Category: Energy

MIL-OSI Russia: Kazakhstan to Increase Oil Exports via Baku-Tbilisi-Ceyhan Pipeline to 1.7 Million Tons

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

ALMATY, July 31 (Xinhua) — Kazakhstan plans to increase oil exports via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline to 1.7 million tons in 2025, Interfax-Kazakhstan news agency reported on Thursday, citing Kazakh Energy Minister Yerlan Akkenzhenov.

In 2024, Kazakhstan transported 1.4 million tons of oil via the BTC pipeline. About 800 thousand tons were transported in the first half of this year.

According to E. Akkenzhenov, work to increase supplies continues.

The Baku-Tbilisi-Ceyhan oil pipeline is a major trunk oil pipeline with a length of 1,768 km, transporting Caspian oil through Azerbaijan and Georgia to the Turkish port of Ceyhan on the Mediterranean Sea. The annual throughput capacity of the BTC oil pipeline is 50 million tons. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI USA: ICYMI: Senator Mullin joins “The Scott Jennings Show”, Highlights Administrator Zeldin’s Bold Action to Unleash American Energy

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

ICYMI: Senator Mullin joins “The Scott Jennings Show”, Highlights Administrator Zeldin’s Bold Action to Unleash American Energy

Washington, D.C. – On Tuesday, U.S. Senator Markwayne Mullin (R-OK), joined “The Scott Jennings Show”. The Senator discussed Environmental Protection Agency (EPA) Administrator Zeldin’s recent action to unleash American energy as well as how Senate Republicans are pushing forward on nominees despite unprecedented obstruction from Senate Democrats. Highlights below.

The full interview can be found here.

On the EPA Administrator Zeldin’s bold action to rescind burdensome regulations:

“Well, it’s absolutely the right move, and thank goodness that President Trump put Lee Zeldin in that place. What you see with President Trump’s nominees is that they all have a backbone to do what is right. The EPA, underneath the Obama administration, grew into this agency that was the ‘see all and fix all and end all’ agency. And so, what I mean is there wasn’t any permitting that could be done for infrastructure. There wasn’t any permitting that could be done for energy. There wasn’t any permitting that could be done for manufacturing, unless the EPA signed off on it. And because of all these sue and settle cases that was being administered underneath this executive order to which President Obama had put in in 2009, it had gummed up the process. And so, this one single move by Lee Zeldin has had more permanent reform than Congress could have done in an entire bill. This is a huge, huge act for regulation, to deregulate our economy and allow America to lead from the front. Again, I can’t under state the importance of this one move by Lee Zeldin.”

On the importance of Nuclear Energy:

“Because of this one single act by Obama in 2009 it basically stopped our ability for infrastructure when it comes to energy… Now let’s just think about we’re going to bring a nuclear power plant on line, what this single act did was make it almost impossible for a nuclear facility to come on line, which, by the way, is probably one the cleanest and safest ability to have energy and be able to meet the demands. Meaning with nuclear, you could bring up a nuclear plant and you can bring it down. And with the demand that is called upon during peak hours, you can’t do that with solar. You can’t do that with wind, but you could do it with nuclear.

“The only way that we were able to do that without nuclear, would be either coal fired power plants or natural gas. The issue with coal fired power plants, because of this one act, you couldn’t build them, and they were actually requiring them to come offline. The thing with natural gas-powered systems is you couldn’t build the pipelines to be able to get the gas to the power plants to be able to actually provide the energy they need to meet the demand. And so it gummed up the entire system.”

On making the EPA Administrator’s act permanent:

“Now you start talking about quantum computing, or you talk about AI technology, we will not be able to stay up with the energy demands that the future is calling on, that is going to the future of development. And America is either going to lead or it’s not going to lead, unless Lee Zeldin actually did this. And so, it is a full court pressure, Lee Zeldin working with Chris Wright, working with the President and working with Congress to be able to move this. Now what Congress’ point is that we need to make this move by Lee Zeldin, we need to put this in some type of permanent reform so it becomes law and can’t be simply changed, God forbid a Democrat gets in there in three and a half years.”

On historic obstruction from Senate Democrats:

“The thing that is something that’s never happened to any president of United States is President Trump is the only president in history not to have one single nominee go by unanimous consent or by voice vote. The Democrats have filibustered every single nominee, except the very first one, which was Marco Rubio. So out of 110, they filibustered 109 of his nominees. But because Leader Thune made this point when he first became leader of the Republican Senators, he said, the Democrats can either do this the hard way, or we can do this the easy way. And since they chose to do it the hard way, we’ve now taken more votes than any Senate in 35 years, and we’ve been in here longer than any senate meeting consecutive days than any Senate in 15 years. So, we are pushing forward.”

On Democrats continuing to slow down the process:

“Now, the option that we run into for August, we have 55, as we speak right now, we have 55 nominees that has been reported out of committee, meaning to the floor for a vote that have bipartisan support and in the past before prior to Chuck Schumer becoming leader, in the past, when they come out of committee with bipartisan support, typically, they go either by UC (unanimous consent) or by a voice vote, which means they do away with the two hour debate for cloture vote. They do away with having to switch in and out of executive calendar versus legislative calendar… but because of all these procedural motions, they are able to slow down the process.”

On the three options the Senate faces:

“One, either they give us a package and we agree with a package of bipartisan nominees that have been voted out of committee to the floor, and we get all those done before we recess. Two, we stay in and don’t recess and get them done. Or three, we go into a forced recess, which the President United States had the ability to do, call on Congress to recess. It’s not debatable, but amenable, meaning that they would try to amend the dates, we go back and forth, have to do a vote-a-rama on it, we’d get the vote-a-rama done and then send it to the House. The House also has to vote to go into recess, because the House isn’t in recess right now, they are in pro forma, meaning that they can still be called back in at any amount of time. And we ought to recess for 10 days, and then we just clean the slate and do every one of his noms.”

On working with the President and Leader Thune to get all the nominees through:

“Republicans, with the exception of maybe one or two, are all willing to stay and get this done. And so, I’ll go back to what Leader Thune said from the beginning of the year, the Democrats can do this the hard way, or we can do it the easy way, but we’re going to work to get President Trump’s people put in place. And we’ve said that. I’ve talked to the President now twice in the last three days about this, and he is all aboard. He understands he’s actually making a priority list of those that he would want in a package if we did that, and he’s also working with a priority list with us, if we stay here and continue to vote on how he would want those racked and stacked.”

MIL OSI USA News –

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

Source: US State of New York

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

August 5, 2025

MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

Source: GlobeNewswire (MIL-OSI)

Paris (France), July 31, 2025

2025 second-quarter results
Solid performance amid a volatile environment
Annual Net Cash Flow objective reaffirmed

Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
Net Cash Flow generation of $30m in Q2 2025
Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF¹
2025 financial objectives reaffirmed

Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

(in millions of $)²	Q2 2025	Q2 2024	Change (%)	H1 2025	H1 2024	Change (%)
Segment figures
Revenue	274	258	+6%	575	532	+8%
Adjusted EBITDAs	107	94	+14%	250	200	+25%
IFRS figures
Revenue	234	317	-26%	492	566	-13%
EBITDAs	68	150	-55%	167	230	-27%
Operating Income	15	52	-72%	71	72	-1%
Net Income	6	35	-83%	-22	32	n.a.
Net Cash Flow	30	-6	n.a.	10	24	-61%
Net Debt	997	941	+6%	997	941	+6%

KEY HIGHLIGHTS PER BUSINESS LINE³

Data, Digital and Energy Transition (DDE)

Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

Geoscience (GEO)

Revenue at $115 m (+10%)
Solid performance mostly driven by work performed in Latin America and Middle East
For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

Earth Data (EDA)

Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
New OBN projects started in Norway and the US Gulf

Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

Sensing and Monitoring (SMO)

Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

CONSOLIDATED IFRS FIGURES⁴

Profit & Loss

Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
€/$ exchange rate	*1.12*	*1.08*		*1.08*	*1.08*
Revenue	234	317	*-26%*	492	566	*-13%*
EBITDAs	68	150	*-55%*	167	230	*-27%*
Operating income	15	52	*-72%*	71	72	*-1%*
Equity from investment	-1	0	n.a.	-1	0	n.a.
Net cost of financial debt	-27	-25	+6%	-52	-49	+6%
Other financial income (loss)	12	-1	n.a.	-34	-1	n.s.
Income taxes	6	-8	n.a.	-7	-6	+32%
Net Income (loss) from continuing operations	5	19	*-74%*	-24	16	*n.a.*
Net Income (loss) from discontinued operations	1	16	-92%	2	16	-88%
Consolidated Net Income (loss)	6	35	*-83%*	-22	32	*n.a.*

Cash Flow and Net debt

Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
Segment EBITDAs	108	91	+19%	250	196	+28%
Income Tax Paid	-4	-9	-52%	-8	-12	-31%
Change in Working Capital & Provisions	1	-3	n.a.	-46	-3	n.s.
Other Cash Items	-1	0	n.a.	-1	0	n.a.
Cash from Operating Activity	103	78	*+32%*	195	180	*+8%*
Total Capex	-58	-57	+1%	-119	-115	+3%
Acquisitions and Proceeds of Assets	1	0	n.a.	1	0	n.s.
Cash from Investing Activity	-56	-56	0%	-118	-114	*+3%*
Paid Cost of Debt	-1	-45	-97%	-40	-43	-8%
Lease Repayment	-16	-16	+5%	-26	-27	-5%
Cash from Financing Activity	-18	-61	*-71%*	-67	-71	*-6%*
Discontinued Operations Acquisitions	0	33	-100%	0	30	-100%
Net Cash Flow	30	-6	*n.a.*	10	24	*-60%*

Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
Ample liquidity in place, including a $125m RCF⁵.

(in millions of $)	June 30, 2025	Dec. 31, 2024	*Change (%)*	June 30, 2024	*Change (%)*
Liquidity	262	392	-33%	430	-39%
Cash	162	302	-46%	340	-52%
Undrawn RCF	100	90	+11%	90	+11%
Gross Debt	1,158	1,223	-5%	1,281	-10%
Bonds	987⁶	1,049	-6%	1,126	-12%
Other borrowings	31	31	-1%	32	-3%
Accrued interests	25	18	+33%	20	+24%
Lease liabilities	116	125	-7%	103	+12%
Net Debt	997	921	+8%	941	+6%

OUTLOOK

The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

Geoscience growth, driven by industry-leading technology and a strong backlog;
Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
Sensing & Monitoring, fueled by broad land activity.

***

Q2 2025 conference call details

The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

An English-language conference call is scheduled today at 6:00 p.m. (CET).

Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

Status of the statutory auditors’ procedures

The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

Next financial information

2025 third-quarter results: October 30, 2025 (after market close)

About Viridien

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

Investors contact

VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31

APPENDICES

Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

Key Segment P&L figures

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
€/$ exchange rate	*1.12*	*1.08*		*1.08*	*1.08*
Segment Revenue	274	258	+6%	575	532	+8%
DDE	181	177	+3%	396	362	+9%
Geoscience	115	105	+10%	226	193	+17%
Earth Data	66	72	-8%	170	169	+1%
SMO	93	82	+14%	180	170	+6%
Land	57	29	+99%	108	74	+47%
Marine	21	42	-50%	46	75	-39%
Other	15	11	+36%	26	21	+20%
Segment EBITDAs	108	91	*+19%*	250	196	*+28%*
Adjusted Segment EBITDAs	107	94	*+14%*	250	200	*+25%*
DDE	101	96	+6%	238	199	+19%
SMO	13	6	+108%	27	16	+63%
Corporate and other	-7	-8	-15%	-15	-16	-8%
Segment Operating Income	22	26	*-16%*	87	53	*+63%*
Adjusted Segment Operating Income	21	29	*-28%*	86	57	*+50%*
DDE	21	39	-47%	87	74	+17%
SMO	7	-2	n.a.	15	0	n.s.
Corporate and other	-7	-8	-16%	-16	-17	-6%
EDA Cash EBITDA	0	10	*-100%*	39	44	*-11%*

Other KPIs

(in millions of $)	H1 2025	H1 2024	*Change (%)*
Geoscience Backlog	317	246	+29%
Total Capex	119	115	+3%
Earth Data Library Net Book Value⁷	508	440	+15%

Definition of Alternative Performance Indicators (API)

In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

Reconciliation of API with the condensed interim consolidated financial statements

The table below outlines the accounting adjustments made in accordance with IFRS 15⁸ requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

	Q2 2025			H1 2025
(in millions of $)	Segment	IFRS 15 adjustments	IFRS	Segment	IFRS 15 adjustments	IFRS
Revenue	274	-40	234	575	-83	492
EBITDAs	108	-40	68	250	-83	167
Adjustments	-1			0
Adjusted EBITDAs	107	-40	67	250	-83	167

Interim Consolidated Statement of Operations

(In millions of US$, except per share data)	H1 2025	H1 2024
Operating revenues	491.8	565.8
Other income from ordinary activities	0.1	0.1
Total income from ordinary activities	492.0	565.9
Cost of operations	(361.0)	(424.1)
Gross profit	131.0	141.8
Research and development expenses – net	(6.8)	(9.6)
Marketing and selling expenses	(16.4)	(19.0)
General and administrative expenses	(37.7)	(38.0)
Other revenues (expenses) – net	1.0	(3.6)
Operating Income (loss)	71.2	71.6
Cost of financial debt – gross	(55.2)	(55.1)
Income from cash and cash equivalents	2.9	5.8
Cost of financial debt – net	(52.3)	(49.3)
Other financial income (loss)	(34.4)	(0.8)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method	(15.4)	21.5
Income taxes	(7.4)	(5.6)
Income (loss) before share of income (loss) from companies accounted for under the equity method	(22.8)	15.9
Net income (loss) from companies accounted for under the equity method	(1.0)	0.0
Net income (loss) from continuing operations	(23.8)	15.9
Net income (loss) from discontinued operations	1.9	16.1
Consolidated net income (loss)	(21.9)	32.0
Attributable to:
Owners of Viridien SA	(22.3)	31.6
Non-controlling interests	0.4	0.4
Net income (loss) per share⁹
Basic	(3.12)	4.43
Diluted	(3.12)	4.41
Net income (loss) from continuing operations per share⁸
Basic	(3.38)	2.17
Diluted	(3.38)	2.16
Net income (loss) from discontinued operations per share⁸
Basic	0.26	2.25
Diluted	0.26	2.25

Interim Consolidated Statement of Financial Position

(In millions of US$)	June 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	161.6	301.7
Trade accounts and notes receivable, net	330.7	339.9
Inventories and work-in-progress, net	162.1	163.3
Income tax assets	10.2	22.9
Other current assets, net	78.8	74.0
Assets held for sale, net	28.3	24.5
Total current assets	771.7	926.2
Deferred tax assets	47.2	43.6
Other non-current assets, net	9.1	8.9
Investments and other financial assets, net	24.7	25.7
Investments in companies under the equity method	5.1	1.1
Property, plant and equipment, net	205.3	220.6
Intangible assets, net	589.3	535.4
Goodwill, net	1,092.8	1,082.8
Total non-current assets	1,973.5	1,918.1
TOTAL ASSETS	2,745.2	2,844.3
LIABILITIES AND EQUITY
Financial debt – current portion	63.1	56.9
Trade accounts and notes payables	113.6	120.9
Accrued payroll costs	82.5	84.5
Income taxes payable	12.1	20.4
Advance billings to customers	20.8	19.2
Provisions — current portion	17.1	19.7
Other current financial liabilities	0.0	0.5
Other current liabilities	218.5	182.5
Liabilities associated with non-current assets held for sale	2.3	2.4
Total current liabilities	530.0	507.0
Deferred tax liabilities	13.2	18.4
Provisions – non-current portion	33.1	28.8
Financial debt – non-current portion	1,095.3	1,165.6
Other non-current financial liabilities	0.0	0.0
Other non-current liabilities	1.9	1.7
Total non-current liabilities	1,143.5	1,214.5
Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025.	8.7	8.7
Additional paid-in capital	118.7	118.7
Retained earnings	1,014.7	1,036.5
Other Reserves	(0.9)	55.2
Treasury shares	(20.1)	(20.1)
Cumulative income and expense recognized directly in equity	(1.7)	(1.1)
Cumulative translation adjustment	(85.0)	(113.3)
Equity attributable to owners of Viridien S.A.	1,034.5	1,084.7
Non-controlling interests	37.2	38.1
Total equity	1,071.8	1,122.8
TOTAL LIABILITIES AND EQUITY	2,745.2	2,844.3

