NewzIntel.com

Category: European Union

  • MIL-OSI United Kingdom: Greens welcome Rosebank and jackdaw court ruling

    Source: Green Party of England and Wales

    Green Party co-leader Carla Denyer MP has welcomed a Scottish court ruling that government approval of the giant new Rosebank and Jackdaw developments was unlawful because it did not account for the significant emissions that would be caused by burning the fields’ oil and gas.

    Carla Denyer said: “This is a victory not just for the campaigners who have been fighting against new oil drilling at Rosebank and Jackdaw, but for common sense. The science is clear and the stakes are high: there can be no new oil and gas developments if we are to have a chance of staying within safe climate limits.

    “We’ve already seen the effects of at least 1.2°C degrees of global heating: from record-breaking heatwaves on almost every continent and deadly floods taking people’s lives and livelihoods across the world. In this context, it would be morally scandalous to allow fossil fuel companies like Equinor to start extracting from new fields – for the sake of their own profits and regardless of the consequences for the rest of us.

    “Aside from being a climate crime, opening new oil and gas fields like Rosebank goes entirely against what’s needed to strengthen the UK’s energy security, lower bills, and protect workers – which is to invest in a rapid and fair transition to renewable industries which have a long-term future.

    “If this government is serious about protecting us from the climate crisis and securing a liveable future for our children, it will revoke Rosebank’s license so that there is absolutely no question of this development going ahead. It must also refuse consent for the 13 other oil and gas drilling projects licensed by the previous government, and send a clear signal to the fossil fuel industry that they have no future in the UK.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Tuberculosis cases in England continued to increase in 2024

    Source: United Kingdom – Executive Government & Departments

    UK TB cases rise 12.9% in 2024, continuing upward trend.

    The latest provisional annual data from the UK Health Security Agency (UKHSA) shows that reported notifications of tuberculosis (TB) in England increased by 12.9% compared to 2023, continuing the upward trend over the last few years.

    England remains a low-incidence country for TB, but the TB notification rate in England rose from 8.5 per 100,000 population in 2023 to 9.5 per 100,000 in 2024.

    81.5% of all TB notifications in 2024 were in people born outside the UK but there was an increase in both UK-born and non UK-born populations.

    Tuberculosis continues to be associated with deprivation and is more common in large urban areas. The largest increases in TB notifications in 2024 were recorded in London and West Midlands. Among UK-born individuals, TB is more common in those experiencing homelessness, drug or alcohol dependency, and contact with the criminal justice system.

    Dr Esther Robinson, Head of the TB Unit at UKHSA, said:

    TB remains a serious public health issue in England.

    The infection is preventable and curable. If you have moved to England from a country where TB is more common, please be aware of the symptoms of TB so you can get promptly tested and treated through your GP surgery.

    Not every persistent cough, along with a fever, is caused by flu or COVID-19. A cough that usually has mucus and lasts longer than 3 weeks can be caused by a range of other issues, including TB. Please speak to your GP if you think you could be at risk.

    TB is the world’s leading cause of death from a single infectious agent, having surpassed coronavirus (COVID-19). It is a bacterial infection that most frequently affects the lungs, which is when it is infectious.

    Symptoms of TB include:

    • a cough that lasts more than 3 weeks
    • high temperature
    • night sweats
    • loss of appetite
    • weight loss

    TB can also be found in other parts of the body besides the lungs, with symptoms including swollen glands and joints. More information on the symptoms of TB and what to do is available.

    TB can spread through close contact with people who have the infection and have symptoms (active TB). When someone with active TB coughs, they release small droplets containing the bacteria. You can catch TB if you regularly breathe in these droplets over a long period of time. It can be treated with a long course of antibiotics but can be serious, particularly if not treated.

    A TB test for infectious TB in the lungs is part of the visa requirements for anyone coming to stay in the UK for 6 months or more if they are coming from certain countries where TB is common. However, the bacterium that causes TB can also lie dormant for many years – something known as latent TB. To detect people with latent TB infection, a testing and treatment programme is in place in higher incidence areas of England for new arrivals from higher incidence countries.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Message of the Holy Father on the occasion of the 150th anniversary of the death of Dom Prosper Guéranger

    Source: The Holy See

    Message of the Holy Father on the occasion of the 150th anniversary of the death of Dom Prosper Guéranger, 30.01.2025
    The following is the Message sent by the Holy Father Francis to the Reverend Fr. Dom Geoffrey Kemlin, Abbot of Saint-Pierre de Solesmes and president of the Congregation of Solesmes OSB on the occasion of the 150th anniversary of the death of Dom Prosper Guéranger:

    Message of the Holy Father
    To the Very Reverend Father Dom Geoffroy Kemlin
    Abbot of Saint-Pierre de Solesmes
    and President of the Congregation of Solesmes OSB
    As you celebrate this year the 150th anniversary of the death of your founder, Dom Prosper Guéranger, I am pleased to join in your thanksgiving. I wish to express my encouragement and my affectionate closeness to those who have committed their lives in the wake of this servant of the Church, or who are working to make his life and work better known. Benedic anima mea Domino. This verse from Psalm 102 was one of the last words he spoke before committing his soul to the hands of the Father on 30 January 1875.
    In evoking Dom Guéranger, my predecessors have underlined the various expressions of his charism received for the edification of the whole Church: his role as restorer of Benedictine monastic life in France, his liturgical knowledge placed at the service of the People of God, his ardent piety towards the Sacred Heart of Jesus and the Virgin Mary, his work in support of the definition of the dogma of the Immaculate Conception and that of papal infallibility, his writings in defence of the freedom of the Church. I would also like to highlight two aspects of this charism that correspond to two current needs of the Church: fidelity to the Holy See and the Successor of Peter, particularly in the area of liturgy, and spiritual paternity.
    Dom Guéranger was undoubtedly one of the first architects of the Liturgy Movement, the fruit of which would be the Constitution Sacrosanctum Concilium of the Second Vatican Council. The historical, theological and ecclesiological rediscovery of the liturgy as the language of the Church and an expression of its faith was at the heart of his work, first as a diocesan priest and then as a Benedictine monk. This rediscovery inspired in particular his publications favouring the return of the dioceses of France to the unity of the Roman liturgy, and it was this rediscovery that prompted him to write the volumes of L’année liturgique in order to make available to priests and lay people the beauty and riches of the liturgy, which is “the first wellspring of Christian spirituality” (Apostolic Letter Desiderio desideravi, no. 61). He strongly affirmed that “the prayer of the Church is the most pleasing to the ear and heart of God, and therefore the most powerful. Happy, then, is he who prays with the Church” (Preface to L’année liturgique). May the example of Dom Guéranger inspire in the hearts of all the baptised not only love for Christ and his Bride, but also filial trust and docile collaboration cum Petro et sub Petro, so that the Church, faithful to her living Tradition, may continue to raise “one and the same prayer capable of expressing her unity” (Apostolic Letter Desiderio desideravi, no. 61).
    I would also like to evoke another aspect of the charism of Dom Guéranger: spiritual paternity. Attentive to the work of the Holy Spirit in souls, Dom Guéranger wanted only one thing: to help them in their search for God. Shaped by the Benedictine Rule and divine praise, his gentle and joyful confidence in God touched the hearts of the monks who came to gather around him, the nuns who benefited from his teachings, but also the men and women with responsibilities in the Church and society, and above all the fathers and mothers of families, the children, the little ones and the humble who sought his spiritual advice. In times of peace, as in times of adversity, they all found in him the strengthening or renewal of their faith, a taste for prayer and love of the Church. May his example of docility to the Holy Spirit and of service inspire and guide many of the faithful in the ways of the Lord, “meek and humble of heart” (Mt 11:29).
    I pray that the work of the Servant of God Dom Guéranger may never cease to produce fruits of holiness in all the faithful, and that it may also remain a living witness to the fruitfulness of monastic life at the heart of the Church.
    It is with this wish that I impart my Blessing to you, Reverend Father, and to your brothers of the Abbey of Saint-Pierre, to those of the Congregation of Solesmes, and to all those who will take part in the commemorations of the return to God of Dom Prosper Guéranger.
    From Saint John Lateran, 2 January 2025
    FRANCIS

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: expert reaction to observational study of COVID-19 infection and abnormal brain proteins

    Source: United Kingdom – Executive Government & Departments

    An observational study published in Nature Medicine looks at a link between abnormal brain proteins and COVID-19 infection.

    Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and President of the British Neuroscience Association said:

    “This paper from Duff and colleagues examined blood samples from 626 people who had COVID-19 infection and 626 people who did not have COVID-19 for markers associated with Alzheimer’s disease-related brain changes. The scientists compared the levels of several Alzheimer’s-associated blood proteins before and after the pandemic and found that one of the markers had worsened more in people who had COVID-19 infections than in people who were not infected with COVID-19. This study was very well conducted and adds to the data suggesting that infections may play a role in initiating or accelerating neurodegenerative diseases. However, it is important to note that this type of study cannot conclusively prove that COVID-19 directly caused Alzheimer’s pathology in the brain. Further, the presence of amyloid pathology in the brain, which is hinted at by the blood results, is not a guarantee of future dementia symptoms as many people have amyloid pathology in their brains without experiencing symptoms.  While this is an important piece of research, more work is needed to understand links between infections like COVID-19 and Alzheimer’s disease.”

    ‘Plasma proteomic evidence for increased β-amyloid pathology after SARS-CoV-2 infection’ by Eugene P. Duff et al. was published in Nature Medicine at 10:00 UK time on Thursday 30th January. 

    DOI: 10.1038/s41591-024-03426-4

     

    Declared interests

    Prof Tara Spires-Jones: I have no direct conflicts with this study but I do work in the same National UK Dementia Research Institute as several of the authors and have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.

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  • MIL-OSI Europe: Sweden and Colombia sign law enforcement agreement

    Source: Government of Sweden

    Sweden and Colombia sign law enforcement agreement – Government.se

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    Press release from Ministry for Foreign Affairs, Ministry of Justice

    Published

    On 28 January, Sweden signed a bilateral law enforcement agreement with Colombia during Maria Malmer Stenergard’s visit to Colombia.

    On behalf of the Government, Minister for Foreign Affairs Maria Malmer Stenergard signed a bilateral law enforcement agreement at a ceremony in Bogotá on 28 January together with Colombia’s Minister of Justice Ángela María Buitrago and Minister of National Defence Iván Velásquez. 

    The agreement aims to increase cooperation between Sweden and Colombia in the fight against cross-border organised crime, terrorism, drug trafficking and cybercrime. It also paves the way for increased information exchange, cooperation on capacity building and the exchange of experiences. 

    “Organised crime is a cross-border problem that requires international cooperation with our partners around the world. The Government looks forward to working together with Colombia in this area of vital importance to both our countries,” says Ms Malmer Stenergard. 

    This cooperation agreement that we have now concluded with Colombia is essential to further strengthening our agencies’ efforts to combat serious crime. It’s widely acknowledged that drug smuggling, especially of cocaine, helps finance serious organised crime that severely undermines individuals’ sense of security and integrity, and which is also a systemic threat to our free and open society as a whole. Cross-border problems demand cross-border solutions, and this cooperation is a key part of that,” says Minister for Justice Gunnar Strömmer.

    The law enforcement agreement is part of the bilateral partnership agreement between Sweden and Colombia signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, during his visit to Sweden.

    Press contact

    MIL OSI Europe News –

  • MIL-OSI Europe: Resistance and decisive action – Sweden’s national strategy against organised crime

    Source: Government of Sweden

    Resistance and decisive action – Sweden’s national strategy against organised crime – Government.se

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    Press release from Ministry of Justice

    Published

    The Swedish Government has adopted Sweden’s first comprehensive national strategy against organised crime. The strategy serves as a direction for the work against organised crime, with the purpose to reduce vulnerabilities exploited by criminals. The national strategy presents priorities and identifies central actors.

    Organised crime poses a serious threat to the Swedish society. The deadly violence and the criminal financial structures used by organised crime actors, and parallel social structures at local level, affect the safety and security of Swedish citizens. Also, the impact of organised crime damages citizens’ trust in public institutions. The national strategy against organised crime that the Swedish Government adopted on 1 February 2024 calls for resistance and action, and it highlights what is necessary in the fight against organised crime. 

    Sweden’s national strategy against organised crime targets five key areas: 

    • Criminal careers must be stopped. 
    • Criminals’ access to illegal firearms and explosives must decrease.
    • The criminal economy must be reduced. 
    • Society must be robust enough to resist the threat of criminal influence. 
    • The system related to identities and identification must be reliable, and government agencies’ possibilities to exchange information must be improved. 

    “With this strategy, we are bringing together a broad range of actors at national, regional and local levels, as well as the private sector and civil society, to combat crime. We need to be proactive, and it is essential that all parts of society contribute – this is not a task for law enforcement only. The national strategy will further amplify the impact of the Government’s decisions and legislative reforms,” says Minister for Justice Gunnar Strömmer.  

    Press contact

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: New report published highlighting the value of seabed mapping

    Source: United Kingdom – Executive Government & Departments

    A new report reveals the significant economic and environmental benefit of seabed mapping within the UK Exclusive Economic Zone (EEZ).

    The report, developed by Eunomia Research & Consulting (Eunomia) defines the cost benefit relationship of seabed mapping to the UK economy. It highlights the potential benefits of seabed mapping in environmental conservation, compliance with legislation, and in varying maritime sectors like shipping, offshore energy, and coastal leisure.

    The report estimates that the average total benefits of seabed mapping in the UK EEZ is around £8.9 billion, compared to an estimated annual investment of £103 million each year. This represents a remarkable average estimate of cost benefit ratio of £86 benefit for every £1 spent.

    The majority of the value derived from seabed mapping efforts are from market sectors such as offshore energy and shipping, trades, and ports, with the remainder stemming from non-market sectors, such as environmental protection and legislative compliance.

    The importance of seabed mapping

    Seabed mapping has the potential to drive growth and innovation across a range of maritime sectors by improving navigational safety, supporting job creation and facilitating economic development.

    This data is critical to a range of maritime sectors and their associated value. For example, accurate seabed mapping is essential for the development of navigational charts to enable the safe passage of vessels and support maritime trade. Elsewhere, such data is critical for sectors like offshore energy, fishing and aquaculture, defence, and telecommunications, by identifying and surveying suitable sites for development.

    Beyond market applications, seabed mapping also contributes to environmental protection and marine resource management. This data helps establish conservation areas to protect marine habitats, while also monitoring levels of erosion and seabed landslides. In tandem, it plays a vital role in helping the UK government to comply with various regulations and legislations.

    Thanks to collective initiatives such as the UK Centre for Seabed Mapping (UK CSM), the UK has a coordinated approach to the collection and management of bathymetric and marine data. However, advancements in seabed mapping technologies in recent decades have allowed for a more comprehensive and up-to-date understanding of the seafloor.

    Foundation data for maritime decisions

    With the maritime industry making up a vital part of the UK’s national infrastructure, the UKHO commissioned this project with the goal of improving the quality, access and coverage of seabed mapping data across the UK EEZ. This aligns with the UKHO’s goal to support maritime decision making and the safe passage of vessels at sea.

    David Parker, Head of Hydrographic Programmes, commented:

    Mapping the seabed isn’t just about uncovering what lies beneath our ocean’s surface – it is a foundation data set for supporting economic growth, protecting our vital ecosystems, and steering the maritime industry towards a safer, more sustainable future.

    We hope the findings of this report demonstrate the tangible value in having comprehensive, accurate mapping of the seabed for the many organisations in the UK that collect this data and rely upon it for responsible decision making.

    You can download and view the report using the link below:

    Cost Benefit Analysis of Seabed Mapping (PDF, 992 KB, 51 pages)

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Applications now open for OIT’s 2025 Policy Fellowship

    Source: United Kingdom – Executive Government & Departments

    The Open Innovation Team (OIT) is inviting applications for its 2025 Policy Fellowship programme, an academic mentoring scheme for civil servants grades SEO-G6.

    The OIT is a cross-government unit that works with experts to generate analysis and ideas for policy, helping colleagues review evidence, engage experts, develop policy and evaluate impact.

    Our Policy Fellowship is a bespoke, flexible, part-time mentoring programme that supports officials by providing help and expert insight to answer a specific policy question. Over the course of six months, civil servants will work under the supervision of an academic mentor in a relevant field to research and produce an output based on their policy area. Mentors are drawn from OIT partner institutions: Brunel University London, the University of Essex, Lancaster University, the University of Surrey and the University of York.

    What you’ll gain:

    • In-depth support and insight from leading academics
    • New contacts across academia and the civil service
    • Practical skills in data analysis and interpretation
    • Enhanced subject knowledge in your chosen field

    This is the third round of the Fellowship – in 2023/24, nine civil servants from five different departments were paired with academics from four universities. An example of one of their research outputs can be found here.

    This year’s programme offers an expanded range of research topics, including (but not limited to) education, health & social care, AI and digital, environment and sustainability, government, and business, work and employment.

