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Category: Europe

  • MIL-OSI Europe: CEO of Global Environment Facility, Carlos Manuel Rodríguez, to visit Sweden

    Source: Government of Sweden

    The CEO of the Global Environment Facility (GEF) Carlos Manuel Rodríguez will visit Stockholm on 1–2 April for meetings with Minister for International Development Cooperation and Foreign Trade Benjamin Dousa and Minister for Climate and the Environment Romina Pourmokhtari. In connection with the visit, meetings will also be held with the Riksdag’s Committee on Environment and Agriculture, the business sector, universities, civil society organisations and representatives of public authorities.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: 1,500 Derby children benefit from Easter Holiday Activities and Food Programme

    Source: City of Derby

    Over 1,500 children from across the city enjoyed holiday club sessions during the Easter school holiday, trying activities ranging from breakdancing to DJing. Now in its fourth year in Derby, the Holiday Activities and Food Programme is an initiative funded by the Department of Education and managed by Derby City Council in partnership with Community Action Derby.

    The programme aims to make sure that children who would normally receive a benefits-related free school meal don’t miss out during the holidays.

    Easter 2025 saw 28 different providers delivering 44 clubs across Derby, including eight clubs specifically focused on children with special educational needs or disabilities. Almost 4,000 meals were served and, in addition to delicious, nutritional food, children were encouraged to take part in exciting experiences and activities, many making new friends along the way.

    Kids tried their hand at everything from song writing and acrobatics to padel, dodgeball and wheelchair basketball. There were also forest schools and a dino discovery session, where young people could become palaeontologists for the day, taking part in a dinosaur dig, baking and games.

    Another highlight was a visit to one club from Matt’s Minibeasts, where children learned about and held a wide variety of creepy crawlies and creatures, from colourful stick insects to scaly reptiles. There were critter-themed crafts and games, including a bug hunt and painting session – all creating a school holiday to remember.

    Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:

    It’s fantastic to see so many children and families benefiting from our Holiday Activities and Food Programme. The Easter clubs not only provided nutritious meals, but also offered children the chance to try something new, build confidence, and make lasting memories.

    I’m especially proud of the inclusive opportunities available for children with additional needs. We’re committed to continuing this important work and look forward to an even bigger and better summer programme.

    The free holiday clubs run during Easter, summer and winter breaks, and the team are now looking forwards, with exciting plans in the works for the summer activity clubs. Any organisations interested in running a HAF club are invited to apply for funding; guidance and the application form can be found on Community Action Derby’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister hails game changing UK-made RAF drones

    Source: United Kingdom – Government Statements

    Press release

    Prime Minister hails game changing UK-made RAF drones

    Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones.

    • New British-made ‘StormShroud’ drones are at the cutting edge of defence combat air, taking advantage of learnings from countering Putin’s illegal war in Ukraine
    • Brand new tech supports hundreds of jobs and shows investment in UK defence is driving economic growth, making communities better off, and bolstering national security by delivering on the Plan for Change
    • Getting from the factory to the frontline at an unprecedented pace, the drones will fly alongside crewed aircraft as part of crucial RAF frontline missions, to knock out enemy air defences
    • Tekever, who manufacture the drones, announce a further £400 million investment in the UK

    Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones, known as ‘StormShroud’, which come into operation today (Friday 2 May), as the Prime Minister further bolsters UK national security. 

    It is the latest boost to the UK’s defence capabilities as the armed forces reap the benefits from Ukraine’s battlefield experience, and comes as the UK continues to play a leading role in peace negotiations, including building momentum in talks between leaders in Rome last weekend. The UK is also driving forward Coalition of the Willing planning as well as accelerating UK-Ukrainian defence industrial cooperation.

    The StormShroud drone is a groundbreaking first-of-its-kind drone that will make the RAF’s world-class combat aircraft more survivable and more lethal. The drones offer a step change in capability by using a high-tech BriteStorm signal jammer to disrupt enemy radar at long ranges, protecting our aircraft and pilots. In revolutionary new tactics, the drones support aircraft like Typhoon and F35 Lightning, by confusing enemy radars and allowing combat aircraft to attack targets unseen. This means for the first time, the RAF will benefit from high-end electronic warfare without needing crew to man it, freeing them up for other vital frontline missions.  

    The RAF is investing an initial £19 million into the cutting-edge drones, which are made in the UK and directly support 200 highly skilled engineering jobs at multiple UK locations already from West Wales to Somerset, with further opportunities expected in future. StormShroud is just the first of a family of next-generation drones – known as Autonomous Collaborative Platforms (ACPs) – being delivered to the RAF.

    The Tekever AR3 and AR5 have had extensive use on the frontline fighting Putin’s illegal war, racking up more than 10,000 hours of flight for Ukraine’s forces. The RAF is taking the next step by integrating best-in-class signal scrambling technology into the drones to boost the UK’s defences at home, as the Prime Minister steps up UK defence capabilities to counter complex threats in the face of global instability. 

    In a further vote of confidence in Britain’s defence industry, British-Portuguese tech company Tekever, who manufacture the drones in the UK, plan to invest a further £400 million over the next 5 years across the UK and create up to 1,000 more highly skilled jobs. 