Interim Consolidated Statement of Cash Flows

(In millions of US$)	H1 2025	H1 2024
OPERATING ACTIVITIES
Consolidated net income (loss)	(21.9)	32.0
Less: Net income (loss) from discontinued operations	(1.9)	(16.1)
Net income (loss) from continuing operations	(23.8)	15.9
Depreciation, amortization and impairment	42.6	47.8
Earth Data surveys impairment and amortization	59.0	116.3
Depreciation and amortization capitalized in Earth Data surveys	(7.5)	(7.0)
Variance on provisions	(3.6)	(0.3)
Share-based compensation expenses	1.7	1.8
Net (gain) loss on disposal of fixed and financial assets	(0.8)	0.1
Share of (income) loss in companies recognized under equity method	1.0	–
Other non-cash items	30.0	0.8
Net cash-flow including net cost of financial debt and income tax	98.5	175.4
Less: Cost of financial debt	52.3	49.3
Less: Income tax expense (gain)	7.4	5.6
Net cash-flow excluding net cost of financial debt and income tax	158.1	230.4
Income tax paid	(8.3)	(12.0)
Net cash-flow before changes in working capital	149.8	218.4
Changes in working capital	45.0	(38.2)
– change in trade accounts and notes receivable	51.0	(17.2)
– change in inventories and work-in-progress	16.8	11.0
– change in other current assets	(6.7)	0.9
– change in trade accounts and notes payable	(3.8)	(12.5)
– change in other current liabilities	(12.3)	(20.3)
Net cash-flow from operating activities	194.8	180.2

INVESTING ACTIVITIES
Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)	(17.2)	(17.8)
Investment in Earth Data surveys, net cash	(101.6)	(97.0)
Proceeds from disposals of tangible and intangible assets	1.0	0.5
Dividends received from investments in companies under the equity method	–	0.5
Variation in other non-current financial assets	2.0	(3.3)
Net cash-flow from investing activities	(115.7)	(117.0)

FINANCING ACTIVITIES
Repayment of long-term debt	(1,074.5)	(0.4)
Total issuance of long-term debt	945.7	–
Call premium	(21.9)	–
Refinancing transaction costs paid	(3.7)	–
Lease repayments	(26.1)	(27.1)
Interests paid	(40.4)	(43.2)
Dividends paid and share capital reimbursements:
– to owners of Viridien	0	–
– to non-controlling interests of integrated companies	(1.4)	(3.8)
Net cash-flow from financing activities	(222.4)	(74.5)

Effects of exchange rates on cash	3.7	(5.3)
Net cash flows incurred by discontinued operations	(0.4)	29.6
Net increase (decrease) in cash and cash equivalents	(140.1)	12.9
Cash and cash equivalents at beginning of year	301.7	327.0
Cash and cash equivalents at end of period	161.6	339.9

¹ $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
² Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
³ Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
⁴ The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
⁵ $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
⁶ Including a $66m negative foreign exchange impact compared to December 31, 2024
⁷ Post IFRS15 and 16

⁸ IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
⁹ As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

Attachment

Viridien – Q2 2025 results

The MIL Network –

August 5, 2025

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

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

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

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

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

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

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

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

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

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

Concrete titans

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

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

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

Harnessing the rivers

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI –

August 5, 2025
MIL-OSI USA: Reps. Gomez, Costa, Panetta, Harder, Adams Announce Eats Act To Expand Snap Benefit Eligibility To More College Students

Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

WASHINGTON, DC – Today, Congressman Jimmy Gomez (CA-34), along with Reps. Josh Harder (CA-10), Jimmy Panetta (CA-20), Alma Adams (NC-12), Jim Costa (CA-21), and 130 other Members of Congress reintroduced the Enhance Access to SNAP (EATS) Act, which would expand Supplemental Nutrition Assistance Program (SNAP) eligibility to all college students attending 2- and 4-year universities who meet traditional SNAP income and eligibility requirements. Current SNAP eligibility rules only include college students working 20 hours per week or participating in a federal or state work study, or those who meet very specific exemptions. The EATS Act would permanently ensure that low-income college students have equitable access to SNAP benefits by amending the Food and Nutrition Act of 2008 to include “attending an institution of higher education” as another form of qualification in addition to work.

“Too many students are working toward a degree while quietly struggling with hunger,” said Rep. Gomez. “No student should have to choose between focusing on their finals or finding their next meal. It is essential that college students, especially first-generation students and students of color, don’t fall through the cracks. The EATS Act will expand access to SNAP benefits for students and ensure that hunger doesn’t stand in the way of a degree or a better life.”

According to The Hope Center for Student Basic Needs at Temple University, food insecurity is a serious problem on college campuses across the nation, especially for students of color, first generation students, low-income students, and students at community colleges. In 2023-2024, 41% of college students experienced food insecurity. Students of color were more likely to experience basic needs insecurity: 74% of Indigenous, 72% of Black, and 67% of Pacific Islander or Native Hawaiian students experienced food insecurity, housing insecurity, and/or homelessness.

Senator Kristen Gillibrand is introducing companion legislation in the Senate.

“No college student should have to scrounge for food or wonder where they’ll get their next meal,” said Senator Gillibrand. “Food insecurity is a crisis that plagues low-income college students in New York and beyond, and we must do more to combat it. The EATS Act would eliminate work-for-food barriers for low-income students and ensure that as many as 4 million college students nationwide can access the SNAP benefits they need to learn and thrive. This legislation is critical, and I’m committed to fighting for its passage.”

“There are many college students across the country that face food insecurity due to outdated and arbitrary restrictions that block access to SNAP benefits,” said Rep. Panetta. “The EATS Act would eliminate those barriers and expand eligibility so students, including those in California’s CalFresh program, can get the nutrition they need. By removing these unnecessary hurdles, we can ensure that rather than worrying about where their next meal will come from, our students can focus on their education and future success.”

“College students across the nation are going hungry, skipping meals, and can’t afford to make ends meet – it’s unacceptable. No student should have to choose between food and their textbooks,” said Rep. Costa. “Our legislation eliminates barriers and expands SNAP eligibility for college students, so they get the nutrition needed to be successful.”

“This is a commonsense bill – we know our students can’t learn if they’re hungry. One in three college students face food insecurity meaning millions of young people aren’t able to live up to their potential,” said Rep. Harder. “If we want to set future generations up for success, we have to make sure they are getting the nutrition they need. This bill does just that by extending access to SNAP to college students. It’s a no-brainer if we care about our future.”

“As a former college professor of 40 years, I’ve seen students struggle with hunger firsthand and know how it impacts their health and academic achievement. They should be focusing on their education, not where their next meal is coming from, but harsh SNAP restrictions make that impossible for millions of college students, especially after the passage of Republicans’ One Big, Ugly Bill,” said Rep. Adams. “I’m proud to support the EATS Act so we can remove these outdated barriers to SNAP, make college more accessible to low-income families, and ensure no student goes to bed hungry.”

“No student should have to choose between eating and learning. The EATS Act removes outdated and harmful barriers that have long prevented college students—including many student parents and students of color—from accessing SNAP. This bill is a step toward justice—toward a future where an empty stomach isn’t a prerequisite for learning, and where every student is healthy, housed, and fed,” said Shimica Gaskins, President & CEO, GRACE/End Child Poverty California.

“All students should have the resources they need to meet their basic needs. But with one in five experiencing food insecurity and many lacking access to SNAP benefits, this is not their reality. It’s clear the system needs reformed,” said Jessica Thompson, Senior Vice President at The Institute for College Access and Success (TICAS). “Removing the requirement to meet an additional exemption will improve students’ ability to access benefits and better support their academic success. That’s why TICAS is proud to endorse the EATS Act of 2025 – a critical step in addressing food insecurity for this overlooked population.”

“Far too many low-income college students are going hungry, all while juggling family, work, and a full course load in pursuit of economic mobility. Many are parents, caregivers, or older adults returning to school for a better future, but the current system, with its 20-hour per week work requirement, makes this nearly impossible. Balancing work, school, and other responsibilities leaves little time for these students to focus on their education, much less maintain their health or care for their loved ones. Hunger only compounds these challenges, preventing them from fully thriving,” said Crystal FitzSimons, President of the Food Research & Action Center (FRAC). “No student should have to choose between buying food and pursuing an education. Congress must pass the EATS Act to remove outdated barriers to SNAP eligibility and ensure every student has the food they need to learn and thrive.”

The full text of the bill can be found here.

MIL OSI USA News –

August 5, 2025
MIL-OSI Africa: Africa energy efficiency under the spotlight at G20 meeting

Source: Government of South Africa

Africa Energy Commission Executive Director, Rashid Ali Abdallah, has welcomed South Africa’s proposal – through the G20 Presidency legacy programme – to establish an energy efficiency facility.

He was delivering remarks on the sidelines of the third G20 Energy Transitions Working Group (ETWG) meeting in the North West this week.

Abdallah highlighted that for the African Union, energy efficiency is “at the core” of the development agenda through the African Energy Efficiency Strategy – which, amongst others, has set a target to increase energy productivity over the next 25 years.

“To achieve African Energy Productivity target and contribute to the global doubling [of] energy efficiency by 2030… the continent needs access to sustainable finance and a strong coordination of the institutional framework with good human capacity.

“It is for this reason that we welcome the proposal by the South African G20 Presidency to establish an energy efficiency legacy programme. This decision not only compliments our work as the African Union but reinforces the role of energy efficiency in addressing the challenge of energy security and equality,” he said.

According to the United Nations Sustainable Development Group, some 600 million Africans still do not have access to electricity.

Abdallah noted the South African government’s pursuance energy security and access.

“This agenda is particularly relevant to Africa, as the continent is lagging in achieving the Sustainable Development Goal with over 70% of the population living in energy poverty.

“Access to renewable and affordable energy is essential to powering economies and powering essential services such as healthcare, clean water and education and improving living standards,” the Executive Director said.

He added that as the African continent continues to improve sectors, including health, education, water and food security, “the importance of energy efficiency cannot be overlooked”.

“Energy efficiency in Africa spans across all sectors. For example, 40% of utility in Africa Union states report electricity losses of over 20% – a stark contrast to the 6 to 10% seen in developed countries.

“By improving this deficiency, we can save a significant amount of investment on the generation and transmission infrastructure on the continent. This compliments the implementation of the African Single Electricity Market and Continental Power System Master Plan initiative being spearheaded by the African Union,” Abdallah explained.

Savings will also be extended to cash strapped households.

“For household appliances and equipment, market transformation not only saves money but also accelerates access of modern cooking.

“Adopting efficient lighting, modern transformer and cooling appliances has the potential to save African infrastructure investment equivalent to 40GW and more than US $20 billion in savings by 2040,” Abdallah said. – SAnews.gov.za

MIL OSI Africa –

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

Source: Government of South Africa

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI Africa –

August 5, 2025
MIL-OSI Security: IAEA-Supported Laboratory Opens to Fight Microplastics in Galapagos Islands

Source: International Atomic Energy Agency – IAEA

The Galapagos Islands where the Oceanography and Microplastics Laboratory, supported by the IAEA, was established to monitor and analyse microplastic pollution.

A new laboratory supported by the International Atomic Energy Agency (IAEA) was officially inaugurated this month in the Galapagos Islands to address the growing threat of marine microplastic pollution.

The Oceanography and Microplastics Laboratory was established by the government in Ecuador, with support from the IAEA, to monitor and analyse microplastic pollution in the Galapagos Islands. Designated a UNESCO World Heritage Site, the Galapagos Islands are renowned for their extraordinary biodiversity and unique evolutionary adaptations, shaped by their remote location some 1000 kilometres west of mainland Ecuador.

While a robust monitoring and cleanup programme is in place to tackle the estimated six tonnes of plastic waste that wash ashore on the islands each year, microplastics — plastic particles smaller than five millimetres — pose a more complex challenge for the Galapagos National Park, a protected area encompassing 97% of the islands.

Nuclear-derived techniques can help detect and analyse microplastic particles too small for traditional monitoring. The laboratory is now analysing water samples and will be able to analyse sediment, and biota samples from the islands at a microscopic scale to identify the types of polymers and improve the understanding of how they disperse in the marine environment where they can endanger marine life.

In a video address at the opening ceremony for the laboratory on 17 July, IAEA Director General Rafael Mariano Grossi said the laboratory — situated on the Santa Cruz Island — will be an active partner in environmental monitoring and reporting of microplastic pollution for Ecuador, including the Galapagos Islands.

“The laboratory offers new opportunities to conduct studies on the environmental impact on the vulnerable and relevant biodiversity of the Islands, helping authorities to take and implement more precise control measures aimed at the protection and conservation of the Galapagos National Park,” he added.

The new laboratory marks a significant milestone in the IAEA’s NUTEC Plastics initiative, which has supported countries since its launch in 2020 in researching microplastics and applying nuclear techniques to enhance recycling processes. The support to the Galapagos Islands follows the IAEA’s work in Antarctica — another valuable ecosystem — with the launch of microplastics research there in 2024.

The data generated in the new laboratory will enable local and national authorities to more accurately assess plastic pollution levels and design targeted strategies to mitigate their impact. The information will also feed into the IAEA’s coordinated efforts under the IAEA Marine Environment Laboratories in Monaco to build a global network of laboratories with analytical capacities to monitor and mitigate marine microplastic pollution.

The IAEA, through its technical cooperation programme, has also strengthened monitoring and analytical capacities in institutions such as the Galapagos National Park and the Escuela Superior Politécnica del Litoral (ESPOL) in Guayaquil, to address the growing threat of marine pollution from microplastics in the Galapagos Islands. The IAEA has allocated nearly €1 million to provide the new laboratory with equipment and training for monitoring marine stressors such as ocean acidification, eutrophication, and microplastic pollution — all of which threaten the region’s unique biodiversity and ecosystems.

MIL Security OSI –

August 5, 2025
MIL-OSI United Nations: IAEA-Supported Laboratory Opens to Fight Microplastics in Galapagos Islands

Source: International Atomic Energy Agency (IAEA)

A new laboratory supported by the International Atomic Energy Agency (IAEA) was officially inaugurated this month in the Galapagos Islands to address the growing threat of marine microplastic pollution.

The Oceanography and Microplastics Laboratory was established by the government in Ecuador, with support from the IAEA, to monitor and analyse microplastic pollution in the Galapagos Islands. Designated a UNESCO World Heritage Site, the Galapagos Islands are renowned for their extraordinary biodiversity and unique evolutionary adaptations, shaped by their remote location some 1000 kilometres west of mainland Ecuador.

While a robust monitoring and cleanup programme is in place to tackle the estimated six tonnes of plastic waste that wash ashore on the islands each year, microplastics — plastic particles smaller than five millimetres — pose a more complex challenge for the Galapagos National Park, a protected area encompassing 97% of the islands.

Nuclear-derived techniques can help detect and analyse microplastic particles too small for traditional monitoring. The laboratory is now analysing water samples and will be able to analyse sediment, and biota samples from the islands at a microscopic scale to identify the types of polymers and improve the understanding of how they disperse in the marine environment where they can endanger marine life.

In a video address at the opening ceremony for the laboratory on 17 July, IAEA Director General Rafael Mariano Grossi said the laboratory — situated on the Santa Cruz Island — will be an active partner in environmental monitoring and reporting of microplastic pollution for Ecuador, including the Galapagos Islands.

“The laboratory offers new opportunities to conduct studies on the environmental impact on the vulnerable and relevant biodiversity of the Islands, helping authorities to take and implement more precise control measures aimed at the protection and conservation of the Galapagos National Park,” he added.

The new laboratory marks a significant milestone in the IAEA’s NUTEC Plastics initiative, which has supported countries since its launch in 2020 in researching microplastics and applying nuclear techniques to enhance recycling processes. The support to the Galapagos Islands follows the IAEA’s work in Antarctica — another valuable ecosystem — with the launch of microplastics research there in 2024.

The data generated in the new laboratory will enable local and national authorities to more accurately assess plastic pollution levels and design targeted strategies to mitigate their impact. The information will also feed into the IAEA’s coordinated efforts under the IAEA Marine Environment Laboratories in Monaco to build a global network of laboratories with analytical capacities to monitor and mitigate marine microplastic pollution.

The IAEA, through its technical cooperation programme, has also strengthened monitoring and analytical capacities in institutions such as the Galapagos National Park and the Escuela Superior Politécnica del Litoral (ESPOL) in Guayaquil, to address the growing threat of marine pollution from microplastics in the Galapagos Islands. The IAEA has allocated nearly €1 million to provide the new laboratory with equipment and training for monitoring marine stressors such as ocean acidification, eutrophication, and microplastic pollution — all of which threaten the region’s unique biodiversity and ecosystems.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI NGOs: IAEA-Supported Laboratory Opens to Fight Microplastics in Galapagos Islands

Source: International Atomic Energy Agency (IAEA) –

The Galapagos Islands where the Oceanography and Microplastics Laboratory, supported by the IAEA, was established to monitor and analyse microplastic pollution.

A new laboratory supported by the International Atomic Energy Agency (IAEA) was officially inaugurated this month in the Galapagos Islands to address the growing threat of marine microplastic pollution.

The Oceanography and Microplastics Laboratory was established by the government in Ecuador, with support from the IAEA, to monitor and analyse microplastic pollution in the Galapagos Islands. Designated a UNESCO World Heritage Site, the Galapagos Islands are renowned for their extraordinary biodiversity and unique evolutionary adaptations, shaped by their remote location some 1000 kilometres west of mainland Ecuador.

