Category: Latin America

MIL-Evening Report: A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland

Source: The Conversation (Au and NZ) – By Duncan Caillard, Postdoctoral Research Fellow, School of Communication Studies, Auckland University of Technology

Jason Momoa’s historical epic Chief of War, launching August 1 on Apple TV+, is a triumph of Hawaiians telling their own stories – despite the fact their film and TV production industry now struggles to be viable.

The series stars Momoa (Aquaman, Game of Thrones) as Kaʻaina, an ali’i (chief) who fights for – and later rises against – King Kamehameha I during the bloody reunification of Hawaii.

Already receiving advance praise, the nine-episode first season co-stars New Zealand actors Temeura Morrison, Cliff Curtis and Luciane Buchanan, alongside Hawaiian actors Kaina Makua, Brandon Finn and Moses Goods.

A passion project for Momoa, the Hawaiian star co-created the series with writer Thomas Pa’a Sibbett after years in development. With a reported budget of US$340 million, it is one of the most expensive television series ever produced.

It is also a milestone in Kānaka Maoli (Native Hawaiian) representation onscreen. Controversially, however, the production only spent a month in Hawaiʻi, and was mostly shot in New Zealand with non-Hawaiian crews.

Momoa has even expressed an interest in New Zealand citizenship, but the choice of location is more a reflection of the troubled state of the film industry in Hawaiʻi. On the other hand, it is a measure of the success of the New Zealand screen industry, with potential lessons for other countries in the Pacific.

Ea o Moʻolelo – story sovereignty

Set at the turn of the 19th century, Chief of War tells the moʻolelo (story, history) of King Kamehameha I’s conquest of the archipelago.

Hawaiʻi was historically governed by aliʻi nui (high chiefs), and each island was ruled independently. Motivated by the threat of European colonisation and empowered by Western weaponry, Kamehameha established the Hawaiian Kingdom, culminating in full unification in 1810.

The series is an important example of what authors Dean Hamer and Kumu Hinaleimoana Wong-Kalu have called “Ea o Moʻolelo”, or story sovereignty, which emphasises Indigenous peoples’ right to control their own narrative by respecting the “the inalienable right of a story to its own unique contents, style and purpose”.

Chief of War is also the biggest Hawaiian television series ever produced. Although Hawaiʻi remains a popular setting onscreen, these productions have rarely involved Hawaiians in key decision-making roles.

Sea of troubles

The series hits screens at a time of major disruption in Hollywood, with streaming services upending established business models.

“Linear” network television faces declining viewership and advertising revenue. Movie studios struggle to draw audiences to theatres. The consequences for workers in the the industry have been severe, as the 2023 writers strike showed.

Those changes have had a catastrophic impact on the Hawaiʻi film industry, too.

Long a popular location – Hawaii Five-O (1968-1980, 2010-2020), Magnum P.I. (1980-1988, 2018-2024) and Lost (2004-2010) were all shot on location in Hawaiʻi – it is an expensive place to film.

Actors, crew and production equipment often have to be flown in from the continental United States, and producers compete with tourism for costly accommodation.

Kaina Makua as King Kamehameha and New Zealand actor Luciane Buchanan as Ka’ahumanu in Chief of War.
Apple TV+

An industry in transition

These are not uncommon problems in distant locations, and many governments try to attract screen productions through tax incentives and rebates on portions of the production costs.

New Zealand, for example, offers a 20-25% rebate for international productions and 40% for local productions. Hawaiʻi offers a 22-27% rebate.

But this is less than other US states offer, such as Georgia (30%), Louisiana (40%) and New Mexico (40%). Hawaiʻi also has an annual cap of US$50 million on rebates.

To make things even harder, Hawaiʻi offers only limited support for Indigenous filmmakers. Governments in Australia and New Zealand provide targeted funding and support for Aboriginal, Torres Strait Islander and Māori filmmakers.

By contrast, the Hawaiʻi Film Commission doesn’t provide direct grants to local filmmakers or producers (Indigenous or otherwise). Small amounts of government funding have been administered through the Public Broadcasting Service, but this is now in jeopardy after US President Donald Trump recently cut federal funding.

The Hawaiʻi screen industry faces a perfect storm. For the first time since 2004, film and TV production has ground to a halt. Many workers now doubt the long-term sustainability of their careers.

Lessons from Aotearoa NZ

While there are lessons Hawaiʻi legislators and industry leaders could learn from New Zealand’s example, there should also be a measure of caution.

The Hawaiʻi tax credit system is out of date. But despite industry lobbying, legislation to update it failed to reach the floor of the legislature earlier this year. New tax settings would help make local production viable again.