    The Policy Fellowship was a really insightful experience – it gave us the chance to test our ideas with academics and structure our research effectively. Regular check-ins kept us on track, and we delivered an internal report that supported our department’s policy work.

    It was great to collaborate beyond government and gain fresh perspectives from academics, who were really understanding and supportive. I’d recommend the fellowship to policy officials looking to fill evidence gaps—or even map them out!

    Georgina Kaye, Policy Advisor Digital Strategy Division, Digital Data and Technology, Department for Education

    How to apply:

    • The application window opens on 30 January and closes 24 February.
    • Full details about the Fellowship and the application process can be found in our Q&A pack, and you can email fellowship@openinnovation.gov.uk if you have any questions.

    Key documents:

    • Q&A pack – in this document you can learn more about the OIT and the Fellowship, along with eligibility criteria and all the information you’ll need to apply: [link needed]
    • Open Innovation Fellowship Application Form

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Fire risk! City residents urged to dispose of batteries responsibly

    Source: City of Wolverhampton

    The council has seen an increase in the number of batteries put in household and recycling bins for collection and this can have dangerous consequences.

    Batteries can explode if damaged or crushed, causing fires which burn very quickly due to other waste in the bin and putting everything around them in danger.

    This can cause serious damage to bin lorries, delay collections and put the lives of those in the cab at risk.

    Batteries are found in a wide range of items including vapes, toothbrushes, toys, phones, laptops and even musical greeting cards.

    Residents across Wolverhampton are being urged to please dispose of their batteries correctly to avoid putting people in danger.

    The council’s Household Waste and Recycling Centres (Tips) at Shaw Road and Anchor Lane accept batteries, as do many supermarkets and shops.

    They can also be picked up for free under our small electricals collection service. Batteries need to be placed in a small clear plastic bag, such as a sandwich bag, and put on top of your household waste or recycling bin by 6.30am on your collection day. Bags need to be tied.

    Residents can find out about the service at Small electricals recycling.

    Councillor Bhupinder Gakhal, cabinet member for resident services at City of Wolverhampton Council, said: “This is a very serious issue for our waste crews and one that can be solved by people thinking before they dispose of their batteries, and other items which may contain them.

    “These types of battery fires spread rapidly and can damage refuse vehicles, but more importantly, can threaten the lives of our workers.

    “We need to send out a strong reminder to people of the importance of safe recycling. Please, please dispose of your batteries safely and think of the safety of others.”

    Figures released last year by the National Fire Chiefs Council (NFCC) and the campaign group Recycle Your Electricals showed that battery fires in bin lorries and at waste sites in the UK had reached an all time high.

    More than 1,200 fires were recorded in 2023, an increase of 71% from 700 in 2022. Their research also stated that 6bn batteries were thrown away in the last year, over 3,000 a minute.

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  • MIL-OSI United Kingdom: Youth Justice Statistics: record lows in custody and first time entrants

    Source: United Kingdom – Executive Government & Departments

    The Youth Justice Annual Statistics for 2023 to 2024 were published today. There are fewer first time entrants and children in custody, but court delays remain a concern.

    The Youth Justice Statistics for 2023 to 24.

    The Youth Justice Statistics for England and Wales reveal a mix of promising trends and areas requiring urgent attention.

    Key findings include:

    • the number of children entering the system for the first time (first-time entrants (FTE)) fell to its lowest level on record (8,300)
    • stop and searches of children by the police decreased by 4% (103,100)
    • court sentences outnumbered Youth Cautions for the first time – 55% of FTEs received a sentence at court compared with 48% in the previous year – this marks an increasing shift toward diversion and alternative approaches to youth justice
    • the numbers of children in custody has fallen by 3% against the previous year and is the lowest number on record (430)
    • the average time from offence to court completion rose to 225 days, the highest on record, highlighting an ongoing challenge for the justice system and victims
    • while there were encouraging decreases in the numbers and proportions of Black children at various stages in the system, the proportion of Mixed ethnicity children in custody has doubled over the last 10 years
    • almost two-thirds (62%) of children remanded to youth detention accommodation did not go on to receive a custodial sentence, this raises significant concerns
    • The proven reoffending rate for children increased to 32.5%, a 0.3 percentage point increase on the previous year, while the number of children and the number of children who reoffended both increased for the first time in the last 10 years.
    • There were reductions in knife and weapon offences, a fall of 6% compared with the previous year and the sixth consecutive year-on-year decrease.

    In addition to the above findings, arrests of children remained stable, even as adult arrests increased by 8%. Despite widespread media coverage and the consequential public perception that children are responsible for a disproportionate amount of criminal activity, arrests of children accounted for just 8% of total arrests.

    There were reductions in knife and weapon offences, a fall of 6% compared with the previous year and the sixth consecutive year-on-year decrease. Although 20% higher than 10 years ago, this shows that local efforts to bring down offences involving weapons are having an impact.

    Court timeliness

    The average time it takes from offence to court completion has not bounced back and is on average 4 days longer than what we saw during the pandemic when there were court closures.

    This is very troubling because delays place a significant strain on children and victims who are looking to move forward in their lives and potentially delaying justice and delaying them from accessing the right support at the right time.

     We believe that the court system needs major changes. We’re working with the Crown Prosecution Service and HM Courts and Tribunals Service to advocate for the Child First framework, which focuses on creating fair and efficient processes for children, cutting down delays, and achieving better results for everyone involved.

    Tackling over-representation

    There were encouraging improvements in reducing the over-representation of children from Black and Mixed ethnicities. However, we must be clear, any over-representation is unacceptable.

    It is of particular concern that the proportion of children with a Mixed ethnicity in custody has doubled over the last decade. This is a stark reminder of the need for systemic reform.  

    We will continue to build partnerships, promote good practice and provide targeted support in community-based solutions such as through the London Accommodation Pathfinder (the LAP). The LAP prioritises boys of Black or Mixed  heritage facing remand to custody and supports them in a more appropriate and effective community setting.

    We continue to have significant concerns about the high use of remand, which means that hundreds of children experience the negative effects of custody and then go on to receive a community sentence, or no sentence at all. This creates additional trauma and exposure to criminality for the children, and also leads to unnecessary risk and costs for the general public.

    Keith Fraser, Chair of the Youth Justice Board, said:

    There are many positives within this report. The numbers of stop and searches and children entering the system for the first time fell once again after increasing in the previous year. The numbers of children in custody continued to fall, knife and weapon offences have reduced for the sixth consecutive year, and arrests and youth cautions/sentences have remained stable at a time when adult arrests rose by 8%.

    We must continue to build on these trends. The evidence tells us that the best way to prevent prolonged offending is to prevent bringing children into the justice system in the first place. This is the route to positive child outcomes, less crime, fewer victims and safer communities.

    I want to express my gratitude to everyone in the youth justice sector for their dedication and hard work. These reductions show that change is possible. Together, we can build on this momentum to ensure better outcomes for all children.

    Youth Justice Board media enquiries

    Youth Justice Board for England and Wales
    Clive House
    70 Petty France
    London
    SW1H 9EX

    Email comms@yjb.gov.uk

    For out-of-hours press queries 020 3334 3536

    Ends

    Notes to editors

    1. These statistics look at data for the youth justice system in England and Wales for the year ending March 2024 (where available). The publication considers the number of children (those aged 10 to 17) in the system, the offences they committed, the outcomes they received, their demographics and the trends over time.
    2. Youth Custody Statistics also incorporate young adults who have remained in the youth estate,
    3. In addition to the report, there is a summary infographic which highlights the main findings.
    4. This release includes dashboards showing local level data. The YJB does not comment on regional data or localised themes as often there are contexts specific to areas and communities which provide more valuable insight into local youth justice. The relevant local authority would be best placed to respond to requests for comment.

    Updates to this page

    Published 30 January 2025

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  • MIL-OSI United Kingdom: Poverty relief charity under investigation for ‘high risk’ handling of funds

    Source: United Kingdom – Executive Government & Departments

    The Charity Commission has launched a statutory inquiry into Iraqi Welfare Association.

    The charity regulator for England and Wales is investigating the Iraqi Welfare Association (IWA) about its use of ‘high-risk’ methods to transfer and spend funds. Wider serious concerns held by the regulator include possible unmanaged conflicts of interest, failing to file accounts on time, failure to adhere to the charity’s Governing Document and acting outside of the purposes the charity was registered with.

    The IWA was set up to relieve poverty amongst the Iraqi community, particularly through the provision of advice and interpreting services to Iraqi refugees. Its wider purposes include providing classes and training to the Iraqi community, to relieve sickness, and protect and preserve public health and provide facilities for recreation.