    The Prime Minister will visit to a Leonardo UK site in the South East today to see first-hand the expertise that goes into manufacturing the drones, and meeting the staff involved in delivering it, including many engineering apprentices representing the next generation of British defence industry excellence.

    As well as stepping up to protect our interests on the world stage, this government’s commitment to increase defence spending to 2.5% of GDP by 2027 means more secure, well-paid jobs for a generation that’s proud to keep our country safe. 

    Just last week, the Carrier Strike Group launched its eight-month deployment and will join exercises, operations and visits with 30 countries across the Mediterranean, Middle East, south-east Asia, Japan and Australia – led by the Royal Navy’s largest and most powerful aircraft carrier, HMS Prince of Wales. The deployment sends a powerful message that the UK and its allies stand ready to protect vital trade routes in the Indo-Pacific region.

    Prime Minister Keir Starmer said: 

    Investment in our defence is an investment in this country’s future.  Putting money behind our Armed Forces and defence industry is safeguarding our economic and national security by putting money back in the pockets of hard-working British people and protecting them for generations to come.

    Together with our allies, this government is taking the bold action needed to stand up to Putin and ruthlessly protect UK and European security, which is vital for us to deliver our Plan for Change and improve lives of working people up and down the country. 

    It is a privilege to meet and learn from the young minds driving innovation in defence technology, and we will continue to invest in the industries of the future to deliver security and opportunity for the British people through our Plan for Change.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Sweden procures new tactical transport aircraft

    Source: Government of Sweden

    Sweden is investing billions in the procurement of four new tactical transport aircraft. Together with the Netherlands and Austria, Sweden is purchasing C-390 aircraft from Brazilian manufacturer Embraer. As Sweden is joining an existing contract, delivery times will be shortened.

    MIL OSI Europe News –

  • MIL-OSI Europe: Major potential for Sweden and Swedish businesses at Expo 2025 in Japan

    Source: Government of Sweden

    Expo 2025 will take place from 13 April to 13 October in Osaka with the theme “Designing Future Society for Our Lives”. Sweden will take part in the event, with 14 May designated the “national day” for Sweden when the spotlight will be on the country. H.M. The King will lead the Swedish delegation, which will also include Minister for International Development Cooperation and Foreign Trade Benjamin Dousa together with representatives from Swedish business, Swedish public authorities, academia, research and creative industries.

    MIL OSI Europe News –

  • MIL-OSI Europe: Swedish economic recovery under way

    Source: Government of Sweden

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

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden’s capital markets journey

    Source: Government of Sweden

    Integrating and further developing the European capital market is a priority for the European Union and for Sweden, as it could provide households with better returns on their savings and businesses with a more diversified set of sources for funding.

    Sweden has what is seen by many as a well-functioning and deep capital market. That was not always the case, and this article seeks to provide an assessment of the Swedish journey with the purpose of contributing to the ongoing European discussion. While there is no claim to portray the full story and all relevant aspects, the article seeks to outline some of the components that have been of great importance in bringing the Swedish capital market to the point where it is today.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Armenia

    Source: United Kingdom – Executive Government & Departments

    Speech

    Universal Periodic Review 49: UK Statement on Armenia

    Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Armenia’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you, Mr President,

    The UK welcomes the positive steps taken by Armenia since its 2020 review, particularly strengthening of the domestic violence law in 2024, which offers a robust framework for addressing domestic violence.

    We also welcome Armenia abolishing the death penalty in all circumstances and their positive trajectory on media freedom.

    However, we remain concerned about reported incidences of continued discrimination, hate speech and attacks against LGBT+ individuals.

    We recommend that Armenia:

    1. Implements an anti-discrimination law protecting sexual orientation and gender identity in all sectors to combat LGBT+ hate crimes and hate speech.

    2. Ratifies the Istanbul Convention to protect women from violence and domestic abuse.

    3. Implements a plan for community-based services to protect and include persons with psychosocial and intellectual disabilities.

    Thank you.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Letter from Chair, CSPL to Richard Lloyd OBE, Chair, IPSA

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter from Chair, CSPL to Richard Lloyd OBE, Chair, IPSA

    A letter from Doug Chalmers CB DSO OBE, Chair, CSPL to Richard Lloyd OBE, IPSA, Chair, IPSA, responding to IPSA’s 2024 consultation on MPs’ funding.

    Documents

    Letter from Chair, CSPL to Richard Lloyd OBE, Chair, IPSA

    PDF, 129 KB, 5 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email public@public-standards.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    A letter from Doug Chalmers CB DSO OBE, Chair, Committee on Standards in Public Life to Richard Lloyd OBE, Chair, Independent Parliamentary Standards Authority, responding to IPSA’s 2024 consultation: ‘Supporting trust in democracy in the new Parliament: Consultation on changes to how we regulate and how we publish MPs’ funding’.

    Updates to this page

    Published 2 May 2025

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    MIL OSI United Kingdom –

  • MIL-OSI: Suspension is lifted

    Source: GlobeNewswire (MIL-OSI)

                                                                                                              Lysaker, 2 May 2025

    Yesterday’s suspension from the live trading on Nasdaq Copenhagen is now liftet on behalf of the below funds, and the share classes will resume trading today on 2 May.

