025

Proposed Rollover into UCITS ETF

Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) today announce their intention to propose a transaction whereby shareholders in the Fund (the “Shareholders”) would have the option to receive shares in a newly established, actively managed, listed and London Stock Exchange traded fund in the form of an authorised UCITS (Undertakings for Collective Investment in Transferable Securities) (the “ETF”) in exchange for their shareholding in the Fund (the “Transaction”). It is envisaged that the Transaction would involve the voluntary winding up of the Company and the Fund. The ETF would be managed by Middlefield Limited, the Company’s investment manager (“Middlefield”) and would offer continued exposure to the Company’s existing investment objective and policy. Advisory work on the structure of the Transaction is ongoing, and the Company will release an announcement with further details in due course.

Under the proposed terms of the Transaction, Shareholders who do not wish to continue their exposure to the Company’s existing investment objective and policy via the ETF (whether with respect to their entire shareholding, or part thereof) would be able to participate in an uncapped cash exit at close to the Company’s net asset value (“NAV”) per share, or elect to receive a combination of both shares in the ETF and cash.

As previously announced on 13 February 2025, the Company received a requisition notice from Saba Capital Management, L.P. (“Saba”) proposing that Shareholders be asked to consider, and, if thought fit, approve, the taking by the Company of all necessary steps to implement a scheme or process by which Shareholders would have the option of becoming shareholders of a UK-listed open-ended investment vehicle with a substantially similar strategy as that of the Company and managed by the Company’s existing manager (the “Requisition Notice”).

Following receipt of the Requisition Notice, the board of the Company (the “Board”) consulted with a number of the Company’s largest Shareholders, including Saba. Following constructive discussions, Saba agreed to withdraw the Requisition Notice for a period of 60 days to enable the Company and its advisers to formulate proposals that would best serve the interests of all Shareholders.

Further to the feedback received, the Board has concluded that the interests of Shareholders would be best served by proposing the Transaction and an alternative investment vehicle which would address the issue of limited liquidity in the Company’s shares and the discount to NAV at which the shares have been trading, whilst enabling those Shareholders who wish to retain exposure to high quality, Canadian and US large capitalisation businesses focusing on high levels of stable and increasing income, the option to do so. Further to ongoing discussions with the Company’s legal, tax and financial advisers and Middlefield, and having considered other potential closed-end fund rollover options, the Board has concluded that the ETF represents the most suitable rollover option for Shareholders.

The intention in proposing the ETF as an alternative investment option for Shareholders would be to create a cost-effective vehicle which is positioned to grow and which should benefit from a tight bid-offer spread, a total expense ratio (“TER”) lower than the Company’s current TER and a share price that trades close to or at the NAV per share of the ETF, whilst offering continued exposure to the Company’s existing investment objective and policy. ETFs trade at prices close to or at NAV due to the in-kind creation and redemption mechanism which underpins their structure and which is utilised by authorised participants to address any material surplus or deficit of ETF shares in the market.

The Company notes that over the last ten years, Middlefield has successfully rolled several of its Canadian closed-end funds into exchange traded funds listed on the Toronto Stock Exchange. For the year ended 31 December 2024, three of the exchange traded funds managed by Middlefield were ranked among the Top 10 Best-Performing Canadian ETFs, as recognised by Morningstar*.

Saba has publicly expressed its support for enhanced liquidity options and, consistent with its earlier requisition, has indicated that it would vote in favour of the Transaction at any general meeting of Shareholders to be convened in due course to approve the Transaction.

The ETF

It is proposed that shares in the ETF would be admitted to trading on the London Stock Exchange’s main market for listed securities. In due course, the ETF may also seek listings on additional European exchanges to broaden investor access. The ETF would adopt the Company’s current investment objective and policy, maintaining a focus on delivering a high level of income and long-term capital growth through investment in a portfolio of larger capitalisation, high-yielding Canadian equities, with a focus on companies that consistently pay and grow their dividends. The ETF is expected to pay quarterly distributions at a level similar to the current dividends paid by the Company and to operate with a lower TER, targeted to be below 1 per cent. The Company uses short term borrowings to support its dividend policy. It is intended that the ETF may seek to use financial derivative instruments, such as total return equity swaps, to support its dividend policy with a similar effect to that provided by the use of borrowings by the Company.

Middlefield has appointed HANetf, a leading white-label provider of exchange traded products, to advise on the structuring and establishment of the ETF. HANetf has extensive experience in structuring, distributing and marketing exchange traded funds and will provide ongoing operational, administrative and marketing support to Middlefield in its capacity as the manager of the ETF. The set-up costs of the ETF will be borne by Middlefield.

Expected timetable

Subject to the satisfactory completion of ongoing advisory work, the ETF is expected to be established and a circular relating to the Transaction sent to Shareholders by August 2025. The Transaction would be subject to usual regulatory and tax approvals.

Michael Phair, the Chair of the Company and Fund, commented:

“The Board continues to have strong conviction in the Company’s investment proposition and its ability to deliver a high level of income and long-term capital growth. However, the Board has listened to feedback from Shareholders and recognises that the constrained liquidity and persistent discount to NAV remain impediments to new and further investment.

Accordingly, the Board is actively working on the terms of the Transaction, which, if approved, would provide Shareholders with an opportunity to continue their investment in the existing strategy through the ETF option, or the realisation of their investment at close to NAV, or a combination of both.”