    The Commission started proactively engaging with the IWA to assess how the charity was managing risks associated with working in Iraq. Iraq is deemed a ‘high-risk’ country by the Foreign, Commonwealth and Development Office. Its engagement continued due to the charity’s failure to submit accounts for four consecutive years (FYE 2019, 2022, 2021 and 2022).

    The engagement has been escalated to a statutory inquiry after it found the charity was transferring funds overseas using a ‘Hawala’ system. The regulator also found the charity’s director was using his personal bank account to make payments on behalf of the charity. Using a personal bank account and transfer methods outside the formal banking system poses a risk to possible loss or misuse of funds.

    The inquiry will also investigate potential conflicts of interest regarding decisions around salary payments and a contract with a connected private company.

    The inquiry will:

    • Consider the conduct of the trustees and their compliance with their legal duties and responsibilities
    • Determine whether the charity’s funds have been expended solely for charitable purposes in line with the charity’s stated objects.
    • Assess the administration, governance and management of the charity by its trustees.

    The Commission may extend the scope of the inquiry if additional regulatory issues emerge.

    It is the Commission’s policy, after it has concluded an inquiry, to publish a report detailing what issues the inquiry looked at, what actions were undertaken as part of the inquiry and what the outcomes were.   

    ENDS 

    Notes to editors:

    • The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society.
    • On 17 January 2025, the Commission opened a statutory inquiry into Iraqi Welfare Association under section 46 of the Charities Act 2011.
    • A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.
    • Hawala is a system for moving funds, or their equivalent value, to a third party (‘the Hawala agent’) in another geographic location, where there may be no formal banking facilities, or limited access to them, without necessarily involving the formal banking system.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 30 January 2025

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  • MIL-OSI United Kingdom: expert reaction to Cochrane review of the effectiveness of anti-depressants versus placebo for generalized anxiety disorder

    Source: United Kingdom – Science Media Centre

    A Cochrane review looks at the effectiveness of antidepressants for anxiety disorder. 

    Dr Gemma Lewis, Senior Research Associate in Psychiatric Epidemiology, University College London (UCL), said:

    “This is a high-quality piece of research, which combined data from 37 studies. This approach (meta-analysis) allows scientists to provide more precise estimates than just replying upon smaller individual studies. Meta-analyses are often considered the best way of informing guidelines for clinical practice. Importantly, the individual studies were generally of good quality too.

    “The authors only included Randomised placebo-controlled trials. This type of study is the best way of evaluating whether a treatment is effective. The randomised design eliminates the possibility of confounding.

    “One limitation of the data is that most studies only followed people for up to 12 weeks. In reality, we know that many people use antidepressants for much longer than this, often for several years. In the future, we need trials that follow people for longer periods. Another limitation of the data is that most studies only included people with a clinical diagnosis of anxiety, which is quite severe. In reality, many people are prescribed antidepressants in primary care for milder symptoms of anxiety as milder symptoms can still be debilitating.

    “GAD is the most common mental health problem, and it can be very debilitating. However, in research, and also perhaps clinically, it is often neglected, particularly when compared to depression. The antidepressants were generally well accepted by people who used them although some people of course experienced side effects, as is the case with most medications. These findings reinforce the usefulness of antidepressants for treating symptoms of anxiety as well as depression.”

    Prof Christiaan Vinkers, Department of Psychiatry and Anatomy and Neurosciences, Amsterdam UMC, said:

    “The Cochrane review confirms what science has long shown: antidepressants work for Generalized Anxiety Disorder (GAD), with SSRIs and SNRIs consistently outperforming placebo. Their effects are meaningful, with a low number needed to treat (NNT), and dropout rates are comparable to placebo. However, antidepressants continue to face disproportionate skepticism, whether it is for GAD or depression. If these results were for heart disease or diabetes treatments, they’d be celebrated. Instead, antidepressants are often unfairly stigmatized, fueling misinformation which can deter people from seeking treatment that can have added value. Antidepressants aren’t a cure-all, but they are an essential, effective tool. Let’s shift the narrative from fear to facts: science should guide treatment, not stigma.”

     

    Prof Katharina Domschke, Department of Psychiatry and Psychotherapy, University of Freiburg, Germany, said:

    “This is a comprehensive, long awaited update on the efficacy of antidepressants versus placebo in generalized anxiety disorder (GAD). 

    “SSRIs and SNRIs, the first line treatment options for anxiety disorders according to all international guidelines, were shown to have a significant benefit of a placebo. 

    “The study is methodologically strong, applied a conservative outcome measure (greater than 50% reduction in Hamilton Anxiety score), excluded regular benzodiazepine use and controlled for study quality. 

    “Limitations of the present study comprise its limitation to adult patients and the wide range of treatment duration (4 to 28 weeks). 

    “Interestingly and importantly, no difference in overall acceptability was discerned between antidepressants and placebo. 

    “The presently reported effect sizes are very convincing, particularly in light of a recent study by Bschor et al. in JAMA Psychiatry 2024 reporting very high pooled pre-post placebo effect sizes in pharmacological studies in GAD.

    “The present results are very important and ought to increase patients’ trust in the efficacy of pharmacological treatment of GAD. “

    Prof Peter Tyrer, Professor of Community Psychiatry, Imperial College London, said:

    “The findings of this review are unequivocal – antidepressants are effective in the treatment of generalised anxiety in the short-term.  But in responding to this evidence the long-term implications have to be considered also. Here the conclusions of efficacy have to be tempered. Long-term treatment, as noted in the review,  is often the norm,  and there is increasing concern that patients have difficulties in stopping antidepressants because of withdrawal problems. Bearing in mind that the main reason why antidepressants were preferred to benzodiazepines (drugs that are equally effective in treating generalised anxiety) was the dependence risk, we just seem to have shifted the problem of adverse effects from one class of drugs to another.  Brief resolution does not effect a cure”.

    ‘Antidepressants versus placebo for generalised anxiety disorder’ by Kopcalic et al. was published in Cochrane Database of Systematic Reviews at 01:00 UK time on Thursday 30th January 2025.

    DOI: 10.1002.14651858.CD012942.pub2

    Declared interests:

    Prof Christiaan Vinkers “No COIs”

    Prof Katharina Domschke “None”

    Prof Peter Tyrer “None”

    For all other experts no response to or request for COIs was received

    MIL OSI United Kingdom –

  • MIL-OSI Security: West Africa: INTERPOL border operation nets 45 arrests, seizures worth millions

    Source: Interpol (news and events)

    30 January 2025

    Operation Screen targets international crime networks threatening regional security

    LYON, France – An INTERPOL-coordinated border security operation in West Africa has resulted in 45 arrests and the seizure of drugs, counterfeit medicines, and stolen vehicles worth millions of dollars.

    Held from 21 October to 24 November, Operation Screen West Africa 2024 brought together law enforcement agencies from 12 West African countries to strengthen border security and disrupt transnational organized crime networks.

    The operation notably led to the detection of a suspected Islamic State member at the Mali-Niger-Burkina Faso tri-border area and thwarted the plans of a North African suspect planning to transit through Europe to join ISIS in Syria.

    Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases.

    Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports.

     

    Over 1.3 million checks against INTERPOL’s databases were carried out by frontline officers, including in Togo.

    Weapons and ammunitions were seized in Côte d’Ivoire during the operation.

    Senegalese sea patrols participated in the INTERPOL-coordinated border security operation.

    Additionally, 11 suspects wanted internationally under INTERPOL Red Notices were arrested during the operation.

    Operational seizures included:

    • 1.6 tonnes of cocaine worth over USD 50 million in Cabo Verde

    • 10 tonnes of amphetamines in Burkina Faso

    • 33 types of counterfeit medicines in Benin and Togo

    • 40 tonnes of substandard pharmaceuticals in Côte d’Ivoire

    Over 100 luxury vehicles stolen in Canada and European countries were also recovered, exposing a network that trafficked stolen cars to West Africa. Almost 50 per cent of the stolen vehicles originated from Canada, where data sharing via INTERPOL’s database has helped identify over 1,500 stolen Canadian vehicles worldwide since February 2024.

    The proceeds from these stolen vehicles often fund organized crime activities, including arms smuggling, drug trafficking, and terror networks.

    Côte d’Ivoire’s Police Commissaire Divisionnaire Ami Flora Savane Fanny said:

    “By addressing critical challenges that transcend borders, Operation Screen has demonstrated the power of international collaboration in combating the scourges of organized crime and terrorism which undermine the security of our populations and weaken the foundations of our institutions.”

    Mohamed Moussa, INTERPOL’s Operation Screen Coordinator, added:

    “This operation marks a critical step in disrupting transnational organized crime networks that threaten regional stability and undermine efforts to build peace and foster development across West Africa.”

