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Category: Europe

  • MIL-OSI Russia: SPbGASU expands cooperation on water supply and water resources protection with Kairos Engineering

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    Dmitry Ulrich

    A meeting of Kairos Engineering representatives with Dmitry Ulrikh, Dean of the Faculty of Environmental Engineering and Urban Management, was held at SPbGASU. Key issues of cooperation were discussed, including within the framework of the agreement signed in June 2024. Kairos Engineering was represented by Alexander Gottfried, Director of Project Production, Sergey Kostrov, Chief Engineer, Yulia Balandina, Chief Technologist, and Maxim Zuev, Project Manager.

    “We have outlined a plan for the implementation of joint projects, in particular, in the field of ecology and water resources: treatment facilities, water supply systems and water treatment,” Dmitry Ulrikh specified.

    Kairos Engineering has been operating in the industrial design market for over ten years and offers design solutions based on digital modeling in the field of water resources and heat and energy generation.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Caring school rated Good in all areas by inspectors

    Source: City of Wolverhampton

    They visited St Matthias in December and, in their report published recently, found that ‘everyone belongs here’ and that pupils ‘appreciate how caring the school is’.

    The school provides a calm and orderly environment, behaviour is good, and relationships between pupils and staff are ‘positive, courteous and respectful’.

    Staff are ‘passionate’ about working with pupils and their families to ensure that pupils are ready to learn, and the school’s revamped curriculum offers a wider range of subjects, is challenging and meets the interests of learners.

    The curriculum also reflects the school’s high aspirations for its pupils, including those with special educational needs and or disabilities (SEND) who are supported well in St Matthias’ specially resourced SEND provision.

    Teachers explain new ideas clearly, carefully check how well pupils understand their work and make good use of new technologies to identify gaps in pupils’ knowledge.

    The school provides many opportunities for pupils to enrich their social and cultural understanding, and pupils recognise that St Matthias is ‘helping them to become responsible and respectful citizens’.

    Pupils have opportunities to demonstrate leadership skills as school ambassadors or fundraising for the community, and also enjoy wide range of clubs and activities. Meanwhile, a ‘well-structured’ careers programme gives them the chance to understand more about the world of work and enable them to feel ‘ready for their next steps in life and education’.

    Inspectors judged the quality of education, behaviour and attitudes, personal development, and leadership and management all to be Good.

    Headteacher Dean Coombes said: “We are pleased that a team of inspectors confirmed what we already know. Our children and our adults are doing a good job. I am proud of them.”

    Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, added: “This is another excellent report for St Matthias School which describes a calm and caring school where pupils and staff respect one another, and where students achieve well. I would like to congratulate everyone at St Matthias on their continuing success.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New baby weighing service launched

    Source: City of Wolverhampton

    The City of Wolverhampton Council’s Public Health team have joined forces with libraries, Family Hubs and the Health Visiting Team to provide a network of self weigh baby scales at locations across the city.

    Regular monitoring of a baby’s weight can help ensure they are thriving and meeting their growth milestones, giving parents peace of mind and fostering confidence in their child’s development.

    The self weigh baby scales empower parents to track their child’s weight, without the need for an appointment. Additional support is also available for anyone with questions or concerns about their baby’s weight, with trained staff and health professionals on hand to offer help and guidance.

    The service is already available at Graiseley Family Hub on Mondays from 9am to 11.30am, Central Library on Tuesdays from 10am to noon, Bilston Library on Wednesdays from 10am to noon, and Low Hill Family Hub on Fridays from 9.30am to 11am. They will also be available at the Children’s Village Family Hub on Thursdays from 1pm to 3pm starting on 20 February, 2025.

    Councillor Jasbir Jaspal, Cabinet Member for Adults and Wellbeing, said: “These self weigh baby scales are a valuable addition to our Family Hubs and libraries, strengthening our ongoing commitment to supporting families across Wolverhampton.

    “By providing self weigh baby scales, we are making it easier for parents and carers to monitor their baby’s development in convenient and welcoming spaces, and whether you have queries about growth, feeding, or general wellbeing, our specially trained staff are here to support you every step of the way.

    “It’s a great example of how working together with our partners can make a real difference to the health and wellbeing of our community, and help every child get the best start in life.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Fashions will be back in style at Mayor’s charity fundraiser

    Source: City of Wolverhampton

    Charity Fashion and Fizz takes place at the Beacon Centre, Wolverhampton Road, on Tuesday 25 February. Doors open at 6pm and the fashion show, featuring over a dozen models, starts at 6.30pm.

    Tickets, which must be booked in advance, are available at TicketTailor | Charity Fashion Show and cost £15, including a glass of prosecco or alcohol free alternative on arrival. Clothing will be on sale on the night.

    All proceeds will go to the Mayor’s chosen charities, the Beacon Centre, Age UK Wolverhampton and Samaritans Wolverhampton.

    Mayor Councillor Leach said: “Join us for an unforgettable evening of style, fun, and community as we come together to support good causes that truly make a difference.

    “This Charity Fashion and Fizz Show is more than just a runway – it’s an opportunity to make a lasting impact. For only £15, you’ll experience a great charity fashion show using sustainable clothes from the Beacon’s amazing network of charity shops. Please come along and support these fantastic local charities.”

    Beacon Centre Chief Executive Lisa Cowley added: “We’re absolutely thrilled to be hosting a fabulous fashion show on behalf of the Mayor of Wolverhampton here at the Beacon Centre.

    “It promises to be an evening full of style, all in support of some great causes. Whether you’re a fashion enthusiast or just looking for a fantastic night out, we’d love to welcome you. Come along, bring your friends, and let’s make it an event to remember!”

    MIL OSI United Kingdom –

  • MIL-OSI Security: New appeal to find man who went missing four years ago

    Source: United Kingdom London Metropolitan Police

    Police are issuing a renewed appeal for information about the whereabouts of a man who went missing from east London four years ago.

    Hussam Bashraheil was last seen in the Poplar area on 14 January 2021. He was 21 years old at the time of his disappearance and would now be 25.

    Officers from the Central East Missing Persons Unit continue to lead on the enquiry. They believe he travelled to the Theydon Bois area of Essex on 30 January 2021. Since then it is possible he has travelled beyond London, and is now living elsewhere in the UK.

    Police believe Hussam may have been going by a different name and could have established links with people in the local homeless communities.

    Hussam’s picture may not accurately reflect how he looks today. At the time of his disappearance he had dark curly hair, however he may have changed his hairstyle or grown facial hair. He is 5ft 11ins tall.

    Officers from the Central East Missing Persons Unit have said: “If anyone has seen or heard from Hussam, or if Hussam is reading this appeal, we would urge them to please contact us. We would like Hussam to know that there are many people concerned for his wellbeing who would be delighted to hear from him again.”

    If you can help contact the police on 101 and quote reference 01/884146/24. You can also report information anonymously to the Missing People charity on 180 000.

    MIL Security OSI –

  • MIL-OSI Global: Corporate transparency is a step toward a greener economy, but further change is needed

    Source: The Conversation – France – By Madlen Sobkowiak, Associate Professor in Social and Environmental Accounting, EDHEC Business School

    Could corporate transparency be one of the solutions to climate change? Or, at the very least, could it be a way to hold businesses accountable for their environmental impacts? Not by itself, according to our paper, “Shaping nature outcomes in corporate settings”, recently published by The Royal Society.

    Ninety-four percent of investors are doubtful of the validity of corporate sustainability reporting, citing unsupported claims, according to PwC’s Global Investor Survey 2023. And their skepticism is not unfounded.

    Indeed, our paper shows that while corporate transparency is a crucial first step toward a more sustainable economy, it alone will not be enough to drive positive corporate nature outcomes. For change to actually happen, three critical steps are needed: linking corporate actions to their environmental impact, embedding nature outcomes into daily operations and aligning financial incentives with ecological goals.

    The risk of greenwashing

    Even if there is a growing push for nature-related regulation, and especially nature-related disclosures, companies have only started to provide information about their nature-related performance, impacts and risks. This is the essence of the European Union’s Sustainable Finance Disclosures Regulation (SFDR) that came into effect in 2021 and the Corporate Sustainability Reporting Directive (CSRD) that came into effect in 2023. Both initiatives aim to strengthen transparency obligations on environmental, sustainable and governance (ESG) issues within the bloc. This is characteristic of a certain kind of governance, which uses mandated information disclosure as a way of regulating behaviour.

    Does it work? Not on its own, as companies still struggle to fully understand their impacts on nature or the impacts of their supply chain. And they often lack the knowledge and expertise to navigate the evolving and complex landscape of national and international sustainability reporting requirements, let alone take meaningful action. This could result in the dilution of the concept of transparency and a rise in greenwashing, the process of making false or misleading environmental claims.

    Greenwashing might distort relevant information that investors require to make decisions and, in the end, erode their trust in sustainability-related products and/or practices. A study commissioned by the European Union in 2023 found that 53% of green claims on products and services make vague, misleading or even unfounded claims, and 40% have no supporting evidence. In the United States, 68% of executives admitted to being guilty of greenwashing. In this context, the standardisation of sustainability reporting in the EU is necessary and overdue.

    Three key factors for corporate accountability

    My co-authors and I identify three conditions for information disclosures to positively impact nature outcomes: linking companies and ecosystems, translating aspiration into operations and shaping financial-system responsiveness.

    Our current approach, which uses disclosure requirements to drive company behaviour, may be limited, because providing information does not in itself encourage companies to fully achieve nature-positive impacts.

    Linking companies and ecosystems

    This first condition means putting in place radical traceability that links company actions to outcomes in particular settings. This would create the potential for companies to be held accountable regardless of whether they publish data, as well as incentives for them to produce their own data rather than having to respond to requirements created by third parties.

    One example is Cargill, a supplier for the food sector. In the company’s “South American Soy Sustainability Report”, it traces the soy it produces and purchases through its supply chain with locations in several South American countries. The sites are geospatially located with data on the degree of deforestation in each polygon obtained from satellite images. In this respect, traceability creates the possibility for nature accounts.

    Translating aspirations into operations

    This approach is about developing routines and tools that translate strategic intent into on-the-ground behaviour: in other words, linking knowledge and action. Even if companies are well informed about their impacts on nature, translating strategies to reduce impacts and restore nature into operational targets might be difficult. In this regard, it might be useful to translate ambitions into specific metrics that, once embedded in companies, create visibilities and routines that focus on making a change.

    For example, Holcim Spain, an aggregates and cement producer, has developed a monitoring system to evaluate restoration processes by studying nature assets. It has also studied resources based on field samples by cataloguing flora, identifying vegetation, establishing the distribution of birds and insects, assessing the status of biodiversity in the quarry and developing strategies and action plans. Monitoring of activities has been undertaken using a biodiversity index developed in collaboration with the World Wide Fund for Nature (WWF) and the International Union for Conservation of Nature (IUCN)‘s Biodiversity Indicator and Reporting System.