For further information, please contact:

Middlefield Canadian Income – GBP PC via Investec Bank plc
Michael Phair (Chairman)

Investec Bank plc
Corporate Broker
Helen Goldsmith/David Yovichic/Denis Flanagan
Tel: 020 7597 4000

JTC Fund Solutions (Jersey) Limited
Secretary
Matt Tostevin/Hilary Jones/Jade Livesey
Tel: 01534 700 000

Burson Buchanan
PR Advisers
Charles Ryland/Henry Wilson
Tel: 020 7466 5000

* Middlefield Innovation Dividend ETF (Global Equity): over 5 years; Middlefield Sustainable Global Dividend ETF (Global Dividend & Income Equity): over 3, 5 and 10 years; Middlefield U.S. Equity Dividend ETF (US Dividend & Income Equity): over 5 years (source: Morningstar, Inc.) All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The MIL Network –

May 2, 2025

MIL-OSI: Shell plc publishes first quarter 2025 press release

Source: GlobeNewswire (MIL-OSI)

London, May 2, 2025

“Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.

Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”

Shell plc Chief Executive Officer, Wael Sawan

SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS

Q1 2025 Adjusted Earnings¹ of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park², and SPDC³ in Nigeria.
Disciplined capital allocation, with 2025 cash capex outlook of $20 – 22 billion.
Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14^th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 – 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
Resilient balance sheet with gearing (including leases) of 19%.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,483	4,735	3,463	1,116
Upstream		2,337	7,387	3,945	1,923
Marketing		900	1,869	1,907	256
Chemicals & Products⁴		449	1,410	130	458
Renewables & Energy Solutions		(42)	111	367	403
Corporate		(457)	(261)	(531)	19
Less: Non-controlling interest (NCI)		94
Shell	Q1 2025	5,577	15,250	9,281	4,175
Shell	Q4 2024	3,661	14,281	13,162	6,924

¹Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
² Completed on April 1, 2025.
³The Shell Petroleum Development Company of Nigeria Limited.
⁴Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.

CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.
Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.

$ billion¹	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Working capital	(2.8)	(0.3)	2.7	2.4	(2.7)
Divestment proceeds	1.0	0.8	0.2	0.8	0.6
Free cash flow	9.8	10.2	10.8	8.7	5.3
Net debt	40.5	38.3	35.2	38.8	41.5

¹ Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

Q1 2025 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Realised liquids price ($/bbl)	63	64	—
Realised gas price ($/thousand scf)	8.1	7.4	—
Production (kboe/d)	905	927	890 – 950
LNG liquefaction volumes (MT)	7.1	6.6	6.3 – 6.9
LNG sales volumes (MT)	15.5	16.5	—

Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.
Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.

UPSTREAM

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Realised liquids price ($/bbl)	71	71	—
Realised gas price ($/thousand scf)	7.0	7.4	—
Liquids production (kboe/d)	1,332	1,335	—
Gas production (million scf/d)	3,056	3,020	—
Total production (kboe/d)	1,859	1,855	1,560 – 1,760

Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.
Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.

MARKETING

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Marketing sales volumes (kb/d)	2,795	2,674	2,600 – 3,100
Mobility (kb/d)	2,041	1,964	—
Lubricants (kb/d)	77	87	—
Sectors & Decarbonisation (kb/d)	678	623	—

Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.

CHEMICALS & PRODUCTS

Key data	Q4 2024	Q1 2025	Q2 2025 outlook¹
Refinery processing intake (kb/d)	1,215	1,362	—
Chemicals sales volumes (kT)	2,926	2,813	—
Refinery utilisation (%)	76	85	87 – 95
Chemicals manufacturing plant utilisation (%)	75	81	74 – 82
Global indicative refining margin ($/bbl)	5.5	6.2	—
Global indicative chemical margin ($/t)	138	126	—

¹Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook, available at www.shell.com/investors.

Trading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of 2024, while the Chemicals results continued to be impacted by a weak margin environment.
Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q4 2024	Q1 2025
External power sales (TWh)	76	76
Sales of pipeline gas to end-use customers (TWh)	165	184
Renewables power generation capacity (GW)*	7.4	7.5
in operation (GW)	3.4	3.5
under construction and/or committed for sale (GW)	4.0	4.0

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

Adjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.

CORPORATE

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Adjusted Earnings ($ billion)	(0.4)	(0.5)	(0.6) – (0.4)

UPCOMING INVESTOR EVENTS

May 20, 2025	Annual General Meeting
July 31, 2025	Second quarter 2025 results and dividends
October 30, 2025	Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q 1 202 5
Quarterly Databook Q 1 20 25
Webcast registration Q 1 20 25
Dividend announcement Q 1 20 25
C apital Mar kets Day 2025 materials

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

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

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

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
Shell’s Net Carbon Intensity
Also, in this announcement, we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

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

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

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

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

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2025 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; U.S. and Canada: C ontact form

The MIL Network –

May 2, 2025

MIL-OSI: Shell plc First Quarter 2025 Interim Dividend

Source: GlobeNewswire (MIL-OSI)

London, May 2, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the first quarter of 2025 of US$ 0.358 per ordinary share.

Details relating to the first quarter 2025 interim dividend

Per ordinary share (GB00BP6MXD84)	Q1 2025
Shell Shares (US$)	0.358

Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

An alternative ‘Electronic Election Entitlement’ (‘EEE’) process is available in CREST for dividends with options elections.

Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.

Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.

The pound sterling and euro equivalent dividend payments will be announced on June 9, 2025.

Per ADS (US7802593050)	Q1 2025
Shell ADSs (US$)	0.716

Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.

Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.