    Note to Editors

    The 12 participating countries were Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, the Gambia, Ghana, Liberia, Mauritania, Nigeria, Senegal, Sierra Leone and Togo.

    The operation fell under Project I-CT Shield, funded by the German Foreign Federal Office.

    MIL Security OSI –

  • MIL-OSI United Kingdom: UK patients enabled access to transformative new medicines in shortest time possible via new, integrated Innovative Licensing and Access Pathway 

    Source: United Kingdom – Executive Government & Departments

    It is the only example globally of an end-to-end access pathway, where a medicine developer can work collaboratively with the national health system, the regulator, and health technology assessment bodies from the early stages of clinical development.

    Full details have been published today of the refreshed UK-wide Innovative Licensing and Access Pathway (ILAP), that will offer a clearer, more streamlined and integrated process for developers to help get transformative new medicines to patients in the National Health Service (NHS) in the shortest time possible. 

    The new ILAP has been launched by the Medicines and Healthcare products Regulatory Agency (MHRA), the Health Technology Appraisal Bodies (the All Wales Therapeutics and Toxicology Centre (AWTTC), the National Institute for Health and Care Excellence (NICE), the Scottish Medicines Consortium (SMC)) and the NHS.  

    It is the only example globally of an end-to-end access pathway, where a medicine developer can work collaboratively with the national health system, the regulator, and health technology assessment bodies from the early stages of clinical development.   The ILAP was first launched in January 2021 to offer developers of promising new medicines a single platform to collaborate with the MHRA and the UK Health Technology Assessment (HTA) bodies to accelerate the time taken for innovative medicines to get to patients.  

    The UK life sciences ecosystem within which the ILAP sits has since evolved. In response to feedback from stakeholders and the recommendations of the Pro-innovation Regulation of Technologies Review, ILAP partners have worked together to refresh the pathway.  

    The ambition of this new pathway is to support the rapid development of transformative medicines that can be introduced into the NHS to address unmet clinical needs for patients and healthcare professionals at the earliest opportunity, without compromising on standards of safety, quality, and effectiveness. 

    The new ILAP will bring a number of key improvements compared to the original pathway, including: 

    • Involving the NHS as a core partner, focused on operational planning and system preparedness for the introduction of innovative new medicines into the NHS for the benefit of patients. 

    • Better quality bespoke services through more selective entry and dialogue between the ILAP partner organisations and the developers. 

    • Predictable delivery timelines enabling developers to plan more effectively and engage with ILAP more productively.  

    • Early interaction with patients and the NHS to facilitate smoother routes for routine access and system-wide adoption. 

    • A single point of contact provided for each product. 

    • Future proofing to help accelerate access to transformational products by including support for drug-device combinations. 

     The ILAP partners will be taking an iterative approach, allowing the pathway to be refined, adapted and improved over time in response to an evolving life sciences landscape, and patient and stakeholder feedback.  

    Dr June Raine, MHRA Chief Executive said:  

    “It is exciting now to share the full details of the refreshed ILAP, which will help to get transformative medicines to the NHS more quickly.   

    “This new ILAP is clearer, more streamlined and joined up than its predecessor, making the UK a more attractive place to develop and launch innovative products and, most importantly, helping to get transformative medicines to the patients who need them in the shortest possible time. 

    “This is a great example of how collaboration with our healthcare partners, industry and patients can help us refine and refresh our services and deliver world-leading services for the benefit of public health.” 

    Fiona Bride, NHS England’s Interim Chief Commercial Officer and Director of Medicines Value and Access, said:   

    “NHS England is delighted to be a core partner in the new Innovative Licensing and Access Pathway, which will accelerate cutting-edge medicines into the hands of frontline NHS clinicians for the benefit of their patients. 

    “We are committed to collaborating with the pharmaceutical industry and other healthcare system partners to take the opportunity this world-first end-to-end medicines pathway creates, strengthening the UK’s position as a leader in medical innovation.” 

    Professor James Coulson, AWTTC Clinical Director said: 

    “AWTTC are delighted to continue its collaboration with our ILAP partners and look forward to working together on the refreshed pathway. 

    “ILAP has the potential to deliver timely, effective, and innovative medicines to our patients. We will continue to work collaboratively with our partners to ensure these goals are achieved.” 

    Dr Sam Roberts, Chief Executive of NICE said:  

    “The launch of this revised offer marks a significant milestone for the Innovative Licensing and Access Pathway (ILAP).

    “As an organisation committed to getting the best care to people fast, we welcome any initiative that helps developers get transformative medicines into the NHS. The collaboration between partner organisations, industry and patients has really helped shape this new offer, and so we look forward to continuing this close working and delivering the ambitions of the ILAP.” 

    Dr Scott Muir, SMC Chair said: 

    “SMC is pleased to be an active participant in the ILAP, representing the NHS in Scotland. 

    “We will continue to work together with our ILAP partners to enable clinically and cost effective, new and innovative medicines to reach patients more quickly.” 

    Dr Richard Torbett the CEO from ABPI said: 

    “The ABPI is pleased to see the launch of the new ILAP offer which we hope will result in the delivery of rapid integration of the most innovative new medicines, through a synergised path from regulation, HTA and subsequent NHS adoption.

    “The principles that underpin ILAP have broader application for a strong UK life sciences ecosystem. The ABPI stands ready to support the development of measurable markers of success and to actively contribute to the plans to evolve the pathway in the future.” 

    To be eligible for the ILAP, applicants must submit medicines that have not yet entered their confirmatory trial, which will give more opportunity to benefit from the support offered within the pathway.  

    Entry to the ILAP is open to both commercial or non-commercial developers (UK based or global) and will open to new applications in March 2025. 

    Further information about the ILAP and how to apply can be found on the MHRA website.

    Notes to editors 

    The ILAP is a UK-wide initiative, comprising the following partners: 

    Supporting partners include: 

    • Department of Health and Social Care (DHSC) 

    • Department of Health Northern Ireland 

    • National Institute for Health Research (NIHR) 

    • Office for Life Sciences (OLS) 

    • Scottish Government 

    • Welsh Government

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Russia continues to cause immense civilian suffering in Ukraine: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Ambassador Holland condemns the civilian suffering caused by Russia’s strikes on Ukrainian energy infrastructure and indiscriminate attacks on cities.

    Thank you, Mr. Chair.  It has been six weeks since the Council last discussed this agenda item.  During these six weeks, regrettably, Russia has continued the same pattern of behaviour we have seen for almost three years.  A pattern of behaviour that is indefensible and inconsistent with Russia’s international commitments, including under the UN Charter, the Geneva Conventions and the Helsinki Final Act.

    On 25 December, a day of significance for many Christians in Ukraine, Russia launched a massive missile attack against energy infrastructure, killing an energy worker, and leaving hundreds of thousands in the Dnipro and Kharkiv regions without heating for days.

    Ukrainians had to endure 13 widescale missile attacks against their energy infrastructure in 2024. Not only has this threatened civilian access to power, water and heating over winter, but by targeting transmission equipment critical to the safe and secure operation of nuclear power plants, Russia has posed serious threats to nuclear safety as well.

    We have already seen the first such attack of 2025, with Russia hitting sites primarily in the west of Ukraine, including gas storage facilities on 15 January.

    The UN Independent International Commission of Inquiry on Ukraine concluded that these attacks on energy infrastructure constituted the war crime of excessive incidental civilian harm and potentially a crime against humanity.

    It is not just these attacks that raise serious concerns about Russia’s respect for its obligations under international humanitarian law.  The UN has also raised concerns about Russia’s indiscriminate attacks against the civilian population.

    During our recess, on 8 January, a Russian attack in Zaporizhzhia city caused the highest number of civilian casualties from a single incident for almost two years.  Two Russian glide bombs struck a crowd outside an industrial facility, killing 13 civilians and injuring 110.  The UN Human Rights Monitoring Mission in Ukraine said: “It was entirely foreseeable that using such weapons in a city during the day would result in significant civilian casualties … It is hard to see how this attack could be in compliance with the obligation to minimise civilian harm.”

    The UN estimates that there have been more than 30,000 civilian casualties since the Russian state launched its unprovoked war.  Approximately 10,500 killed and more than 20,000 injured.  These are a conservative estimate.  The true figure is likely far higher.

    2024 was a difficult year for Ukraine with attacks against the civilian population and its energy infrastructure.  And Russia has started 2025 in the same vein.  And just as we did in 2024, the UK will stand with Ukraine in 2025 and beyond. This unbreakable bond was formalised earlier this month through the signing of a landmark UK-Ukraine 100 Year Partnership.  We will continue to give political, economic, military and moral support to ensure Ukraine prevails, to secure the lasting peace that the Ukrainian people deserve and the security that our continent demands.  Thank you.