    Shaping financial-system responsiveness

    The final requirement relates to identifying how financial-system actors can enable company actions. To put it another way, it is about aligning financial incentives with environmental goals.

    Company owners and those who fund companies are the most powerful financial actors in this context. Financial stability relies on well-functioning ecosystems; indeed, recent studies have shown that climate change threatens it. Information governance could be used to draw investor attention to nature impacts, mirroring more developed interventions. An example of such a mechanism is the EU’s SFDR, which requires banks, insurers and asset managers to provide information about how they address sustainability risks.

    Another example comes from ASN Bank, which specialises in sustainability banking products and has developed a biodiversity footprinting tool for financial institutions to estimate the impacts of an investment portfolio and identify hotspots therein.

    Better information, less greenwashing

    The more solid, standardised and transparent corporate sustainability information is shared, the better we can combat the greenwashing that undermines the credibility of sustainability efforts. But, while disclosure is key, it is time we take its limits into account. For businesses, this implies adopting governance approaches that shape action and ceasing to rely solely on reporting.

    Madlen Sobkowiak ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Corporate transparency is a step toward a greener economy, but further change is needed – https://theconversation.com/corporate-transparency-is-a-step-toward-a-greener-economy-but-further-change-is-needed-243215

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Share of new electric vehicles falls in 2024

    Source: Switzerland – Department of Home Affairs

    After years of at times strong growth, the all-electric vehicle share of new registrations fell slightly in 2024. For passenger cars this figure fell to 19.0% (down from 20.7% in 2023) and for goods vehicles to 8.6% (2023: 12.2%). Overall, the number of new motor vehicle registrations in 2024 was 2.9% lower than in the previous year. The total number of vehicles nevertheless increased by 0.9% to 6.5 million. These findings are from the official Road Vehicle Statistics published by the Federal Statistical Office (FSO).

    MIL OSI Europe News –

  • MIL-OSI: TGS Webcast Details for Q4 2024 Presentation

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway (30 January 2025) – TGS, a leading global provider of energy data and intelligence will release its Q4 2024 results at approximately 07:00 a.m. CET on 20 February 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CET at House of Oslo, Ruseløkkveien 34 in Oslo, Norway.

    The presentation is open to the public and will be webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
    https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

    The Q4 2024 earnings release and presentation will be published on www.newsweb.no and www.tgs.com.

    For more information, visit TGS.com (http://www.tgs.com) or contact: 

    Bård Stenberg, VP IR & Communication
    Mobile: +47 992 45 235
    E-mail: investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

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

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

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

    Full Year Analysis1

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

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

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

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

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

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

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

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

    Renewables and Energy Solutions

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

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

             Page 3

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 4

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Full Year Analysis1

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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

    1.Q4 on Q3 change

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

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

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

    Quarter Analysis1

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

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

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

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

    Full Year Analysis1

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

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

    1.Q4 on Q3 change

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

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

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

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

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

    Quarter Analysis1

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

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

    Full Year Analysis1

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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    PRELIMINARY RESERVES UPDATE

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

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

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

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

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 4 “Earnings per share”.

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

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

             Page 14

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 15

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

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

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

             Page 16

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    2. Segment information

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

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

             Page 18

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

             Page 19

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 20

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    4. Earnings per share

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

             Page 21

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    5. Share capital

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

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

    6. Other reserves

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

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

    7. Derivative financial instruments and debt excluding lease liabilities

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

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

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

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

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

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

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    assets in Marketing and Chemicals and Products.

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

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

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

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    Taxation charge/credit

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

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

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

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

    Condensed Consolidated Balance Sheet

    Retirement benefits

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

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

    Assets classified as held for sale

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

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

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

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

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

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

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

    Cash flow from investing activities – Other investing cash inflows

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

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

    9. Post-balance sheet events

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

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

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

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

    Identified Items

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

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

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

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

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

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

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

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

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

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

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

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

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

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

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

    Underlying operating expenses

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

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

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

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

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    I.    Divestment proceeds

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

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

    J.    Structural cost reduction

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

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

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

    Forward-Looking Non-GAAP measures

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

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

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

    This Unaudited Condensed Financial Report contains inside information.

    January 30, 2025

             Page 39

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3310C 

    STMicroelectronics Supervisory Board to propose new member at 2025 AGM

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Shell plc publishes fourth quarter 2024 press release

    Source: GlobeNewswire (MIL-OSI)

    London, January 30, 2025

    “2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets1.

    Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

    We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.”

    Shell plc Chief Executive Officer, Wael Sawan


    SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

    • Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
    • Q4 2024 Adjusted Earnings2 of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
    • Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets1.
    • Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
    • Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement. 
    $ million2 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,165 4,568 4,391 1,337
    Upstream 1,682 7,676 4,509 2,076
    Marketing 839 1,709 1,363 811
    Chemicals & Products3 (229) 475 2,032 1,392
    Renewables & Energy Solutions (311) (123) 850 1,277
    Corporate (380) (24) 16 30
    Less: Non-controlling interest (NCI) 106      
    Shell Q4 2024 3,661 14,281 13,162 6,924
    Q3 2024 6,028 16,005 14,684 4,950
    FY 2024 23,716 65,803 54,684 21,084
    FY 2023 28,250 68,538 54,191 24,392

    1Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

    2Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    3Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.3) billion and Products $0.0 billion.

    • CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow1 related to the timing impact of payments for emissions certificates and biofuel programmes.
    • Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.
    $ billion2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Divestment proceeds 0.6 1.0 0.8 0.2 0.8
    Free cash flow 6.9 9.8 10.2 10.8 8.7
    Net debt 43.5 40.5 38.3 35.2 38.8


    1 Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

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

    Q4 2024 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 63 63 —
    Realised gas price ($/thousand scf) 7.9 8.1 —
    Production (kboe/d) 941 905 930 – 990
    LNG liquefaction volumes (MT) 7.5 7.1 6.6 – 7.2
    LNG sales volumes (MT) 17.0 15.5 —
    • Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
    • Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

    UPSTREAM

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 75 71 —
    Realised gas price ($/thousand scf) 6.6 7.0 —
    Liquids production (kboe/d) 1,321 1,332 —
    Gas production (million scf/d) 2,844 3,056 —
    Total production (kboe/d) 1,811 1,859 1,750 – 1,950
    • Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
    • First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

    MARKETING

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Marketing sales volumes (kb/d) 2,945 2,795 2,500 – 3,000
    Mobility (kb/d) 2,119 2,041 —
    Lubricants (kb/d) 81 77 —
    Sectors & Decarbonisation (kb/d) 745 678 —

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

    • Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.
    • 2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

    CHEMICALS & PRODUCTS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook1
    Refinery processing intake (kb/d) 1,305 1,215 —
    Chemicals sales volumes (kT) 3,015 2,926 —
    Refinery utilisation (%) 81 76 80 – 88
    Chemicals manufacturing plant utilisation (%) 76 75 78 – 86
    Global indicative refining margin ($/bbl) 5.5 5.5 —
    Global indicative chemical margin ($/t) 164 138 —

    1Oil sands production: In Q1 2025, Shell’s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

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

    • Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.

    RENEWABLES & ENERGY SOLUTIONS

    Key data Q3 2024 Q4 2024
    External power sales (TWh) 79 76
    Sales of pipeline gas to end-use customers (TWh) 148 165
    Renewables power generation capacity (GW)* 7.3 7.4
    • in operation (GW)
    		 3.4 3.4
    • under construction and/or committed for sale (GW)
    		 3.9 4.0

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

    • Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.
    • Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

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

    CORPORATE

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Adjusted Earnings ($ billion) (0.6) (0.4) (0.6) – (0.4)

    2024 FULL YEAR

    $ billion Adj. Earnings CFFO excl. WC CFFO Cash capex Free cash flow
    FY 2024 23.7 52.6 54.7 21.1 39.5
    FY 2023 28.3 47.1 54.2 24.4 36.5
    Operational performance FY 2023 FY 2024 % change
    Oil and gas production (kboe/d) 2,791 2,836 2%
    LNG liquefaction volumes (MT) 28.3 29.1 3%
    Marketing sales volumes (kb/d) 3,045 2,843 (7)%
    Refinery processing intake (kb/d) 1,349 1,344 (0)%
    Chemicals sales volumes (kT) 11,245 11,875 6%
    Macro indicators FY 2023 FY 2024 % change
    Brent ($/bbl) 83 81 (2)%
    Henry Hub ($/MMBtu) 2.5 2.2 (13)%
    EU TTF ($/MMBtu) 13.0 11.0 (16)%
    Indicative refining margin ($/bbl) 12.5 7.7 (38)%
    Indicative chemicals margin ($/t) 133 152 14%

    UPCOMING INVESTOR EVENTS

    February 25, 2025 Shell LNG Outlook 2025 publication
    March 25, 2025 Capital Markets Day 2025
    May 2, 2025 First quarter 2025 results and dividends
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

    USEFUL LINKS

    Results materials Q4 2024

    Quarterly Databook Q4 2024

    Webcast registration Q4 2024

    Dividend announcement Q4 2024

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

    CAUTIONARY STATEMENT

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

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

    All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

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

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

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

    The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2024 and full year 2024 unaudited results available on www.shell.com/investors.

    CONTACTS

    • Media: International +44 207 934 5550; USA +1 832 337 4355

    The MIL Network –

  • MIL-OSI: Shell plc Fourth Quarter 2024 Interim Dividend

    Source: GlobeNewswire (MIL-OSI)

    London, January 30, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the fourth quarter of 2024 of US$ 0.358 per ordinary share.

    Details relating to the fourth quarter 2024 interim dividend

    Per ordinary share
    (GB00BP6MXD84)    		 Q4 2024
    Shell Shares (US$) 0.358

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

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

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

    The pound sterling and euro equivalent dividend payments will be announced on March 10, 2025.

    Per ADS
    (US7802593050)    		 Q4 2024
    Shell ADSs (US$) 0.716

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

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

    Dividend timetable for the fourth quarter 2024 interim dividend

    Event Date
    Announcement date January 30, 2025
    Ex- Dividend Date for ADSs February 14, 2025
    Ex- Dividend Date for ordinary shares February 13, 2025
    Record date February 14, 2025
    Closing of currency election date (see Note below) February 28, 2025
    Pound sterling and euro equivalents announcement date March 10, 2025
    Payment date March 24, 2025

    Note

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

    Taxation – cash dividends

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

    Dividend Reinvestment Programmes (“DRIP”)

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

    • Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;
    • ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;
    • JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and
    • Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.