    Regards

    Storebrand Asset Management AS

    Contacts:

    Henrik Budde Gantzel, Director, henrik.budde.gantzel@storebrand.no

    Frode Aasen, Product Manager, fdc@storebrand.com

    Fund name and share class Symbol ISIN
    SKAGEN Focus A SKIFOA NO0010735129
    SKAGEN Global A SKIGLO NO0008004009
    SKAGEN Kon-Tiki A SKIKON NO0010140502
    SKAGEN m2 A SKIM2 NO0010657356
    SKAGEN Vekst A SKIVEK NO0008000445
    Storebrand Indeks – Alle Markeder A5 STIIAM NO0010841588
    Storebrand Indeks – Nye Markeder A5 STIINM NO0010841570
    Storebrand Global Plus A5 STIGEP NO0010841604
    Storebrand Global Solutions A5 STIGS NO0010841612
    Storebrand Global Multifactor A5 STIGM NO0010841596

    Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billion, and a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 30 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. In Denmark, Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Storebrand Funds, SKAGEN Funds, Cubera Private Equity, Capital Investment and a majority ownership of AIP.

    The MIL Network –

  • MIL-OSI: EXA Infrastructure selects Nokia to expand international connectivity network capabilities

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    EXA Infrastructure selects Nokia to expand international connectivity network capabilities

    • EXA Infrastructure’s modernized network will support data center connectivity with significantly lower cost and power per bit to keep up with demand in the AI era.
    • Network capacity will increase by as much as 15% while reducing power and cost per bit by as much as 50%.
    • The upgrade with Nokia’s 1830 Global Express (GX) platform and ICE7 coherent optics enables EXA Infrastructure to better deliver high-speed connectivity services to its customers.

    2 May 2025
    Espoo, Finland – Nokia today announced that EXA Infrastructure has selected Nokia’s optical transport solution to expand its network capabilities to support customers’ demand for cost-effective connectivity, including between major data centers. The modernized 1.2T-per-channel network will offer enhanced high-capacity and low-latency data center connectivity services across EXA Infrastructure’s international network.

    EXA Infrastructure, based in London, provides critical modern infrastructure that serves as the backbone for digital and economic growth. This includes mission-critical networks for governments and enterprises, hyperscale infrastructure, and ultra-low latency, high-bandwidth networks for data centers. EXA Infrastructure owns 155,000 km of fiber network across 37 countries, including six transatlantic cables and the lowest-latency link between Europe and North America.

    Following the success of an industry-first trial of the Nokia ICE7 solution in Europe, EXA Infrastructure selected the high-performance 1.2T coherent optical transport solution to upgrade its terrestrial network and deliver high-capacity services for its customers at the lowest cost and power per bit.

    “Nokia’s 1830 GX solution with ICE7 coherent optics ensures a smooth transition from our existing ICE6-based infrastructure. The advanced performance of ICE7 will significantly enhance connectivity, empowering EXA Infrastructure’s global network to deliver robust services that keep pace with increasing bandwidth demands,” said Ciaran Delaney, Chief Operating Officer at EXA Infrastructure.

    “Driving down power consumption per bit is not just important from a sustainability point of view, but is also essential if providers are to meet spiraling connectivity needs, because power requirements are a potential limiting factor to data center growth. Nokia’s industry-leading solutions ensure networks are not just keeping pace but staying ahead in the race to meet surging bandwidth demands,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.

    Multimedia, technical information and related news
    Product Page: ICE7 1.2Tb/s high-performance coherent optics

    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, which is celebrating 100 years of innovation.

    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.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network –