Secondly, decades of investment in Māori cinema have seen it become diverse, engaging and creatively accomplished. Hawaiʻi could benefit from greater direct investment in Hawaiian storytelling, respecting its cultural value even if it doesn’t turn a commercial profit.

On the other hand, New Zealand has a favourable currency exchange rate with the US which can’t be replicated in Hawaiʻi. And New Zealand film production workers have seen their rights to unionise watered down compared to their American peers.

But if Hawaiʻi can get its settings right, a possible second season of Chief of War may yet be filmed there, which could mark a genuine rejuvenation of its own film industry.

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

– ref. A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland – https://theconversation.com/a-hawaiian-epic-made-in-nz-why-jason-momoas-chief-of-war-wasnt-filmed-in-its-stars-homeland-261742

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-Evening Report: Colombia is producing more cocaine than ever – and more is reaching Australian shores

Source: The Conversation (Au and NZ) – By Cesar Alvarez, Lecturer in Terrorism and Security Studies, Charles Sturt University

Members of the Colombian anti-narcotics police test cocaine after a drug bust. RAUL ARBOLEDA/AFP via Getty Images

Imagine an area larger than the Australian Capital Territory, nearly twice the size of London and four times that of New York City covered in coca plantations.

That’s the scale of Colombia’s coca cultivation, according to an estimate from the United Nations Office of Drugs and Crime (UNODC).

Colombia produces an estimated 2,664 metric tonnes of cocaine annually. That is enough to fill 20 Boeing 747 cargo planes per year.

Not even during the darkest days of Pablo Escobar’s infamous empire did Colombia cultivate as much coca or produce as much cocaine as it does today.

In the past year alone, coca crops expanded by 10% and production capacity soared more than 50%.

So how did it come to this?

A worrying mix

Colombia did not arrive at this point overnight, nor by chance. A complex mix of radical and failed policy shifts, scientific innovation and global demand, among other factors, has shaped this trajectory.

For example, in 2015, Colombia’s Constitutional Court suspended aerial fumigation and banned the use of glyphosate. Despite the herbicide’s effectiveness in killing coca plants, the court cited concerns over its health risks and environmental impact.

Aerial spraying had allowed the government to reduce the risk that manual eradication brigades were exposed to over large areas.

In 2016, then-president Juan Manuel Santos introduced a scheme to substitute coca with non-illicit plants. Incentives were offered to farmers. However, it ended up encouraging many peasants who had never grown coca before to begin cultivating it, simply to qualify for the new subsidies.

It is no surprise that during Santos’ second term (2014–18), Colombia’s coca crops nearly doubled, from 96,000 hectares to more than 170,000.

This was all in an effort to secure a peace deal with the narco-terrorist group Revolutionary Armed Forces of Colombia (FARC).

More recently, in 2022, President Gustavo Petro announced his Paz Total (Total Peace) policy. This was designed to bring trafficking organisations – including Colombia’s second largest narco-terrorist group, the National Liberation Army (ELN) – to the negotiation table.

Ironically, and paradoxically, Colombia is now producing more drugs than ever. It is also experiencing a sharp increase in violence by non-state armed groups.

The impact on Australia

What happens in Colombia matters to Australia because criminal innovation is fuelling greater cocaine volumes and higher purity. This means more is flowing towards Australian shores.

Colombia’s coca production is being reshaped by enhanced cultivation techniques, more secure and autonomous smuggling methods, and an increasingly fragmented criminal landscape.

Production is now more efficient and profitable than ever. Growers are planting improved coca leaf varieties and achieve more harvest cycles per year with higher alkaloid yields per kilo.

Smuggling methods have also evolved.

Semi-submersibles or narco-submarines are increasing in storage capacity. Recent seizures show manned vessels with four to five tonnes of capacity are now the rule rather than the exception.

Some networks are also transitioning from manned to unmanned operations.

Also, the growing presence and operational influence of Mexican cartels in Colombia has amplified the scope and scale of alliances between transnational organised crime groups across Europe, Asia and Oceania. International police investigations are even more complex.

Like much of the world, there is a growing demand for and increasing use of cocaine in Australia.

Despite record-high seizure numbers and total volumes intercepted, Australia is still among the most attractive destination markets for drug trafficking organisations because of the high price users pay for the drugs.

Unless something radically changes in Colombia, Australia continues to face growing risks from maritime trafficking routes. There is also an increased threat of being used as a transit and money laundering hub in the global drug economy.

Some possible solutions

Even if conditions in Colombia were to change swiftly and drastically, supply-focused strategies alone are insufficient to mitigate the risks facing Australia.