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

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

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

    Enquiries
    Media International: +44 207 934 5550
    Media Americas: +1 832 337 4355

    Cautionary Note

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s net-zero emissions target

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

    Forward-Looking non-GAAP measures

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

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

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

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

    The MIL Network –

  • MIL-OSI Russia: School and kindergarten: an educational complex will be built in Troitsk

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    An educational complex will be built in the Desna microdistrict of the Novye Vatutinki district in TiNAO. The installation of the monolithic part and waterproofing of the walls, as well as backfilling of the pit, are currently being completed. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The educational facility is being built at the address: Troitsk district, block 4. It will include a school for 1,350 students and a kindergarten for 350 pupils. After the construction is completed, the facility will be transferred to the city. Thus, the school will include laboratory and research complexes, a hall for holding events and an IT testing ground. The project also includes an amphitheater. The kindergarten, school and sports and health cluster will be located in different parts of the complex. The construction is planned to be completed in 2026,” Vladimir Efimov noted.

    The school building will house modern universal and specialized classrooms and studios, halls with zoning options, a room for individual lessons with a teacher-psychologist. The complex will include a gymnastics hall and a transformable sports hall, as well as a gym for primary school students.

    “The educational complex project is distinguished by its design and engineering solutions: in the universal and specialized classrooms, a large surface of the walls will be made of magnetic marker coating, on which you can draw, and the gym will have panoramic windows. The media library will be equipped with an amphitheater staircase, where students will be able to comfortably spend time between classes. In the adjacent territory, specialists will organize a physical education and sports area with areas for gymnastics, active games and mini-football with stands. They will allocate areas for tennis, basketball, volleyball, equip running tracks and a preschool block with children’s play areas,” added the head of the Department for the Development of New Territories of the City of Moscow.

    Vladimir Zhidkin.

    A ceremonial area for events will be arranged in front of the school entrance. A heated room will be built on the territory, where parents will be able to wait for their children in comfort in any weather.

    According to the head of the capital’s State Construction Supervision Committee (Mosgosstroynadzor) Anton Slobodchikova, the permit for the construction of a social facility with a total area of 26.6 thousand square meters was issued in February 2024. The work is supervised by inspectors of Mosgosstroynadzor, who regularly go out for inspections. Specialists from the subordinate Center for Expertise, Research and Testing in Construction also participate in them: they assess the quality of the work performed and the materials used for compliance with the requirements of the design documentation.

    Earlier Sergei Sobyanin reported, that in 2025 it is planned to complete the construction and reconstruction of about 30 educational institutions in TiNAO.

    The construction of social facilities in Moscow corresponds to the goals and initiatives of the national project “Infrastructure for life”.

    Construction of a road to an educational complex in Troitsk is nearing completion

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149476073/

    MIL OSI Russia News –

  • MIL-OSI Russia: A residential building will appear in Kuntsevo under the renovation program

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Another house for resettlement under the renovation program will be built in the west of the capital. It will appear at the address: Molodogvardeyskaya Street, vladikavka 54, 58. The building will be constructed as part of the integrated development project of the territory of part of the former industrial zone Kuntsevo. This was reported by Juliana Knyazhevskaya, Chairman of the Moscow Committee for Architecture and Urban Development (Moskomarkhitektura).

    “Moskomarkhitektura has issued an urban development plan for a land plot of 4.23 hectares for a house that will be built for the purposes of the renovation program. The maximum area of the new building will be 156 thousand square meters,” said Yuliana Knyazhevskaya.

    One of the main advantages of the area is its well-developed infrastructure, which includes convenient access to public transport, educational and medical institutions, and shopping centers. In addition, the Moskvoretsky natural and historical park is located nearby, where residents of the new building can relax in the fresh air.

    Since 2021, a capital company has been engaged in the comprehensive development of a part of the former Kuntsevo industrial zone with an area of 15.89 hectares.

    “The redevelopment project for part of the former Kuntsevo industrial zone provides for the creation of not only housing, but also the necessary infrastructure facilities within walking distance. The total area of residential buildings will exceed 596 thousand square meters. In addition, more than 13 thousand square meters of public and business facilities will appear here. Among them are two kindergartens for 100 and 350 children, as well as a center for additional education. Walking areas, bike paths, and playgrounds and sports grounds will be installed in the adjacent territory,” noted the Minister of the Moscow Government, Head of the Department of City Property

    Maxim Gaman.

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Earlier, Sergei Sobyanin ordered to increasethe pace of implementation of the renovation program has doubled.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149488073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese New Year: Participants of the City of Tasks project are invited to get acquainted with the traditions of Eastern culture

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    From January 28 to February 9, the capital hosts a festival “Chinese New Year in Moscow” within the framework of the cross-cultural Years of Russia and China. Project “City of Tasks” together with the capital By the Tourism Committee prepared tasks that will allow you to immerse yourself in the atmosphere of this colorful holiday and get to know the traditions of Chinese culture better.

    To perform first task, Muscovites will have to visit the main festival site on Manezhnaya Square and take part in their favorite master class, for example, making Chinese lanterns, a fan or playing xiangqi – Chinese chess. These moments should be captured in a photo and shared on a social network with hashtags

    To those who will carry out second task, suggest going on a search for the image of this year’s symbol on Moscow buildings and monuments. You can choose one of the eight places marked on the map in the task description. You need to take a photo near this point and post the photo on your social network page with the hashtags specified above.

    For each successfully completed task, participants will receive 750 points of the city loyalty program “A Million Prizes”. They can be used to obtain goods and services from program partners or donated to charity.

    Registered users of the project can take on tasks for work “City of Tasks”, having full account on the mos.ru portal.

    The Chinese New Year in Moscow festival was first held in February 2024. Then it brought together more than 700 thousand residents and guests of the capital, and its program included over 300 events. This year, the celebration will be even larger. The festival venues will be Tverskaya and Bolotnaya squares, VDNKh, the Moscow Zoo and other popular places in the capital.

    The festival is organized by the Government of Moscow with the support of the Ministry of Foreign Affairs of the Russian Federation and the Embassy of the People’s Republic of China in the Russian Federation.

    The “City of Tasks” project was launched in January 2022. With its help, Muscovites control the work of the capital’s services, and also participate in environmental, cultural, sports and other events. Participants have already completed more than 2.6 million tasks. The project is being developed by the State Institution “New Management Technologies” and the capital Department of Information Technology.

    The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, correspond to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149383073/

    MIL OSI Russia News –

  • MIL-OSI Europe: 2024: Mixed picture despite record exports

    Source: Switzerland – Department of Finance

    While foreign trade was still negative in both directions in the previous year, exports reached a new high of +3.2% in 2024. However, this record was achieved almost exclusively thanks to the chemicals and pharmaceuticals sector. On the import side, on the other hand, last year’s decline continued at –1.6%, albeit at a slightly slower pace. The opposing trend between imports and exports resulted in a new record trade surplus of CHF 60.6 billion

    MIL OSI Europe News –

  • MIL-OSI China: Chinese New Year celebrated across world

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

    Chinese New Year celebrated across world

    Updated: January 30, 2025 10:21 Xinhua
    A participant tries on a traditional Chinese costume during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. The Confucius Institute of Far Eastern Federal University of Russia hosted a Chinese New Year cultural experience event, attracting many participants. [Photo/Xinhua]
    Participants try Chinese calligraphy during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    Participants paint Beijing Opera masks during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    Performers present a lion dance during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. The 2025 “Happy Chinese New Year” celebrations kicked off here recently, and will last till Feb. 12. [Photo/Xinhua]
    Local Chinese language learners perform Chinese crosstalk during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    A local martial arts lover performs during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    Artists of China Conservatory of Music stage a performance in Brussels, Belgium, Jan. 29, 2025. A concert celebrating the Spring Festival was held at Bozar Art Center in Brussels on Wednesday. [Photo/Xinhua]
    Zhang Qianyuan of China Conservatory of Music performs the Suona Concerto “A Hundred Birds Paying Homage to the Phoenix” in Brussels, Belgium, Jan. 29, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Banking: 2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

    Source: GlobalData

    2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

    Posted in Sport

    With seven brands sponsoring the 2024/25 Professional Darts Corporation (PDC) World Darts Championship, the competition’s largest sponsorship deal in terms of annual value was with Paddy Power. The title sponsorship agreement is worth an estimated $1.5 million a year for a period of three years. Overall, the championship is estimated to have generated $4.57 million in sponsorship revenue, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Post Event Analysis – World Darts Championship 2024/25”, reveals that the event is involved in a media agreement with the pay-TV broadcaster Sky, worth in total an estimated $93.47 million to air the championship on its platform across the UK and Ireland up until January 2026.

    Tom Subak-Sharpe, Sport Analyst at GlobalData, comments: “The PDC in 2024 was successful in agreeing to four new commercial deals with brands willing to partner with this year’s world championship. With the help of Luke Littler, darts is going from strength to strength, with more brands becoming intrigued into becoming associated with some of the sport’s biggest events, including its most prestigious competition, the World Darts Championship.”

    Sky’s viewership for this year’s World Darts Championship final averaged 2.7 million, with a peak audience reaching 3.1 million. Though lower than last year, these are very encouraging figures for the PDC, still higher than any other non-football audience in the last 12 months.

    Subak-Sharpe continues: “The fundamental reason for such strong viewership numbers is the pull that teenager Luke Littler has for the UK public. Littler remains one of the sought after sports stars in the UK, with the public eager to witness his journey to dominate the sport.”

    Subak-Sharpe concludes: “The biggest event in darts continues to establish a very strong commercial footprint, as new brands have been added to the portfolio of the event. With darts growing in popularity across many countries, viewership of the World Darts Championship should remain positive for many years to come.”

    MIL OSI Global Banks –

  • MIL-OSI: Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    30 January 2025 at 8:10 EET

    Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025

    Nokia Corporation’s Annual General Meeting will be held on Tuesday 29 April 2025 at 13:00 (EEST) at Finlandia Hall, Helsinki, Finland. The Board submits the following proposals to the Annual General Meeting. Complete proposals are available as of today at www.nokia.com/agm2025. The notice of the Annual General Meeting with more detailed information on the participation and voting will be published separately during week 7, 2025 on the Company’s website and by a stock exchange release.

    Authorization of the Board of Directors to decide on the distribution of dividend and assets from the reserve for invested unrestricted equity

    The Board of Directors proposes to the Annual General Meeting to be authorized to resolve in its discretion on the distribution of an aggregate maximum of EUR 0.14 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equity.

    The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the period of validity of the authorization unless the Board of Directors decides otherwise for a justified reason. The proposed total authorization for asset distribution is in line with the Company’s dividend policy. The authorization would be valid until the opening of the next Annual General Meeting.

    The Board would make separate resolutions on the amount and timing of each distribution of the dividend and/or assets from the reserve for invested unrestricted equity so that the preliminary record and payment dates will be as set out below. The Company shall make a separate announcement of each such Board resolution.