Dividend timetable for the first quarter 2025 interim dividend

Event	Date
Announcement date	May 2, 2025
Ex- Dividend Date for ADSs	May 16, 2025
Ex- Dividend Date for ordinary shares	May 15, 2025
Record date	May 16, 2025
Closing of currency election date (see Note below)	June 2, 2025
Pound sterling and euro equivalents announcement date	June 9, 2025
Payment date	June 23, 2025

Note

A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

Taxation – cash dividends

If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.

Dividend Reinvestment Programmes (“DRIP”)

The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:

Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;

ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;

JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and

Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.

These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.

More information can be found at https://www.shell.com/drip

To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections.

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

Cautionary Note

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

Forward-Looking statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

Forward-Looking non-GAAP measures

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

The contents of websites referred to in this announcement do not form part of this announcement.

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

The MIL Network –

May 2, 2025

MIL-OSI: Increase of Share Capital in Connection with the Exercise of the Options Programme and Subscription Results
Source: GlobeNewswire (MIL-OSI)

The Supervisory Board of AS LHV Group has decided to increase the share capital of the LHV Group by EUR 366,721.30. The increase was triggered by the need to issue new shares to staff members participating in the share options programme approved by the resolution of the general meeting on 13 March 2020, and amended by the resolution of the general meeting on 26 March 2025. A total of 163 current and former employees participated in the subscription of LHV Group shares, subscribing in total for 3,667,213 options for an aggregate amount of EUR 8,001,858.77. Unsubscribed options in the total amount of 19,977 will be cancelled.

Decisions of the Supervisory Board of LHV Group:
- LHV Group’s share capital will be increased by increased by EUR 366,721.30, from EUR 32,418,893.30 to EUR 32,785,614.60.
- In connection with the increase, LHV Group will issue 3,667,213 new ordinary shares with a nominal value of EUR 0.1 per share. The shares will be issued with a share premium. The issue price is EUR 2.182 per share, with the nominal value of the share amounting to EUR 0.1 and the share premium to EUR 2.082.
- Pursuant to the resolution of the general meeting of 13 March 2020, which approved the LHV Group’s share options programme and its basic conditions, and pursuant to the resolution of the general meeting of 26 March 2025, which approved the amendments to the LHV Group’s share option programme, the management and equivalent staff as well as key employees of the companies incorporated within the LHV consolidation group, as determined by the Supervisory Board and with whom LHV Group has concluded the relevant option agreements (option beneficiaries), have the pre-emptive right to subscribe the new shares.
- LHV Group’s shareholders who are not beneficiaries of the share options programme did not have a pre-emptive right to subscribe for shares in connection with the share capital increase.
- The share capital increase and payment for the new shares have been fully effected through monetary contributions. The deadline for exercising the pre-emptive subscription right and subscribing for shares was 30 April 2025 at 5:00 p.m. The subscription period was not extended. The option beneficiaries who intended to participate submitted their subscription applications and paid for the subscribed options on time; four option beneficiaries did not submit subscription applications, and one subscribed only partially for the options granted under the option agreement. The unsubscribed options, in the total amount of 19,977, will be cancelled.
- The share capital increase in the amount subscribed by the option beneficiaries will be registered in the Estonian Central Register of Securities (Nasdaq CSD) and in the Commercial Register.
- The increase of the share capital does not involve any specification or special rights attached to LHV Group’s ordinary shares. The newly issued shares will grant the right to receive dividends starting from the financial year 2025.
All new shares issued by LHV Group will be listed on the Nasdaq Tallinn Stock Exchange on the day following the day on which the Estonian Central Register of Securities (Nasdaq CSD) ranks the additionally issued shares (initially carrying a temporary ISIN-code) pari passu with the existing shares (carrying the main ISIN-code).

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

The MIL Network –
May 2, 2025
MIL-OSI Europe: A Spring Budget that supports the economy and increases security

Source: Government of Sweden

The Spring Budget, or the 2025 Spring Fiscal Policy Bill and 2025 Spring Amending Budget, is being presented today. In the Spring Budget, which is based on an agreement between the Government and the Sweden Democrats, the Government is using the strength of the Swedish economy to strengthen economic development and counteract the negative effects of the prevailing economic uncertainty.

MIL OSI Europe News –

May 2, 2025
MIL-OSI Europe: Minister for Finance in talks about latest report on Russia’s economy

Source: Government of Sweden

Russia’s full-scale war against Ukraine continues with unabated intensity, bringing serious consequences for civilians. Russian propaganda continues to spread the false narrative of a strong and resilient economy. On behalf of the Swedish Government, the Stockholm Institute of Transition Economics (SITE) drafted a report in late 2024 concerning economic developments in Russia. The report highlighted the unreliability of Russian statistics, and that the country’s economy is not performing as well as its statistics suggest. SITE has now published a follow-up report, and Minister for Finance Elisabeth Svantesson has met with Director of SITE Torbjörn Becker to discuss the Russian economy and the report’s conclusions.

MIL OSI Europe News –

May 2, 2025
MIL-OSI: Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment. Net profit of DKK 5.8 billion.
Source: GlobeNewswire (MIL-OSI)

Press release Danske Bank
Bernstorffsgade 40
DK-1577 København V
Tel. + 45 45 14 14 00

2 May 2025

Page 1 of 3

Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment
Net profit of DKK 5.8 billion.

Carsten Egeriis, Chief Executive Officer, comments on the financial results:

“For Danske Bank, the first quarter of 2025 was a continuation of our satisfactory and stable performance in 2024. We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level. In addition, credit quality remained strong, and this resulted in low loan impairments.