  • MIL-OSI United Kingdom: Serious questions arise from planned Stormont event

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV MLA Timothy Gaston
    “There are many events held within Parliament Buildings that promote causes I do not support. I have never argued that such events should be banned simply because I disagree with them. Stormont is the seat of our devolved government and should remain a place where a range of views are heard and discussed.
    “But there is a difference between debate and imposition. It is wholly inappropriate for any group to enter Stormont and impose its own code of conduct on the building —especially when that code compels speech and undermines the legal rights of others.
    “That is precisely what the Rainbow Project intends to do with its upcoming event, “Nothing About Us Without Us – Trans Voices In The Halls Of Power,” scheduled for 12th May.
    “According to the promotional material for this event, those who register are deemed to have accepted the Rainbow Project’s own ‘Events Code of Conduct’.
    “This code:
          •     demands attendees “respect” pronouns, even when they contradict biological reality;
          •     asserts that “everyone is entitled to use whichever facility they feel best aligns with their gender identity” when it comes to toilets; and
          •     declares that this code will be enforced by Rainbow Project personnel.
    “This raises serious issues. Who gave an external organisation the right to dictate speech within Stormont? Who authorised them to override trained ushers with their own staff? And what gives them the authority to redefine access to female spaces in a public building funded by the taxpayer?
    “I have tabled a series of questions to the Assembly Commission, which is responsible for managing Parliament Buildings. I do not believe any external group has the right to bypass the authority of the Assembly or its policies.
    “Stormont should be a place where ideas are debated freely; not where individuals are compelled to use ideologically approved language. It should be a place of safety and dignity for all, including women and girls who expect their privacy and boundaries to be respected.
    “Assembly ushers already ensure events run smoothly and safely. They are familiar with and trained to uphold the Assembly’s protocols. Their authority must not be undermined by staff from outside activist organisations.
    “Most concerning of all, the Rainbow Project is attempting to enforce its own toilet policy inside Stormont. That cannot be allowed.
    “The UK Supreme Court has made it clear: spaces reserved for one sex must be respected as such. The Rainbow Project does not have the legal right to flout that judgment; least of all within the very building where our laws are made. Stormont must lead by example in upholding the law and protecting everyone’s rights, especially those of women.
    “I have today submitted questions to the Assembly Commission and I call on all three sponsors of this event—Eoin Tennyson, Caral Ni Chuilin, and Clare Sugden — to clarify whether they support the imposition of the Rainbow Project’s code. Do they believe that women’s rights should be overridden inside Stormont? Do they agree that compelled speech and unrestricted access to female facilities should be enforced at a public event in Parliament Buildings?
    “The public deserves answers.”
    Note to editors
    The questions tabled by Mr Gaston are as follows:
    To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event scheduled to be held in Parliament Buildings on 12 May 2025, whether the organiser’s Event Code of Conduct, which advises that if the event venue contains gendered facilities, such as toilets and/or changing facilities, everyone is entitled to use whichever facility they feel best aligns with their gender identity and/or expression, is consistent with (i) the Assembly Commission’s policies; and (ii) the law following the Supreme Court ruling on 16 April 2025.
    To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event, scheduled to be held in Parliament Buildings on 12 May 2025, whether the organiser’s Event Code of Conduct: Respectful Communication section is consistent with the ethos and values of the Assembly Commission including freedom of speech.
    To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event, scheduled to be held in Parliament Buildings on 12 May 2025, whether the Assembly Commission’s Visitor Experience Team has discussed with the Rainbow Project how enforcement of the Rainbow Project’s Events Code of Conduct will be managed.
    To ask the Assembly Commission to detail (i) the duties of Assembly Usher Services staff during the Rainbow Project Nothing About Us Without Us – Trans Voices In The Halls Of Power event in Parliament Buildings on 12 May 2025; and (ii) whether this will differ from their duties in relation to other events.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: State aid for investment in new nuclear energy in Sweden

    Source: Government of Sweden

    In a government bill submitted to the Riksdag last week, a new Act is proposed concerning state aid for companies looking to invest in new nuclear power reactors. A memorandum that will be referred for consultation today proposes supplementary provisions on how companies’ applications for aid should be structured.

    MIL OSI Europe News –

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

    Source: European Central Bank

    2 May 2025

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

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

    Chart 1

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

    (net percentages of survey respondents)

    Source: ECB.

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

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

    Chart 2

    Securities financing transactions experienced reversals of multiple long-term trends

    a) Change in haircuts for funding secured against high-quality financial corporate bonds

    b) Change in financing rates/spreads for funding secured against high-yield corporate bonds

    c) Change in demand for funding secured against domestic government bonds

    (net percentages of survey respondents)

    (net percentages of survey respondents)

    (net percentages of survey respondents)

    Source: ECB.

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

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

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

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

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

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

    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/CAMBODIA – Mercy and fraternity: Pope Francis’ legacy in Cambodia

    Source: Agenzia Fides – MIL OSI

    Vicariato Apostolico Phnom Penh

    Phnom Penh ( Fides Agency) – Being “apostles of mercy and of the heart of Christ”; being and living the Church “as a space of reconciliation for all.” These are some of the evangelical seeds planted by Pope Francis in the fertile soil of Cambodia, a small country in Southeast Asia, predominantly Buddhist, where the Catholic community numbers about 30,000 faithful out of the country’s 17 million inhabitants, divided into three ecclesiastical districts: one apostolic vicariate and two apostolic prefectures.“We have welcomed more than fifty delegations here in our church in Phnom Penh who wanted to show us their affection and closeness after the Pope’s death: members of the royal government of Cambodia, ambassadors, Buddhist religious leaders,” Bishop Olivier Schmitthaeusler, Apostolic Vicar of Phnom Penh, told Fides. ”They all came to pay their last respects to a pope they had never met, but whose image as a pastor had left a deep impression on them. Of course, the members of our Catholic community prayed and continue to pray unceasingly. The people of God in Cambodia join the universal Church in thanking Pope Francis for his work and continue to pray for him, as he himself often asked.”“His motto ‘miserando atque eligendo’ (Latin for ‘chosen out of mercy’), meaning chosen because he was a forgiven sinner, is certainly the key to understanding his pontificate,” said the Apostolic Vicar. ”And today, it must keep us alert, as he often used to tell us. To young people, he would say: Don’t stay on the couch, don’t retire early. He reminds us all and the world of the painful issues of war, exclusion, the culture of waste, indifference towards the little ones. We have accepted his invitation to see the Church as a ‘field hospital,’” he notes.Regarding the legacy left by Pope Francis in Cambodia, the bishop said: “We appreciate the mission of being apostles of mercy and the heart of Christ. We experienced this during the Year of Mercy, but also now, in the Holy Year of Hope: the Church is a place of reconciliation for all.” He also recalls that “the call to be disciples and missionaries of the joy of the Gospel for all people, as written in Evangelii gaudium, the first text of the pontificate, echoes within us.” In Cambodia, where Catholics are a small flock in a Buddhist country, the approach of “making ourselves brothers and sisters to all, especially the poorest, without forgetting our mother earth, the care for our common home, is particularly important. The encyclicals Laudato si’ and Fratelli tutti have given us valuable guidelines,” he notes. Cambodian believers have also ”greatly appreciated the invitation to be artisans of peace, beginning with their lives at home, in their families, in their villages, in the nation, and throughout the world, by opening the door of mercy in the heart of each person.”Finally, Bishop Schmitthaeusler said, “I would like to remind you of the call to sharpen our gaze in order to recognize the ‘saints next door,’ as stated in the Apostolic Exhortation Gaudete et Exsultate. And here, his appeal at the very beginning of his pontificate greatly encouraged us, when he recalled the martyrs of Cambodia and praised the faith, courage, and perseverance of our shepherds and predecessors.”The Apostolic Vicar quotes a passage from the Acts of the Apostles: “I have no silver or gold, but what I have I give you: in the name of Jesus Christ of Nazareth, stand up and walk!” (Acts 3:6). And he concludes: “Are not these words of Peter to the paralytic the heart of the message of the 266th successor of Peter? Today, during this Easter season, we feel that these words of the Gospel are addressed precisely to us, the small Church of Cambodia, which is called to live communion, participation, and mission in a synodal spirit, so that we may all journey together toward the hope that is the risen Jesus Christ. And we now ask Pope Francis to pray for us.”(PA) ( Fides Agency 1/5/2025)
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    MIL OSI Europe News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q1 on Q4 change