While a robust monitoring and cleanup programme is in place to tackle the estimated six tonnes of plastic waste that wash ashore on the islands each year, microplastics — plastic particles smaller than five millimetres — pose a more complex challenge for the Galapagos National Park, a protected area encompassing 97% of the islands.

Nuclear-derived techniques can help detect and analyse microplastic particles too small for traditional monitoring. The laboratory is now analysing water samples and will be able to analyse sediment, and biota samples from the islands at a microscopic scale to identify the types of polymers and improve the understanding of how they disperse in the marine environment where they can endanger marine life.

In a video address at the opening ceremony for the laboratory on 17 July, IAEA Director General Rafael Mariano Grossi said the laboratory — situated on the Santa Cruz Island — will be an active partner in environmental monitoring and reporting of microplastic pollution for Ecuador, including the Galapagos Islands.

“The laboratory offers new opportunities to conduct studies on the environmental impact on the vulnerable and relevant biodiversity of the Islands, helping authorities to take and implement more precise control measures aimed at the protection and conservation of the Galapagos National Park,” he added.

The new laboratory marks a significant milestone in the IAEA’s NUTEC Plastics initiative, which has supported countries since its launch in 2020 in researching microplastics and applying nuclear techniques to enhance recycling processes. The support to the Galapagos Islands follows the IAEA’s work in Antarctica — another valuable ecosystem — with the launch of microplastics research there in 2024.

The data generated in the new laboratory will enable local and national authorities to more accurately assess plastic pollution levels and design targeted strategies to mitigate their impact. The information will also feed into the IAEA’s coordinated efforts under the IAEA Marine Environment Laboratories in Monaco to build a global network of laboratories with analytical capacities to monitor and mitigate marine microplastic pollution.

The IAEA, through its technical cooperation programme, has also strengthened monitoring and analytical capacities in institutions such as the Galapagos National Park and the Escuela Superior Politécnica del Litoral (ESPOL) in Guayaquil, to address the growing threat of marine pollution from microplastics in the Galapagos Islands. The IAEA has allocated nearly €1 million to provide the new laboratory with equipment and training for monitoring marine stressors such as ocean acidification, eutrophication, and microplastic pollution — all of which threaten the region’s unique biodiversity and ecosystems.

MIL OSI NGO –

August 5, 2025
MIL-OSI USA: Early-Career Spotlight: From Astrophysics to Applied Artificial Intelligence, Hilary Egan Charts a Creative Path Through Science

Source: US National Renewable Energy Laboratory

Welcome to the Materials, Chemical, and Computational Science (MCCS) Early-Career Spotlight, a monthly feature showcasing NREL’s early-career researchers’ interests, motivations, and achievements. This month, features Hilary Egan, who has been a data scientist at NREL since 2020.

When not in the lab solving AI problems, Hilary Egan enjoys outdoor activities like paddleboarding, climbing, and biking. Photo by Hilary Egan, NREL

For Hilary Egan, a data scientist at NREL, a career in science was not a straight line but rather one shaped by curiosity, adaptability, and a deep interest in computational problem-solving.

“I was born in Germany to Canadian parents, and we moved around a lot throughout Canada and the United States,” Egan said. “When it came time for college, I landed at Michigan State University, majoring in physics with minors in math and computer science. I dabbled in experimental physics and worked in a laser lab early on, but honestly, I was a little too clumsy for it. I wanted something that connected all my interests.”

That desire to connect the dots led Egan to computational physics, where she found her stride.

“I started working at the high-performance computing center on campus and eventually joined an astronomy lab doing computational research—I absolutely loved it,” she said. That experience inspired her to pursue a Ph.D. in astrophysics and planetary science at the University of Colorado Boulder, with a strong focus on computation.

From Fellowship to National Laboratory Career

Egan’s graduate work was supported by the U.S. Department of Energy Computational Science Graduate Fellowship, a pivotal experience that introduced her to the national laboratory system.

“Through the fellowship, I had the opportunity to intern at NREL. I wanted to challenge myself and get outside my comfort zone, and NREL’s mission really resonated with me,” she said. “I was also curious about artificial intelligence (AI), which was just starting to gain momentum. During my internship, I worked on using AI to predict data center loads and align them with renewable energy availability. It was a great experience, and I was lucky to come back to NREL after finishing my Ph.D. I’ve been here ever since.”

Today, Egan applies her expertise in AI and computational science to a wide range of energy challenges.

“My work spans applied AI and computational methods across NREL’s mission space—from enhancing energy efficiency in data centers to using AI to accelerate building retrofits to developing autonomous laboratory systems,” she said.

This year, she is on detail to the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy, where she is helping coordinate an agencywide AI strategy.

Embracing Growth, in Science and Beyond

What Egan enjoys most about her work is the constant opportunity to learn.

“I love getting to be a bit of a scientific dilettante,” she said. “I wasn’t interested in narrowing my focus to one small corner of science for my entire career. At NREL, I get to explore new areas and work with incredibly smart, passionate people who care deeply about the mission. It’s really inspiring.”

Egan credits strong communication skills as one of the most valuable tools in her professional toolkit.

“To me, scientific communication means understanding your audience, writing clearly, and giving compelling presentations,” she said. “I’ve developed those skills through everything from taking writing-focused liberal arts courses in college to writing science blogs and even doing community theater. Getting feedback from different audiences is key—it teaches you where the message isn’t landing and why.”

Outside the lab, Egan brings the same curiosity and enthusiasm to her free time.

“I’m definitely a serial hobby picker-upper,” she said. “I love climbing, mountain biking, birding, and paddleboarding. I also read constantly, and I’ve spent years playing and coaching competitive ultimate frisbee. Lately, I’ve been sewing and just started pottery classes. I kind of run my free time like a kid at summer camp!”

From astrophysics to AI-driven energy solutions, Egan exemplifies the spirit of scientific exploration and innovation that drives NREL forward.

Learn more about NREL’s computational science and AI research.

MIL OSI USA News –

August 5, 2025
MIL-OSI Africa: Golar LNG Strengthens Africa Commitment as Chief Commercial Officer (CCO) Federico Petersen Joins African Energy Week (AEW) 2025 Speaker Lineup

Source: APO – Report:

Federico Petersen, Chief Commercial Officer of marine LNG infrastructure operator Golar LNG, has confirmed his participation as a speaker at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. His participation follows a series of landmark achievements across the continent, positioning Golar LNG at the forefront of Africa’s natural gas revolution.

In July 2025, the company announced that its Gimi floating LNG (FLNG) unit has reached commercial operations date under a 20-year lease-and-operate agreement for the Greater Tortue Ahmeyim (GTA) project offshore Senegal and Mauritania. Backed by an estimated 15 trillion cubic feet (tcf) of natural gas, the Gimi facility will produce 2.4 million tons per annum (mtpa) of LNG, ramping up to its nameplate capacity of 2.7 mtpa.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://AECWeek.com/ for more information about this exciting event.

In Nigeria, Golar LNG signed a project development agreement in June 2024 with global energy company the Nigerian National Petroleum Corporation for the deployment of a new FLNG facility offshore the Niger Delta. With a planned processing capacity of 400-500 million standard cubic feet per day, the facility will produce LNG, LPG and condensate, with first gas targeted for 2027.

The project falls under Nigeria’s broader “Decade of Gas” initiative, which aims to monetize the country’s 209 tcf of gas reserves and accelerate energy access and industrial growth. Supported by reforms such as the Petroleum Industry Act and the Nigerian Gas Flaring Commercialization Program, the project is a critical step toward establishing Nigeria as a global gas hub.

In Cameroon, Golar LNG operates the Hilli Episeyo FLNG facility offshore Kribi, which made history as the world’s first LNG conversion and the project that introduced Cameroon as the world’s 20^th LNG-exporting nation in 2018. In October 2023, the vessel offloaded its 100^th LNG cargo to the Energy Integrity, underscoring nearly six years of reliable operations.

With a nameplate capacity of 2.4 mtpa and a strong track record of commercial uptime, Hilli Episeyo continues to serve as a benchmark for small- and mid-scale FLNG deployment. Golar LNG holds a 50% interest in Trains 1 and 2, with the facility enabling the monetization of associated gas while contributing to regional energy diversification and security.

“Golar LNG’s proven ability to deliver bankable, scalable FLNG infrastructure in frontier markets has redefined what’s possible for gas monetization in Africa. With operations in Senegal, Mauritania, Nigeria and Cameroon, the company is a true partner to Africa’s energy future,” states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber.

Federico’s participation at AEW: Invest in African Energies highlights Golar LNG’s commitment to advancing FLNG development and natural gas monetization across Africa. In line with the company’s growing presence in Africa’s energy landscape, Golar LNG will participate as a Gold Partner at this year’s edition of the conference and exhibition, which serves as a strategic platform to showcase innovative FLNG solutions and a long-term commitment to the continent’s energy development.

– on behalf of African Energy Chamber.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI Africa: Tullow’s Gabon Exit Highlights Rising Role of African Firms in Upstream Sector

Source: APO – Report:

Tullow Oil has finalized the sale of its non-operated interests in Gabon to Gabon Oil Company (GOC) for $307 million, marking a strategic portfolio shift for the UK-based independent and a notable development for Gabon’s energy sector. The transaction transfers Tullow’s remaining production interests – estimated to contribute approximately 10,000 barrels per day in 2025 – to the state-owned company and concludes over two decades of Tullow’s presence in the country.

The African Energy Chamber (AEC) supports this transaction, viewing it as a constructive milestone for Africa’s oil and gas sector. While international companies remain essential to the development of the continent’s energy resources, the AEC sees the growing operational capacity of national and regional firms as a sign of a maturing sector – one that increasingly encourages balanced partnerships between foreign and local players.

“This deal is not just about asset transfers, but about momentum,” says NJ Ayuk, Executive Chairman of the AEC. “African companies are stepping up, taking on more responsibility, and proving their ability to manage complex upstream operations. It shows the value of partnership and long-term investment in building capacity on the continent.”

Rather than a retreat from foreign participation, the deal underscores the potential for new kinds of collaboration – where African national oil companies (NOCs) are not just resource holders but active participants with operational and commercial expertise. GOC, which has steadily expanded its portfolio since its establishment in 2011, is among a growing group of African NOCs taking on greater roles in the day-to-day management of assets.

Tullow, for its part, views the sale as a key step in focusing on its core operated assets in Ghana and Ivory Coast while strengthening its balance sheet. Proceeds from the transaction will go toward repaying the company’s $150 million revolving credit facility, helping improve financial resilience and allowing Tullow to pursue a more streamlined investment strategy.

As the energy landscape in Africa evolves, deals like this one signal increased dynamism within the sector. Indigenous and national companies are becoming more confident and capable participants, while foreign investors continue to find value in working alongside local partners who bring deep market knowledge, regional networks and a long-term commitment to development. The AEC maintains that this balanced model – where African and international firms grow together – will be key to the continent’s future energy success.

– on behalf of African Energy Chamber.

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI United Kingdom: Highland Council hails the importance of Nigg, as port changes hands

Source: Scotland – Highland Council

Wind turbine components at Nigg Bay. Pic Highland Council

Highland Council has today hailed the importance of the Port of Nigg to the region’s economy after ownership of the facility formally changed hands.

The multi-sector energy port forms part of the Inverness and Cromarty Firth Green Freeport – a partnership of public and private sector organisations, including The Highland Council, which aims to ensure the Cromarty Firth and wider region becomes a major global hub for green energy, delivering transformational benefits to Highland communities and the decarbonisation agenda.

The Port of Nigg has been sold by Global Energy Group (GEG) to Mitsui Group, a Japanese trading and investment group which has been an investor in GEG since 2012 and which will now drive the next stage of development at Nigg.

Highland Council praised the contributions made by Roy MacGregor and Global Energy Group, and wished the new owners continued success.

Highland Council leader Raymond Bremner said: “Roy MacGregor and the Global Energy Group have established an outstanding facility which has been integral to the establishment of the Inverness and Cromarty Firth Green Freeport and which has led the way in supporting the country’s energy transition.

“The legacy they leave is a substantial one – significant inward investment and jobs for the Highlands.

“We wish the new owners every success as they drive the next stage of development at Nigg, building on the solid foundations which have delivered long-term, secure, skilled employment.”

Highland Council convener Bill Lobban said: “Green energy continues to offer hope and opportunity for present and future generations to develop a highly skilled career without having to leave the region.

“Though under new ownership, we have no doubt the port will continue to innovate and grow as Scotland’s energy transition continues apace, and Nigg will continue to be a tribute to all that Roy has achieved to date.”

31 Jul 2025

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MIL OSI United Kingdom –

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

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

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

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

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

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

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

EIB road financing in Cyprus

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

Background information

EIB

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

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

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

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

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

EIB supports €100 million initiative to improve Cyprus’s road network
EIB supports €100 million initiative to improve Cyprus’s road network
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MIL OSI Europe News –
August 5, 2025
MIL-OSI USA: Non-Partisan Watchdog: President Trump and Russ Vought Continue to Steal from America’s Students and Schools

Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

Toledo, OH — Today, the non-partisan Government Accountability Office (GAO) issued a decision finding that the Department of Energy violated the Impoundment Control Act. After investigating delayed awards for the Department of Energy’s Renew America’s Schools Program, GAO confirmed what we already knew: President Trump and Office of Management and Budget (OMB) Director Russ Vought’s theft of appropriated funds violates the Impoundment Control Act.

This decision respects Congress’s constitutional primacy over appropriations and the Congress’s role in passing annual appropriations Acts, including appropriations to provide funding for schools to help schools decrease energy costs, improve indoor air quality, and foster healthier learning environments.

“GAO’s legal determination confirms the illegality of DOE’s wider pattern of freezing appropriated funds for energy programs. DOE’s delays of critical energy funding for policy reasons lay bare an appalling betrayal of working families,” said Energy and Water Development and Related Agencies Appropriations Subcommittee Ranking Member Marcy Kaptur (OH-09). “These program freezes cede our global clean energy leadership to Communist China and force Americans to pay higher energy bills. DOE’s partisan overreach must end now. They must release the funds immediately so communities and families can drive down costs, improve our infrastructure, and secure America’s energy independence in perpetuity.”

“President Trump, Russ Vought, and Secretary Wright continue to steal from Americans to concentrate absolute power in the executive branch. This time, they are stealing from our nation’s schoolchildren, who deserve a healthy environment to learn in – and from school districts looking to lower their energy costs. The Government Accountability Office (GAO), our government’s preeminent nonpartisan watchdog, has yet again plainly demonstrated that the Department of Energy is engaged in a broad pattern of unlawfully freezing critical energy investments, forcing Americans to pay higher energy bills,” said House Appropriations Committee Ranking Member Rosa DeLauro (CT-03). “Their unlawful impoundments are not limited to Renew America’s Schools; they are threatening vital clean energy and efficiency initiatives that help drive down costs and modernize our infrastructure. I will continue to say it: Russ Vought is behind the lawless destruction and upheaval of our government and must be removed from his position. Russ Vought is an unelected bureaucrat, much like those he professes to detest, and he has decided that his views, and his priorities, are superior to the priorities, directives, and decisions of the Democratic and Republican representatives in the United States Congress. He has shown time and again that he is willing to break the law and hurt Americans in order to fund tax breaks for billionaires and big corporations. He must be stopped.”

The US Department of Energy (DOE) launched the $500 Million Renew America’s Schools Program to promote the implementation of energy improvements at K-12 public schools across the country. This first-of-its-kind investment aims to help school communities make energy upgrades that will decrease energy use and costs, improve indoor air quality, and foster healthier learning environments. To date, the Renew America’s Schools Program has invested hundreds of millions in public school districts across America, supporting capacity-building initiatives for energy management at over two dozen Local Educational Agencies (LEAs), and funding improvement projects at more than 400 facilities across 36 states – directly benefitting over 197,000 students and 14,000 teachers.

In April, Ranking Member DeLauro and Vice Chair Murray first released a joint tracker on the funds President Trump and Russ Vought are stealing from American communities. This tracker — the first of its kind — puts a spotlight on the frozen funds across our government, including the $77 Billion for Department of Energy programs. See the updated tracker here.

Ranking Member DeLauro has been sounding the alarm on impoundment since President Trump was reelected. In December 2024, she released this fact sheet laying the groundwork on President Trump’s uninformed and unconstitutional impoundment plan.

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MIL OSI USA News –

August 5, 2025

MIL-OSI: NCS Multistage Holdings, Inc. Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Second Quarter Results

Total revenues of $36.5 million, a 23% year-over-year improvement
Net income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in Canada
Adjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement
$25.4 million in cash and $7.7 million of total debt as of June 30, 2025

HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2025.

Review and Outlook

NCS’s Chief Executive Officer, Ryan Hummer commented, “Our team at NCS has continued to enable strong operational and financial performance in an industry and market environment marked by uncertainty. Our revenue and Adjusted EBITDA for the second quarter exceeded the high end of the expectations we provided in our last earnings call and our year-over-year revenue improvement for the quarter of 23% outperformed industry activity levels, demonstrating the value we bring to our customers.