Our solid financial results and capital position enable us to be a strong financial partner that offers expert advice and helps our customers and society navigate the uncertainty. We continue to invest in technology and customer offerings, and we are well on track to meet our targets and to deliver on our Forward ’28 strategy.”

Solid financial performance

In a challenging market environment, we continued our work to deliver on our strategic ambitions and achieved a strong return on shareholders’ equity of 13.3% in the first quarter of 2025, up from 12.9% in the first quarter of 2024, while also reducing the cost/income ratio from 45.4% to 45.2%.

Net profit increased 2% to DKK 5.76 billion as a result of an 8% increase in net fee income, driven by solid customer demand for cash management and everyday banking activities, a 15% increase in net trading income, which also benefited from good customer activity, as well as lower operating expenses and low loan impairment charges. The increases in net fee income and net trading income were partly offset by slightly lower net interest income due to rate cuts and the divestment of the personal customer business in Norway as well as lower net income from insurance business, which was affected by a one-off provision.

The improvement was based on strong business customer activity as our Business Customers and Large Corporates & Institutions units both saw solid growth in lending volumes and an expanding customer base, underpinning core income line increases.

Continuously good demand for our products from personal customers in Denmark resulted, among other things, in an increase in deposits as well as in the market share of bank lending. We have therefore seen a stable performance, despite the divestment of the personal customer business in Norway, as deposit growth and the rise in net fee income due to strong customer activity partially offset the effect of interest rates coming down.

Sustainability remains a core pillar of our Forward ’28 strategy, and we have published our Climate Action Plan Progress Report 2024, which provides an update on the Group’s climate targets set in January 2023.

“Thanks to our strong capital and liquidity positions, we continue to support our customers in these uncertain times, as evidenced by our Q1 results. We saw a solid financial performance, driven in particular by strong business customer activity, which resulted in stable core banking income and higher net trading income. The increase in net profit was supported by stable costs and a low level of impairments,” says Cecile Hillary, Chief Financial Officer.

First quarter 2025 vs first quarter 2024

Total income of DKK 13.9 billion (DKK 14.0 billion in the first quarter of 2024)

Operating expenses of DKK 6.3 billion (DKK 6.3 billion in the first quarter of 2024)

Loan impairments of DKK 50 million (DKK 101 million in the first quarter of 2024)

Net profit of DKK 5.8 billion (DKK 5.6 billion in the first quarter of 2024)

Return on shareholders’ equity of 13.3% (12.9% in the first quarter of 2024)

Strong capital generation further supported capital ratios: Total capital ratio of 22.9 % and CET1 capital ratio of 18.4% (total capital ratio of 23.0% and CET1 capital ratio of 18.5% in the first quarter of 2024)

Stable economies in uncertain environment

Danske Bank’s results for the first quarter of 2025 highlight the resilience of the Nordic economies amid global uncertainty. In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries. Although household credit demand remained modest, consumer spending continued to hold up well throughout the Nordic countries, despite the higher degree of uncertainty.

Globally, US tariffs and potential retaliatory measures have created significant uncertainty regarding global growth prospects. While a potential risk of recession is highlighted in the US, a more moderate impact is expected on European growth, including in the Nordic countries.

“A trade war and tariffs are likely to dampen growth in the Nordic countries, but the foundation is still in place for a decent economic outlook, as many interest rates have been lowered, real incomes are increasing and export markets other than the US continue to grow,” says Las Olsen, Head of Macro Research.

Personal Customers

Despite challenges, the housing market in Denmark showed consistent growth, and signs of recovery emerged in Finland, while Sweden’s housing market continued to face difficulties. Profit before tax for Personal Customers decreased 18% relative to the level in the first quarter of 2024 and amounted to DKK 2.25 billion. The decrease was due mainly to higher loan impairment charges. Additionally, both income and operating expenses were affected by the divestment of our personal customer business in Norway. We concluded negotiations with Blackrock to implement their Aladdin Wealth platform to enhance investment services and improved the digital self-service tools that customers use to manage their mortgages.

Business Customers

In the first quarter of 2025, we expanded our customer base in the mid-sized segment across the Nordic markets and grew our business with international subsidiaries. Profit before tax amounted to DKK 2.83 billion and increased 64% from the level in the same period last year, primarily on the back of loan impairment reversals and increased net fee income, although the increase was to some degree offset by lower income from our leasing company. We continued to support our customers’ business growth as a strategic financial partner, sharing expert insights on economic issues and launching training programmes to enhance the skills of our leaders and advisers.

Large Corporates & Institutions

Despite increased geopolitical uncertainty, macroeconomic conditions remained stable. We supported customers with advisory services, backed by a strong product offering, and supported major bond issues in the Nordic region. Our fee business maintained the positive momentum across all areas. Profit before tax decreased to DKK 2.4 billion, or 12% relative to the level in the same period last year, due to higher loan impairment charges, although the return on allocated capital before impairments increased to 27.2%.

Danica

Danica experienced a decrease in net income from insurance business to DKK 201 million in the first quarter of 2025, a fall of 59% from DKK 492 million in the same period last year. This was due primarily to a decrease in the insurance service result, which was impacted by provisions related to legacy life insurance products in run-off and more expensive claims in the health and accident business, partly offset by adjustment of an accrued interest income. The return on customer pension savings was impacted by large volatility in the equity markets, but bonds and alternative investments saw a more stable development.

Northern Ireland

Profit before tax increased 32% to DKK 602 million, reflecting strong growth in net interest income and net impairment recoveries. Profit before impairments was 15% higher than for the same period in 2024.

Outlook for 2025

We maintain our guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions.