    Quarter Analysis1

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

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

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

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

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

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

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Shareholder distributions

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

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

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

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

    3.Not incorporated by reference.

    PORTFOLIO DEVELOPMENTS

    Integrated Gas

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

    Upstream

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

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

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

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

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

    Chemicals and Products

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

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

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

    Renewables and Energy Solutions

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

             Page 2

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

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

    1.Q1 on Q4 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

             Page 3

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    1.Q1 on Q4 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

             Page 4

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    1.Q1 on Q4 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

             Page 5

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    1.Q1 on Q4 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

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

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

             Page 6

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    1.Q1 on Q4 change

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

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

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

    Quarter Analysis1

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

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

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

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

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

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

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

    Additional Growth Measures

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

    1.Q1 on Q4 change

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

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

             Page 7

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

    Quarter Analysis1

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

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

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

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

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

             Page 8

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    OUTLOOK FOR THE SECOND QUARTER 2025

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 9

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 3 “Earnings per share”.

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

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

             Page 10

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

             Page 11

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2025 510    (803)   19,766    158,834    178,307    1,861      180,168   
    Comprehensive income/(loss) for the period —    —    1,967    4,780    6,748    105      6,852   
    Transfer from other comprehensive income —    —    11    (11)   —    —      —   
    Dividends³ —    —    —    (2,179)   (2,179)   (86)     (2,265)  
    Repurchases of shares4 (8)   —    8    (3,513)   (3,513)   —      (3,513)  
    Share-based compensation —    500    (663)   (405)   (567)   —      (567)  
    Other changes —    —    —    23    22    (24)     (2)  
    At March 31, 2025 502    (304)   21,090    157,527    178,813    1,856      180,670   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,420)   7,358    5,937    56      5,994   
    Transfer from other comprehensive income —    —    138    (138)   —    —      —   
    Dividends3 —    —    —    (2,210)   (2,210)   (68)     (2,278)  
    Repurchases of shares4 (7)   —    7    (3,502)   (3,502)   —      (3,502)  
    Share-based compensation —    543    (426)   (392)   (275)   —      (275)  
    Other changes —    —    —    8    8    (4)     4   
    At March 31, 2024 537    (455)   19,445    167,038    186,565    1,739      188,304   

    1.    See Note 4 “Share capital”.

    2.    See Note 5 “Other reserves”.

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

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

             Page 12

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

             Page 13

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

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

    Key accounting considerations, significant judgements and estimates

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

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

    2. Segment information

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

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

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

             Page 14

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

             Page 15

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

             Page 16

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    Identified items

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

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

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

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

             Page 17

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

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

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

             Page 18

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

    3. Earnings per share

                               
     
    EARNINGS PER SHARE
    Quarters    
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders ($ million)    
               
          Weighted average number of shares used as the basis for determining:    
    6,033.5    6,148.4    6,440.1    Basic earnings per share (million)    
    6,087.8    6,213.9    6,504.3    Diluted earnings per share (million)    

             Page 19

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    4. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2025 6,115,031,158      510     
    Repurchases of shares (98,948,766)     (8)    
    At March 31, 2025 6,016,082,392      502     
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (88,893,999)     (7)    
    At March 31, 2024 6,435,215,050      537     

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

    5. Other reserves

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

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

    6. Derivative financial instruments and debt excluding lease liabilities

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

             Page 20

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

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

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

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

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

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

    impairments in various segments.