    Updates to this page

    Published 30 January 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Weight-loss without the sickness? Scientists seek to bypass popular obesity drug’s side effects How to harness the potential of weight-loss drugs without some of the unwelcome side-effects is the subject of a £1.2 million research project getting underway at the Rowett Institute and University College London.

    Source: University of Aberdeen

    Professor Lora HeislerHow to harness the potential of weight-loss drugs without some of the unwelcome side-effects is the subject of a £1.2 million research project getting underway at the Rowett Institute and University College London.
    Semaglutide, which acts in the brain to reduce food intake, has fast become one of the most effective pharmaceutical weapons in the global battle against obesity.
    GLP1-based obesity medicines are the subject of intense public debate as governments seek to harness their public health potential.
    But semaglutide’s positive impact on weight loss is sometimes offset by nausea and vomiting, which can reduce its benefits by putting patients off sticking to a course of treatment.
    Now a team led by Professor Lora Heisler of the University of Aberdeen’s Rowett Institute and Professor Stefan Trapp at UCL  – funded by the Medical Research Council – will spend three years identifying where semaglutide acts in the brain to influence specific aspects of food intake such as meal size, healthier food choices, delaying digestion and dampening the “feel-good” food effect, and also where it acts to produce the unpleasant nausea side effects.
    The project will involve careful statistical analysis of the resulting data by research colleagues from Biomathematics and Statistics Scotland (BioSS).
    Answering these questions will fill large gaps in our current understanding of precisely how the drug works.

    We can only now do these types of studies because of the latest technological advances, and we expect our results will provide the blueprint to develop even better obesity medications in the future.” Professor Lora Heisler

    Professor Heisler’s laboratory at the Rowett Institute recently identified a cluster of brain cells that can be harnessed to reduce food intake and body weight – without the nausea, the common side effect of this class of obesity medicines.
    Speaking about the new project, Professor Heisler said: “There is huge interest in how the brain targets of semaglutide (Wegovy) and similar drugs such as tirzepatide (Mounjaro) could be switched on in a slightly different or more targeted way. Drugs that can do this could work better, have effects that last longer and produce specific therapeutic obesity treatment benefits without the nausea side effect.
    “This research could also lead to new drugs that are produced as pills instead of injectables, thereby reducing costs and increasing availability.
    “We can only now do these types of studies because of the latest technological advances, and we expect our results will provide the blueprint to develop even better obesity medications in the future. “
    Professor Trapp added: “While semaglutide and similar drugs have been very effective in helping people with diabetes and show much promise in helping people to lose weight, we still do not know that much about how exactly they work in the brain.
    “My lab has done extensive research for years into the glucagon-like peptide-1 receptor (GLP-1R) in the brain, which semaglutide targets, so we hope by mapping out the drug’s mechanism more precisely, we will be able to develop more effective drugs with fewer side effects.”

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Payments statistics: first half of 2024

    Source: European Central Bank

    30 January 2025

    The European Central Bank (ECB) today published statistics on non-cash payments for the first half of 2024.[2]The statistics comprise indicators on access to and use of payment services, payment cards and terminals by the public, as well as volumes and values of transactions processed through retail and large-value payment systems. This press release focuses on developments in the euro area as a whole, although statistics are also published for all euro area countries as well as non-euro area reporting countries. EU and euro area aggregates are also published.[3]

    Payment services[4]

    In the first half of 2024, the total number of non-cash payment transactions[5] in the euro area increased by 7.4% to 72.1 billion compared with the first half of 2023, while the corresponding total value increased by 1.9% to €113.5 trillion. Card payments accounted for 56% of the total number of transactions, while credit transfers accounted for 22%, direct debits for 15% and e-money payments for 6%. The remaining 1% comprised cheques, money remittances and other payment services (see annex, Table 1).

    Chart 1

    Use of the main payment services in the euro area

    (number of transactions in billions, graph on the right-hand-side refers to half-yearly data)

    Source: ECB.
    Note: Data have been partially estimated for periods prior to 2010, as methodological changes were implemented in those years and some data are not directly available. The historical estimations done by the ECB ensure comparability of figures over the entire period. Statistics were also collected for cheques, money remittances and other payment services which together accounted for 1% of the total number of non-cash euro area payment transactions in the first half of 2024.

    Data on payment services

    Card payments

    In the first half of 2024 the number of card payments within the euro area increased by 10.3% to 40.1 billion compared with the first half of 2023. The corresponding total value of card payments rose by 7.0% to €1.5 trillion, reflecting an average value of around €39 per transaction. The split in the share of remote and non-remote[6] transactions in the total number of card payments was 18% to 82%, while the split in terms of value was 28% to 72%. The number of contactless card payments initiated at a physical electronic funds transfer point of sale terminal increased by 13.2% to 25.8 billion compared with the first half of 2023, with the corresponding total value rising by 13.1% to €0.7 trillion. As a result, their share in the total number of non-remote card payments accounted for 79%, while the corresponding share in terms of value was 62%. At the national level, Lithuania continued to have the largest share of card payments as a percentage of the total number of non-cash payments in the first half of 2024, at around 78% (see annex, Table 2).

    Credit transfers[7]

    In the first half of 2024 the number of credit transfers within the euro area increased by 7.7% to 15.7 billion compared with the first half of 2023, while the corresponding total value increased by 1.7% to €105.2 trillion. As higher-value payments are usually made by credit transfer[8], they accounted for 93% of the total value of non-cash payments. The ratio of transactions initiated electronically to those initiated using paper forms was around 16 to 1, while in terms of value the ratio was around 12 to 1. At the national level, Latvia had the largest share of credit transfers as a percentage of the total number of non-cash payments in the first half of 2024, at around 37% (see annex, Table 2).

    Direct debits

    In the first half of 2024 the number of direct debits within the euro area increased by 2.7% to 11.0 billion compared with the first half of 2023, and the corresponding total value rose by 5.8% to €5.3 trillion. Of the total number of direct debits, those with an electronic mandate accounted for 12% whereas those with consent given in other forms accounted for 88%, while in terms of value the split was 13% to 87%. At the national level, Germany continued to have the largest share of direct debits as a percentage of the total number of non-cash payments in the first half of 2024, at around 32% (see annex, Table 2).

    E-money payments

    In the first half of 2024 the number of e-money payment transactions within the euro area declined by 2.7% to 4.2 billion compared with the first half of 2023, while the corresponding value rose by 6.6% to €0.3 trillion. Of the total number of e-money payment transactions, those made with e-money accounts accounted for 91% whereas those made with cards on which e-money can be stored accounted for 9%, while in terms of value the split was 88% to 12%.

    Cards and accepting devices

    At the end of the first half of 2024 the number of cards with a payment function[9] had increased by 4.4% to 720.6 million compared with the number at the end of the first half of 2023. With a total euro area population of around 352 million, this implies an average of two payment cards per euro area inhabitant.

    At the end of the first half of 2024 the total number of automated teller machines (ATMs) in the euro area had decreased by 3.0% to around 260.9 thousand compared with the number at the end of the first half of 2023. Of these, 30% accepted contactless transactions.

    At the end of the first half of 2024 the total number of point of sale (POS) terminals had increased by 10.1% to around 20.8 million[10] compared with the corresponding number at the end of the first half of 2023. Of these terminals, 86% accepted contactless transactions.

    Payment systems[11]

    Retail payment systems

    Retail payment systems located in the euro area handle mainly payments that are made by individuals and businesses, with a relatively low value and high volume overall.

    In the first half of 2024, 34 retail payment systems within the euro area processed around 52.1 billion transactions with a combined value of €25.1 trillion. Instant credit transfers accounted for 15% of the total number and for 4% of the total value of credit transfer transactions processed by euro area retail payment systems.

    Retail payment systems located in the euro area differ significantly in terms of type, size and geographical scope of transactions they process. The three largest systems (MCMS[12], STEP2-T[13] and CORE in France) processed 64% of the volume and 62% of the value of all transactions processed by the retail payment systems located in the euro area in the first half of 2024.

    Chart 2

    Main retail payment systems located in the euro area, values and numbers of transactions processed in the first half of 2024

    (value of transactions in EUR trillions and number of transactions in billions)

    Source: ECB.

    Data on retail payment systems

    Large-value payment systems

    Large-value payment systems are designed primarily to process large-value and/or high-priority payments made between system participants for their own account or on behalf of their customers. 