    Preliminary record date Preliminary payment date
    5 May 2025 12 May 2025
    29 July 2025 7 August 2025
    28 October 2025 6 November 2025
    3 February 2026 12 February 2026

    Each installment based on the resolution of the Board of Directors will be paid to a shareholder registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy on the record date of the payment.

    Board composition and remuneration

    Søren Skou and Carla Smits-Nusteling have informed the Board’s Corporate Governance and Nomination Committee that they will no longer be available to serve on the Nokia Board of Directors after the Annual General Meeting. On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the number of Board members be ten (10). However, should any number of the candidates proposed by the Board not be available for election, the number of Board members shall be decreased accordingly.

    On the recommendation of the Corporate Governance and Nomination Committee, the Board further proposes to the Annual General Meeting that the following current Board members be re-elected as members of the Board of Directors for a term until the close of the next Annual General Meeting: Timo Ahopelto, Sari Baldauf, Elizabeth Crain, Thomas Dannenfeldt, Lisa Hook, Mike McNamara, Thomas Saueressig and Kai Öistämö. In addition, it is proposed that Pernille Erenbjerg, Danish citizen, former Group CEO and President of TDC Group; and Timo Ihamuotila, Finnish citizen, Chief Financial Officer of ABB Ltd, be elected as new members of the Board of Directors for a term until the close of the next Annual General Meeting.

    Resumes of the Board candidates are presented in the Board’s proposal available as of today at www.nokia.com/agm2025.

    The Corporate Governance and Nomination Committee will propose in the assembly meeting of the new Board of Directors after the Annual General Meeting that Sari Baldauf be re-elected as the Chair of the Board and Timo Ihamuotila be elected as the Vice Chair, subject to their election to the Board.

    On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the annual fees payable to Board members for a term ending at the close of the next Annual General Meeting are kept at the current levels:

    • EUR 440 000 for the Chair of the Board;
    • EUR 210 000 for the Vice Chair of the Board;
    • EUR 185 000 for each member of the Board;
    • EUR 30 000 each for the Chairs of the Audit Committee and the Personnel Committee and EUR 20 000 for the Chairs of the Technology Committee and the Strategy Committee as an additional annual fee; and
    • EUR 15 000 for each member of the Audit Committee and the Personnel Committee and EUR 10 000 for each member of the Technology Committee and the Strategy Committee as an additional annual fee.

    In line with Nokia’s Corporate Governance Guidelines, the Board proposes that approximately 40% of the annual fee be paid in Nokia shares. The rest of the annual fee would be paid in cash to cover taxes arising from the remuneration. The Directors shall retain until the end of their directorship such number of shares that they have received as Board remuneration during their first three years of service on the Board.

    In addition, the Board proposes that the meeting fees for Board and Committee meetings remain at their current level. The meeting fees are based on travel required between the Board member’s home location and the location of a meeting and paid for a maximum of seven meetings per term as follows:

    • EUR 5 000 per meeting requiring intercontinental travel; and
    • EUR 2 000 per meeting requiring intracontinental travel.

    Only one meeting fee is paid if the travel entitling to the fee includes several meetings of the Board and the Committees. Moreover, it is proposed that members of the Board shall be compensated for travel and accommodation expenses as well as other costs directly related to Board and Committee work.

    Auditor election and remuneration

    On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Deloitte Oy be re-elected as the auditor of the Company for the financial year 2026.

    It is also proposed that the auditor elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

    Sustainability reporting assurer election and remuneration

    On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Authorized Sustainability Audit Firm Deloitte Oy be re-elected as the sustainability reporting assurer for the financial year 2026.

    It is also proposed that the assurer of the sustainability reporting elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

    Authorization to the Board to issue shares and repurchase Company’s shares

    The Board proposes that the Annual General Meeting authorize the Board to resolve to issue in total a maximum of 530 million shares through issuance of shares or special rights entitling to shares under Chapter 10, Section 1 of the Finnish Limited Liability Companies Act in one or more issues during the effective period of the authorization. The Board may issue either new shares or treasury shares held by the Company. Shares and special rights entitling to shares may be issued in deviation from the shareholders’ pre-emptive rights within the limits set by law. The authorization may be used to develop the Company’s capital structure, diversify the shareholder base, finance or carry out acquisitions or other arrangements, to settle the Company’s equity-based incentive plans or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for issuance of shares and special rights entitling to shares resolved at the Annual General Meeting on 3 April 2024.

    The Board also proposes that the Board be authorized to resolve to repurchase a maximum of 530 million shares. The repurchases would reduce distributable funds of the Company. The shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase). Shares may be repurchased to be cancelled, held to be reissued, transferred further or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for repurchasing the Company’s shares granted by the Annual General Meeting on 3 April 2024 to the extent that the Board has not previously resolved to repurchase shares based on such authorization.

    530 million shares corresponds to less than 10 percent of the Company’s total number of shares. The Board shall resolve on all other matters related to the issuance or repurchase of Nokia shares in accordance with the resolution by the Annual General Meeting.

    Other matters to be addressed by the Annual General Meeting

    Furthermore, the Annual General Meeting would address adopting the Company’s financial statements for the financial year 2024, discharging the members of the Board of Directors and the President and Chief Executive Officer from liability for the financial year 2024, adopting the updated Remuneration Policy for the Company’s governing bodies and adopting the Remuneration Report 2024.

    The Remuneration Report for 2024 and the “Nokia in 2024” annual report, which includes the Company’s Annual Accounts, the review by the Board of Directors and the auditor’s report, are expected to be published and available at www.nokia.com/agm2025 in week 11 of 2025. The updated Remuneration Policy is expected to be published as an attachment to the Notice of the Annual General Meeting and available at www.nokia.com/agm2025 in week 7 of 2025.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Academician Lingyun Xiang was awarded the International Cultural Exchange Ambassador Certificate by the Ukrainian Ambassador to China

    Source: GlobeNewswire (MIL-OSI)

    Beijing, China, Jan. 30, 2025 (GLOBE NEWSWIRE) — Recently, Professor Lingyun Xiang, a Foreign Academician of the National Academy of Engineering of Ukraine, was awarded the International Cultural Exchange Ambassador Certificate by the Embassy of Ukraine in China.

    Ukrainian diplomat Gili and the Secretary to Professor Lingyun Xiang, a Foreign Academician of the National Academy of Engineering of Ukraine in China.

    Ukraine, with its capital Kyiv, is located in Eastern Europe along the northern coasts of the Black Sea and the Sea of Azov. It shares borders with Belarus to the north, Russia to the northeast, Poland, Slovakia, and Hungary to the west, and Romania and Moldova to the south. Rich in mineral resources, Ukraine covers 603,700 square kilometers, making it the second-largest country in Europe by land area. The country is divided into 24 oblasts (provinces), one autonomous republic (the Republic of Crimea), and two cities with special status (the capital Kyiv and Sevastopol).

    As of September 2022, Ukraine’s total population was 41.13 million (excluding the Crimea region). Ukraine is classified as a developing country with a highly advanced agricultural sector, though its industrial development, particularly in manufacturing, lags. Ukraine ranks as the fifth-largest exporter of IT services in the world. It is the largest market for software development, programming, and IT outsourcing services in Central and Eastern Europe. In 2021, Ukraine’s GDP was approximately $200 billion.

    The National Academy of Engineering of Ukraine (Академія Інженерних Наук України) is one f Ukraine’s highest academic institutions. It originated as the Ukrainian Republic Branch of the Soviet Union Academy of Engineering. In 1998, it became a member of the International Council of Academies of Engineering and Technological Sciences (CAETS), a global alliance that includes engineering academies from 27 countries, such as the Chinese Academy of Engineering.

    As of December 2023, the National Academy of Engineering of Ukraine has over 160 academicians, more than 130 corresponding members, and over 50 foreign academicians. The current president of the academy is Petro Mihailovich Talanchuk, who previously served as Ukraine’s Minister of Education and Science, President of the National Technical University of Ukraine (formerly Kyiv Polytechnic Institute), a candidate in the 1994 Ukrainian presidential election, and currently an advisor to the President of Ukraine.

    Professor Xiang was elected on July 22, 2024. He is also a recipient of the British King’s Medal and the European Outstanding Achievement Award, a Fellow of the Royal Society of the United Kingdom, a Lifetime Fellow of the Royal Academy of Engineering of the United Kingdom, and a Foreign Full Member of Academy of Engineering Sciences of Ukraine, a lifelong full-time professor of the European Union University, a lifelong professor (doctoral supervisor) of the National University of Maryland, a Special Term professor of Peking University Boya, a visiting professor of Beijing Union University, a visiting professor of Capital Normal University, a visiting professor of Shaanxi University of Science & Technology.

    The MIL Network –

  • MIL-OSI Russia: Stops near the entrance to the vestibule and modern lighting: landscaping has been completed near the Solnechnaya MCD-4 station

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In the west of the city, improvement work has been completed on the territory near the Solnechnaya station of the fourth Moscow Central Diameter (MCD-4). It was carried out by specialists urban economy complex And Department of Transport and Development of Road Transport Infrastructure of the City of Moscow.

    “To launch MCD-4, we built 25 Moscow city railway stations practically from scratch. An integrated approach to their creation is not only the construction of infrastructure, but also the formation of a high-quality urban environment around it. We continue to develop MCD on the instructions of Sergei Sobyanin,” said Deputy Mayor of Moscow for Transport and Industry

    Maxim Liksutov.

    The overhead lines were removed into a cable duct about three kilometers long. This improved the appearance of the city and ensured the safe operation of power transmission and communication lines.

    “The main task was to improve the transport and pedestrian accessibility of the station, organize convenient approaches and driveways to it, conditions for a quick and comfortable transfer from ground transport to MCD trains. The boundaries of the work included Poputnaya Street and Proektiruemy proezd No. 5501,” said Deputy Mayor of Moscow for Housing and Public Utilities and Improvement

    Petr Biryukov.

    According to him, almost five thousand square meters of asphalt were replaced on the sidewalks, about seven thousand square meters of asphalt were laid on the roadway, the markings were updated and road signs were installed.

    Two existing stops have been moved closer to the station to make transfers between different modes of transport faster.

    So, if previously you had to walk almost 100 meters, now there are only a few steps between the stops and the station lobby. This is especially important in snowy or rainy weather. Getting to the stop has become not only faster, but also safer, since you no longer need to cross the road.

    More than 30 new lanterns with energy-efficient lamps appeared. Ground crossings were equipped with contrast lighting supports so that the zebra crossing itself and the pedestrian on it were more visible to drivers at night.