Danske Bank

Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00

Attachments
- Danske Bank Interim report – first quarter 2025
- Danske Bank press release 2 May 2025
The MIL Network –
May 2, 2025

MIL-OSI: ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

Source: GlobeNewswire (MIL-OSI)

ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income


1Q2025 profit before tax of €2,124 million with a CET1 ratio of 13.6%
•	Strong increase in fee income, driven especially by an increase in investment products
•	Total income was resilient, supported by an excellent growth in deposits and a continued increase in mortgage volumes, as well as strong results in Financial Markets
•	Operating expenses excluding regulatory costs slightly lower quarter-on-quarter
•	We continue to move our capital towards our target level and announce a €2.0 billion share buyback
CEO statement “While the geopolitical and macroeconomic circumstances remain uncertain, we believe there is an opportunity for Europe to collectively drive competitiveness and resilience through simplification of regulations and investments in infrastructure, technology and defence,” said Steven van Rijswijk, CEO of ING Group. “As one of the largest and most geographically diversified European banks, we are well-positioned to play a key role in supporting this growth while navigating volatility. During these times, we are staying particularly close to our clients to understand their concerns and banking needs. Our scale, strong performance and robust capital ratios enable us to provide our customers with the support required to manage uncertainties, mitigate risks and capture opportunities. “During the first quarter of 2025, we have delivered continued commercial growth, driven by excellent growth in deposits and higher mortgage volumes. Total income has increased, supported by resilient commercial net interest income and a strong increase in fee income. Expenses have decreased slightly quarter-on-quarter and the increase year-on-year was in line with our guidance, reflecting the impact of inflation and client acquisition expenses. Risk costs were €313 million and below our through-the-cycle-average, reflecting the quality of our loan portfolio. “In Retail Banking, our mobile primary customer base has grown by 174,000 customers this quarter, mainly attributable to Germany, the Netherlands, Spain and Poland. We have attracted €17 billion in retail core deposits, primarily in Germany. And we have increased core lending by €9 billion, of which €6 billion is in residential mortgages, particularly in the Netherlands and Germany, and nearly €2 billion in Business Banking. Across our markets, we have seen 125,000 mortgage applications during this quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, primarily driven by growth in the number of investment product customers, higher assets under management and an increase in customer trading activity. “In Wholesale Banking, total income was stable, with strong results in Financial Markets as we have supported our clients during the turbulent market conditions. This turbulence has also led to muted lending volumes. Fee income in Wholesale Banking has increased quarter-on-quarter, mainly driven by higher fees from Global Capital Markets and Trade Finance. Moreover, we have continued to invest in front office growth, our digital customer experience and the scalability of our systems. “We continue to support clients in their sustainability transition by launching innovative services or by entering into partnerships. In Wholesale Banking, we have increased sustainable volume mobilised to €30 billion, a 23% increase versus last year. In Spain, we have launched a service that helps retail customers get insights into their CO2e emissions and provides tips on how to reduce their environmental footprint. In Australia, ING has become the first bank to participate in a new digital energy ratings programme that provides our customers with free energy ratings of their homes and identifies potential sustainability improvements. “We continue to converge our CET1 ratio to our target level while taking the ongoing geopolitical and macroeconomic uncertainty into account. In that light, today we announce a share buyback programme of €2.0 billion. “We’re pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence. We are well on track to meet our 2027 targets and I would like to thank our employees across the world for their contributions to these strong results and their commitment to serving our customers.”

Further information All publications related to ING’s 1Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 1Q 2025 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.

Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 2 May 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 20 576 5000 E: media.relations@ing.com

ING Profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING 1Q2025 Results Press Release (PDF)

The MIL Network –

May 2, 2025

MIL-OSI: ING completes share buyback and announces new programme of up to €2.0 billion
Source: GlobeNewswire (MIL-OSI)

ING completes share buyback and announces new programme of up to €2.0 billion

ING announced today that it has completed the share buyback programme announced on 31 October 2024. The total number of ordinary shares repurchased under the programme is 125,848,305 at an average price of €15.84 for a total consideration of €1,993,571,438.95.

During the last week of the programme, from 28 April 2025 up to and including 30 April 2025, in total 6,872,040 shares were purchased. These shares were repurchased at an average price of €17.12 for a total amount of €117,683,132.31.

Today ING announced a new share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V. for a maximum total amount of € 2.0 billion. The purpose of the programme is to converge our CET1 ratio towards our target.

ING Group’s CET1 ratio was 13.6% at the end of the first quarter of 2025, which is well above the prevailing CET1 ratio requirement of 10.76%. The share buyback programme will have an impact of approximately 59 bps on our CET1 ratio. The programme will commence on 2 May 2025 and is expected to end no later than 27 October 2025.

The ECB has approved the programme, which will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority to acquire a maximum of 20% of the issued shares, as granted by the general meeting of shareholders on 22 April 2025. ING has entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.

For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.

Note for editors
For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

Press enquiries Investor enquiries

Raymond Vermeulen ING Group Investor Relations

+31 20 576 5000 +31 20 576 6396

Raymond.Vermeulen@ing.com Investor.Relations@ing.com

ING PROFILE

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

IMPORTANT LEGAL INFORMATION

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment
- ING completes share buyback and announces new programme of up to €2.0 billion
The MIL Network –
May 2, 2025
MIL-OSI United Kingdom: Parking changes to Liverpool city centre approved
Source: City of Liverpool

Dangerous and anti-social car parking will be targeted on the streets of Liverpool City Centre thanks to a new parking regime.