    In the first half of 2024, large-value payment systems located in the euro area settled 72.0 million payments with a total value of €222.5 trillion in euro payments, with T2 and EURO1/STEP1 being the two main systems.[14]

    Chart 3

    Main large-value payment systems located in the euro area, values and numbers of transactions processed in the first half of 2024

    (value of transactions in EUR trillions and number of transactions in millions)

    Source: ECB.

    Data on large-value payment systems

    Notes:

    • The full set of payment statistics can be downloaded from the ECB Data Portal (EDP). The EDP also includes interactive dashboards supporting data visualization. Detailed methodological information, including a list of all data definitions, is available under “Payment services and large-value and retail payment systems” in the “Statistics” section of the ECB’s website.
    • The methodological and reporting framework for payments statistics was enhanced to take progressive developments in the payments market and related changes in the legal framework in Europe into account. The enhanced reporting requirements, which came into effect on 1 January 2022, are set out in Regulation ECB/2020/59 amending Regulation ECB/2013/43 on payments statistics and in Guideline ECB/2021/13 on reporting requirements on payments statistics. In addition, the Manual on payments statistics reporting is available on the ECB’s website.
    • Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data at the time of the current release. Unless otherwise indicated, statistics referring to the euro area cover the EU Member States that had adopted the euro at the time to which the data relate.

    MIL OSI Europe News –

  • MIL-OSI Europe: OSCE strengthens Albania’s asset recovery efforts

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE strengthens Albania’s asset recovery efforts

    Panelists at an OSCE workshop on asset recovery and extended confiscation in Tirana, 28 January 2025. (OSCE/Joana Karapataqi) Photo details

    The OSCE Transnational Threats Department and the Office of the Co-ordinator of OSCE Economic and Environmental Activities, in co-operation with the OSCE Presence in Albania, organized a workshop on asset recovery and extended confiscation on 28 and 29 January 2025 in Tirana.
    The event brought together key institutions involved in asset recovery including the Prosecutor General’s Office, the Special Structure against Corruption and Organized Crime, district prosecutors and judges, the National Bureau of Investigation, the Albanian State Police, and the Agency for the Administration of Seized and Confiscated Assets. The participants engaged in discussions on international good practices and examined case studies.
    Strengthening the application of extended confiscation mechanisms ensures that crime does not go unpunished and that the recovery of illegal assets is effective, while extended confiscation is a powerful mechanism in disrupting criminal activity as it allows authorities to confiscate assets beyond those that are direct proceeds of crime.
    In his opening remarks, Ambassador Michel Tarran, Head of the OSCE Presence in Albania emphasized the critical role of asset recovery in combating organized crime and corruption. “Through this workshop, we aim to foster a deeper understanding of extended confiscation and asset recovery processes, strengthen institutional collaboration and provide participants with practical tools to enhance their efforts in combating transnational organized crime,” he said.
    Prosecutor General Olsian Çela highlighted that support to the asset recovery efforts in Albania is a further step in the implementation of the Memorandum of Understanding and Co-operation signed between his Office and the OSCE.
    The workshop was conducted as part of the OSCE extra-budgetary project “Strengthening Asset Recovery Efforts in the OSCE Region,” funded by Austria, Germany, Italy and the United States of America.

    MIL OSI Europe News –

  • MIL-OSI Europe: SHIELD V: Over 3.4 million pills seized in Operation Targeting Counterfeit Medicines

    Source: European Anti-Fraud Offfice

    Press release no 3/2025
    PDF version 

    Over 3.4 million pills have been seized as part of Operation SHIELD V, in which the European Anti-Fraud Office (OLAF) has played an essential coordinating role.  This annual operation targets the misuse and distribution of counterfeit medicines, doping substances, illegal food or sports supplements, and counterfeit COVID-19 medical supplies. 

    In its fifth consecutive year, OLAF facilitated the efforts of the Member States customs authorities in ensuring the integrity of the European market. The coordinated actions of the customs authorities resulted in the seizure of significant quantities of illicit goods, including: 3,4 million pills, over 59.000 packages (sachets, sprays, packs, pens), 1,510 vials (ampoules, flasks) and 272 pieces of medical devices. 

    Joint Effort across 14 Member States

    Operation SHIELD V included the active involvement of customs authorities from 12 EU Member States, namely Austria, Bulgaria, Denmark, Spain, Greece, Croatia, Ireland, Italy, Lithuania, Portugal, Slovenia, Slovakia, and Italy’s Guardia di Finanza. This collaborative effort was further supported by relevant rights holders, ensuring that counterfeit goods were accurately identified and swiftly intercepted. 

    “Traffickers recklessly jeopardise people’s health to turn a quick profit, a reality we cannot ignore. To protect European citizens, cooperation is essential. By combining efforts, OLAF, Europol, and national customs authorities have safeguarded European consumers from dangerous health products,” said Ville Itälä, Director General of OLAF. 

    Operation SHIELD continues to exemplify the importance of coordinated action in tackling illegal activities that endanger public health and undermine legitimate businesses. OLAF’s role ensures that these threats are met with a unified and effective response, safeguarding the health and wellbeing of citizens across the European Union.

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: The Children’s Mile set to return to War Memorial Park

    Source: City of Coventry

    The highly anticipated Children’s Mile is returning to Coventry’s War Memorial Park this summer.

    The event is set to offer thousands of local school children an exciting opportunity to get active and enjoy the outdoors.

    This inclusive event that will take place on Sunday 22 June features a fully accessible, one-mile route designed to encourage participation from students, teachers and staff from schools across Coventry.

    With 1000’s of students expected to take part, the Children’s Mile promotes a fun and supporting environment where participants can choose to walk, jog, or run the route at their own pace.

    Each participant will receive a commemorative t-shirt and a certificate to celebrate their achievement.

    By encouraging schools, families and the local community to come together, the Children’s Mile encourages healthy habits while showcasing the importance of staying active and enjoying one of Coventry’s beautiful parks.

    Councillor Kamran Caan, Cabinet Member for Public Health and Sport, said: “It’s wonderful to hear that the Children’s Mile is returning this summer. This event is open to all young people across the city.

    “Initiatives like this are fantastic for our young people, offering an inclusive opportunity to get active while exploring the city’s fantastic War Memorial Park.

    “I’m excited to see as many schools as possible participating in this year’s mile and helping to inspire a love for physical activity as we prepare for yet another fantastic summer of sport in Coventry.”

    Coventry’s School Games Organisers, Danny Kingham and Stuart Davoile, added: “We’re incredibly excited for this year’s Children’s Mile. Our goal is to have more schools than ever participate in this fantastic initiative, which is open to all primary schools all over the city.

    “We encourage students and staff at our schools to join in and take part in the one-mile route. We also want to see as many parents and supporters there as possible, cheering on the children.”

    Detailed entry information and the registration system will be available after February half-term.

    If you have any questions, please don’t hesitate to contact our team at covsport@coventry.gov.uk.

    Stay up to date with information on Coventry Children’s Mile over on the Sport Facebook and Instagram.

    MIL OSI United Kingdom –

  • MIL-OSI: Local Trade Copier Expands to Support MT4 & MT5 Trade Copying to DXTrade

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Jan. 30, 2025 (GLOBE NEWSWIRE) — Local Trade Copier, the leading software for seamless trade copying across trading platforms, has introduced MT5 & MT4 to DXTrade support in its latest update. This enhancement allows users to copy trades from both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to DXTrade effortlessly, making it easier than ever for traders to transition between these platforms without disrupting their strategies.

    A Seamless Trading Experience Across Platforms
    The integration of MT4 & MT5 to DXTrade trade copying addresses a significant challenge faced by traders who rely on MetaTrader tools and strategies. Many brokers and traders have transitioned to DXTrade in recent years, requiring new solutions to maintain efficiency and continuity. With Local Trade Copier, traders can now keep using their trusted MetaTrader bots, indicators, and automated strategies while copying trades directly to DXTrade.

    This update offers numerous advantages:

    • Instant trade copying from MT4 and MT5 to DXTrade.
    • Compatibility with MetaTrader indicators and Expert Advisors (EAs).
    • Elimination of the need to reprogram MetaTrader strategies for DXTrade.
    • Secure, locally installed software to ensure data privacy.
    • Automatic lot size allocation for accounts with varying balances.
    • Auto-symbol mapping for copying trades even with differing symbol names.

    Empowering Traders Without Compromising Strategies
    This update ensures traders can adapt to DXTrade while continuing to utilize the robust tools they have built in MetaTrader. By enabling both manual and automated trade copying, Local Trade Copier provides a versatile solution for retail traders, institutional clients, and prop firms.