Furthermore, our revenue and Adjusted EBITDA for the first six months of 2025 have improved by $12.9 million, or 18%, and $3.4 million, or 49%, respectively, as compared to 2024, as we continue to benefit from our core strategies of building upon our leading market positions, capitalizing on international and offshore opportunities and commercializing innovative solutions to complex customer challenges.

We have maintained our strong balance sheet, ending the second quarter with over $25 million in cash and over $17 million in availability under our undrawn credit facility and only $8 million in debt, comprised entirely of capital leases.

We’re also excited to announce today’s acquisition of Reservoir Metrics, LLC, and its related entities (“ResMetrics”). ResMetrics, a leader in reservoir analysis utilizing chemical tracer technology, is a profitable and rapidly growing business serving a high-quality customer base in the U.S. and internationally. For the trailing twelve months ended June 30, 2025, ResMetrics’ unaudited revenue was over $10 million with an EBITDA margin of over 30%. We believe that ResMetrics’ business is highly complementary with NCS’s tracer diagnostics service line, and we look forward to working with the ResMetrics team to deliver valuable and actionable reservoir insights to our customers. This all-cash transaction represents a strategic fit for NCS operationally, a strategic use of our balance sheet, and adds to our talented team.

This has been a strong start to 2025 for NCS and we remain cautiously optimistic about the second half of the year. That optimism is tempered by market conditions that have continued to deteriorate, with continued U.S. rig count declines, a slower than normal rig count recovery in Canada following spring break-up, the potential for an oversupplied oil market in late 2025 as announced OPEC+ oil supply increases materialize, and ongoing uncertainties related to tariffs and trade.

I want to extend my continued appreciation to the outstanding teams at NCS and Repeat Precision and welcome the ResMetrics team to NCS. Our results, and the opportunities ahead, reflect the vision, ability and commitment of our people and our aligned pursuit of NCS’s strategic priorities. We have the right people, the right technology, and the right strategies in place to deliver tangible benefits to our customers, develop industry solutions, and create shareholder value.”

Financial Review

Total revenues were $36.5 million for the quarter ended June 30, 2025 compared to $29.7 million for the second quarter of 2024. Revenue growth was driven primarily by increased fracturing systems activity and frac plug sales in Canada and the United States. The increase for Canada occurred despite a decline in Canadian rig counts during 2025, reflecting more activity with customers that remained active during spring break-up. Our international revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, partially offset by higher sales of well construction products in the Middle East and fracturing systems equipment in the North Sea.

Compared to the first quarter of 2025, total revenues decreased by 27%, primarily due to a decrease in Canada of 52%, attributable to the normal seasonal decline associated with spring break-up, partially offset by an increase of 67% in international revenues and a 45% increase in U.S. revenues.

Gross profit was $12.3 million, or a gross margin of 34%, for the second quarter of 2025, compared to $11.3 million, or a gross margin of 38%, for the second quarter of 2024. Gross margin for 2025 declined, reflecting the mix of products sold and services provided during the respective periods. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $13.0 million, or an adjusted gross margin of 36%, for the second quarter of 2025, compared to $12.0 million, or 40%, for the second quarter of 2024.

Selling, general and administrative (“SG&A”) expenses totaled $13.6 million for the second quarter of 2025, a decrease of $1.2 million compared to the same period in 2024, with a decrease in professional fees, lower payroll and employee benefit expenses, and a decrease in research and development expense, partially offset by higher share-based compensation expense attributable to cash settled awards remeasured at the balance sheet date based on the price of our common stock.

Other income was $1.6 million for the second quarter of 2025 compared to $2.2 million for the second quarter of 2024. The decline in other income reflects a reduction in the amount attributable to the technical services and assistance agreement with our local partner in Oman, as the program ended in November 2024, with no contribution associated with this agreement in the second quarter of 2025. In addition, there was a year-over-year decrease in royalty income earned from licensees for these periods, as the second quarter of 2024 included an initial payment from a new licensee reflecting both current and certain historical volumes.

Income tax benefit was $1.0 million for the second quarter of 2025 compared to an expense of $0.3 million for the second quarter of 2024. As of June 30, 2025, we reversed a portion of the valuation allowance previously recorded against the deferred tax assets of our Canadian operating subsidiary due to sustained improvements in operating results, including a return to profitability and forecasts of future taxable income that are sufficient to realize the remaining deferred tax assets. The reversal of the valuation allowance resulted in a deferred income tax benefit of $1.4 million during the period ended June 30, 2025.

Net income was $0.9 million, or $0.34 per diluted share, for the quarter ended June 30, 2025 compared to a net loss of $(3.1) million, or $(1.21) per share for the quarter ended June 30, 2024.

Adjusted EBITDA was $2.2 million for the quarter ended June 30, 2025, an increase of $1.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in revenues and lower SG&A expenses. Adjusted EBITDA margin of 6% for the quarter ended June 30, 2025, compared to 3% for the same period a year ago.

Cash flow from operating activities for the six months ended June 30, 2025 was a source of cash of $1.9 million, a $2.2 million decrease compared to the same period in 2024. For the six months ended June 30, 2025, free cash flow less distributions to non-controlling interest was a source of cash of $0.5 million compared to $3.2 million for the same period in 2024. The overall change in free cash flow was largely attributed to our change in net working capital including payment of incentive bonuses and cash-settled awards in the first quarter of 2025 and an increase in the amount distributed to our non-controlling interest in 2025, partially offset by an increase in net income in 2025.

Liquidity and Capital Expenditures

As of June 30, 2025, NCS had $25.4 million in cash, $7.7 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $17.2 million. Our working capital, defined as current assets minus current liabilities, was $87.2 million and $80.2 million as of June 30, 2025 and December 31, 2024, respectively.

Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.0 million and $56.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in net working capital was primarily attributable to an increase in accounts receivable and inventory and a decrease in accrued expenses and other current liabilities due in part to payment of our 2024 incentive bonus and cash-settled awards in the first quarter of 2025, partially offset by an increase in accounts payable.

NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

Strategic Acquisition of Reservoir Metrics, LLC

On July 31, 2025, we acquired 100% of the equity interests of ResMetrics, a provider of tracer diagnostics services, for $5.9 million, on a cash-free, debt-free basis, in cash and assumed debt, subject to a working capital adjustment, with an additional earn-out of up to $1.3 million to be paid in early 2026, depending solely on changes in international trade tariff rates for certain chemical imports during 2025. We believe the purchase of ResMetrics will further expand and complement our existing tracer diagnostics offerings.

Conference Call

The Company will host a conference call to discuss its second quarter 2025 results and latest earnings guidance on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About NCS Multistage Holdings, Inc.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact

Mike Morrison
Chief Financial Officer and Treasurer
(281) 453-2222
IR@ncsmultistage.com

NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Revenues
Product sales	$	27,776		$	19,022		$	62,842		$	50,780
Services		8,678			10,668			23,617			22,768
Total revenues		36,454			29,690			86,459			73,548
Cost of sales
Cost of product sales, exclusive of depreciation and amortization expense shown below		18,214			12,209			38,566			31,901
Cost of services, exclusive of depreciation and amortization expense shown below		5,242			5,510			13,040			12,105
Total cost of sales, exclusive of depreciation and amortization expense shown below		23,456			17,719			51,606			44,006
Selling, general and administrative expenses		13,626			14,820			29,821			28,650
Depreciation		1,235			1,134			2,439			2,207
Amortization		167			167			334			334
(Loss) income from operations		(2,030	)		(4,150	)		2,259			(1,649	)
Other income (expense)
Interest expense, net		(68	)		(115	)		(110	)		(215	)
Other income, net		1,563			2,203			2,446			3,340
Foreign currency exchange gain (loss), net		1,201			(507	)		1,198			(1,005	)
Total other income		2,696			1,581			3,534			2,120
Income (loss) before income tax		666			(2,569	)		5,793			471
Income tax (benefit) expense		(1,032	)		270			(359	)		757
Net income (loss)		1,698			(2,839	)		6,152			(286	)
Net income attributable to non-controlling interest		774			256			1,172			739
Net income (loss) attributable to NCS Multistage Holdings, Inc.	$	924		$	(3,095	)	$	4,980		$	(1,025	)
Earnings (loss) per common share
Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.	$	0.36		$	(1.21	)	$	1.93		$	(0.41	)
Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.	$	0.34		$	(1.21	)	$	1.84		$	(0.41	)
Weighted average common shares outstanding
Basic		2,594			2,548			2,581			2,528
Diluted		2,734			2,548			2,704			2,528

NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)

	June 30,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	25,372		$	25,880
Accounts receivable—trade, net		34,216			31,513
Inventories, net		43,510			40,971
Prepaid expenses and other current assets		2,707			2,063
Other current receivables		5,165			5,143
Total current assets		110,970			105,570
Noncurrent assets
Property and equipment, net		20,470			21,283
Goodwill		15,222			15,222
Identifiable intangibles, net		3,356			3,690
Operating lease assets		5,468			5,911
Deposits and other assets		622			712
Deferred income taxes, net		1,869			424
Total noncurrent assets		47,007			47,242
Total assets	$	157,977		$	152,812
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable—trade	$	9,997		$	8,970
Accrued expenses		6,803			8,351
Income taxes payable		790			683
Operating lease liabilities		1,685			1,602
Current maturities of long-term debt		2,200			2,141
Other current liabilities		2,331			3,672
Total current liabilities		23,806			25,419
Noncurrent liabilities
Long-term debt, less current maturities		5,462			6,001
Operating lease liabilities, long-term		4,338			4,891
Other long-term liabilities		206			206
Deferred income taxes, net		186			186
Total noncurrent liabilities		10,192			11,284
Total liabilities		33,998			36,703
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024		—			—
Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at June 30, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024		26			26
Additional paid-in capital		448,582			447,384
Accumulated other comprehensive loss		(85,916	)		(87,604	)
Retained deficit		(254,044	)		(259,024	)
Treasury stock, at cost, 66,513 shares at June 30, 2025 and 56,549 shares at December 31, 2024		(2,211	)		(1,943	)
Total stockholders’ equity		106,437			98,839
Non-controlling interest		17,542			17,270
Total equity		123,979			116,109
Total liabilities and stockholders’ equity	$	157,977		$	152,812

NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
	Six Months Ended
	June 30,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	6,152		$	(286	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		2,773			2,541
Amortization of deferred loan costs		104			103
Share-based compensation		2,837			2,062
Provision for inventory obsolescence		191			679
Deferred income tax (benefit) expense		(1,398	)		21
Gain on sale of property and equipment		(475	)		(340	)
Provision for (recovery of) credit losses		19			(5	)
Net foreign currency unrealized (gain) loss		(1,854	)		956
Proceeds from note receivable		—			61
Changes in operating assets and liabilities:
Accounts receivable—trade		(1,827	)		(1,024	)
Inventories, net		(1,476	)		(1,501	)
Prepaid expenses and other assets		972			(619	)
Accounts payable—trade		1,719			1,353
Accrued expenses		(1,680	)		1,761
Other liabilities		(4,101	)		(2,092	)
Income taxes receivable/payable		(80	)		429
Net cash provided by operating activities		1,876			4,099
Cash flows from investing activities
Purchases of property and equipment		(745	)		(633	)
Purchase and development of software and technology		—			(53	)
Proceeds from sales of property and equipment		271			293
Net cash used in investing activities		(474	)		(393	)
Cash flows from financing activities
Payments on finance leases		(1,072	)		(932	)
Line of credit borrowings		2,338			2,974
Payments of line of credit borrowings		(2,338	)		(2,974	)
Treasury shares withheld		(268	)		(237	)
Distribution to noncontrolling interest		(900	)		(500	)
Net cash used in financing activities		(2,240	)		(1,669	)
Effect of exchange rate changes on cash and cash equivalents		330			(143	)
Net change in cash and cash equivalents		(508	)		1,894
Cash and cash equivalents beginning of period		25,880			16,720
Cash and cash equivalents end of period	$	25,372		$	18,614
Noncash investing and financing activities
Assets obtained in exchange for new finance lease liabilities	$	723		$	1,821
Assets obtained in exchange for new operating lease liabilities	$	247		$	—

NCS MULTISTAGE HOLDINGS, INC. REVENUES BY GEOGRAPHIC AREA (In thousands) (Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
United States
Product sales	$	11,930	$	8,550	$	18,797	$	16,317
Services		1,682		3,241		4,187		5,485
Total United States		13,612		11,791		22,984		21,802
Canada
Product sales		13,021		8,263		39,864		30,938
Services		4,948		3,795		15,823		12,789
Total Canada		17,969		12,058		55,687		43,727
Other Countries
Product sales		2,825		2,209		4,181		3,525
Services		2,048		3,632		3,607		4,494
Total other countries		4,873		5,841		7,788		8,019
Total
Product sales		27,776		19,022		62,842		50,780
Services		8,678		10,668		23,617		22,768
Total revenues	$	36,454	$	29,690	$	86,459	$	73,548

NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

NET WORKING CAPITAL

Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

	June 30,			December 31,
	2025			2024
Working capital	$	87,164		$	80,151
Cash and cash equivalents		(25,372	)		(25,880	)
Current maturities of long term debt		2,200			2,141
Net working capital	$	63,992		$	56,412

NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)

ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Total revenues	$	36,454		$	29,690		$	86,459		$	73,548
Total cost of sales, exclusive of depreciation and amortization expense		23,456			17,719			51,606			44,006
Total depreciation and amortization associated with cost of sales		729			653			1,444			1,269
Gross Profit	$	12,269		$	11,318		$	33,409		$	28,273
Gross Margin		34	%		38	%		39	%		38	%
Exclude total depreciation and amortization associated with cost of sales		(729	)		(653	)		(1,444	)		(1,269	)
Adjusted Gross Profit	$	12,998		$	11,971		$	34,853		$	29,542
Adjusted Gross Margin		36	%		40	%		40	%		40	%

NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)

EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Net income (loss)	$	1,698		$	(2,839	)	$	6,152		$	(286	)
Income tax (benefit) expense		(1,032	)		270			(359	)		757
Interest expense, net		68			115			110			215
Depreciation		1,235			1,134			2,439			2,207
Amortization		167			167			334			334
EBITDA		2,136			(1,153	)		8,676			3,227
Share-based compensation (a)		646			667			1,198			1,433
Professional fees (b)		370			677			1,359			930
Foreign currency exchange (gain) loss (c)		(1,201	)		507			(1,198	)		1,005
Other (d)		272			218			402			398
Adjusted EBITDA	$	2,223		$	916		$	10,437		$	6,993
Adjusted EBITDA Margin		6	%		3	%		12	%		10	%
Adjusted EBITDA Less Share-Based Compensation	$	1,577		$	249		$	9,239		$	5,560

_______________________

(a)	Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
(b)	Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions.
(c)	Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
(d)	Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)

FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

	Six Months Ended
	June 30,
	2025			2024
Net cash provided by operating activities	$	1,876		$	4,099
Purchases of property and equipment		(745	)		(633	)
Purchase and development of software and technology		—			(53	)
Proceeds from sales of property and equipment		271			293
Free cash flow	$	1,402		$	3,706
Distributions to non-controlling interest		(900	)		(500	)
Free cash flow less distributions to non-controlling interest	$	502		$	3,206

The MIL Network –

August 5, 2025

MIL-OSI Africa: African Peace Award 2025

Source: APO – Report:

I bring you compliments from the board and management of African Peace Magazine UK (https://AfricanPeace.org).

On behalf of the Chairman Justice Suleiman Galadima, JSC, OFR, CFR (Rtd.) African Peace Magazine UK, humbly wish to specially invite you to attend the Hybrid and in person Award.

The African Peace Magazine UK, in conjunction with her strategic partners: Rethink Africa Foundation, African Fact Checkers, Centre for peace and Conflict management in Africa, African Right Watch Television Ltd and several others is set to host the 15^th Edition of the prestigious African Peace Awards, it is scheduled to hold in London England with the theme “The Magic of Peace”.

African Peace Magazine UK, has been publishing for well over 15 years, and we are committed to promoting Peace, business networking, good governance and improved condition of living for Africans.

Established in 2009, African Peace Award is an international award presented annually to honor individuals and organizations in various fields that have made outstanding contributions toward the realization of a peaceful and harmonious world as envisioned in the Declaration for All Life on Earth. They are selected not only in recognition of their past achievements, but for their ongoing contribution to building a better future. www.AfricanPeaceAwards.com

African Peace Award is usually presented at a ceremony during the annual dinner and lecture, where the laureate takes center stage to deliver a commemorative address and receive a medal and a diploma together with a monetary prize.

In addition to this annual award, the Culture of Peace Special Award is presented occasionally to honor individuals and organizations in various fields that have notably contributed to spreading and fostering a Culture of Peace around the world.

The event is designed to host business, political, and diplomatic leaders. It is set to have in attendance, policy makers and think-tanks on Africa and Africa related issues.

The African Peace Awards 2025 seeks to honor persons, institutions, organization, governments and others whose actions, and efforts have in one way improved or contributed to peace keeping and conflict management in Africa as well as improving the lives of Africans.