             Page 21

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Taxation charge/credit

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    4,083    3,164    3,604    Taxation charge/(credit)    
          Of which:    
    4,024 3,125 3,525 Income tax excluding Pillar Two income tax    
    59 39 79 Income tax related to Pillar Two income tax    

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    1,711    (4,899)   (1,995)   Currency translation differences    
          Of which:    
    1,618 (5,028) (1,983) Recognised in Other comprehensive income    
    92 129 (12) (Gain)/loss reclassified to profit or loss    

    Condensed Consolidated Balance Sheet

    Other intangible assets

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

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

    Assets classified as held for sale

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

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

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

             Page 22

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    570    (856)   509    Other    

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

    Cash flow from investing activities – Other investing cash outflows

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    (1,394)   (655)   (1,494)   Other investing cash outflows    

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

    8. Reconciliation of Operating expenses and Total Debt

                               
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    8,575    9,401    8,997    Operating expenses    
                               
                 
    RECONCILIATION OF TOTAL DEBT    
    March 31, 2025 December 31, 2024 March 31, 2024 $ million    
    11,391    11,630    11,046    Current debt    
    65,120    65,448    68,886    Non-current debt    
    76,511    77,078    79,931    Total debt    

             Page 23

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

             Page 24

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 1,041 1,744 1,031 103 (276) (1,226) (335)
    Add: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Add: Tax on current cost of supplies adjustment 23     2 21    
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: Income/(loss) attributable to non-controlling interest 113            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (7)            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372 — — — —
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 — — 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51 —
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 7,439 2,761 2,272 896 1,311 553 (354)
    Add: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Add: Tax on current cost of supplies adjustment 84     30 54    
    Less: Identified items (641) (919) 339 (7) (458) 390 14
    Less: Income/(loss) attributable to non-controlling interest 82            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (12)            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 7,734            
    Add: Non-controlling interest 70            
    Adjusted Earnings plus non-controlling interest 7,804 3,680 1,933 781 1,615 163 (368)
    Add: Taxation charge/(credit) excluding tax impact of identified items 4,124 996 2,522 358 338 — (91)
    Add: Depreciation, depletion and amortisation excluding impairments 5,654 1,410 2,727 535 870 106 6
    Add: Exploration well write-offs 554 8 546 — — — —
    Add: Interest expense excluding identified items 1,163 42 169 12 17 1 922
    Less: Interest income 588 — 10 — 14 4 560
    Adjusted EBITDA 18,711 6,136 7,888 1,686 2,826 267 (92)
    Less: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Joint ventures and associates (dividends received less profit) (582) (197) (546) 93 56 13 —
    Derivative financial instruments 306 (1,080) (3) (39) (402) 1,978 (149)
    Taxation paid (2,616) (467) (1,802) (175) (19) (244) 91
    Other (97) 45 (231) 393 (378) (30) 104
    (Increase)/decrease in working capital (2,752) 275 421 (792) (2,639) 481 (499)
    Cash flow from operating activities 13,330 4,712 5,727 1,319 (349) 2,466 (545)

    Identified items

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

             Page 25

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    See Note 2 “Segment information” for details.

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

             Page 26

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

             Page 27

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,549 947 2,139 349 1,621 486 8
    Selling, distribution and administrative expenses 2,840 38 42 2,053 442 153 111
    Research and development 185 22 32 42 25 21 43
    Operating expenses 8,575 1,006 2,213 2,444 2,088 661 162
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,810 956 2,269 366 1,634 579 5
    Selling, distribution and administrative expenses 2,975 62 58 2,188 420 158 89
    Research and development 212 26 58 34 34 12 49
    Operating expenses 8,997 1,044 2,385 2,587 2,088 749 144

    Underlying operating expenses

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

                               
         
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    8,575    9,401    8,997    Operating expenses    
    (44)   (174)   (73)   Redundancy and restructuring (charges)/reversal    
    (101)   (88)   —    (Provisions)/reversal    
    23    —    130    Other    
    (121)   (262)   57    Total identified items    
    8,453    9,138    9,054    Underlying operating expenses    

    G.    Free cash flow and Organic free cash flow

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

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

             Page 28

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

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

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

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

    H.    Cash flow from operating activities excluding working capital movements

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

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

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    854    131    (608)   (Increase)/decrease in inventories    
    (2,610)   751    (195)   (Increase)/decrease in current receivables    
    (907)   1,524    (1,949)   Increase/(decrease) in current payables    
    (2,663)   2,407    (2,752)   (Increase)/decrease in working capital    
    11,944    10,755    16,082    Cash flow from operating activities excluding working capital movements    

    I.    Divestment proceeds

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

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

             Page 29

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking statements

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

    Shell’s net carbon intensity

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

    Shell’s net-zero emissions target

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

    Forward-Looking non-GAAP measures

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

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

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

             Page 30

    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    This announcement contains inside information.