    Improvement work has begun near the Solnechnaya MCD-4 station

    At the intersection of Poputnaya Street and Proektiruemy Proezd No. 5501, a parking and turning area for buses was equipped. Thanks to this, it has become easier and more convenient for city transport drivers to use the infrastructure.

    Landscaping is a mandatory component of all capital improvement projects. About a thousand square meters of lawn were laid on the streets adjacent to the station.

    All work was carried out according to the schemes developed by specialists of the Department of Transport and Development of Road Transport Infrastructure. Thanks to this, a single space was created so that it was convenient to get to the Solnechnaya MCD-4 station by any means: on foot, by ground transport or by private car.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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    https: //vv.mos.ru/nevs/ite/149240073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow Innovation Cluster Opens Applications for the Ninth Stream of the Venture Academy

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Moscow Innovation Cluster and the capital Department of Entrepreneurship and Innovative Development announce a new selection of applications for the practice-oriented program “Venture Academy”. Entrepreneurs, beginning investors and top managers who want to improve their competencies in venture investing are invited to participate. You can apply for participation on the platform I. Moskov until February 26.

    The training will last until mid-April and will consist of a series of video lectures to study the theory and offline events to consolidate practical skills.

    First, the participants will study in detail the main types of investment instruments, investment models and current issues of legal regulation of the sphere. Based on the results of studying theoretical materials, they will be allowed to practice. During the classes, experts will help the students develop analytical skills for evaluating projects and create an individual investment strategy.

    The final stage of training will be participation in a syndicated deal: together with other graduates of the Venture Academy, participants in the ninth stream of the program will be able to invest in a project of a resident of the Moscow Innovation Cluster.

    The Moscow Innovation Cluster has been conducting the training program since 2021.

    It combines the methods of the best Russian experts and practitioners of the venture market and is implemented with their participation. Over the past years, more than 700 beginning investors and business angels have graduated from the program, who have invested over half a billion rubles in high-tech startups.

    For example, graduates of the eighth training stream, which ended in December last year, confirmed their readiness to make their first investments in an IT project for marketplace sellers. The platform helps promote products through bloggers. The deal is currently being structured.

    The Venture Academy program helps develop the venture market not only in the capital. In 2024, it began to scale up to the regions. Together with regional partners, the Moscow Innovation Cluster opened the educational programs Venture Academy. Siberia and Venture Academy. Tatarstan. At the beginning of this year, the program was opened in the Urals.

    Moscow continues to share best practices with regions

    The Moscow Innovation Cluster promotes cooperation between large corporations, industry, small and medium-sized businesses, educational and scientific organizations, development institutes and government bodies. The cluster includes more than 40 thousand organizations from Moscow and 86 regions of Russia. Developers and high-tech businesses have access to more than 20 city services. The project is supervised by the capital’s Department of Entrepreneurship and Innovative Development.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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    https: //vv.mos.ru/nevs/ite/149430073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Hen Harrier and More: What Rare Animals Have Been Discovered in the Capital’s Forests

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    More than 370 monitoring studies in 111 natural and green areas of the city were carried out by specialists from the capital Department of Nature Management and Environmental Protection in 2024. They kept records of animals using scientifically proven methods, through observation, identification by voice and traces of their presence.

    “The results of the animal census for 2024 indicate a satisfactory ecological situation in the city. The identification of 157 species listed in the Red Book of Moscow confirms that the capital’s natural areas are an important link in preserving its rich diversity of flora and fauna. This achievement was made possible by constant monitoring of the state of ecosystems and comprehensive measures to protect nature,” said Azamat Kunafin, head of the biodiversity monitoring department of the city Department of Nature Management and Environmental Protection.

    In total, 408 animal species were recorded in 2024, which is 136 more than the year before. The number of identified protected species listed in the Moscow Red Book has increased. Among them are 10 species of mammals, including the European hare, common beaver and pine marten, as well as 74 species of birds. These include, for example, the stock dove, peregrine falcon, little bittern, marsh harrier and black-necked grebe. Rare species of reptiles, amphibians, fish, mollusks and insects were also noted.

    One of the most surprising findings of the 2024 monitoring was the Hen Harrier. This bird of prey belongs to the zero category of rarity. This means that such animals lived in a certain area, but now their presence in the wild is not confirmed. The discovery of the Hen Harrier indicates that the capital’s green areas have preserved conditions suitable for this species. Another significant discovery was the detection of the golden-pitted ground beetle, a rare beetle with a bright metallic color. The discovery of these rare inhabitants, listed in the Red Book of Moscow, indicates favorable changes in the city’s ecosystem.

    In 2024, the long-eared owl, the purple emperor and the camilla ribbon were also spotted. They belong to the second and third categories of rarity, which are assigned to species vulnerable to urban conditions. And for the first time in recent years, the greater spotted eagle, a large bird of prey listed in the Red Book of Russia, was recorded in Moscow’s natural areas.

    Biologists have also recorded the emperor dragonfly, one of the largest dragonflies that prefers clean and calm waters. This species is also listed in the Red Book of Russia and was considered endangered for a long time.

    In addition, specialists have recorded 57 species of butterflies, including rare representatives such as the swallowtail and the mourning cloak. Several species of bumblebees and bees of the Dasypodaidae family have been found on the city’s territory. And a special achievement of last year was the discovery of a rare, graceful day butterfly – the laodike fritillary.

    Every year in Moscow, not only the number of habitual inhabitants of natural areas, such as the European elk, raven, nightingale and jay, is growing, but also the appearance of rare and endangered species is recorded. This indicates an improvement in the environmental situation in the capital. The results of the animal census will form the basis for developing new environmental initiatives and strengthening measures to protect nature.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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    https: //vv.mos.ru/nevs/ite/149487073/

    MIL OSI Russia News –

  • MIL-OSI Russia: “Winter in Moscow”: what to buy at the “Chinese New Year” festival venues

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The venues of the Chinese New Year in Moscow festival, which is held as part of the Winter in Moscow project, come alive to the sounds of traditional music, the aromas of oriental treats and the bright colours of festive decorations. The spirit of the Celestial Empire reigns there: the festival gives the opportunity to be transported to the noisy streets of Beijing or a cozy corner of Shanghai. The festive programme takes place on the main squares of the city. Souvenirs and unforgettable impressions await Muscovites and guests of the capital.

    Tea ceremonies and fabulous treats

    On Tverskaya Square you can find rare varieties of tea: pu’er, tieguanyin, longjing. There is a “Tea Workshop” site where guests can learn about the culture of Chinese tea drinking and also buy exquisite tableware for ceremonies.

    Those with a sweet tooth will definitely appreciate Chinese desserts – mochi, mooncakes, “White Rabbit” and dried fruits. The culmination of the tasting will be fortune cookies.

    In souvenir shops you can find terracotta warriors, elegant porcelain vases, fans with double-sided embroidery and even interior items in traditional Chinese style.

    Souvenirs and entertainment for the whole family

    At the festival, guests will be able to try their hand at the Chinese games of xiangqi, mahjong and go. These board games are captivating in their complexity and philosophy. For those who want to touch art, Tverskaya Square offers goods for Chinese painting: ink, rice paper, brushes.

    Guests can expect souvenirs such as feng shui-style jewelry, interior items made of silk, copper and jade, bookmarks, ceramic plates and much more.

    Chinese New Year is not only a holiday, but also a real extravaganza of tastes, colors and emotions. Everyone will be able to immerse themselves in the atmosphere of Eastern culture and take a piece of the Celestial Empire with them. More details you can find out by following the link.

    From January 28 to February 9, a large-scale celebration of the New Year according to the Eastern calendar is taking place in Moscow for the second time. It has become a continuation of the events that were organized within the framework of the cross-cultural Years of Russia and China announced by the leaders of the two countries, timed to coincide with the 75th anniversary of the establishment of diplomatic relations. Russian and Chinese artists perform at nine central venues in Moscow, thematic quizzes and prize draws are held, master classes and lectures are organized, and guests can try exquisite dishes of Eastern cuisine. The central streets of the city are decorated in traditional Chinese style. A colorful program has been prepared for the guests of the festival, which will last 13 days.

    Project “Winter in Moscow” — the main event of the season, which until February 28 brings together various events in the capital. Citizens and tourists are invited to remember traditions and history, warm up with tea and hot buns, go ice skating, watch ice shows, give gifts to people who find themselves in a difficult life situation, and show concern for those who need it.

    Muscovites and guests of the capital are offered a huge selection of events in the open air and in cultural and sports institutions. The atmosphere of winter traditions has engulfed the entire city – more than 1.9 thousand sites are open. The largest festivals of the capital are organically woven into the project: “Moscow Estates”, “Moscow Tea Party”, “City of Light” and many others. All information about the project and the events of the winter season can be found in a special section of mos.ru.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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    https: //vv.mos.ru/nevs/ite/149466073/

    MIL OSI Russia News –

  • MIL-OSI: Nokia Corporation Financial Report for Q4 and full year 2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Financial Statement Release
    30 January 2025 at 08:00 EET

    Nokia Corporation Financial Report for Q4 and full year 2024

    Strong Q4 growth and profitability as market trends improve

    • Q4 net sales increased 9% y-o-y in constant currency (10% reported). Network Infrastructure net sales grew strongly with all units contributing, Nokia Technologies grew significantly and Cloud and Network Services also grew in Q4.
    • Comparable gross margin in Q4 increased by 250bps y-o-y to 47.2% (reported increased 280bps to 46.1%), with a strong contribution from Nokia Technologies along with smaller contributions from other businesses.
    • Q4 comparable operating margin increased 380bps y-o-y to 19.1% (reported up 540bps to 15.3%), mainly due to higher gross margin, continued cost control and higher contribution from Nokia Technologies.
    • Q4 comparable diluted EPS for the period of EUR 0.18; reported diluted EPS for the period of EUR 0.15.
    • Q4 free cash flow of EUR 0.05 billion, net cash balance of EUR 4.9 billion.
    • Full year 2024 net sales declined 9% in both reported and constant currency, of which 7 percentage points was related to India. Comparable operating profit was EUR 2.6 billion (reported EUR 2.0 billion).
    • Full year comparable diluted EPS of EUR 0.39; reported diluted EPS of 0.23.
    • Board proposes dividend authorization of EUR 0.14 per share.
    • Nokia issues full year 2025 outlook on an organic basis. Nokia expects comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

    This is a summary of the Nokia Corporation Financial report for Q4 and full year 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q4 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2024 RESULTS

    In the following quote, net sales growth rates are on a constant currency basis
    We saw a strong finish to 2024 with 9% net sales growth year-on-year in Q4. I am optimistic that the improving market trends we are now seeing will persist into 2025. Alongside the net sales growth, we saw excellent profitability in Q4 with a comparable operating margin of 19.1%. This meant our full year comparable operating profit was EUR 2.6 billion, at the mid-point of our guidance of EUR 2.3 to 2.9 billion.