The African Peace brand has noted that Peace promotion and conflict management in any society alleviates uncertainty and risk which in turn promotes economic growth in any given community. It contributes to the economic growth of the community by increasing the productivity in capital and labour as well as good governance.

The African Peace brand introduces its awards in the hopes of promoting peace globally and specifically in Africa with the hope of effecting change in Africa first and then globally.

Several African Presidents, heads of Government, first ladies, past president and Vice presidents, top business CEOs, diplomats and others have received the Award in the past.

– on behalf of African Peace Magazine.

Contact Information:
Attendance is strictly by invitation. For your VIP and VVIP Access cards
To get you invite kindly contact us:
+447771217805
+2348033975746
+447407399766
+1(443)8835678

For sponsorship, partnership, Exhibition and speaking opportunities and all other enquiries please contact:
Chia Sandra
International Affairs
+2348033975746
+447407399766

Nigeria Abuja Office:
Suite FT 12B Alibro Atrium Plaza Utako Abuja
+2348033975746

South African Office:
16 Ridge Road Vorna Valley Midland 1686 South Africa
+27662449117

Angola:
Call +244928690892
+244993656970
+244927589884

London Office:
10 Saint Andrew Road Bedford MK 402LJ England
Call +447777121780
WhatsApp +447407399766

Email: africanpeacemag@gmail.com

Social Media:
Twitter: https://apo-opa.co/4l31pm5
Facebook: https://apo-opa.co/4fhNOWK
Instagram: https://apo-opa.co/3UBY3eS
LinkedIn: https://apo-opa.co/4lTpnBc

About African Peace Magazine:
The African Peace Magazine is published by African Peace Magazine (U.K.) Limited, a company registered in the United Kingdom. We are also registered in Nigeria, Angola and South Africa. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today.

Websites: https://AfricanPeace.org
www.AfricanPeaceAwards.com
https://AfricanOilAndGasSummit.com

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI Russia: K. Kaladze nominated as candidate for Tbilisi mayor by ruling Georgian Dream party

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

Tbilisi, July 31 (Xinhua) — Georgia’s ruling Georgian Dream party has officially nominated Kakha Kaladze as the mayor of Tbilisi in the upcoming local elections. The official presentation of the candidate took place in the capital’s Mtatsminda Park on Thursday.

“Running for the post of Tbilisi mayor for the third time in a row is a huge responsibility. For me, this is another great opportunity to serve our beautiful Tbilisi and the people of Tbilisi. I want to thank our political team for the trust they have shown me,” said K. Kaladze.

K. Kaladze has held this post since 2017. Since 2013, he has also been the Secretary General of the Georgian Dream party. From 2012 to 2017, he held the posts of Minister of Energy and Vice Prime Minister of Georgia. –0–

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

.

MIL OSI Russia News –

August 5, 2025

MIL-OSI: FLINT Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three and six months ended June 30, 2025. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.

“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

“Our continued commitment to quality execution and disciplined business optimization was once again evident this quarter. Despite a year over year decline in revenues, we delivered improved operating results, demonstrating the resilience of our operating model and the strength of our team,” said Barry Card, Chief Executive Officer.

“Second quarter revenues, gross profit, and Adjusted EBITDAS all increased compared to the first quarter of 2025. Activity levels were slightly lower than the same period last year, with revenues down approximately 10% in that timeframe. At the same time, gross profit in the second quarter of 2025 reached $18.5 million, and Adjusted EBITDAS was $9.6 million, representing increases of 3% and 16%, respectively, over the second quarter of 2024. Given the current economic and geopolitical landscape, we are seeing delays in the timing of work awarded and executed by our customers. As a result, we anticipate activity levels for the remainder of 2025 to remain broadly consistent with the first half of the year,” added Mr. Card.

SECOND QUARTER HIGHLIGHTS

Revenue for the three months ended June 30, 2025 was $148.3 million, representing a decrease of $16.6 million or 10.1% from the same period in 2024 and an increase of $10.4 million or 7.6% from the first quarter of 2025.
Gross profit for the three months ended June 30, 2025 was $18.5 million, representing an increase of $0.5 million or 2.9% from the same period in 2024 and an increase of $4.1 million or 28.5% from the first quarter of 2025.
Gross profit margin for the three months ended June 30, 2025 was 12.5%, as compared to 10.9% in the same period in 2024 and 10.4% in the first quarter of 2025.
Adjusted EBITDAS for the three months ended June 30, 2025 was $9.6 million, representing an increase of $1.3 million or 16.1% from the same period in 2024 and an increase of $4.5 million or 88.3% from the first quarter of 2025.
Adjusted EBITDAS margin was 6.5% for the three months ended June 30, 2025, representing an increase of 1.5% from the same period in 2024 and an increase of 2.8% from the first quarter of 2025.
Selling, general and administrative (“SG&A”) expenses for the three months ended June 30, 2025 were $9.4 million, representing a decrease of $0.8 million or 7.5% from the same period in 2024 and was consistent with the first quarter of 2025. As a percentage of revenue, SG&A expenses for the three months ended June 30, 2025 was 6.3%, as compared to 6.2% in the same period in 2024 and 6.8% in the first quarter of 2025.
Liquidity, including cash and available credit facilities, was $97.4 million at June 30, 2025, as compared to $41.7 million from the same period in 2024, representing an increase of $55.7 million or 133.5%.
New contract awards and renewals totaled approximately $56.8 million for the three months ended June 30, 2025 and $8.8 million for the first three weeks of July. Approximately 68% of the work is expected to be completed in 2025.

SECOND QUARTER FINANCIAL RESULTS

($ thousands, except per share amounts)	Three months ended June 30,					Six months ended June 30,
($ thousands, except per share amounts)	2025	2024		% Change		2025		2024		% Change

Revenue ($)	148,302	164,922		(10.1	)	286,183		311,785		(8.2	)

Gross Profit ($)	18,508	17,978		2.9		32,909		30,988		6.2
Gross Profit Margin (%)	12.5	10.9		1.6		11.5		9.9		1.6

Adjusted EBITDAS ⁽¹⁾	9,639	8,305		16.1		14,757		11,493		28.4
Adjusted EBITDAS Margin (%)	6.5	5.0		1.5		5.2		3.7		1.5

SG&A ($)	9,416	10,181		(7.5	)	18,777		20,237		(7.2	)
SG&A Margin (%)	6.3	6.2		0.1		6.6		6.5		0.1

Net income (loss) from continuing operations ($)	1,106	(588	)	288.1		(2,226	)	(5,374	)	58.6
Net income (loss) ($)	1,100	(606	)	281.5		(2,241	)	(5,618	)	60.1

Basic and Diluted:
Net income (loss) per share from continuing operations ($)	0.01	0.00		—		(0.02	)	(0.05	)	59.5
Net income (loss) per share ($)	0.01	0.00		—		(0.02	)	(0.05	)	59.5
^{(1) EBITDAS and Adjusted EBITDAS are not standard}^{measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”}

Revenue for the three and six months ended June 30, 2025 was $148,302 and $286,183 compared to $164,922 and $311,785 for the same periods in 2024, representing a decrease of 10.1% and 8.2%. The decrease in revenue was primarily due to the timing of construction and maintenance work as compared to the same periods in 2024.

Gross profit for the three and six months ended June 30, 2025 was $18,508 and $32,909 compared to $17,978 and $30,988 for the same periods in 2024, representing an increase of 2.9% and 6.2%. Gross profit margin for three and six months ended June 30, 2025 was 12.5% and 11.5%, compared to 10.9% and 9.9% for the same periods in 2024. The increase in gross profit, both on an absolute basis and as a percentage of revenue, was primarily due to the mix of work compared to the same periods in 2024.

SG&A expenses for the three and six months ended June 30, 2025 were $9,416 and $18,777, in comparison to $10,181 and $20,237 for the same periods in 2024, representing a decrease of 7.5% and 7.2%. As a percentage of revenue, SG&A expenses for the three and six months ended June 30, 2025 were 6.3% and 6.6% compared to 6.2% and 6.5% for the same periods in 2024. The decrease in SG&A expenses is primarily driven by reduced personnel expenses.

For the three and six months ended June 30, 2025, Adjusted EBITDAS was $9,639 and $14,757 compared to $8,305 and $11,493 for the same periods in 2024. As a percentage of revenue, Adjusted EBITDAS was 6.5% and 5.2% for the three and six months ended June 30, 2025 compared to 5.0% and 3.7% for the same periods in 2024.

Income from continuing operations for the three and six months ended June 30, 2025 was income of $1,106 and a loss of $2,226 compared to a loss of $588 and a loss of $5,374 for the same periods in 2024. The variance was driven primarily by the increase in gross profit and lower SG&A expenses.

LIQUIDITY AND CAPITAL RESOURCES

FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings of up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flows from operations will be sufficient to meet its short-term contractual obligations. To maintain compliance with its financial covenants through June 30, 2026, the Company can request approval from the holder of the Senior Secured Debentures to pay interest on the Senior Secured Debentures in kind.

As at June 30, 2025, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,100 Series 2 Preferred Shares.

The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.100 million) are convertible into Common Shares at a price of $0.10/share.

The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at June 30, 2025, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $118.6 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

CORPORATE UPDATES

The annual meeting of holders of common shares of the Corporation was held on June 24, 2025. At the meeting, shareholders approved the election of Sean McMaster, Barry Card, H. Fraser Clarke, Katrisha Gibson, Karl Johannson and Dean MacDonald as directors and the appointment of Ernst & Young LLP as auditors.

ADDITIONAL INFORMATION

Our unaudited condensed interim financial statements for the three and six months ended June 30, 2025 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR+ at www.sedarplus.ca.

About FLINT Corp.

With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

Barry Card		Jennifer Stubbs
Chief Executive Officer		Chief Financial Officer
FLINT Corp.		FLINT Corp.
(587) 318-0997
investorrelations@flintcorp.com

Advisory regarding Forward-Looking Information

Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through to June 30, 2026; the payment of interest owing on the Senior Secured Debentures in kind; the Company’s approach to dividends; and that we anticipate activity levels for the remainder of 2025 to remain broadly consistent with the first half of 2025.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Advisory regarding Non-GAAP Financial Measures

The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP Financial Measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expense. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

Adjusted EBITDAS refers to EBITDAS excluding restructuring expense, gain on sale of property, plant and equipment, other income and one-time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com.

(In thousands of Canadian dollars)	Three months ended June 30,				Six months ended June 30,
(In thousands of Canadian dollars)	2025		2024		2025		2024

Income (loss) from continuing operations	1,106		(588	)	(2,226	)	(5,374	)
Add:
Amortization of intangible assets	64		67		129		135
Depreciation expense	2,635		2,715		5,400		5,332
Long-term incentive plan expense	900		775		1,900		1,375
Interest expense	4,715		4,733		9,244		9,315
EBITDAS	9,420		7,702		14,447		10,783
Add (deduct):
Gain on sale of property, plant and equipment	(398	)	(274	)	(712	)	(443	)
Restructuring expenses	314		581		868		976
Other income	(171	)	(106	)	(327	)	(421	)
One-time incurred expenses	474		402		481		598
Adjusted EBITDAS	9,639		8,305		14,757		11,493

The MIL Network –

August 5, 2025

MIL-OSI USA: Crapo Announces Finance Committee Staff Updates

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) today announced the following staff updates:

Molly Newell, Chief International Trade Counsel

Molly has been promoted to Chief International Trade Counsel. Molly joined the Finance Committee in January 2023 from Hogan Lovells US LLP, where she was an associate in the International Trade and Investment practice group working on issues involving trade remedies, customs, and U.S. trade policy. Before Hogan Lovells, she was a Senior Legislative Assistant in Representative Luke Messer’s (R-Indiana) office. Molly holds a J.D. from Georgetown University Law Center; a Master in Economic Law from Sciences Po; and a B.A. in French and International Studies from Indiana University.

Brian Bombassaro, International Trade Counsel

Brian rejoined the Committee in March after working as a Senior Associate at Arnold & Porter LLP. Prior to that, he served under former Finance Committee Chairmen Chuck Grassley (R-Iowa) and Orrin Hatch (R-Utah). He received his J.D. from Yale Law School, M.P.P. from the Harvard Kennedy School and B.S.B.A. and B.A. from the University of Florida.

Caitlin Wilson, Senior Health Counsel

Caitlin joins the Committee from the Senate Budget Committee, where she participated in the reconciliation process to pass the One Big Beautiful Bill Act as senior counsel. She previously served as counsel to Senators John Cornyn (R-Texas), Roy Blunt (R-Missouri) and the House Energy and Commerce Committee under Chair Cathy McMorris Rodgers (R-Washington). She received her J.D. from Catholic University in Washington, D.C., and her B.A. in Political Science from Gettysburg College.

MIL OSI USA News –

August 5, 2025

MIL-OSI Canada: Advocating to unleash our nations’ economic power

Source: Government of Canada regional news (2)

MLAs Angela Pitt (Airdrie-East), Glenn Van Dijken (Athabasca-Barrhead-Westlock), and Chelsae Petrovic (Livingstone-Macleod) will represent Alberta in discussions with lawmakers and legislators from across the U.S. at the National Conference of State Legislators (NCSL) 50th annual summit.

MLAs will participate in a series of policy sessions, meetings and networking events to highlight Alberta as a secure and reliable energy and agricultural partner of choice, advocate for cross-border pipelines to bring even more product to our U.S. customers, and protect and strengthen our trade and investment relationship that promotes mutual economic growth and stability.

“It is vitally important that Alberta is well-represented in discussions that have the potential to significantly affect our province’s future – especially as Canada strives to reach a new economic deal with the U.S. In my discussions with decision makers, I will stress the benefits of enhancing two-way trade with Alberta that builds bridges to prosperity.”

Angela Pitt, MLA for Airdrie-East

“Promoting increased access to U.S. markets for Alberta’s farmers, ranchers and agri-processors will be at the top of my agenda when I take my seat on this year’s NCSL Agriculture Task Force. Our producers put top-quality food on American tables, and I will leverage these discussions to reinforce the key role Alberta can play in establishing North American, and global, food security.”

Glenn Van Dijken, MLA for Athabasca-Barrhead-Westlock

“Given the sheer number of influential American legislators attending the NCSL, it’s crucial to make sure Alberta is well represented in the room. I look forward to joining my MLA colleagues at this year’s annual summit to advance our province’s priorities with high-level decision makers who have shown time and again that they are willing to champion calls for repairing and strengthening ties with Alberta in conversations at the state-level and beyond.”

Chelsae Petrovic, MLA for Livingstone-Macleod

The NCSL, established in 1975 by state legislators and legislative staff, brings together lawmakers and government leaders from all 50 U.S. states, commonwealths, territories and the District of Columbia. The conference promotes co-operation and information exchanges between state legislatures in the U.S. and in other countries. Alberta formalized its role in the NCSL by becoming an affiliate member of the organization and a member of its International Advisory Council last year.

Mission expenses will be posted on the travel and expense disclosure page.

Quick facts

The U.S. is Alberta’s largest trading partner, and Alberta is the second-largest provincial exporter to the U.S. after Ontario.

In 2024, Alberta’s exports to the U.S. totalled C$162.1 billion, accounting for 88.7 per cent of total provincial exports. The U.S. is also an important source of industrial inputs and consumer goods for the province.
- Energy products accounted for about $133.4 billion, 82.3 per cent of Alberta’s exports to the U.S. in 2024.
- Other important export categories to the U.S. in 2024 included plastics ($4.3 billion), machinery ($3.4 billion), meat ($3 billion), organic chemicals ($2.1 billion) and forestry products ($2 billion).
- The U.S. is Alberta’s most valuable export market for agricultural products. In 2024, Alberta exported $9.2 billion in ag products to the U.S., a four per cent increase from 2023.

Itinerary for MLAs Pitt, Van Dijken and Petrovic*

Aug. 2	Travel to Boston, MA.
Aug. 3	Participate in the NCSL-led international and executive committee meetings and roundtables prior to the start of the annual summit.
Aug. 4-6	Participate in meetings and roundtables at the NCSL annual summit, including a gathering of the NCSL Agriculture Task Force and a session titled “Building Bridges: 50 Years of NCSL’s Global Partnerships.” Host key U.S. decision makers at an Alberta government reception.
Aug. 7	Travel to Alberta.

*Subject to change.

Related information

National Conference of State Legislatures (NCSL)

MIL OSI Canada News –

August 5, 2025

MIL-OSI Canada: Advocating to unleash our nations’ economic power

Source: Government of Canada regional news (2)

“It is vitally important that Alberta is well-represented in discussions that have the potential to significantly affect our province’s future – especially as Canada strives to reach a new economic deal with the U.S. In my discussions with decision makers, I will stress the benefits of enhancing two-way trade with Alberta that builds bridges to prosperity.”

Angela Pitt, MLA for Airdrie-East

“Promoting increased access to U.S. markets for Alberta’s farmers, ranchers and agri-processors will be at the top of my agenda when I take my seat on this year’s NCSL Agriculture Task Force. Our producers put top-quality food on American tables, and I will leverage these discussions to reinforce the key role Alberta can play in establishing North American, and global, food security.”