    May 2, 2025

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 31

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

                    
    2 May 2025

    Proposed Rollover into UCITS ETF

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

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

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

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

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

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

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

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

    The ETF

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

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

    Expected timetable

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

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

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

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

    For further information, please contact:

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    London, May 2, 2025

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

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

    Shell plc Chief Executive Officer, Wael Sawan


     

    SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS

    • Q1 2025 Adjusted Earnings1 of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
    • Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park2, and SPDC3 in Nigeria.
    • Disciplined capital allocation, with 2025 cash capex outlook of $20 – 22 billion.
    • Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 – 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
    • Resilient balance sheet with gearing (including leases) of 19%.
    $ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,483 4,735 3,463 1,116
    Upstream 2,337 7,387 3,945 1,923
    Marketing 900 1,869 1,907 256
    Chemicals & Products4 449 1,410 130 458
    Renewables & Energy Solutions (42) 111 367 403
    Corporate (457) (261) (531) 19
    Less: Non-controlling interest (NCI) 94      
    Shell Q1 2025 5,577 15,250 9,281 4,175
    Q4 2024 3,661 14,281 13,162 6,924

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


     

    • CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.
    • Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.
    $ billion1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
    Working capital (2.8) (0.3) 2.7 2.4 (2.7)
    Divestment proceeds 1.0 0.8 0.2 0.8 0.6
    Free cash flow 9.8 10.2 10.8 8.7 5.3
    Net debt 40.5 38.3 35.2 38.8 41.5

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


     

    Q1 2025 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Realised liquids price ($/bbl) 63 64 —
    Realised gas price ($/thousand scf) 8.1 7.4 —
    Production (kboe/d) 905 927 890 – 950
    LNG liquefaction volumes (MT) 7.1 6.6 6.3 – 6.9
    LNG sales volumes (MT) 15.5 16.5 —
    • Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.
    • Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.

    UPSTREAM

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Realised liquids price ($/bbl) 71 71 —
    Realised gas price ($/thousand scf) 7.0 7.4 —
    Liquids production (kboe/d) 1,332 1,335 —
    Gas production (million scf/d) 3,056 3,020 —
    Total production (kboe/d) 1,859 1,855 1,560 – 1,760
    • Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.
    • Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.

    MARKETING

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Marketing sales volumes (kb/d) 2,795 2,674 2,600 – 3,100
    Mobility (kb/d) 2,041 1,964 —
    Lubricants (kb/d) 77 87 —
    Sectors & Decarbonisation (kb/d) 678 623 —
    • Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.

    CHEMICALS & PRODUCTS

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

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

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

    RENEWABLES & ENERGY SOLUTIONS

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

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

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

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

    CORPORATE

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

    UPCOMING INVESTOR EVENTS

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


     

    USEFUL LINKS

    Results materials Q1 2025
    Quarterly Databook Q1 2025
    Webcast registration Q1 2025
    Dividend announcement Q1 2025
    Capital Markets Day 2025 materials


     

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

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

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

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

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

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

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

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

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

    CONTACTS

    • Media: International +44 207 934 5550; U.S. and Canada: Contact form

    The MIL Network –

  • MIL-OSI: Shell plc First Quarter 2025 Interim Dividend

    Source: GlobeNewswire (MIL-OSI)

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

    Details relating to the first quarter 2025 interim dividend

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

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

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

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

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

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

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

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

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

    Dividend timetable for the first quarter 2025 interim dividend

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

    Note

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

    Taxation – cash dividends

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

    Dividend Reinvestment Programmes (“DRIP”)

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

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

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

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

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

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

    Cautionary Note

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

    Forward-Looking statements

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

    Shell’s net carbon intensity

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

    Shell’s net-zero emissions target

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

    Forward-Looking non-GAAP measures

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

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

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

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

    The MIL Network –

  • MIL-OSI: Increase of Share Capital in Connection with the Exercise of the Options Programme and Subscription Results

    Source: GlobeNewswire (MIL-OSI)

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

    Decisions of the Supervisory Board of LHV Group:

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

    All new shares issued by LHV Group will be listed on the Nasdaq Tallinn Stock Exchange on the day following the day on which the Estonian Central Register of Securities (Nasdaq CSD) ranks the additionally issued shares (initially carrying a temporary ISIN-code) pari passu with the existing shares (carrying the main ISIN-code).

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: Greens respond to Runcorn and Helsby by-election

    Source: Green Party of England and Wales

    / by Paul Corry

    Green Party co-leader Adrian Ramsay MP said:

    “This Labour government and Prime Minister Keir Starmer need to do nothing short of a complete reset.

    “Tonight’s results, not just in Runcorn, show that rather than pandering to Reform, they need to address the genuine concerns of working people by taxing wealth to ensure they can rebuild our health service and provide decent social housing.”

    MIL OSI United Kingdom –

  • MIL-OSI Europe: A Spring Budget that supports the economy and increases security

    Source: Government of Sweden

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

    MIL OSI Europe News –

  • MIL-OSI Europe: Minister for Finance in talks about latest report on Russia’s economy

    Source: Government of Sweden

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

    MIL OSI Europe News –

  • MIL-OSI Europe: Government proposes criminalising virginity testing, virginity certificates and hymenoplasty

    Source: Government of Sweden

    The Government has decided to refer a proposal for new legislation to criminalise virginity testing, virginity certificates and hymenoplasty to the Council on Legislation. The proposal also includes criminalising the failure to report forced or child marriage. These proposals aim to strengthen the protection of women and girls living in communities where honour-based abuse is prevalent.