    “Local Trade Copier’s integration with DXTrade reflects our commitment to providing innovative solutions for traders. Supporting both MT4 and MT5 trade copying to DXTrade ensures that traders can transition without sacrificing the strategies they’ve spent years perfecting,” said Rimantas Petrauskas, Founder of Local Trade Copier.

    About Local Trade Copier
    Local Trade Copier is a cutting-edge software solution designed to facilitate seamless trade copying across platforms. Supporting MT4, MT5, and now DXTrade, Local Trade Copier empowers traders to execute their strategies efficiently while ensuring flexibility and privacy. By addressing the challenges of platform migration, Local Trade Copier has become a trusted tool for traders worldwide.

    For more information, visit www.mt4copier.com.

    Media Contact:
    Rimantas Petrauskas
    Founder
    rimantas@mt4copier.com
    www.mt4copier.com

    Disclaimer: This content is provided by the Local Trade Copier. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    The MIL Network –

  • MIL-OSI United Kingdom: Shell’s destructive profiteering is wrecking our planet

    Source: Scottish Greens

    30 Jan 2025 Climate

    Fossil fuel giants are destroying our climate

    More in Climate

    The choices of oil giants like Shell are having a devastating impact on our planet, says the Scottish Greens’ climate spokesperson, Mark Ruskell MSP.

    Mr Ruskell’s comments came as Shell published its profits for 2024.

    Mr Ruskell said:

    “The destructive profiteering and climate-wrecking choices of oil giants like Shell are having a devastating impact on our planet.

    “The focus on fossil fuels has left households across our country with higher bills, a broken energy market and a bleak outlook for future generations.

    “We urgently need to halt the expansion of oil and gas and make a generation-defining national and global investment in clean, green energy.

    “These companies should be investing their profits in a renewable future rather than buying back shares and offering eye-watering dividends.

    “We are sitting on a gold mine of green energy sources here in Scotland, but we won’t see the benefit without fundamental government support. 

    “Leaving fossil fuels in the ground and going green is the only way to secure our future and ensure a liveable planet for generations to come.”

    Mr Ruskell added:

    “The last few years have seen record high temperatures, with extreme weather events becoming even more damaging and even more common.

    “We can’t go on like this. We cannot sit back and allow climate chaos to become our new normal.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Dundee University can no longer ignore staff

    Source: Scottish Greens

    30 Jan 2025

    Universities are not businesses.

    Lecturers, researchers, technicians and student support workers should not be made to pay the price for the negligence and incompetence of Dundee University management, says Scottish Green MSP Maggie Chapman.

    Ms Chapman was commenting as voting by university staff in a strike ballot comes to an end. If successful, mass strike action within six months of the ballot is a possibility.

    This follows a financial crisis that has seen university senior management freezing all spending, including for postgraduate students, and threatening compulsory redundancies for staff.

    On 13th November last year, staff received notice that University management had built up a £30 million deficit. Whilst no formal process for voluntary or compulsory redundancies has started, senior managers have threatened people with job cuts and warned that the University’s future is at stake. 

    There are, apparently, ongoing discussions about a recovery plan, but staff and students have not been part of these discussions in any meaningful way. Both staff and students have condemned the lack of proper process or justification for these cuts. 

    Scottish Green MSP Maggie Chapman, who represents Dundee as part of the North East Region, said:

    “This crisis is a product of senior management’s bad decision-making and poor governance. 

    “What little financial information has been made available shows that staff costs are not the cause of the deficit. Lecturers, researchers, technicians, student support workers – all those who actually make the university work – should not be made to pay the price for the negligence and incompetence of management.

    “The University Executive Group hasn’t even afforded staff the dignity of transparency, clarity, or security. Senior leaders have failed to conduct any meaningful engagement with unions, and continue to evade any line of questioning. Whatever the outcome of this ballot, it will be impossible for the University to continue ignoring the voices of their staff.

    “It is shameful, and a complete injustice, that the executive is offloading the consequences of their actions onto those who are in no way to blame for this deficit.” 

    “This crisis reveals a deeper fracture in our higher education sector, where universities have sought to operate like businesses focused on profit rather than as education institutions focused on wider societal benefit and wellbeing and supporting staff and students.” 

    The University has hosted two all-staff ‘town hall’ meetings. Both have been attended by over 1000 staff members. Both saw staff voicing their concerns directly to the Interim Principal. Neither saw any questions from staff properly answered. There appears to be no faith in the Interim Principal nor the wider Executive Group.

    Ms Chapman added:

    “Staff aren’t just angry, they’re exhausted. They’re hurt. They’re being treated as financial liabilities, but it is senior management that poses the greatest risk to the University. Failing in their key duty to maintain the sustainability of the institution, they have tarnished the University’s reputation and lost the faith of their staff.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bold action needed to cut number of cars on our roads

    Source: Scottish Greens

    30 Jan 2025 Transport

    We need to boost public transport.

    More in Transport

    Scotland must take bold action if we are to reduce the number of cars on our roads, says the Scottish Greens’ transport spokesperson Mark Ruskell MSP.

    Mr Ruskell’s comments follow the publication of a new report from Audit Scotland warning that the 2030 target for cutting car use is likely to be missed.

    Mr Ruskell said:

    “This must serve as a wakeup call. We urgently need to reduce the number of cars on our roads if we are to have any hope of hitting our climate targets. It won’t happen by itself, it will need bold action to get us there.

    “Part of the challenge is the extortionate cost of transport. By introducing cheaper bus and train fares we can encourage people to make the switch to greener alternatives and to leave their car at home.

    “That’s what we did when the Scottish Greens secured free bus travel for everyone under 22, which has seen over 700,000 young people taking over 150 million free journeys.

    “We also secured the removal of peak rail fares for 12 months, boosting rail travel and saving regular commuters hundreds of pounds. The SNP’s decision to reintroduce peak fares was the wrong decision at the wrong time.

    “If we are to discourage car use in short journeys then we need to make it easier to be green. That means investing in walking, wheeling and cycling infrastructure and boosting local transport options.

    “We all benefit from safer and more accessible streets and cleaner air. I want that for every community in Scotland, and reducing the number of cars is a crucial step to getting there.”

    MIL OSI United Kingdom –

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

    Source: City of Wolverhampton

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

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

    Source: City of Wolverhampton

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

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

    Source: City of Wolverhampton

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

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

    Source: United Kingdom London Metropolitan Police

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

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

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

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

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

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

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

    MIL Security OSI –

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

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

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

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

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

    The risk of greenwashing

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

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

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

    Three key factors for corporate accountability

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

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

    Linking companies and ecosystems

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

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

    Translating aspirations into operations

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

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

    Shaping financial-system responsiveness

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

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

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

    Better information, less greenwashing

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

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

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

    MIL OSI – Global Reports –

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

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

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

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

    Full Year Analysis1

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

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

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

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

    Renewables and Energy Solutions

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

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    PERFORMANCE BY SEGMENT

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

    Full Year Analysis1

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

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

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

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Full Year Analysis1

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

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

             Page 8

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.Q4 on Q3 change

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

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

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

    Quarter Analysis1

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

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

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

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

    Full Year Analysis1

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

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

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

             Page 10

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

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

    1.Q4 on Q3 change

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

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

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

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

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

    Quarter Analysis1

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

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

    Full Year Analysis1

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

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

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

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

    2.Adjusted EBITDA is without taxation.

             Page 11

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PRELIMINARY RESERVES UPDATE

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

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

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

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

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

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

             Page 12

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

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

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 13

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 4 “Earnings per share”.

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

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

             Page 14

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 15

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

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

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

             Page 16

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    2. Segment information

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

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

             Page 18

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

             Page 19

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

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

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

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

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

    4. Earnings per share

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

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    5. Share capital

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

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

    6. Other reserves

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

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

    7. Derivative financial instruments and debt excluding lease liabilities

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

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

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

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

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

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

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    assets in Marketing and Chemicals and Products.

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

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

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

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    Taxation charge/credit

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

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

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

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

    Condensed Consolidated Balance Sheet

    Retirement benefits

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

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

    Assets classified as held for sale

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

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

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

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

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

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

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

    Cash flow from investing activities – Other investing cash inflows

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

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

    9. Post-balance sheet events

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

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

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

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

    Identified Items

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

             Page 28

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

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

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

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

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

             Page 33

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

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

    Underlying operating expenses

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

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

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

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

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

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    I.    Divestment proceeds

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

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

    J.    Structural cost reduction

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

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

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

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

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

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

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

    Forward-Looking Non-GAAP measures

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

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

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

    This Unaudited Condensed Financial Report contains inside information.

    January 30, 2025

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

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