Glenn Van Dijken, MLA for Athabasca-Barrhead-Westlock

“Given the sheer number of influential American legislators attending the NCSL, it’s crucial to make sure Alberta is well represented in the room. I look forward to joining my MLA colleagues at this year’s annual summit to advance our province’s priorities with high-level decision makers who have shown time and again that they are willing to champion calls for repairing and strengthening ties with Alberta in conversations at the state-level and beyond.”

Chelsae Petrovic, MLA for Livingstone-Macleod

Mission expenses will be posted on the travel and expense disclosure page.

Quick facts

The U.S. is Alberta’s largest trading partner, and Alberta is the second-largest provincial exporter to the U.S. after Ontario.

In 2024, Alberta’s exports to the U.S. totalled C$162.1 billion, accounting for 88.7 per cent of total provincial exports. The U.S. is also an important source of industrial inputs and consumer goods for the province.
- Energy products accounted for about $133.4 billion, 82.3 per cent of Alberta’s exports to the U.S. in 2024.
- Other important export categories to the U.S. in 2024 included plastics ($4.3 billion), machinery ($3.4 billion), meat ($3 billion), organic chemicals ($2.1 billion) and forestry products ($2 billion).
- The U.S. is Alberta’s most valuable export market for agricultural products. In 2024, Alberta exported $9.2 billion in ag products to the U.S., a four per cent increase from 2023.

Itinerary for MLAs Pitt, Van Dijken and Petrovic*

Aug. 2	Travel to Boston, MA.
Aug. 3	Participate in the NCSL-led international and executive committee meetings and roundtables prior to the start of the annual summit.
Aug. 4-6	Participate in meetings and roundtables at the NCSL annual summit, including a gathering of the NCSL Agriculture Task Force and a session titled “Building Bridges: 50 Years of NCSL’s Global Partnerships.” Host key U.S. decision makers at an Alberta government reception.
Aug. 7	Travel to Alberta.

*Subject to change.

Related information

National Conference of State Legislatures (NCSL)

MIL OSI Canada News –

August 5, 2025

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

US Senate News:

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

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

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Klobuchar, Moran Introduce Bipartisan Legislation to Support Biorefineries, Renewable Chemicals, and Biomanufacturing

US Senate News:

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

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

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Cortez Masto Calls on Trump Administration to Increase Transparency on Trade Negotiations

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Following Announcement of Recent Trade Agreement, Indonesian Authorities Have Publicly Disputed Announced Agreements

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) sent a letter to U.S. Trade Representative (USTR) Jamieson Greer calling on the Trump Administration to provide more transparency to Congress on their trade negotiations with other nations, in light of recent reporting showing that a trade agreement announced with Indonesia has been publicly disputed by Indonesian authorities. Her letter comes one day before President Trump’s tariffs on other nations are scheduled to go into effect.

In a recent statement, the White House has asserted that Indonesia had committed to lifting its ban on nickel exports. “However, Indonesian officials are now saying that they made no such commitment,” the Senator wrote. “Indonesia’s Coordinating Minister of Economic Affairs, Airlangga Hartarto, has said that the U.S.-Indonesia agreement does not touch Indonesia’s export restrictions and that ‘nothing will be removed.’ Similarly, Indonesia’s Ministry of Energy and Mineral Resources – which oversees Indonesia’s mining sector – has confirmed that Indonesia will not export raw minerals to the United States and that there are no directives or policy revisions permitting such exports to the United States. Key industry groups in Indonesia – like the Indonesia Mining Association – are also unaware of any forthcoming changes to the country’s export ban, and continue to tout the success of this policy.”

“As we look ahead, I strongly urge you to adopt greater transparency and Congressional consultation in your negotiations. Indonesia’s export ban policy is not only an important economic issue impacting U.S. firms, but given Chinese investment in Indonesia’s nickel sector, it has national security implications for our country. I stand ready to work with you to ensure real commitments and real enforceability in our trade agreements, and encourage you to adopt a more effective and transparent approach in your negotiations,” the Senator concluded.

Read the full letter here.

Senator Cortez Masto has continued to push the Trump Administration to address the impacts of Trump’s tariffs on working families and Nevada small businesses. During a Senate Finance Committee hearing, Cortez Masto pressed USTR Greer about the impacts of President Trump’s blanket tariffs on Nevadans, particularly those employed in the tourism and hospitality industry. The Senator introduced the Tariff Transparency Act to require the U.S. International Trade Commission to publicly investigate how Donald Trump’s proposed tariffs on imports from Mexico and Canada would impact the American people.

MIL OSI USA News –

August 5, 2025
MIL-OSI New Zealand: Crown Minerals Amendment Bill a Step in the Right Direction

Source: Energy Resources Aotearoa

Energy Resources Aotearoa welcomes the passage of the Crown Minerals Amendment Bill into law, describing it as an important contribution to restoring investment confidence and strengthening New Zealand’s energy security.

The Bill reverses the 2018 ban on new petroleum permits, restores the promotional purpose of the Act, provides greater flexibility in how petroleum permits are allocated, and recalibrates the decommissioning rules while retaining suitable safeguards.

Energy Resources Aotearoa Chief Executive John Carnegie says the legislation goes some way towards rebuilding the confidence to invest in New Zealand’s petroleum sector, which is essential for backing up the country’s renewable electricity system, especially during periods of low hydro inflows and peak winter demand.

“This Bill reverses policy that has done real damage to New Zealand’s long-term energy security, our economic resilience, and our reputation as a place to invest.

Energy prices tell this story. Without a secure domestic gas supply, the alternative is greater reliance on emissions-intensive imports – most likely from coal.

To meet our growing energy needs, we must make better use of the resources beneath our feet to enhance economic, social, and environmental resilience.”

Carnegie acknowledged the Government’s willingness to engage with the sector throughout these changes.

“We appreciate the time Minister Jones and officials have taken to listen to industry concerns and understand the on-the-ground realities. That engagement is reflected in final legislation, which is more workable for our sector.”

Carnegie says the changes are a pragmatic step forward, but more will be needed to achieve the Government’s objectives of restoring investor confidence and revitalising the sector.

“Securing New Zealand’s energy future will require a system firing on all cylinders – which means backing technologies like carbon capture and ensuring all energy options remain on the table, including hydrogen, green gas, biomass, and large-scale renewable generation.

This new Act is an important part of the puzzle, but to attract the kind of long-term investment New Zealand needs, there must be durable, predictable policy settings that survive beyond election cycles.”

Carnegie says energy policy shouldn’t be treated as a political football.

“The stakes are too high, and it’s ordinary Kiwis who end up paying the price when supply is unnecessarily constrained or uncertain.

Today’s reform is a big step in the right direction. Now we need to build on it with consistent policy and a clear long-term plan for how domestic natural gas will help deliver affordable, secure energy and economic growth.”

MIL OSI New Zealand News –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

1.Q2 on Q1 change

Quarter Analysis1

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

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

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

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

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

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

Shareholder distributions

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

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

4.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

Chemicals and Products

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

Page 3

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

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

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

1.Q2 on Q1 change

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

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

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

Additional Growth Measures


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

1.Q2 on Q1 change

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

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



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

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

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

Quarter Analysis1

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

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

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

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

Half Year Analysis1

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

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

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

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

accumulated other comprehensive income.

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

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

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

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

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OUTLOOK FOR THE THIRD QUARTER 2025

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

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

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

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

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

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

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

FORTHCOMING EVENTS



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

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



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

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.



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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

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

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

1. See Note 4 “Share capital”.

2. See Note 5 “Other reserves”.

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

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

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

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

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

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

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

Going Concern

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

Key accounting considerations, significant judgements and estimates

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

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

2. Segment information

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

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

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

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ADJUSTED EARNINGS BY SEGMENT



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



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



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

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



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

CASH CAPITAL EXPENDITURE BY SEGMENT

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



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



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

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



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



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

REVENUE BY SEGMENT

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



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



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

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



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



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

Identified items

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

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

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

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

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

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

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

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



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

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

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



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

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

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

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

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

3. Earnings per share



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

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

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4. Share capital



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

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

5. Other reserves



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

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

6. Derivative financial instruments and debt excluding lease liabilities

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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



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

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

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

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

Consolidated Statement of Income

Interest and other income



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

Depreciation, depletion and amortisation



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

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

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

Taxation charge/credit

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,332

4,083

3,754

Taxation charge/(credit)

6,415

7,358

Of which:

2,277

4,024

3,666

Income tax excluding Pillar Two income tax

6,301

7,192

Income tax related to Pillar Two income tax

113

167

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

4,127

1,711

698

Currency translation differences

5,837

(1,296)

Of which:

4,117

1,618

(406)

Recognised in Other comprehensive income

5,736

(2,388)

1,104

(Gain)/loss reclassified to profit or loss

101

1,092

Condensed Consolidated Balance Sheet

Assets classified as held for sale



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

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

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

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

684

570

2,027

Other

1,254

2,536

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

Dividends received from joint ventures and associates

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,361

523

792

Dividends received from joint ventures and associates

2,884

1,530

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

Proceeds from sale of property, plant and equipment and businesses

Page 28

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

(57)

559

710

Proceeds from sale of property, plant and equipment and businesses

502

1,033

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

8. Reconciliation of Operating expenses and Total Debt



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



RECONCILIATION OF TOTAL DEBT


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

9. Post-balance sheet events

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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



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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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



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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Identified items

See Note 2 “Segment information” for details.

B. Adjusted Earnings per share

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

C. Cash capital expenditure

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

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

D. Capital employed and Return on average capital employed

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

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

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



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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

E. Net debt and gearing

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

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



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

F. Operating expenses and Underlying operating expenses

Operating expenses

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	899	1,940	179	1,459	431	—	4,909
Selling, distribution and administrative expenses	30	43	2,319	441	138	106	3,077
Research and development	36	71	49	38	23	61	278
Operating expenses	965	2,055	2,547	1,939	592	168	8,265



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



Q2 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,050	2,219	320	1,573	422	10	5,593
Selling, distribution and administrative expenses	64	62	2,295	293	279	101	3,094
Research and development	32	61	47	37	24	62	263
Operating expenses	1,146	2,341	2,662	1,902	725	173	8,950



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,846	4,079	528	3,080	916	8	10,459
Selling, distribution and administrative expenses	67	85	4,371	884	292	218	5,917
Research and development	57	103	92	63	44	104	464
Operating expenses	1,971	4,268	4,991	4,027	1,253	330	16,840



Half year 2024	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	2,006	4,487	685	3,207	1,001	16	11,403
Selling, distribution and administrative expenses	126	120	4,483	713	437	190	6,069
Research and development	58	119	81	71	36	111	475
Operating expenses	2,190	4,726	5,249	3,990	1,475	317	17,947

Underlying operating expenses

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

8,265

8,575

8,950

Operating expenses

16,840

17,947

(119)

(44)

(210)

Redundancy and restructuring (charges)/reversal

(162)

(283)

(1)

(101)

(212)

(Provisions)/reversal

(102)

(212)

—

123

Other

252

(120)

(121)

(299)

Total identified items

(241)

(242)

8,145

8,453

8,651

Underlying operating expenses

16,598

17,704

G. Free cash flow and Organic free cash flow

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

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



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

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

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

H. Cash flow from operating activities excluding working capital movements

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

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

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

11,937

9,281

13,508

Cash flow from operating activities

21,218

26,838

(27)

854

(954)

(Increase)/decrease in inventories

827

(1,562)

3,635

(2,610)

1,965

(Increase)/decrease in current receivables

1,025

1,770

(3,994)

(907)

(1,269)

Increase/(decrease) in current payables

(4,901)

(3,218)

(386)

(2,663)

(258)

(Increase)/decrease in working capital

(3,049)

(3,010)

12,323

11,944

13,766

Cash flow from operating activities excluding working capital movements

24,267

29,848

I. Divestment proceeds

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

Page 35

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

J. Structural cost reduction

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

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

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

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



			$ million
Structural cost reduction up to second quarter 2025 compared with 2022 levels			(3,905)

Underlying operating expenses 2024			35,707
Underlying operating expenses 2022			39,456
Total decrease in Underlying operating expenses			(3,749)
Of which:
Structural cost reductions			(3,119)
Change in Underlying operating expenses excluding structural cost reduction			(630)

Underlying operating expenses first half 2025			16,598
Underlying operating expenses first half 2024			17,704
Total decrease in Underlying operating expenses			(1,106)
Of which:
Structural cost reductions			(786)
Change in Underlying operating expenses excluding structural cost reduction			(320)

Page 36

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PRINCIPAL RISKS AND UNCERTAINTIES

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

1.Portfolio risks

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

2.Climate change and the energy transition

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

3.Country risks

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

4.Financial risks

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

5.Trading risks

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

6.Health, safety, security and the environment

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

7.Information technology and cybersecurity risks

We rely heavily on information technology systems in our operations.

8.Litigation and regulatory compliance

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

9.Reputation and risks to our licence to operate

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

10.Our people and culture

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

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

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

Page 37

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

2025 PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

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

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

Chemicals and Products

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

Renewables and Energy Solutions

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

Page 38

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

RESPONSIBILITY STATEMENT

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

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

On behalf of the Board

Wael Sawan

Sinead Gorman

Chief Executive Officer

Chief Financial Officer

July 31, 2025

Page 39

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

INDEPENDENT REVIEW REPORT TO SHELL PLC

Conclusion

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

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

Basis for Conclusion

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

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

Conclusions Relating to Going Concern

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

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

Responsibilities of the Directors

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

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

Auditor’s Responsibilities for the review of the financial information

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

Use of our report

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

Ernst & Young LLP

London

July 31, 2025

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

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

Forward-Looking statements

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

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

This announcement contains inside information.

July 31, 2025


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

Page 42

The MIL Network –

August 5, 2025

MIL-OSI: ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. IN CONSIDERATION FOR SHARES OF EURONEXT N.V.
Source: GlobeNewswire (MIL-OSI)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY, OR CONSTITUTE A VIOLATION OF, THE RELEVANT LAWS OF THAT JURISDICTION OR REQUIRE EURONEXT AND/OR ATHEX TO TAKE ANY FURTHER ACTION.

PLEASE SEE THE IMPORTANT DISCLAIMERS AT THE END OF THIS ANNOUNCEMENT.

ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. IN CONSIDERATION FOR SHARES OF EURONEXT N.V.

31 July 2025

Executive Summary

Euronext N.V. (“Euronext” or the “Offeror”, and together with any and all of its directly, or indirectly, wholly, or partially, owned subsidiaries, the “Euronext Group”) announces today the submission of a voluntary share exchange offer (the “Tender Offer”) to acquire all common registered shares, each having a nominal value of €0.42 (each, an “ATHEX Share”) of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (“ATHEX” or the “Company” and together with its subsidiaries, the “ATHEX Group”), for newly issued ordinary shares in the capital of the Offeror, with a nominal value of €1.60 each (each, a “Consideration Share”) on a ratio of 0.050 Consideration Share for 1 ATHEX Share, in accordance with Greek Law 3461/2006 (the “Law”). Based on Euronext’s 1-week VWAP of €147.24 as of 29 July 2025, the Offer values the entire issued and to be issued ordinary share capital¹ of ATHEX at approximately €425.9 million on a fully diluted basis.

The purpose of the Tender Offer is for the Offeror to acquire direct control over ATHEX and integrate the ATHEX Group into the Euronext Group. Pursuant to the Tender Offer, the Offeror seeks to become the direct parent company of ATHEX and the ultimate parent company of ATHEX Group with a shareholding structure where all ATHEX shareholders will become shareholders of the Offeror.

The principal objective of the Tender Offer is to acquire and integrate ATHEX into Euronext, a comprehensive pan-European business model characterized by a single liquidity pool, a single order book, a single trading technology platform, a common approach to listing and a unified post-trading framework in order to reduce fragmentation in European financial markets, reinforcing the Savings and Investment Union endeavors, and finance the real European economy effectively.

The integration of ATHEX Group within the Euronext group is expected to (i) strengthen access to financing for Greek corporates, (ii) embed ATHEX within a pan-European trading framework, (iii) reinforce the operating resiliency of the local capital markets and (iv) create a unified post-trade infrastructure.

Greek ecosystem to be fully part of the Offeror’s governance and supervision through (i) the CEO of ATHEX joining the Managing Board of Euronext, (ii) HCMC joining Euronext’s College of Regulators and (iii) subject to the Offeror’s shareholders’ and regulatory approvals, an independent director representing the Greek ecosystem will join the Offeror’s Supervisory Board.

ATHEX Group will maintain its ties to Greece after the Tender Offer, retaining its head office in Athens, while ATHEX’s tax residence will remain in Greece.

On 30 July 2025, the Offeror and ATHEX entered into a Cooperation Agreement that outlines the terms and conditions under which both the Offeror and ATHEX agree to work together towards the completion of the Tender Offer.