Liverpool City Council will implement significant changes to its City Centre Controlled Parking Zone (CPZ) to address growing parking demands, improve road safety, and enhance air quality.

These proposals, approved by Liverpool City Council’s Highways and Spaces Representation Committee, aim to ensure the CPZ remains fit for purpose in light of the city’s evolving residential population and thriving night-time economy.

There has been growing concerns from residents about reckless and inconsiderate parking in the city centre. This has been further highlighted recently with inconsiderate parking on Victoria Street, which has been occurring outside of existing operational hours.

The CPZ changes will enable the Council to undertake robust enforcement over a longer time period.

The changes that will be implemented will see the CPZ operational hours extended from 8am–6pm to 7am–11pm, Monday to Sunday. They will come into effect from the beginning of June.

This change will increase enforcement on single yellow lines and parking bays, including pay-and-display and resident bays.

The approval by the committee includes the provision that there will be a review in 12months’ time and an extra focus on safety in car parks.

Other significant changes include:
1. Increased Maximum Stay in Hope Street Area: Pay-and-display bays on Hope Street, Blackburne Place, Falkner Street, Maryland Street, and Caledonia Street will have their maximum stay increased from 2 hours to 4 hours, with no return within 1 hour. This adjustment supports the area’s growing night-time economy and hospitality sector.
2. Shared Use Parking Bays: Certain loading and limited waiting bays will be converted to pay-and-display, resident, or disabled bays during evening hours.
3. Revised Parking Tariffs: Parking charges will increase to align with other major UK cities, encouraging sustainable travel and reducing congestion.
Extensive public consultations were conducted, including informal and statutory consultations.

While some concerns were raised, the Council has adjusted the proposals to address feedback, particularly from local businesses. These include increasing the maximum stay in the Hope Street area to four hours and introducing shared-use bays after 6pm for disabled, resident, pay and display or single yellow lines, at a number of locations.

The recent increase in parking charges saw Liverpool’s fees come into line with other similar sized cities, and is only the second rise in over a decade.

The Council currently generates the lowest net income from parking services amongst the Core Cities, achieving £3.839m in 2023/24 compared to a Core City’s average of £10.603m.

The Council controls just 28% of parking across the City, and, up till recently has on average charged 47% less than private sector car parks and other Core Cities for equivalent parking provision.

The changes to the city centre’s controlled parking zone is needed as Liverpool has undergone substantial growth in recent years, including new developments, pedestrianised areas, and an expanding residential population.

The rise of the night-time economy has placed significant pressure on parking availability, leading to congestion, illegal parking, and reduced access for residents and businesses. The proposed changes aim to reduce congestion and improve road safety. They will also enhance air quality and promote sustainable travel, while ensuring better turnover of parking spaces for residents, businesses, and visitors.
MIL OSI United Kingdom –
May 2, 2025

MIL-OSI Economics: Money Market Operations as on April 30, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,03,530.26	5.96	0.01-6.30
I. Call Money	17,990.81	5.94	5.00-6.05
II. Triparty Repo	3,94,904.10	5.95	5.70-6.05
III. Market Repo	1,89,156.35	5.99	0.01-6.30
IV. Repo in Corporate Bond	1,479.00	6.15	5.95-6.25
B. Term Segment
I. Notice Money**	53.25	5.65	5.35-5.90
II. Term Money^@@	600.00	–	6.15-6.15
III. Triparty Repo	8,776.50	6.14	6.00-6.24
IV. Market Repo	599.00	6.23	6.20-6.25
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Wed, 30/04/2025	2	Fri, 02/05/2025	14,952.00	6.01
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo
(b) Reverse Repo
3. MSF^#	Wed, 30/04/2025	1	Thu, 01/05/2025	7,671.00	6.25
	Wed, 30/04/2025	2	Fri, 02/05/2025	800.00	6.25
4. SDF^Δ#	Wed, 30/04/2025	1	Thu, 01/05/2025	1,78,695.00	5.75
	Wed, 30/04/2025	2	Fri, 02/05/2025	9,019.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,64,291.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,479.16
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				35,210.16
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-1,29,080.84
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		April 30, 2025		9,38,624.04
(ii) Average daily cash reserve requirement for the fortnight ending		May 02, 2025		9,51,938.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		April 30, 2025		14,952.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		April 04, 2025		2,36,088.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^{^} As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/224

MIL OSI Economics –

May 2, 2025

MIL-OSI Asia-Pac: President Lai meets Japan’s LDP Youth Division delegation

Source: Republic of China Taiwan

Details
2025-04-29
President Lai meets NBR delegation
On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.

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2025-04-28
President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward. Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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2025-04-23
President Lai delivers remarks at International Holocaust Remembrance Day event
On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

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2025-04-23
President Lai pays respects to Pope Francis
On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.

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2025-04-23
President Lai meets US CNAS NextGen fellows
On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties. Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

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2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

May 2, 2025
MIL-OSI Australia: Advice under development – administration issues

Source: New places to play in Gungahlin

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MIL OSI News –

May 2, 2025

MIL-OSI New Zealand: Research – Latest insolvency report urges Kiwi business owners to heed early warning signs

Source: BWA Insolvency

Latest insolvency figures reveal a sharp rise in business failures, highlighting both challenges and opportunities for New Zealand business owners.

The BWA Insolvency Quarterly Market Report released today shows insolvency rates between January and March 2025 surged by 31% compared to the same period in the previous year. Liquidations rose by 40%, while receiverships and voluntary administrations saw a decline.