    MIL OSI Europe News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    2 May 2025

    Page 1 of 3

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

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

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

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

    Solid financial performance

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

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

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

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

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

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

    First quarter 2025 vs first quarter 2024

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

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

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

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

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

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

    Stable economies in uncertain environment

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

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

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

    Personal Customers

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

    Business Customers

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

    Large Corporates & Institutions

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

    Danica

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

    Northern Ireland

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

    Outlook for 2025

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

    Danske Bank        

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

    Attachments

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

     
    1Q2025 profit before tax of €2,124 million with a CET1 ratio of 13.6%
    • Strong increase in fee income, driven especially by an increase in investment products
    • Total income was resilient, supported by an excellent growth in deposits and a continued increase in mortgage volumes, as well as strong results in Financial Markets
    • Operating expenses excluding regulatory costs slightly lower quarter-on-quarter
    • We continue to move our capital towards our target level and announce a €2.0 billion share buyback
     

    CEO statement
    “While the geopolitical and macroeconomic circumstances remain uncertain, we believe there is an opportunity for Europe to collectively drive competitiveness and resilience through simplification of regulations and investments in infrastructure, technology and defence,” said Steven van Rijswijk, CEO of ING Group. “As one of the largest and most geographically diversified European banks, we are well-positioned to play a key role in supporting this growth while navigating volatility. During these times, we are staying particularly close to our clients to understand their concerns and banking needs. Our scale, strong performance and robust capital ratios enable us to provide our customers with the support required to manage uncertainties, mitigate risks and capture opportunities.

    “During the first quarter of 2025, we have delivered continued commercial growth, driven by excellent growth in deposits and higher mortgage volumes. Total income has increased, supported by resilient commercial net interest income and a strong increase in fee income. Expenses have decreased slightly quarter-on-quarter and the increase year-on-year was in line with our guidance, reflecting the impact of inflation and client acquisition expenses. Risk costs were €313 million and below our through-the-cycle-average, reflecting the quality of our loan portfolio.

    “In Retail Banking, our mobile primary customer base has grown by 174,000 customers this quarter, mainly attributable to Germany, the Netherlands, Spain and Poland. We have attracted €17 billion in retail core deposits, primarily in Germany. And we have increased core lending by €9 billion, of which €6 billion is in residential mortgages, particularly in the Netherlands and Germany, and nearly €2 billion in Business Banking. Across our markets, we have seen 125,000 mortgage applications during this quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, primarily driven by growth in the number of investment product customers, higher assets under management and an increase in customer trading activity.

    “In Wholesale Banking, total income was stable, with strong results in Financial Markets as we have supported our clients during the turbulent market conditions. This turbulence has also led to muted lending volumes. Fee income in Wholesale Banking has increased quarter-on-quarter, mainly driven by higher fees from Global Capital Markets and Trade Finance. Moreover, we have continued to invest in front office growth, our digital customer experience and the scalability of our systems.

    “We continue to support clients in their sustainability transition by launching innovative services or by entering into partnerships. In Wholesale Banking, we have increased sustainable volume mobilised to €30 billion, a 23% increase versus last year. In Spain, we have launched a service that helps retail customers get insights into their CO2e emissions and provides tips on how to reduce their environmental footprint. In Australia, ING has become the first bank to participate in a new digital energy ratings programme that provides our customers with free energy ratings of their homes and identifies potential sustainability improvements.

    “We continue to converge our CET1 ratio to our target level while taking the ongoing geopolitical and macroeconomic uncertainty into account. In that light, today we announce a share buyback programme of €2.0 billion.

    “We’re pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence. We are well on track to meet our 2027 targets and I would like to thank our employees across the world for their contributions to these strong results and their commitment to serving our customers.”
     
    Further information
    All publications related to ING’s 1Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our 1Q 2025 results is available on Youtube.
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.
     
    Investor conference call and webcast
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 2 May 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries
    T: +31 20 576 5000
    E: media.relations@ing.com
     
    ING Profile
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

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

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: ING completes share buyback and announces new programme of up to €2.0 billion

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

    Press enquiries   Investor enquiries
    Raymond Vermeulen   ING Group Investor Relations
    +31 20 576 5000   +31 20 576 6396
    Raymond.Vermeulen@ing.com   Investor.Relations@ing.com

    ING PROFILE

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

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

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

    IMPORTANT LEGAL INFORMATION

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Greens on course for “record-breaking” night as early results come in

    Source: Green Party of England and Wales

    by Green Party

    Responding to early results from the night’s local and regional elections, Green Co-Leader and Bristol Central MP Carla Denyer said: 

    “It has been a good night for us in the West of England where we saw a race that was wide open.”  

    “The West of England result builds on Greens being elected to lead Bristol City Council, voters electing me as their first Green MP in the city, and major breakthroughs in local elections around the region in recent years. 

    “I’m pleased how well Greens did in this mayor contest. This result offers a great platform for more Green electoral success in the coming years – including at Westminster.” 

    “In Lambeth and Norwich early results suggest we are gaining councillors and are on course for yet another record-breaking night where we will increase the number of Green councillors serving their communities.

    “Five-party politics in England is the new norm, it’s here to stay, and Greens are only just getting started.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Parking changes to Liverpool city centre approved

    Source: City of Liverpool

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

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

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

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

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

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

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

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

    Other significant changes include:

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

    Extensive public consultations were conducted, including informal and statutory consultations.

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

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

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

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

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

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

    MIL OSI United Kingdom –