In addition, all members of the Board of Directors of ATHEX owning ATHEX shares including CEO Yannos Kontopoulos have agreed to tender ATHEX shares they own today or may own during Tender Offer subject to the issuance of a reasoned opinion of ATHEX’s Board of Directors in favour of the Tender Offer.

Deutsche Bank AG is acting as advisor to Euronext in connection with the Tender Offer.

The Tender Offer

In accordance with the Law, Euronext, announces the submission of the Tender Offer to acquire all of the outstanding ordinary registered shares of ATHEX, as at 30 July 2025 (the “Date of the Tender Offer”), i.e. 60,348,000 ATHEX Shares representing 100% of the total issued share capital and voting rights of ATHEX as at that date.

ATHEX is a Greek société anonyme under the name “HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A.”, registered with the General Commercial Registry with registration number 003719101000 and registered seat at 110 Athinon Ave, 104 42, Athens. The share capital of ATHEX amounts to €25,346,160.00 and is divided into 60,348,000 shares, with a par value of €0.42 each, which has been fully paid-up. The ATHEX’s shares are commonly registered with a voting right. According to the announcements that ATHEX has published until and including 30 July 2025, ATHEX held an aggregate of 2,498,000 of issued ATHEX Shares (the “Treasury Shares”). ATHEX’s shares were admitted to trading on the Athens Stock Exchange in August 2000 and are currently traded on the main market of the Athens Stock Exchange under the trading symbol EXAE.

The Date of the Tender Offer is the date on which Euronext initiated the Tender Offer process by informing the Hellenic Capital Market Commission (the “HCMC”) and the board of directors of ATHEX of the Tender Offer and submitting to them a draft of the Greek information circular (the “Information Circular”), in accordance with article 10, paragraph 1 of the Law.

The Offeror will publish by way of separate announcement the commencement of the acceptance period of the Tender Offer (the “Acceptance Period”) and the means to tender.

The companies of the Euronext Group are acting in concert with the Offeror for the purposes of the Tender Offer, pursuant to article 2, case (e) of the Law .There are no other persons acting in concert with the Offeror for the purposes of the Tender Offer, pursuant to article 2, case (e) of the Law. As at the Date of the Tender Offer, no ATHEX Shares were held, directly or indirectly, by the Euronext Group.

The Offeror may purchase ATHEX Shares in the market or over-the-counter until and including the end of the Acceptance Period.

On 30 July 2025, the Offeror and ATHEX entered into a cooperation agreement which details the cooperation between the Offeror and ATHEX in relation to the Tender Offer (the “Cooperation Agreement”). The Cooperation Agreement provides, among others, that ATHEX will not tender the Treasury Shares in the Tender Offer.

Other than the Cooperation Agreement and the aforementioned written statements received by the Offeror from the ATHEX directors, there are no special agreements relating to the Tender Offer or the exercise of rights arising from the ATHEX Shares to which the Offeror is a party.

The purpose of the Tender Offer is for the Offeror to acquire direct control over ATHEX and integrate the ATHEX Group into the Euronext Group. Pursuant to the Tender Offer, the Offeror seeks to become the direct parent company of ATHEX and the ultimate parent company of ATHEX Group with a shareholding structure where ATHEX shareholders will become shareholders of the Offeror.

Consideration and Tender Offer Structure

In consideration for every ATHEX Share lawfully and validly tendered in the Tender Offer, and in accordance with the first clause of paragraph 1 of article 9 of the Law, Euronext offers five hundredths (0.050) of a Consideration Share for 1 ATHEX Share (the “Offer Consideration”). The shares of the Offeror are held in book-entry form through the Central Securities Depository for the Offeror Shares (“Euronext Securities”).

The Offer Consideration meets the criteria of “fair and equitable” consideration under article 9, paragraphs 4 and 5 of the Law.
1. The Offer Consideration of the Tender Offer means the amount of 0.050 Consideration Shares for 1 ATHEX Share, to be issued pursuant to the Tender Offer.
2. As provided for in article 9, paragraph 5 (a) of the Law, the following shall be taken into account for the price of the ATHEX share:
a) its VWAP during the six months preceding the Date of the Tender Offer, where in this case the VWAP of ATHEX’s share during the six months preceding 30 July 2025, is €5.9770.

b) the Offeror did not acquire ATHEX Shares during the twelve (12) months preceding the Date of the Tender Offer.

C. A valuation is not required for ATHEX based on the provisions of par. 6 of article 9 of the Law, as none of the conditions referred to therein are met, namely:
- no sanctions have been imposed by the Board of Directors of HCMC for manipulation of ATHEX Shares that took place within the 18-month period preceding the Date of the Tender Offer,
- during the six (6) months preceding the Date of the Tender Offer, (i) Share transactions have been carried out on the Athens Stock Exchange on more than three-fifths (3/5) of the operating days of the relevant market, and specifically, they amounted to 100% of them and (ii) Share transactions that have been carried out exceed ten percent (10%) of the total number of Shares of ATHEX, and specifically, they amounted to 39.1% of them.
- The “fair and equitable” consideration as determined by the criteria of paragraph 4 of Article 9 of the Law, exceeds eighty percent (80%) of the book value per share, based on the data of the average of the last two published financial statements of Law 3556/2007, on a consolidated basis.
D. As provided for in article 9 par. 5 (b) of the Law, for the price of the Offeror’s share provided as consideration, the VWAP of the Offeror’s share during the six months preceding the Date of the Tender Offer is taken into account, where in this case the VWAP of the Offeror’s share during the six months preceding 30 July 2025 is €135.0369.

E. Therefore, 0.050 of the Offeror’s share provided as consideration is equal to €6.7518 per ATHEX Share, taking into account the VWAP of the Offeror Share. Therefore, the Offer Consideration meets the criteria of “fair and equitable” consideration, as described in Article 9, paragraphs 4 and 5 of the Law.

This amount on the Date of the Tender Offer exceeds by 13.0% the “fair and equitable” consideration, as defined in Article 9, paragraphs 4 and 5, as on the one hand the VWAP of ATHEX during the six months preceding the Tender Offer is €5.9770, and on the other hand the Offeror did not acquire Shares during the twelve (12) months preceding the Date of the Tender Offer.

This amount on the Date of the Tender Offer represents a 7.51% discount to the closing price of the ATHEX Share on the Athens Stock Exchange on the date preceding the Date of the Tender Offer, which amounted to €7.3000, as both ATHEX and Euronext shares have appreciated over the past six months.

In addition:
- the Offer Consideration calculated on the basis of the price of the Offeror Share on the date preceding the Date of the Tender Offer represents a 1.7% discount to the closing price of the ATHEX Share on the Athens Stock Exchange on the date preceding the Date of the Tender Offer.
- the Offer Consideration calculated on the basis of the price of the Offeror Share on 27 June 2025, being the date when the Offeror issued a statement confirming its discussions with ATHEX (the “Date of the Initial Statement”) exceeds by 21.3% the closing price of the ATHEX Share on the Athens Stock Exchange on the Date of the Initial Statement.
On 15 May 2025, the general meeting of the Offeror has designated the Managing Board of the Offeror for a period of eighteen (18) months as the competent body to, subject to the approval of the Supervisory Board of the Offeror, issue ordinary shares and to grant rights to subscribe for ordinary shares up to a total of 10% of the issued ordinary share capital at the date of the annual general meeting held in 2025, and to restrict or exclude the pre-emptive rights of shareholders pertaining to (the right to subscribe for) ordinary shares upon any issuance of ordinary shares (the AGM Delegation). Pursuant to the AGM-Delegation, the Managing Board of the Offeror resolved on 29 July 2025 to issue Consideration Shares, subject to the terms and conditions set forth in this Information Circular. On the same date, the Supervisory Board of the Offeror approved the resolution adopted by the Managing Board in accordance with the AGM-Delegation. The maximum number of Consideration Shares that Euronext will issue in connection with the Tender Offer, the Right of Squeeze-Out and the Right to Sell-Out (being 3,017,400 Consideration Shares) is smaller than the number of Offeror Shares that the Euronext boards are capable of issuing pursuant to such mandate (being 10,423,550 Offeror Shares). Euronext will assume payment of the duties levied in favor of the Hellenic Central Securities Depository S.A. (the “ATHEXCSD”) on the registration of the over-the-counter transfer of the Transferred Shares in accordance with the codified decision 18 (Meeting 311/22.02.2021) of the Board of Directors of ATHEXCSD, which would otherwise be payable by the accepting shareholders of ATHEX. Such duties amount to 0.08% and are calculated in accordance with the provisions of such decision.

Shareholders who offer the ATHEX Shares they hold in the context of the Tender Offer, including those electing to receive the Cash Consideration in the context of the exercise of the Right of Squeeze-out or the Right to Sell-out, will also be responsible for all charges and taxes that are due in connection with the Tender Offer, and the Offeror assumes no responsibility nor liability in the payment of said charges and taxes other than the duties levied in favor of the ATHEXCSD expressly set forth in this Information Circular. Notably, based on the letter of the circular issued by the Greek Independent Authority for Public Revenue with reference number Ε.2048/2024, the transfer of the Transferred Shares to the Offeror in consideration for Consideration Shares can be excluded from the tax provided for in article 9 paragraph 2 of Law 2579/1998 in favor of the Greek State provided all conditions mentioned therein are met, which amounts to 0.10%, and is imposed on sales of shares listed on the Athens Stock Exchange, since such transfer does not constitute a sale under the abovementioned provision. Shareholders are advised to consult their own tax advisors regarding the tax implications of the Tender Offer that may concern them in Greece or abroad.

Euronext will publish, through a separate announcement, the commencement of the Acceptance Period and the means to tender.

If after the end of the Acceptance Period, Euronext possesses the Minimum Number of Shares but less than 52.065.000 ATHEX Shares representing 90% of the voting rights of ATHEX, ATHEX shares will continue to be traded in the Athens Stock Exchange.

Squeeze-Out and Sell-Out Procedures, Delisting of ATHEX

If, at the end of the Acceptance Period, Euronext holds at least 52,065,000 ATHEX Shares representing 90% of ATHEX’s total voting rights (the “Relevant Threshold”):

(a)   Euronext will initiate the squeeze-out procedure under the Law to cause any remaining holders of Company Shares to transfer those ATHEX Shares to Euronext, in accordance with the Law (the “Right of Squeeze-Out”); and

(b)   holders of ATHEX Shares who have not accepted the Tender Offer will be entitled, within a period of three (3) months from the publication of the results of the Tender Offer, to exercise the right to sell-out, in accordance with the Law (the “Right to Sell-Out”).

The consideration offered for each Company Share regarding both the Right of Squeeze-Out and the Right to Sell-Out, will be in accordance with the provisions of Articles 27 and 28 of the Law.

If the Relevant Threshold is reached or exceeded at the end of the Acceptance Period, the Offeror expects that the Right of Squeeze-out process will be completed within four to eight weeks after Closing. The Offeror intends to apply for the commencement of unconditional listing and trading on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris of any Offeror Shares which may be issued as consideration in connection with the Right of Squeeze-out as soon as practicable following completion of the Right of Squeeze-out process.

If the Relevant Threshold is reached or exceeded at the end of the Acceptance Period, the Right to Sell-out will automatically expire upon completion of the Right of Squeeze-Out. As a result, the Offeror expects that completion of the Right to Squeeze-out process will precede the completion of the Right of Sell-out process. If completion of the Right to Sell-out process does not precede the completion of the Right of Squeeze-out out process, the Offeror intends to apply for the commencement of unconditional listing and trading on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris of any Offeror Shares which may be issued as consideration pursuant to the Right to Sell-out as soon as practicable following completion of the Right to Sell-out process.

If, following completion of the Tender Offer or after the exercise of the Right of Squeeze-out or the Right to Sell-out, as the case may be, the Offeror holds 95% of ATHEX’s share capital, the Offeror intends to request the convocation of a General Meeting of the Shareholders to resolve upon the submission of an application to the HCMC requesting the delisting of the ATHEX Shares from the Athens Stock Exchange, in accordance with article 17 paragraph 5 of Law 3371/2005, at which (General Meeting) the Offeror will exercise its voting rights in favor of such resolution.

Plans for ATHEX and Euronext following the Tender Offer

Embed ATHEX within a pan-European trading framework

As part of the combined group, ATHEX will be able to join the Euronext Group’s single liquidity pool, enabled by a single order book and powered by a single technology platform, where members can access all its markets in a seamless manner, with the ambition of deepening investor interest and creating greater liquidity as well as fair and transparent markets. Today, more than €13 billion worth of equities are traded daily on the Offeror’s seven (7) European markets that are part of the single liquidity pool. Thanks to its highly flexible architecture, the Offeror expects to see reduced time to market for new products in the combined group. This integration aims to deepen investor interest, create greater liquidity, and ensure fair and transparent markets.

Strengthen access to financing for Greek corporates

With ATHEX joining the Euronext Group, Greece will become a key hub for listings under a harmonized framework, offering greater scale, visibility, and access to European liquidity. In addition to listing larger Greek companies, the Offeror will bolster its capabilities in financing Greek SMEs. The pan-European pre-IPO educational program “IPOready” will be deployed across Greece. This program has already enabled over 1,200 companies to understand the benefits of listing, resulting in 33 new listings (€1.6 billion raised at listing, €5.7 billion aggregate market cap at listing). The Offeror will also provide a platform for Greek companies to list debt, diversifying their financing sources.

Following the successful completion of the Tender Offer, ATHEX will be incorporated into a trusted framework for European and international investors. The Offeror has a proven track record of delivering substantial benefits to the local ecosystems of acquired market operators.

Reinforce the operating resiliency of the local capital markets

The Offeror’s size and operational DNA enable it to operate within extremely high reliability standards. The Offeror is investing massively in market technology and has built the best-in-class technology operations with cyber-security excellence. The Offeror has been granted the highest security ratings in its recent annual technology audit performed by Bitsight. The Offeror is a technology business first and foremost, with more than 875 technology and operations employees (35% of total employees), mainly located in Milan, Porto and Paris. ATHEX will benefit from an immediate change in scale in terms of technology platforms and operations, notably from a fully integrated cybersecurity and operational framework operation ensuring maximum resilience of the Greek market in a world of increasingly complex technology threats.

Create a unified post-trade infrastructure

The Offeror relies on a single clearing house, clearing all of its European market flows across cash and derivatives products. As part of the combined group, the Offeror intends to expand Euronext Clearing, which centralizes clearing for the whole Euronext Group, and which has benefitted from significant investments over the past few years, to Greek securities. This central European clearing expansion is key to the integration of Greek markets within the Offeror’s framework.

The Offeror relies on a converging technology framework to create the conditions of success for the custody and settlement of financial products across Europe. As part of the combined group, the CSD function of ATHEX will be part of Euronext Securities’ convergence program, aiming at delivering a unified post-trading core settlement service through a single platform for securities settlement (TARGET2-Securities or T2S) by leveraging the CSDs of the Euronext Group.

ATHEX as the cornerstone of the Offeror in Southeast Europe

As the largest exchange group in the highly dynamic Southeastern region of Europe, ATHEX is best placed to lead the Offeror’s expansion across the region. As part of the Euronext Group, ATHEX will be the cornerstone of the Offeror’s expansion in the region, where business opportunities are numerous.

Greek ecosystem to be fully part of the Offeror’s governance and supervision

After and subject to successful completion of the Tender Offer, the composition of the Offeror’s Supervisory Board and the structure of its corporate governance will be amended. Subject to the Offeror’s shareholders and regulatory approvals, an independent director representing the Greek ecosystem will join the Offeror’s Supervisory Board.

In addition, the Chief Executive Officer of the ATHEX will join the Offeror’s Managing Board, subject to the Offeror shareholders’ and regulatory approvals.

In terms of regulatory framework, the Offeror is supervised at group level by a College of Regulators. The College of Regulators is made up of the seven (7) national regulatory authorities supervising the respective Euronext’s national regulated markets. After and subject to Closing occurring, the Offeror will recommend inviting HCMC to join the Offeror’s College of Regulators, pari passu with the national regulatory authorities currently supervising the Offeror, with a rotating chair every semester to exercise supervision at group level of the combined group. The direct regulatory oversight of ATHEX and the Greek market will remain unchanged. This will allow HCMC to continue regulating ATHEX and the Greek market and be part of the supervision of ATHEX at group-level through the Offeror’s College of Regulators.

Reunite complementary skills and expertise

Should the potential combination occur, it could create opportunities for knowledge sharing, career development, and cross-functional collaboration, fostering an environment where talent thrives. Euronext would aim to cultivate an inclusive, collaborative, and entrepreneurial work environment. With a long-standing commitment to diversity and inclusion, Euronext believes that recognizing and valuing diversity benefits both employees and the business’s long-term success. Euronext would ensure that ATHEX employees have opportunities for career development, encouraging them to take on wider responsibilities and roles in the pan-European development of their activities. They would also be encouraged to explore opportunities across various locations to embrace new challenges within Euronext. The diversification of Euronext’s businesses would consistently offer opportunities for high-performing employees, not only in traditional exchange roles but also in new activities developed through the innovation program.