After all, Colombia cannot simply fumigate its way out of this cocaine crisis, just as Australia cannot arrest its way out of it.

However, continued collaboration between the Australian Federal Police and the National Police of Colombia remains essential to keep drugs at bay.

The appointment of Colombia’s first police attaché to Australia will be a welcome and meaningful step forward. (While not yet formally announced, the Colombian embassy in Australia has informed me and several other experts the country is appointing the attaché.)

Both countries must deepen this relationship and collectively engage meaningfully and frequently to help solve the problem.

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

– ref. Colombia is producing more cocaine than ever – and more is reaching Australian shores – https://theconversation.com/colombia-is-producing-more-cocaine-than-ever-and-more-is-reaching-australian-shores-261745

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-OSI USA: Sen. Markey, Reps. Schakowsky, Ruiz, Jayapal Introduce Dr. Paul Farmer Memorial Resolution Outlining 21st Century Global Health Strategy
US Senate News:
Source: United States Senator for Massachusetts Ed Markey

Resolution Text (PDF)

Washington (July 31, 2025) – Senator Edward J. Markey (D-Mass.), along with Representatives Jan Schakowsky (IL-09), Dr. Raul Ruiz (CA-25), and Pramila Jayapal (WA-07), today introduced the Dr. Paul Farmer Memorial Resolution, to honor Dr. Farmer’s staggering life and legacy and lay out his extraordinary vision for realizing global health equity. This resolution lays out a 21st century global health strategy that proposes spending $125 billion annually on global health aid, reforming aid to focus on building national health systems, and putting an end to the exploitation of impoverished countries to increase their domestic tax base and health spending. This resolution seeks to save over 100 million lives per decade by increasing the flow of money in the global economy.

“Dr. Paul Farmer was a health care visionary and revolutionary who understood compassion and care went hand in hand. At a time when global health and well-being are strained, I am proud to introduce this resolution honoring Dr. Farmer and the transformational work he did to deliver health care to people and communities around the world. Health is the first wealth, and we must do everything in our power to ensure that people around the world are healthy, safe, and have access to the resources they need to live and thrive,” said Senator Markey.

“Dr. Paul Farmer is responsible for transforming the lives of millions and millions of poor and marginalized people around the world, bringing them health care, dignity, and justice. A true visionary, Paul insisted that all people have a right to excellent health care, and he developed the systems to deliver it in places people had written off. Gleaming world class hospitals and locally trained doctors, nurses, and community workers now exist in places like Haiti and Rwanda. Paul was not only a world-renowned leader in global health, but also a precious friend and a tireless organizer, inspiring thousands of people to actively participate in his work. All of us owe him a debt that can only be paid by carrying on his mission and legacy,” said Congresswoman Schakowsky. “That is why I am introducing the Dr. Paul Farmer Memorial Resolution alongside my colleagues Senator Markey and Representatives Ruiz and Jayapal. This resolution lays out a 21st Century Global Health Strategy that enshrines Paul’s vision to achieve global universal health care and end unnecessary and preventable deaths. We are the richest country in the world at the richest time in the world. As the Trump Administration rips away lifesaving aid from millions of people, it is more important than ever for those of us who care about global health and justice to rededicate ourselves to building and fully funding a robust global health strategy. Paul called on us to understand global health inequity as an injustice—a result of centuries of violence and exploitation inflicted on the global poor. We can make the choice to end global health inequity, and with Paul’s vision guiding us, we will.”

“Dr. Paul Farmer was more than a global health leader, he was my mentor, professor, and dear friend,” said Congressman Ruiz. “From my early years at Harvard Medical School to our work together in Boston, Chiapas, Guatemala, and post-earthquake Haiti, he showed me what it means to fight for underserved communities with unwavering dedication. I am honored to help reintroduce this resolution in his memory, as a testament to his extraordinary impact on humanity.”

“Dr. Paul Farmer changed global health for the better with his work in impoverished countries, treating infectious diseases and providing high quality care to those who needed it most. He also fundamentally altered the way we think about international aid, and his organizing and movement building has led to millions of people worldwide living healthier and longer lives. As a lifelong organizer and someone who worked in global health for years before coming to Congress, I know the importance of this work and know how devastating Trump and Republicans’ cuts to USAID and other international aid programs are. This resolution outlines a vision for a world in which we tackle the injustice of global health inequities and treat health care as a true human right. It also recognizes that to achieve these goals, we need to democratize the global financial system, including cancelling predatory debt that has often crushed low- and middle-income countries. I’m proud to co-lead it with Representatives Schakowsky and Ruiz,” said Congresswoman Jayapal.