    All business groups delivered a strong operational performance in the quarter. Net sales growth in Network Infrastructure accelerated to 17%, with IP Networks growing 24%, Fixed Networks 16% and Optical Networks 7%. This reflected a strong recovery in demand from communication service providers, notably in North America.

    Mobile Networks net sales stabilized with continued resilience in gross margin. We also secured many important deals, winning 18 000 additional base station sites, since the start of 2024 on a net basis. This was achieved while maintaining our commercial and pricing discipline to protect our gross margins.

    Cloud and Network Services returned to 7% net sales growth in the quarter, despite a headwind of 4 percentage points from a prior business disposal, and its operating margin improved over the full year. Both Core Networks and Enterprise Campus Edge grew strongly. The fourth quarter saw the acquisition of Rapid’s technology assets. This will bolster our R&D capacity in Network as Code and increase our developer access. Taken together with our autonomous networks application suite, we are accelerating our efforts to help operators fully automate and monetize their networks.

    Nokia Technologies had an extremely active quarter. We signed a deal with Transsion, a previously unlicensed mobile devices vendor, along with multimedia deals with HP and Samsung, as well as many other smaller deals. Our annual net sales run-rate increased to approximately between EUR 1.3 and 1.4 billion in Q4, progressing towards our mid-term EUR 1.4 to 1.5 billion target.

    We delivered a strong cash performance throughout 2024, ending with full year free cash flow of EUR 2.0 billion. This means we continue to have a strong balance sheet supporting our business with net cash of EUR 4.9 billion at the end of the year, even after returning EUR 1.4 billion to shareholders through dividend and share buybacks. The Board is proposing an increase in the dividend to EUR 0.14 per share in respect of the financial year 2024. We also continue to execute against our outstanding share buyback program to offset any dilution from the equity component of our pending Infinera acquisition. Going forward, our target remains to maintain a net cash position of between 10-15% of annual net sales.

    Q4 also saw further progress in efforts to expand our presence in the data center market. We signed important deals with Microsoft and Nscale for our data center switching products, along with announcing partnerships with both Kyndryl and Lenovo. We are now stepping up our investments to broaden our addressable market in data center IP networking. We will invest up to an additional EUR 100 million in annual operating expenses with a view to driving incremental net sales of EUR 1 billion by 2028. In the short-term this will moderate the pace of operating margin expansion in Network Infrastructure, but we anticipate a strong return on investment considering the momentum we already have today in the market.

    Looking further ahead into 2025, we expect the improved trends we have seen in Network Infrastructure in the second half of this year, to sustain and drive strong growth. Cloud and Network Services is also expected to grow with strong 5G Core momentum and growth in our Enterprise Campus Edge business. End markets in Mobile Networks are improving and we currently assume largely stable net sales. Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating profit.

    At the Nokia level, we currently estimate we will deliver comparable operating profit of between EUR 1.9 and 2.4 billion in 2025. We also target free cash flow conversion from comparable operating profit of between 50% and 80%. Excluding the one-time items that benefited 2024 by over EUR 700 million which were mostly in the first half of the year, this guidance would imply a strong improvement in our comparable operating profit in 2025 despite select increased investments.

    Given the market volatility in 2024, our results demonstrate the responsiveness and capacity of the Nokia team to execute in all market conditions. I thank the whole Nokia team for their commitment, hard work and drive which made these results possible.

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q4’24 Q4’23 YoY change Constant currency YoY change Q1-Q4’24 Q1-Q4’23 YoY change Constant currency YoY change
    Reported results                
    Net sales 5 983 5 416 10% 9% 19 220 21 138 (9)% (9)%
    Gross margin % 46.1% 43.3% 280bps   46.1% 40.4% 570bps  
    Research and development expenses (1 136) (1 080) 5%   (4 512) (4 277) 5%  
    Selling, general and administrative expenses (789) (774) 2%   (2 890) (2 878) 0%  
    Operating profit 917 534 72%   1 999 1 661 20%  
    Operating margin % 15.3% 9.9% 540bps   10.4% 7.9% 250bps  
    Profit/(loss) from continuing operations 746 (51)     1 711 649 164%  
    Profit/(loss) from discontinued operations 67 18 272%   (427) 30    
    Profit/(loss) for the period 813 (33)     1 284 679 89%  
    EPS for the period, diluted 0.15 (0.01)     0.23 0.12 92%  
    Net cash and interest-bearing financial investments 4 854 4 323 12%   4 854 4 323 12%  
    Comparable results                
    Net sales 5 983 5 416 10% 9% 19 220 21 138 (9)% (9)%
    Gross margin % 47.2% 44.7% 250bps   47.1% 41.1% 600bps  
    Research and development expenses (1 129) (1 023) 10%   (4 298) (4 143) 4%  
    Selling, general and administrative expenses (638) (615) 4%   (2 423) (2 448) (1)%  
    Operating profit 1 142 830 38%   2 619 2 337 12%  
    Operating margin % 19.1% 15.3% 380bps   13.6% 11.1% 250bps  
    Profit for the period 977 555 76%   2 175 1 590 37%  
    EPS for the period, diluted 0.18 0.10 80%   0.39 0.28 39%  
    ROIC(1) 13.0% 9.9% 310bps   13.0% 9.9% 310bps  

    1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for details.

    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23
    Net sales 2 031 1 712 2 431 2 450 1 054 977 463 251 6 25
    YoY change 19%   (1)%   8%   84%   (76)%  
    Constant currency YoY change 17%   (2)%   7%   85%   (76)%  
    Gross margin % 45.4% 44.7% 38.1% 38.3% 48.1% 47.6% 99.8% 100.0%    
    Operating profit/(loss) 398 264 187 281 236 223 356 169 (35) (106)
    Operating margin % 19.6% 15.4% 7.7% 11.5% 22.4% 22.8% 76.9% 67.3%    

    SHAREHOLDER DISTRIBUTION

    Dividend

    The Board of Directors proposes that the Annual General Meeting 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    Under the current authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    On 30 January 2025, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 4 February 2025 and the dividend will be paid on 13 February 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Following this announced distribution of the fourth installment and executed payments of the previous installments, the Board has no remaining distribution authorization.

    Share buyback programs

    In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of the year instead of the initial two year timeframe. The program was completed on 21 November 2024 and the repurchased 157 646 220 shares were canceled on 4 December 2024.

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a new share buyback program targeting to repurchase 150 million shares for an aggregate purchase price not exceeding EUR 900 million. Under this share buyback program, by 31 December 2024, Nokia had repurchased 19 186 046 of its own shares at an average price per share of approximately EUR 4.14.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition)

    1Please refer to Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

    The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report. release.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook. Considering the pending Infinera acquisition along with the transfer of Managed Services from Cloud and Network Services to Mobile Networks (further details of this transfer are included in the Additional Topics section), Nokia is not currently providing assumptions by business group as it did previously.

      Full year 2025
    Group Common and Other operating expenses approximately
    EUR 400 million
    Comparable financial income and expenses Positive EUR 50 to 150 million
    Comparable income tax rate ~25%
    Cash outflows related to income taxes EUR 450 million
    Capital Expenditures EUR 550 million

    2026 TARGETS

    Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

    Net sales Grow faster than the market
    Comparable operating margin(1) ≥ 13%
    Free cash flow(1) 55% to 85% conversion from comparable operating profit

    1 Please refer to Alternative Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

    The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

    Network Infrastructure 13 – 16% operating margin
    Mobile Networks 6 – 9% operating margin
    Cloud and Network Services 7 – 10% operating margin
    Nokia Technologies Operating profit more than EUR 1.1 billion
    Group common and other Approximately EUR 300 million of operating expenses

    ADDITIONAL TOPICS

    Progress on Infinera acquisition
    On 27 June 2024, Nokia announced a definitive agreement under which Nokia will acquire Infinera, a global supplier of innovative open optical networking solutions and advanced optical semiconductors. The acquisition process continues to proceed as expected. On 13 September 2024, the applicable waiting period under the US pre-merger review expired and the Department of Justice decided not to investigate the planned transaction. On 1 October 2024, Infinera shareholders approved the planned acquisition. On 7 October 2024, Nokia and Infinera received approval from the Committee on Foreign Investment in the United States (CFIUS). During the fourth quarter Nokia received many of the outstanding required approvals for the deal. At this point approval from the European Union and Taiwan, along with contractual closing conditions, are the major items outstanding to proceed to closing. Assuming the current target timelines, Nokia and Infinera now expect the deal to close during the first quarter of 2025.

    Nokia exercised NSB call option to simplify ownership structure in China

    Nokia and its joint venture partner China Huaxin have been together reviewing the future ownership structure of Nokia Shanghai Bell (NSB). Following those discussions, Nokia exercised its call option, outlined in NSB’s shareholders’ agreement, to initiate the process to become the sole shareholder by purchasing China Huaxin’s approximately 50% share in NSB. This will allow Nokia to simplify its ownership structure in China while Nokia remains committed to continue serving the local market.
    Since the creation of the joint venture Nokia has recorded a liability on its balance sheet based on the estimated future cash settlement to acquire China Huaxin’s ownership interest. The execution of the call option is subject to completing required steps under the shareholders’ agreement.

    Managed Services business transferred from Cloud and Network Services into Mobile Networks in 2025
    Nokia has moved its Managed Services business into Mobile Networks (MN), effective 1 January 2025. The Managed Services business provides outsourced network management of multi-vendor RAN networks for operators and since 2021 has been part of our Cloud and Network Services (CNS) business group. Considering CNS is increasingly transitioning towards cloud-native software sales, ‘as-a-service’ product offerings and helping customers to monetize networks through API’s, Nokia believes that this business is more aligned and fits better with its MN business. Based on 2024 results, this change is expected to lead to a transfer of approximately EUR 430 million of net sales and approximately EUR 40 million of comparable operating profit from CNS to MN. Nokia will provide recast financial information for 2024 for MN and CNS reflecting this change prior to Nokia’s Q1 financial results.

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from our ongoing transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 30 January 2025 at 11.30 a.m. Finnish time (EET). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its “Nokia in 2024” annual report, which includes the review by the Board of Directors and the audited annual accounts, during the week starting on 10 March 2025.
    • Nokia plans to publish its first quarter 2025 results on 24 April 2025.
    • Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
    • Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: TGS Awarded Offshore Wind Site Characterization Contract in UK

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (30 January 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of another offshore wind site characterization contract on the UK continental shelf. The contract has a total duration of approximately 30 days and the Ramform Vanguard will mobilize for the project in Q2 2025.

    Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure more offshore wind site characterization contracts. Our geophysical approach for mapping the shallow subsurface layers with an ultra-high resolution 3D streamer is significantly more efficient than conventional site survey solutions. Energy companies value the shorter lead time we can offer to access high-quality data.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI Russia: Sobyanin: 32 architectural monuments to be restored in Kuzminki estate in three years

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The Kuzminki Estate (Vlakhernskoye) is the largest in terms of the number of cultural heritage sites in Moscow. There are about 40 architectural monuments from the late 18th – early 20th centuries, each with its own individual appearance, referring to the traditions of both the West and the East. Last year, the long-awaited restoration of the estate began. The plans for the next three years include putting 32 architectural monuments in order. About this in his blog Sergei Sobyanin said.

    Famous architects and sculptors such as Ivan Zherebtsov, Rodion Kazakov, Ivan Egotov, Alessandro and Domenico Gilardi, Mikhail Bykovsky, Ivan Vitali, Pyotr Klodt, Andrey Voronikhin and others participated in the creation of the architectural ensemble of Kuzminki. The owners of the estate at different times were the barons Stroganov and the princes Golitsyn. The imperial persons – Peter I, Alexander II, Maria Feodorovna – visited here.

    Today, the estate and the surrounding park are a favorite place for walks for Muscovites and tourists. The museum-reserve also houses the residence of Father Frost and the K.G. Paustovsky Museum. City festivals are held in summer and winter.

    “The primary task is to put in order the buildings that form the core of the estate. The restorers are already working on 19 objects. Among them are the eastern and western wings of the main house, which form the front yard. The house itself has not survived, but the exquisite wings built by the architect Gilardi create the impression of mini-palaces,” the Moscow Mayor noted.

    During the work, specialists will clean the white-stone elements, tidy up the historical stucco decoration and roof. Special attention will be paid to preserving the sculptures of lions that adorn the fence of the main courtyard, the entrances to the wings and the Round (Lion) Pier.

    To date, the blind area in the outbuildings has been dismantled, the damaged plaster layer and floor coverings have been removed. And the original wooden windows and doors have been sent to workshops for careful restoration.

    Sergei Sobyanin announced the start of restoration of the capital’s Kuzminki estateSergei Sobyanin: 166 Moscow parks are cultural heritage sites

    The soap house, or bath house, was built in the late 18th – early 19th century on the site of an older building of the same purpose. The Golitsyn bathhouse was given the appearance of a strict park pavilion, echoing the outbuildings of the main house. In the 20th century, it was rebuilt, suffered fires, and was restored.

    The restoration of the soap house’s historical appearance continues. Specialized workshops will recreate the vases in the niches of the eastern facade, and clean the white-stone elements: steps, parapets, and basement. In addition, the unique copper roofing, typical of buildings of that time, will be put in order. Specialists have already started work, and the plastering of the walls and ceilings is currently being dismantled.

    The forge was rebuilt in the early 1820s from a poultry yard, where many exotic birds were kept before the war of 1812. It is well preserved and requires rather aesthetic restoration. Specialists will have to put in order the white-stone parts of the central and two side porches, the basement and the blind area, and also adapt the building for modern use.

    The laundry building on Slobodka, on the contrary, needs a comprehensive restoration. The work will affect the roof, windows and doors, as well as wooden stairs, panel parquet and stucco decoration.

    The single-arch and triple-arch grottoes were the first objects in Kuzminki where restoration work began in the summer of 2024. More than 20 years have passed since their last restoration, so the white-stone elements were partially lost, and the remaining ones needed to be cleared.

    In the single-arch grotto, specialists have already completed excavation work, installed waterproofing and a drainage system, and plastered the walls and ceiling. The three-arch grotto, which was used for theatrical productions and musical concerts during the holidays, has also been plastered. Now, craftsmen are working on installing a retaining slab and restoring the brick and white stone retaining wall.

    Three-arched, Bolshoi, “Belvedere”: what grottoes can be found in Moscow estatesCount Orlov’s Grotto has been restored for the first time in Neskuchny Garden

    Specialists are also restoring the music pavilion, one of the most recognizable buildings on the estate. It is decorated with the same equestrian figures by sculptor Pyotr Klodt as the Anichkov Bridge in St. Petersburg. The only difference is that they are made of cast iron, not bronze.

    Previously, the portico of columns was also crowned with a sculptural group of Apollo playing the lyre and two muses. In order to restore the historical appearance of the pavilion, it will be recreated during the work. In addition, the facades will be restored here. The white-stone row above the base will be plastered with the reconstruction of the rustication. Particular attention will be paid to the restoration of the stucco decor and cast-iron sculptures, and inside, the wooden floor made of larch will be put in order according to the existing model. Specialists have already begun installing scaffolding and are conducting trial clearings.

    The restoration of the Lion’s, or Round, pier on the bank of the Upper Kuzminsky Pond is expected to be completed by the end of 2025. The Egyptian lions that adorn it will also be restored. They have already been dismantled and transported to specialized workshops. In addition, the fences will be put in order: lost elements will be replaced, and the cast-iron slabs of the observation deck will be cleaned and sorted out.

    This year, the bridge with griffins will also be put in order. Soon, the floor lamps with mythical sculptures will move to the workshops, and after the main work on the pylons is completed, they will return to their historical place. In addition, the bridge covering will be restored with the organization of a modern water drainage system on it. At the final stage, architectural and artistic lighting will appear here.

    In parallel, restoration of other objects will begin. For example, the interiors of the Orange Dacha (orange greenhouse) with an ancient Egyptian theme, which have survived to this day. After restoration, a unique wooden two-tiered chandelier with candlesticks in the form of lotus flowers, which survived the fire, will also return here.

    In addition, the craftsmen will put the kitchen wing (Egyptian pavilion) in order. The architecture of this unique building of the estate ensemble used motifs of ancient Egyptian architecture. For example, the pediment is decorated with an image of the head of a sphinx.

    “Once the work is completed, the estate buildings will house exhibitions and museum displays, and concerts and other events will be held,” the Moscow Mayor emphasized.

    Sheremetev’s Grotto, Shchukin’s Theatre and Katyushas: Which Moscow Parks Have Preserved Historical MonumentsSobyanin spoke about architectural monuments that are being restored in Moscow

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv.mos.ru/mayor/tkhemes/12312050/

    MIL OSI Russia News –

  • MIL-Evening Report: Marape calls US climate backtracking ‘irresponsible’ in rethink plea to Trump

    PNG Post-Courier

    In a fervent appeal to the global community, Prime Minister James Marape of Papua New Guinea has called on US President Donald Trump to “rethink” his decision to withdraw from the Paris Agreement and current global climate initiatives.

    Marape’s plea came during the World Economic Forum Annual Meeting held in Davos, Switzerland, on 23 January 2025.

    Expressing deep concern for the impacts of climate change on Papua New Guinea and other vulnerable Pacific Island nations, Marape highlighted the dire consequences these nations face due to rising sea levels and increasingly severe weather patterns.

    “The effects of climate change are not just theoretical for us; they have real, devastating impacts on our fragile economies and our way of life,” he said.

    The Prime Minister emphasised that while it was within President Trump’s prerogative to prioritise American interests, withdrawing the United States — the second-largest emitter of carbon dioxide– from the Paris Agreement without implementing measures to curtail coal power production was “totally irresponsible”, Marape said.

    “As a leader of a major forest and ocean nation in the Pacific region, I urge President Trump to reconsider his decision.”

    He went on to point out the contradiction in the US stance.

    US not closing coal plants
    “The United States is not shutting down any of its coal power plants yet has chosen to withdraw from critical climate efforts. This is fundamentally irresponsible.

    “The science regarding our warming planet is clear — it does not lie,” he said.

    Marape further articulated that as the “Leader of the Free World,” Trump had a moral obligation to engage with global climate issues.


    PNG Prime Minister James Marape’s plea to President Trump.  Video: PNGTV

    “It is morally wrong for President Trump to disregard the pressing challenges of climate change.

    He must articulate how he intends to address this critical issue,” he added, stressing that effective global leaders had a responsibility not only to their own nations but also to the planet as a whole.

    In a bid to advocate for small island nations that are bearing the brunt of climate impacts, PM Marape announced plans to bring this issue to the upcoming Pacific Islands Forum (PIF).

    He hopes to unify the voices of PIF member countries in a collective statement regarding the US withdrawal from climate negotiations.

    US revived Pacific relations
    “The United States has recently revitalised its relations with the Pacific. It is discouraging to see it retreating from climate discussions that significantly affect our region’s efforts to mitigate climate change,” he said.

    Prime Minister Marape reminded the international community that while larger nations might have the capacity to withstand extreme weather events such as typhoons, wildfires, and tornadoes, smaller nations like Papua New Guinea could not endure such impacts.

    “For us, every storm and rising tide represents a potential crisis. Big nations can afford to navigate these challenges, but for us, the stakes are incredibly high,” he said.

    Marape’s appeal underscores the urgent need for collaborative and sustained global action to combat climate change, particularly for nations like Papua New Guinea, which are disproportionately affected by environmental change.

    Republished with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: NSU and Kim Il Sung University to cooperate in scientific and educational spheres

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    A delegation from Kim Il Sung University, the leading university in the DPRK, visited Novosibirsk State University. During the visit, representatives of the two universities agreed to intensify inter-university cooperation, the priority areas of which are student and faculty mobility, joint scientific conferences and scientific research in the following priority areas – chemistry, mathematics, information technology and new materials. To more effectively organize joint work, the parties will prepare a roadmap (work plan) for the coming year.

    Kim Il Sung University was represented by Rector Kim Seung Chan, deans of the faculties of Materials Science and Chemistry, Director of the Institute for Advanced Technology Development, Director of the Department of International Relations, Head of the Department of Juche Philosophy of the Faculty of Philosophy, and Head of the Department of Russian Language and Literature of the Faculty of Foreign Languages and Literature. NSU was represented by Rector, Academician of the Russian Academy of Sciences Mikhail Fedoruk, deans Faculty of Mechanics and Mathematics And Faculty of Natural Sciences Igor Marchuk and Vladimir Reznikov, Head of the Education Export Department Evgeny Sagaydak. Also present at the meeting was Svetlana Malina, Head of the Department of Professional Education and Higher Education of the Ministry of Education of the Novosibirsk Region.

    Mikhail Fedoruk, Rector of NSU, mentioned the long-standing historical ties not only between Russia, but also between Novosibirsk and North Korea, stressed that it is a great honor for NSU to be friends with Kim Il Sung University, and expressed readiness to implement joint projects in the educational and scientific spheres in the very near future.

    “In the current historical period, the traditional Korean-Russian friendly relations have turned into a comprehensive strategic partnership. We hope that in the future, cooperation between our two universities will expand to a new, higher level in accordance with the common interests and aspirations of the peoples,” said the rector of the North Korean university, Kim Seung-chan, in his welcoming speech.