Following the successful completion of the Tender Offer and upon approval of the ATHEX shareholders meeting, the Offeror intends to modify, subject to ATHEX’s shareholders approval by a simple majority, ATHEX’s trademark name. As such, it will operate under the name “Euronext Athens”, fully embedding the Greek financial infrastructure and creating a sense of togetherness.

Tender Offer Conditions

Completion of the Tender Offer is subject to the satisfaction of the following conditions and minimum number of shares:

(a)   the approval of the HCMC in relation to the direct change of control of ATHEX;

(b)   the approval of the HCMC in relation to the indirect change of control of ΑΤΗΕΧClear;

(c)   the approval of the HCMC in relation to the indirect change of control of ATHEXCSD;

(d)   the approval of RAEWW and the HCMC in relation to the change of control of ATHEX due to its participation in Hellenic Energy Exchange (“HenEx”) and EnEx Clearing House (“EnExClear”);

(e)   the approval of the HCMC in relation to the acquisition by the Euronext Reference Shareholders² of an indirect qualifying holding between 20% and 50% of ATHEX, ATHEXCSD and ATHEXClear;

(f)   the issuance of a declaration of non-objection from the competent foreign authorities regarding the coordinated regulation and supervision of Euronext being the AMF, AFM, CBI, NFSA, FSMA, CMVM, and CONSOB (together with (a)-(f), the “Conditions”); and

(g)   no later than the end of the Acceptance Period, at least 38,759,500 ATHEX Shares, corresponding to at least 67% of ATHEX’s total paid-up voting share capital, shall have been lawfully and validly tendered to the Offeror (the “Minimum Number of Shares”). This condition may be amended in accordance with the provisions of the Law.

If (i) the Minimum Number of Shares is not fulfilled as at the end of the Acceptance Period and/or (ii) the Conditions are not satisfied, the Tender Offer will ipso jure lapse, with retroactive effect, and have no legal effect, and the ATHEX Shares tendered to the Offeror will be returned to their holders.

The Offeror may revoke the Tender Offer if (i) a competing offer, as provided by the Law, has been submitted, or (ii) subject to the HCMC’s approval, if an unforeseen change in circumstances beyond the control of the Offeror occurs that makes the Tender Offer particularly onerous.

The declarations of acceptance which are submitted cannot be revoked, unless a competing offer, as provided by the Law, has been submitted, in which case the accepting shareholder will be entitled to exercise a revocation right.

Shareholders’ Statements – Undertakings

All members of the Board of Directors of ATHEX owning ATHEX shares including CEO Ioannis Kontopoulos have provided irrevocable undertakings to tender their shares in the Tender Offer subject to the issuance of a reasoned opinion of ATHEX’s Board of Directors in favour of the Tender Offer.

Name Number of shares held

George Ηandjinicolaou 15,000

Ioannis Kontopoulos 95,000

Euronext Advisors

Deutsche Bank AG, a credit institution incorporated under the laws of the Federal Republic of Germany with its principal office in Frankfurt am Main, registered address Taunusanlage 12, 60325 Frankfurt am Main, acts as advisor of Euronext in respect of the Tender Offer, in accordance with article 12 of the Law (the “Advisor”).

For the purpose of the Tender Offer only, Deutsche Bank AG has certified to the HCMC that Euronext (i) has taken all appropriate measures to be able to issue and deliver the Euronext Shares to the shareholders who will accept the Tender Offer and (ii) has the necessary wherewithal to pay in full the total amount in respect of the 0.16% clearing duties, namely 0.08% payable by Euronext and 0.08% payable by each of ATHEX’s shareholders who lawfully and validly accept the Tender Offer, payable by Euronext to the Hellenic Central Securities Depository S.A., in connection with the registration of the over-the-counter transfer of all the ordinary shares of ATHEX tendered to Euronext by ATHEX’s shareholders. It is clarified that this certificate does not constitute any offer of financing or any other type of commitment and/or assumption of any obligation whatsoever, and that this certificate is not provided as nor does it constitute advice, or recommendation within the meaning of Article 729 of the Greek Civil Code. Deutsche Bank AG, by means of this certificate, does not provide any guarantee (within the meaning of Article 847 of the Greek Civil Code) or letter of guarantee, for the fulfillment of the delivery obligations, monetary or other obligations undertaken by the Offeror in the context of the Tender Offer.

About Euronext

Euronext is a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands on 15 March 2014 and is domiciled in the Netherlands. Euronext’s statutory seat (statutaire zetel) is in Amsterdam, the Netherlands, and its registered office and principal place of business is at Beursplein 5, 1012 JW Amsterdam, the Netherlands. The Company is registered with the trade register of the Chamber of Commerce for Amsterdam, the Netherlands, under number 60234520, and the telephone number is +31 (0)20-7214444. Euronext’s LEI is 724500QJ4QSZ3H9QU415 and its corporate website is https://www.euronext.com/en.

Under its Articles of Association, the Offeror’s authorized share capital amounts to €200,000,001.60 and is divided into 125,000,000 Ordinary Shares, each with a nominal value of €1.60 and one priority share with a nominal value of €1.60. The priority share has not been issued. All of Euronext’s shares have been or will be issued under Dutch law.

As of December 31^st, 2024, the Offeror’s issued share capital amounted to €166,776,811.20 and was divided into 104,235,507 ordinary shares, whereas the Offeror held 1,475,395 treasury shares.

On 11 March 2025, the Offeror announced the completion of its €300 million share repurchase programme for which 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased.

Following the repurchase programme, and as of the cancellation of the purchased shares under this programme which is expected to occur on 5 August 2025, the Offeror’s issued share capital amounts to €162,468,044.80 and divided into 101,542,528 ordinary shares.

On 22 May 2025, the Offeror launched an offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million. Bondholders will be granted the right to convert or exchange the Bonds into new and/or existing Shares (the “Conversion/Exchange Right”) which they may exercise at any time from the 41st day (inclusive) following the Issue Date (30 May 2025) up to the 7th business day (inclusive) preceding the Maturity Date (30 May 2032) or, as the case may be, the relevant early redemption date. For illustrative purposes, considering a nominal amount of €425 million, a reference share price of €145 and a 32.5% conversion premium corresponding to the mid-point of the marketing range, the potential dilution would represent approximately 2.1% of the Company’s outstanding share capital, if the Conversion/Exchange Right was exercised for all the Bonds and the Company decided to deliver new Shares only upon exercise of the Conversion/Exchange Right.

The Offeror is subject to the provisions of the Dutch Civil Code, the Dutch Financial Supervision Act and the Articles of Association with regard to the issue of shares following admission. The shares are in registered form and are only available in the form of an entry in the Offeror’s shareholders’ register and not in certificated form.

The Euronext Group provides exchange listing, trading, post trade and related services in Europe. The Company operates Regulated Markets and Multilateral Trading Facilities (each a “MTF”) in seven European countries (Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal). The Group operates these venues under a regulatory licence, under national legislation implementing MiFID II / MiFIR granted to the local market operator and the relevant National Competent Authority (each a “NCA”) or Ministry when appropriate. Each market operator is subject to the national laws and regulations supervised by the NCAs, central banks and finance ministries as appropriate. As part of their regular supervision, NCAs perform from time-to-time audits, inspections and on-site visits. This may lead to recommendations or other measures as appropriate. The Group also operates central securities depositories (each a “CSD”) in four European countries (Denmark, Italy, Norway and Portugal). Each of the CSDs is a limited liability company subject to national laws and regulations; however, they all operate under the brand “Euronext Securities”. VP Securities A/S (Euronext Securities Copenhagen), Monte Titoli S.p.A. (Euronext Securities Milan), Interbolsa S.A. (Euronext Securities Porto), and Verdipapirsentralen ASA (Euronext Securities Oslo) hold a licence under the CSDR, under limited national implementing provisions, granted by their NCA on 3 January 2018, 18 December 2019, 12 July 2018, and 28 January 2022 respectively.

Euronext, through Euronext Securities Copenhagen, Euronext Securities Milan and Euronext Securities Porto, participates in the ECB’s TARGET2-Securities (T2S) platform. The CSDs migrated respectively in September 2016 (with EUR in 2016 and with Danish Kroner in 2018), August 2015 and March 2016.

Moreover, the Group operates a Central Counterparty in Italy, Cassa di Compensazione e Garanzia S.p.A (“Euronext Clearing“). The company was incorporated on 31 March 1992, holds its registered office in Rome at Via Tomacelli 146, and is registered with the Italian Register of Companies under no. 04289511000. It is authorised by the Bank of Italy as a CCP pursuant to Article 17 of EMIR with effect from 20 May 2014.

Important Notices

General

The Tender Offer described herein is addressed to holders of ATHEX Shares and only to persons to whom it may be lawfully addressed. The Tender Offer will be made in the territory of the Hellenic Republic. The making of the Tender Offer to specific persons who are residents in or nationals or citizens of jurisdictions outside the Hellenic Republic or to custodians, nominees or trustees of such persons (the “Excluded Shareholders”) may be made only in accordance with the laws of the relevant jurisdiction. It is the responsibility of the Excluded Shareholders and each person wishing to accept the Tender Offer to inform themselves of and ensure compliance with the laws of their respective jurisdictions in relation to the Tender Offer. If you have any doubts as to your status, you should consult with your professional advisor in the relevant jurisdiction.

The Tender Offer is not being made, directly or indirectly, by mail or by any means in or into any jurisdiction within which, under its laws, rules and regulations, the submission, the making or the presentation of the Tender Offer or the mailing or distribution of the Information Circular to be approved by the HCMC a declaration of acceptance and any other document or material relevant thereto (together, the “Relevant Documents”) is illegal or contravenes any applicable legislation, rule or regulation (together, the “Excluded Territories”). Accordingly, copies of any such Relevant Documents and materials will not be, and must not be, directly or indirectly, mailed, distributed or otherwise sent to anyone or from anyone in or into or from any Excluded Territory.

No Offeror Shares have been offered or will be offered pursuant to the Tender Offer to the public in the United Kingdom, except that the Offeror Shares may be offered to the public in the United Kingdom at any time: (a) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation; (b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation); or (c) in any other circumstances falling within Section 86 of the FSMA. Provided that no such offer of the Offeror Shares shall require Euronext or the Advisor to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an “offer to the public” in relation to the Offeror Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any Offeror Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Offeror Shares and the expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

The Consideration Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States absent registration, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state and other securities laws of the United States. This release does not constitute an offer to sell or solicitation of an offer to buy any of the Consideration Shares in the United States. Euronext has no intention to register any part of the Tender Offer in the United States or make a public offering of the Consideration Shares in the United States. Any Consideration Shares offered in the United States will be offered only to (i) holders of the Company Shares located outside of the United States and (ii) holders of Company Shares located within the United States that are “Qualified Institutional Buyers” (as defined in Rule 144A under the Securities Act). Such holders of Company Shares will be required to make such acknowledgements and representations to, and agreements with, Euronext as Euronext may require establishing that they are entitled to receive Consideration Shares pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Accordingly, any holder of Company Shares located within the United States who is not a Qualified Institutional Buyer or who does not make such acknowledgement and representation to establish their entitlement to receive the Consideration Shares is ineligible to participate in the Tender Offer, and any purported acceptance of the Tender Offer by such holder will be ineffective and disregarded.

The Tender Offer is being made in the U.S. in reliance on the expected availability of the Tier II exemption pursuant to Rule 14d-1(d) of, and otherwise in compliance with Section 14E of, and Regulation 14E promulgated under, the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and otherwise in accordance with the requirements of Greek law. The Tender Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Company is not currently subject to the periodic reporting requirements under the Exchange Act and is not required to, and does not, file any reports with the SEC thereunder.

Pursuant to exemptive relief granted by the SEC from Rule 14e-5 under the Exchange Act, during the period of the Tender Offer, Euronext may purchase, or arrange to purchase, whether directly or through any of its affiliates, any broker or other financial institution acting as its agent or any affiliates of any broker or other financial institution acting as its agent, shares of the Company as permitted by applicable law. The Offeror Shares are issued to the Company’s existing shareholders in Singapore without the intention of being on-sold there, and no documents issued by or on behalf of the Company may be used in any subsequent sale by these shareholders. The Information Circular has not been and will not be lodged with or registered as a prospectus under the Securities and Futures Act 2001 of Singapore with the Monetary Authority of Singapore. Therefore, the Information Circular does not constitute an offer or invitation for the sale or purchase of the Offeror Shares in Singapore, whether directly or indirectly, and shall not form the basis of any contract for the issue or sale of the Consideration Shares in Singapore.

This announcement is only made available to a limited number of “Professional Investors” within the meaning of the SCA’s Board of Directors Decision No. 13 of 2021 Concerning the Financial Activities Rule Book, as amended. By receiving this announcement, the entity to whom it has been issued understands, acknowledges and agrees that it has not been approved by or filed with the UAE Central Bank, the UAE Securities and Commodities Authority, the Dubai Financial Services Authority (“DFSA“), the Financial Services Regulatory Authority of Abu Dhabi (“FSRA“) or any other relevant regulatory or licensing authorities in the UAE, nor has the originator, or any other related party received authorization or licensing from the UAE Central Bank, the UAE Securities and Commodities Authority, the DFSA, the FSRA, or any other authorities in the UAE. This announcement does not constitute a public offer of Offeror Shares in the UAE in accordance with the UAE SCA Chairman of the Board Resolution No. (11/R.M) of 2016 On the Regulations for Issuing and Offering Shares of Public Joint Stock Companies, Federal Decree-No. 32 of 2021 on Commercial Companies, or otherwise.

The Offeror Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (“FinSA“) and no application has or will be made to admit the Offeror Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. The Information Circular and any related offering or marketing materials regarding the Offeror Shares do not constitute a prospectus under the FinSA and must not be publicly distributed or made available in Switzerland.

The Offeror Shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the Offeror Shares in Kuwait on the basis a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the Offeror Shares is being made in Kuwait, and no agreement relating to the sale of the Ordinary Shares will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the Offeror Shares in Kuwait.

The Offeror Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Offeror Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

The Offeror Shares have not been and will not be registered in Japan pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the “FIEA“) in reliance upon the exemption from the registration requirements since the offering constitutes the private placement to qualified institutional investors only as provided for in “i” of Article 2, Paragraph 3, Item 2 of the FIEA. A transferor of the Offeror Shares shall not transfer or resell them except where a transferee is a qualified institutional investor under Article 10 of the Cabinet Office Ordinance concerning Definitions provided in Article 2 of the Financial Instruments and Exchange Act of Japan (the Ministry of Finance Ordinance No. 14 of 1993, as amended).

This announcement does not constitute an invitation to the public in the Cayman Islands. Any invitation to participate in the Tender Offer is not being conducted in or from with the Cayman Islands or a place of business in the Cayman Islands.

No person receiving a copy of this announcement or of any Relevant Document in any jurisdiction outside the Hellenic Republic may treat any such document as if it constituted a solicitation or offer to such person and under no circumstances may such person use any Relevant Document if, in the relevant jurisdiction, such solicitation or offer may not be lawfully made to such person or if such Relevant Document may not be lawfully used without breaching any legal requirements. In those instances, any such Relevant Document is sent for information purposes only.

This regulatory announcement does not contain, constitute or form part of any offer or invitation to sell or subscribe or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, and neither this regulatory announcement (nor any part of it) nor the fact of its distribution form the basis of, or may be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.

Cautionary Statement Regarding Forward-Looking Statements

The information contained in this announcement does not purport to be full or complete. The exact dates of the Tender Offer may change.

This announcement contains forward-looking statements which are subject to numerous assumptions, risks and uncertainties which change over time and relate to, amongst others, the business activities and certain plans and objectives that Euronext has in respect of the ATHEX Group and the Euronext Group. In some cases, the forward-looking statements may be identified by words such as “may”, “hope”, “might”, “can”, “could”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” and the negative of these terms accordingly. There are many factors (for instance, without limitation, commercial, operational, economic, political and financial), as a consequence of which the actual results and the actual developments may potentially substantially differ from the plans and the objectives of Euronext and the ATHEX Group set out in this announcement. As such, Euronext and the ATHEX Group evolve in a highly competitive landscape and rapidly changing environment, where new risks and uncertainties not specifically described herein this announcement may emerge from time to time and it is not possible to predict all risks and uncertainties.

Although Euronext believes that, as of the date of this announcement, the expectations reflected in the forward-looking statements are reasonable, Euronext cannot assure you that future events will meet these expectations. Moreover, neither Euronext nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this announcement, unless Euronext is required by applicable law to update these forward-looking statements, Euronext will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in expectations.

¹ Based on a total number of shares as at 30 June 2025 of 57,850,000, which exclude the number of treasury shares of 2,498,000
² These are the Reference Shareholders:

Attachment
- 31072025_Euronext – Offer Announcement ATHEX
The MIL Network –
August 5, 2025

Name	Number of shares held
George Ηandjinicolaou	15,000
Ioannis Kontopoulos	95,000

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