The report’s author, BWA Insolvency principal Bryan Williams, says that despite the data there is a path forward for those with strategic foresight.

“These numbers, while concerning, serve as a crucial alert for business owners to review their financial strategies,” Williams says.

Key Data
NZ Insolvencies Q1 2025 vs. Q1 2024 – Annual Comparison

Liquidations: Up from 504 to 705 (40%)
Receiverships: Down from 40 to 39 (-3%)
Voluntary Administrations: Down from 25 to 4 (-84%)
Total Insolvencies: Up from 569 to 748 (31%)

NZ Insolvencies Q1 2025 vs. Q4 2024 – Quarterly Comparison

Liquidations: Up from 666 to 705 (5.86%)
Receiverships: Up from 37 to 39 (5.41%)
Voluntary Administrations: Down from 6 to 4 (-33.33%)
Total Insolvencies: Up from 709 to 748 (5.5%)

Williams says the rise is partially attributed to global economic factors, including trade instabilities and market uncertainties, but is also a carryover of COVID-19 and the accumulated debt that resulted.

“Insolvency is always late to the party. It has a long incubation period and often doesn’t show itself until the conditions that caused it have moved on.”

Williams believes that amid rising insolvency rates, companies should remain vigilant in looking for ways to minimise the impact of the current turbulence. “Hedge against the potential for risk wherever and whenever you can,” he says. “By identifying warning signs early, businesses can adapt and thrive despite the economic pressures.”

Industries hit hardest in the last quarter were tourism, transport and delivery, construction and manufacturing. The construction industry has seen continued high rates of business failures, with this quarter’s figures showing no reprieve—insolvencies increased by 44%, up from 130 in Q1 2024 to 187 in Q1 2025.

“Companies with solid balance sheets can expect to ride out the challenges immediately ahead. Focusing on efficiency and innovation will be the wet weather coat for these companies.”

Acknowledging the impact of the current “arm wrestle” between the United States and China, Williams hopes both parties will soon recognise that fighting it out may cost more than it will gain.

“The best that can be hoped for is that leaders will pull back and let their respective societies grow as they will. The interplay of global tensions and local economic factors means New Zealand businesses must be agile and prepared. Our current insolvency figures are a reflection of these broader issues.”

Looking ahead, Williams believes there are reasons to be optimistic: “Though the short-term outlook remains challenging, New Zealand’s inherent resilience and adaptability are its greatest assets.

“Even one or two major projects within the country can dramatically shift business optimism, reinvigorating growth and opportunity,” he says. “Such developments can serve as a catalyst for broader economic revival.

“There is a road of turbulence ahead and this will damage plans that were made during more stable times. The effects will be universal and avoiding them will be like a rally driver trying to avoid potholes.

“Businesses that stay nimble, focus on core strengths, and prepare for future opportunities will be well-positioned when stability returns.”

The full Quarterly Market Report is available here: https://bwainsolvency.co.nz/wp-content/uploads/2025/05/BWA_Insolvency-Market-Report_Q1-2025_FINAL.pdf

About BWA Insolvency
BWA Insolvency is a leading insolvency firm that supports New Zealand businesses through liquidations, receiverships and voluntary administrations (VA), specialising in VA in particular. Founder Bryan Williams has 30 years’ experience in the industry and has recently become just the second person in New Zealand and one of 200 people worldwide to be named a Fellow of global insolvency organisation Insol International.

About the BWA Insolvency Quarterly Market Report
BWA Insolvency has been tracking data on liquidations, receiverships and voluntary administrations since 2012. The Registrar of Companies Office records the filings of companies that have gone into a formal state of insolvency. BWA Insolvency then does a deeper investigation to show industry trends and provide a detailed snapshot of what’s happening in the market for the Quarterly Market Report.

MIL OSI New Zealand News –

May 2, 2025

MIL-Evening Report: This NZ law aims to give people with criminal convictions a ‘clean slate’. It’s not working

Source: The Conversation (Au and NZ) – By Alexander Plum, Senior Research Fellow, Auckland University of Technology

Andrey_Popov/Shutterstock

If you own a business, would you be willing to hire a person who has been convicted for a crime? Give them a chance when a background check shows they have a criminal record?

The answers matter for both individuals and communities. For people who have paid their debt to society, rejoining it can hinge on getting a second chance without being judged on their past.

It is not something they can really hide. Employers often conduct criminal background checks as part of the hiring process. People with criminal records face high levels of stigmatisation, making it harder to reenter their communities and make money legally.

The thorny question of what to do with people with convictions when it comes to employment has been considered by policymakers and justice campaigners around the world.

In the United States, more than 27 states have introduced “Ban the Box” legislation. While each law is unique, by and large they have eliminated the requirement to provide criminal background information in job applications.

And a number of countries, including New Zealand, have implemented clean slate initiatives which help conceal criminal records for people who meet certain criteria.

Our new research looks at whether New Zealand’s clean slate scheme increases the job prospects for eligible people.

The clean slate reform was introduced as the Criminal Records Act in 2004. People who were previously convicted of minor offences can now have their criminal records automatically concealed if they can maintain a conviction-free record for seven years after their last sentence.

The regulation excludes people who were involved in a serious offence (such as sexual misconduct) or who received a particularly punitive sentence (such as incarceration or an indefinite disqualification from driving).

The Criminal Records Act allows eligible people with a conviction to wipe their slate clean seven years after their last sentencing.
Shutterstock

Clean slate and the labour market

Our research started with the Integrated Data Infrastructure (IDI), hosted by Statistics New Zealand (StatsNZ). This is a repository of records provided by different public and private agencies, including court charge data from the Ministry of Justice and tax records from Inland Revenue.