    The universities agreed to cooperate in the following areas:

    – organization of student internships from one to three months, conducting research work at NSU and research institutes of the Siberian Branch of the Russian Academy of Sciences;

    – joint research in the field of cutting-edge technologies;

    – inviting teachers to teach courses;

    – preparation of joint scientific publications.

    — Novosibirsk State University is one of the leaders in the field of education export and international cooperation. We, as a ministry, support the expansion of cooperation between the two universities and are ready to provide all possible assistance in organizing joint events, conferences and internships, — emphasized Svetlana Malina.

    Among the upcoming events that North Korean university students can take part in are: International scientific student conference of NSU, which has been held practically since the university’s founding, traditionally in April, and will be held for the 63rd time this year; and Big Mathematical Workshop, which is organized by Mathematical center in Akademgorodok and the Faculty of Mechanics and Mathematics of NSU. The workshop has been held for 5 years, usually in the summer, and in 2024 it became international for the first time – students from one of the Chinese universities took part in it. NSU also invited a student delegation from a North Korean university to take part in the events of Interweek, which will be held at the end of April.

    In 2026, Kim Il Sung University celebrates its 80th anniversary, and a delegation from NSU plans to take part in an international scientific conference organized by the North Korean university as part of the anniversary events.

    The two universities are also considering the possibility of jointly preparing schoolchildren for admission to Russian universities on the basis of SUNC NSU.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Reverend Warnock to Vote Against Kennedy Leading America’s Health Care System Following Concerning Nomination Hearing

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock to Vote Against Kennedy Leading America’s Health Care System Following Concerning Nomination Hearing

    During a Wednesday Senate Finance committee hearing, Senator Reverend Warnock questioned Robert F. Kennedy Jr., President Trump’s nominee to run the Department of Health and Human Services (HHS)
    Senator Reverend Warnock’s questioning defended the importance of the Centers for Disease Control and Prevention (CDC), which employs over 10,000 hardworking Georgians
    Senator Reverend Warnock expressed concerns over disturbing comments and long-held beliefs of Kennedy that would threaten health care costs, quality, and access for millions of Georgians and Americans
    Senator Reverend Warnock: “The CDC is an agency filled with hard-working, dedicated public health servants. They wake up every single day working to keep us safe. We don’t think often enough about their work because it’s easy not to celebrate folks who are protecting you from that which doesn’t appear because of the work that they’re doing”

    Watch Senator Warnock at Wednesday’s Senate Finance committee hearing  HERE
    Washington, D.C. – Today, during a Senate Finance committee hearing on the nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services (HHS), U.S. Senator Reverend Warnock (D-GA) pressed Kennedy on disturbing comments and long-held beliefs of Kennedy that would threaten health care costs and thousands of Georgia health care jobs.
    “Mr. Kennedy, you have compared the CDC’s work to Nazi death camps. You’ve compared it to sexual abusers in the Catholic Church. You’ve also said that many of them belong in jail,” said Senator Reverend Warnock. “For me, those are disturbing characterizations of the CDC workers that I know, who are trying to keep the American public safe every single day.”
    During the line of questioning, Senator Warnock also asked the nominee about the bureaucratic hoops many people in Georgia have to jump through in order to access health care. This line of questioning led to Kennedy admitting that people in these situations need health care as opposed to programs, like work requirements in Georgia, one of the many barriers to entry for Medicaid in the state.
    “A woman I think of all the time, her name is Heather. She’s a traveling nurse from Dalton, Georgia who falls into the Medicaid coverage gap. Heather experienced a series of small strokes leaving her unable to work full time. She’s dedicated her life to caring for patients, but now she can’t afford her own medical care out-of-pocket costs because she doesn’t make enough to qualify for tax credits to buy private insurance. What does Heather need? Does she need work requirements, or does she need access to health care so she can finally get healthy and get back to work?” Senator Warnock asked Kennedy.
    “The individual that you described would need healthcare and not a work requirement,” said Kennedy.
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. Last year, the Senator visited the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia for the first time as Senator to learn about the agency’s efforts to protect public health, including work to combat the maternal mortality crisis and how federal funding plays a role in keeping Georgia and the country safe from infectious diseases. In addition to pushing for solutions to close the coverage gap, Senator Warnock led a delegation of Georgia lawmakers in urging the Centers for Medicare & Medicaid Services to provide tools to Medicaid non-expansion states like Georgia to help them protect health care access for Medicaid enrollees who lose eligibility after the end of the public health emergency declaration. Senator Warnock made his first visit to Georgia’s legislative session as a U.S. Senator last year, highlighting the need to expand Medicaid for more than 640,000 Georgians.
    Watch the Senator’s full remarks and line of questioning  HERE.
    See below a full transcript of the exchanges between Senator Warnock and Secretary of Health and Human Services nominee Robert F. Kennedy Jr.:
    Senator Reverend Warnock (SRW): “I want to talk to you first about the CDC, or the Centers for Disease Control and Prevention. I’m proud of the work that the CDC does, proud that it’s located in Georgia, with more than 10,000 employees in my state. If confirmed, you would be the cabinet secretary over the CDC. Representing HHS is about 29% of the federal budget, CDC is a part of that.
    “Do you agree that the CDC’s work is critical to Georgia, critical for our country, and the health of the entire world?”
    Robert F. Kennedy Jr. (RFK): Yes, Senator.
    SRW: Senator Isakson, my Republican predecessor would have agreed with that, bless his memory, he was a fierce advocate for the CDC, as am I. The CDC is an agency filled with hard-working, dedicated public health servants.
    “They wake up every single day working to keep us safe. We don’t think often enough about their work because it’s easy not to celebrate folks who are protecting you from that which doesn’t appear because of the work that they’re doing. So grateful for the work that the CDC employees do, some of them are members of my church. I saw that deep commitment firsthand when I visited the CDC just last summer.
    “Mr. Kennedy, you have compared the CDC’s work to Nazi death camps. You’ve compared it to sexual abusers in the Catholic Church. You’ve also said that many of them belong, this is a direct quote, many of them belong in jail. For me those are disturbing characterizations of the CDC workers that I know who are trying to keep the American public safe every single day and as you are presented as the nominee for this position, I need to know, do you stand by those statements that you, you made in the past or do you retract those previous statements?”
    RFK: “Senator, I don’t believe that I ever compared the CDC to Nazi death camps. I support the CDC, my job is not to dismantle or harm the CDC, my job is to empower the scientists if I’m privileged to be confirmed.”
    SRW: “So, you retract those statements?”
    RFK: “I’m not retracting it. I never said it.”
    SRW: “Well, actually I have a transcript. Let me read your words, you said ‘That the institution CDC and the vaccine program is more important than the children that is supposed to protect and you know it’s the same reason we had a pedophile scandal in the Catholic Church it’s because people were able to convince themselves that the institution of the church was more important than those little boys and girls who were being raped’
    “That’s pretty provocative language you said in another statement to me ‘This is like Nazi death camp. […] What happened to these kids? 1 in 31 boys in this country, their minds are being robbed from them.”
    RFK: “I was not comparing the CDC to Nazi death camps, I was comparing the injury rate to our children to other atrocities and I wouldn’t compare the, of course, the CDC to Nazi death camps to any extent.
    “And any statement that I made has been interpreted that way, I don’t agree with that.”
    […]
    SRW: “It sounds like you stand by those statements?”
    RFK: “My objective is to support the CDC. There’s nothing I’m going to do that is going to harm CDC. I want to make sure that our science is gold standard science, that it’s free from that same government oversight investigation committee, and that the panels [… ] within CDC. I think 97% of the people on it had conflicts. I don’t believe that that’s right. I think we need to end those conflicts and make sure that scientists are doing unobstructed science.”
    SRW: “Last week the White House gagged HHS and the CDC, preventing them from communicating all important public health information to anyone. Including our allies in the United States and global disease prevention. Do you agree with that action?”
    RFK: “I was not consulted on it, but that’s pretty much standard operating procedure for the incoming administration.”
    SRW: “So you agree with the action that gagged HHS and CDC from communicating important public health information?”
    RFK: “That directive made sure that no use public health and only non-essential travel and mass communications were temporarily suspended, pending the confirmation of a new HHS secretary, this is standard operating procedure for administration.”
    SRW: “I don’t think what we’ve seen over the last several days is standard operation for a new administration. I think we’re seeing some unprecedented actions, but you agree with it.
    “Last night mem members of the CDC, along with other federal employees were actually invited to resign, these buyouts. I actually got text messages from folks I know from the CDC (who work) for the CDC that do this important work who got that note. It’s really important because my experience is that when you send out that kind of note, the folks who resign are the folks who you least likely want to see resign.
    “They got other options, they’re gifted folks, they’ve got a lot of expertise. A lot of them are doing this work because of their patriotism, because of their commitment. Do you agree with the buyouts that were presented to CDC employees just last night?”
    RFK: “I agree the vast majority of the scientists and experts at CDC are patriots and government servants.
    SRW: “Can you tell me yes or no? […] Ok, you agree with the buyouts.”
    “In our meeting, I asked you to confirm your support for the Affordable Care Act. You also mentioned that you and President Trump want to fix the ACA by making premiums more affordable.
    “Did you know that tax credits that help families afford health insurance and save George’s an average of $531 per month per person are set to expire at the end of the year? Did you know that?”
    RFK: “I do.”
    SRW: “Do you support Congress extending these tax credits so that Americans can continue to afford health care?
    *RFK gives non “Yes” or “No” response
    SRW: “I think that the fact that you find it difficult to answer basic questions is deeply troubling for me as you present yourself as a nominee to run HHS.
    SRW: “Based on our conversations, it’s my understanding that you support work requirements and Medicaid. In 2020, President Trump approved a proposal from Georgia state leaders requiring Georgians to jump through a number of onerous bureaucratic hoops and fill out even more paperwork, to verify work and get access to health care.
    “I asked this as someone who represents a state that has not expanded Medicaid, the federal government, because of this waiver, spent $70 million on Georgia’s Medicaid waiver. 82% of that went to administrative costs.
    “The point that I’m making is that the folks that they’re insisting need to work, 90% of those folks are working. They are caregivers or they have a disability.
    “Let me give you one example. A woman I think of all the time, her name is Heather. She’s a traveling nurse from Dalton, Georgia who falls into the Medicaid coverage gap. Heather experienced a series of small strokes leaving her unable to work full time. She’s dedicated her life to caring for patients, but now she can’t afford her own medical care out-of-pocket costs because she doesn’t make enough to qualify for tax credits to buy private insurance.
    “What does Heather need? Does she need work requirements, or does she need access to health care so she can finally get healthy and get back to work?
    RFK: “The individual that you described would need healthcare and not a work requirement.

    MIL OSI USA News –