The proposals in the resolution are as follows:
- Increase global health aid to $125 billion per year
- Reform global health aid
- Make the global economy more fair, just, and democratic
“In this moment of crisis, we need Paul’s vision for global health justice more than ever. Thankfully, that vision is captured in this resolution. It provides us with a much-needed roadmap for global cooperation based on solidarity and justice by getting to the root causes of unnecessary suffering and death, or what Paul called ‘structural violence’. This includes greatly improving development assistance for health, but also going well beyond aid to address ongoing extractive colonial arrangements, which preclude local investments in health systems,” said Sheila Davis, CEO of Partners in Health.

As an infectious disease physician, Dr. Farmer earned accolades for treating patients in impoverished countries with high quality care, including those suffering from HIV and cancer. As a medical anthropologist, he was known for popularizing and deepening understandings of “structural violence,” the idea that social systems are designed to impoverish, sicken, and sideline select groups. As chief strategist of Partners in Health, he garnered plaudits for pioneering community-based treatment strategies, building teaching hospitals, and more. Dr. Farmer called on us to understand global health inequity as an injustice—an effect of centuries of violence and exploitation inflicted on the global poor. This resolution embodies that and will serve as a North Star that will guide the movement for global health equity for years to come.

In addition to Sen. Markey, this resolution is cosponsored in the Senate by Sen. Elizabeth Warren (D-Mass.).

In addition to Reps. Schakowsky, Ruiz, and Jayapal, this resolution is cosponsored in the House of Representatives by Reps. Raja Krishnamoorthi (IL-08), Betty McCollum (MN-04), Jim McGovern (MA-02), Seth Moulton (MA-06), Ayanna Pressley (MA-07), Delia Ramirez (IL-03), Juan Vargas (CA-52).
MIL OSI USA News –
August 5, 2025
MIL-OSI USA: Cortez Masto Calls on Trump Administration to Increase Transparency on Trade Negotiations

US Senate News:

Source: United States Senator for Nevada Cortez Masto

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

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

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

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

Read the full letter here.

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

MIL OSI USA News –

August 5, 2025

MIL-OSI: Subsea 7 S.A. Announces Second Quarter and Half Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Luxembourg – 31 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the second quarter and first half of 2025 which ended 30 June 2025.

Highlights

Second quarter Adjusted EBITDA of $360 million, up 23% on the prior year period, equating to a margin of 21%
Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 21% and 17% respectively
Guidance for full year 2025 re-affirmed
A high-quality backlog of $11.8 billion gives over 90% visibility on 2025 revenue guidance
Balance sheet remains strong with net debt including lease liabilities of $695 million, equating to 0.6 times the Adjusted EBITDA generated in the last four quarters
On 23 July 2025 a definitive agreement with Saipem was signed for a merger of equals that will create a global leader in energy services

	Second Quarter		Half Year
For the period (in $ millions, except Adjusted EBITDA margin and per share data)	Q2 2025 Unaudited	Q2 2024 Unaudited	1H 2025 Unaudited	1H 2024 Unaudited
Revenue	1,756	1,739	3,285	3,134
Adjusted EBITDA^(a)	360	292	596	454
Adjusted EBITDA margin^(a)	21%	17%	18%	15%
Net operating income	186	137	263	157
Net income	131	63	148	92

Earnings per share – in $ per share
Basic	0.45	0.20	0.52	0.29
Diluted^(b)	0.45	0.20	0.51	0.29

At (in $ millions)			30 June 2025 Unaudited	31 Mar 2025 Unaudited
Backlog^(a)			11,823	10,819
Book-to-bill ratio^(a)			1.4x	0.6x
Cash and cash equivalents			413	459
Borrowings			(661)	(691)
Net debt excluding lease liabilities^(a)			(247)	(232)
Net debt including lease liabilities^(a)			(695)	(632)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 delivered strong growth in profitability in the second quarter of 2025 driven by the solid execution of our portfolio of projects in both Subsea and Conventional, and Renewables. The Group’s Adjusted EBITDA margin increased 370 bps year-on-year to 20.5% in the quarter, putting us on track to achieve our full year guidance and deliver over 20% growth in EBITDA in 2025 compared with 2024.

During the quarter we replenished the backlog with high-quality orders of $2.5 billion, equivalent to 1.4 times book-to-bill, demonstrating the resilience of our strategy that is focused on long-cycle subsea markets with advantaged economics, alongside a selective approach to offshore wind. In subsea, tendering activity remains high, with a balance of greenfield and tie-back prospects for a diverse range of clients and geographies. In the renewables industry, near-term momentum is dependent on progress of the UK CFD allocation round, but offshore wind remains a long-term structural growth market and we are confident that our selective approach to bidding leaves us well-placed to deliver profitable growth.