StatsNZ uses specific characteristics of individuals (such as name and birth date) to identify them across the different datasets. This enables researchers to track the same individual’s data footprint across different administrative records.

We used court charges data on all men convicted between 1992 and 2003 who had fulfilled the clean slate eligibility criteria. We then linked this pool of people with their Inland Revenue records to measure their employment and earnings.

To identify the labour market impact of the clean slate policy, we compared the employment and earnings of those who completed their seven-year rehabilitation period (the treatment group) with individuals who become eligible some time later (control group).

Limited benefits of clean slate scheme

Our analysis found the clean slate scheme has no relevant impact on the likelihood of eligible individuals finding work. This could result from the length of time required between sentencing and being eligible for a clean slate. Seven years could simply be too long.

But the clean slate scheme did create at least a 2% increase in eligible workers’ monthly wages and salaries – equivalent to a NZ$100 hike for an individual with an average monthly salary of $5,000.

The increase in monthly earnings appears to be greater for workers with a stronger commitment to working and for those who remain with one company for longer periods.

Global patterns

The labour market effects of concealing past convictions have also been explored in the US. Recent research looked at a policy enacted in Maryland, New Jersey, Pennsylvania and Bexar County, Texas. Mirroring our own results, the authors do not find any relevant impact on gaining employment.

Our findings indicate the concealment of past convictions through New Zealand’s clean slate scheme might happen too late to make a huge difference. But there are changes that can be made to improve work outcomes for people who have completed their sentences.

This could include following the example of countries such as Finland, where access to criminal histories is much more restricted. In Finland, the background check has to be directly relevant to the job requirements. For example, the law allows checks for someone applying to work in the financial sector who was convicted of fraud.

There would also be benefits from looking at the eligibility criteria for New Zealand’s clean slate scheme.

Currently, it only applies to people who committed a minor offence. But policymakers should consider whether it makes sense to expand the policy to people who committed more serious crimes but managed to turn their life around. Making this change would allow people to reap the benefits of working without stigma.

All that said, the government’s current “tough on crime” stance makes change unlikely, with a focus on the cost of crime rather than what happens after punishment has been completed.

Kabir Dasgupta is affiliated with the Federal Reserve Board. The opinions expressed in this article does not reflect the views of the the Federal Reserve Board or the Federal Reserve System.

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

– ref. This NZ law aims to give people with criminal convictions a ‘clean slate’. It’s not working – https://theconversation.com/this-nz-law-aims-to-give-people-with-criminal-convictions-a-clean-slate-its-not-working-254687

MIL OSI Analysis – EveningReport.nz –

May 2, 2025
MIL-OSI USA: Senators Markey, Klobuchar Reintroduce Resolution to Give Individuals a Fair Chance After Incarceration

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Resolution Text (PDF)
Washington (May 1, 2025) – Yesterday, Senator Edward J. Markey (D-Mass.) and Senator Amy Klobuchar (D-Minn.) reintroduced a resolution to recognize the month of April as “Fair Chance Jobs Month,” to ensure that formerly incarcerated individuals have a fair chance at securing good-paying, stable employment. The Fair Chance Jobs Month Resolution acknowledges the importance of removing barriers to employment for those affected by the criminal legal system.
Nearly 80 million Americans, or one in three adults, have a record of arrest or conviction. In the United States, nearly 14,000 laws and regulations restrict formerly incarcerated people from securing professional licenses required for a wide range of jobs. Individuals who reenter society continue to face systemic biases and stigmas that restrict access to employment. Even when formerly incarcerated individuals get hired, they earn lower wages on average than the general population.
“Individuals who served their sentences deserve a fair chance at rebuilding their lives when they reenter society. Formerly incarcerated individuals face significant obstacles, including systemic biases and licensing barriers, to securing a good-paying job,” said Senator Markey. “I am proud to reintroduce this resolution alongside Senator Klobuchar to help ensure those impacted by the criminal legal system get a fair shot at reentering the workforce and supporting a better life for themselves and for their families.”
“As a former prosecutor, I have seen firsthand the employment challenges people can face when they are released after serving their sentence,” said Senator Klobuchar. “This resolution to recognize Fair Chance Jobs Month will raise awareness of the barriers formerly incarcerated people face in the job market and promote opportunities for those who are looking to reenter the workforce.”
Cosponsors of the resolution in the Senate include Senators Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Tammy Duckworth (D-Ill.), Alex Padilla (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Tina Smith (D-Minn.), and Andy Kim (D-N.J.).
The Fair Chance Jobs Month resolution is endorsed by JustLeadershipUSA.
“This resolution recognizes the immense harm caused by the criminal legal system—especially its economic impact on directly affected individuals—and highlights ongoing barriers to basic needs that continue to affect families and communities. To enhance public safety and stabilize the economy, we must dismantle ineffective policies and expand access to training and enhanced support,” said Ronald Simpson-Bey, Executive Vice President of Strategic Partnerships at JustLeadershipUSA.
Senators Markey and Klobuchar first introduced the resolution in April 2024. In February 2024, Senator Markey sent a letter to Secretary of Energy Jennifer Granholm urging the Department of Energy (DOE) to make good-paying clean energy jobs accessible to currently and formerly incarcerated people. In December of 2023, Senator Markey also led colleagues in introducing the End Solitary Confinement Act, legislation that would end solitary confinement in federal prisons, jails, and detention centers, with limited exceptions.

MIL OSI USA News –

May 2, 2025

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