Second quarter project review
In Subsea and Conventional, Seven Arctic and Seven Borealis installed flexibles, umbilicals and manifolds at Agogo in Angola. Seven Pacific underwent a class survey after which it transited to Angola where it is expected to work on Agogo until year end. Seven Vega was active at the CLOV development, also in Angola.

Seven Oceans and Seven Seas continued to work on a range of US projects including Sunspear, Salamanca and Shenandoah, while in Brazil, Seven Cruzeiro completed its work at Bacalhau and began its new three-year charter for Petrobras.

In Norway, Seven Navica continued reel lay activities for Yggdrasil as well as IRPA while Seven Oceanic began its transit north, following completion of its campaign at the Scarborough field in Australia.

In Renewables, Seaway Strashnov and Seaway Alfa Lift started work at Dogger Bank C in the UK where they will install 87 monopiles. Seaway Ventus began work at the East Anglia THREE project in the UK, where it will install 95 monopiles and Seaway Aimery and Seaway Moxie installed cables at He Dreiht in Germany.

Second quarter financial review
Revenue was $1.8 billion, marginally better when compared with the prior year period. Adjusted EBITDA of $360 million equated to a margin of 20.5%, up from 16.8% in Q2 2024.

After depreciation and amortisation of $175 million, other gains and losses of $32 million driven by non-cash foreign exchange gains, net finance costs of $16 million and taxation of $71 million, net income was $131 million.

Net cash generated from operating activities in the second quarter was $339 million, including a $59 million favourable movement in net working capital. Net cash used in investing activities was $81 million mainly related to purchases of property, plant and equipment. Net cash used in financing activities was $306 million including dividend payments of $184 million and lease payments of $77 million. During the quarter, cash and cash equivalents decreased by $46 million to $413 million and, at 30 June 2025, net debt was $695 million, including lease liabilities of $448 million.

Second quarter order intake was $2.5 billion comprising new awards of $2.0 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.4 times. Backlog at the end of June was $11.8 billion, of which $3.6 billion is expected to be executed in the remainder of 2025, $4.5 billion in 2026 and $3.7 billion in 2027 and beyond.

Guidance

We continue to anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. Based on our firm backlog of contracts and the prospects in our tendering pipeline, we expect margins to exceed 20% in 2026.

Conference Call Information
Date: 31 July 2025
Time: 11:00 UK Time, 12:00 CET
Access the webcast https://edge.media-server.com/mmc/p/yja3wdd3/
Register for the conference call https://register-conf.media-server.com/register/BI59310f2a739a44ab86529d2cda595e97

For further information, please contact:
Katherine Tonks
Investor Relations
ir@subsea7.com
+44-20-8210-5568

Special Note Regarding Forward-Looking Statements

This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 31 July 2025 08:00 CET.

Attachments

The MIL Network –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

1.Q2 on Q1 change

Quarter Analysis1

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

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

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

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

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

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

Shareholder distributions

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

SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

4.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

Chemicals and Products

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

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

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PERFORMANCE BY SEGMENT



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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

1.Q2 on Q1 change

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

Quarter Analysis1

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

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

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

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

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

1.Q2 on Q1 change

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

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

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

Quarter Analysis1

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

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

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

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

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

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

Half Year Analysis1

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

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

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

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

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

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

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

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

Additional Growth Measures


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

1.Q2 on Q1 change

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

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



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

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

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

Quarter Analysis1

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

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

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

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

Half Year Analysis1

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

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

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

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

accumulated other comprehensive income.

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

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

OUTLOOK FOR THE THIRD QUARTER 2025

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

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

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

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

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

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

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

FORTHCOMING EVENTS



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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



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

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.



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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

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

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

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2nd QUARTER 2025 AND HALF 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, 2025	510	(803)	19,766	158,834	178,307	1,861	180,168
Comprehensive income/(loss) for the period	—	—	6,159	8,381	14,540	227	14,767
Transfer from other comprehensive income	—	—	18	(18)	—	—	—
Dividends³	—	—	—	(4,302)	(4,302)	(113)	(4,415)
Repurchases of shares4	(17)	—	17	(7,038)	(7,038)	—	(7,038)
Share-based compensation	—	516	(486)	(426)	(396)	—	(396)
Other changes	—	—	—	29	29	(24)	5
At June 30, 2025	493	(288)	25,473	155,458	181,137	1,951	183,088
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(494)	10,874	10,381	180	10,560
Transfer from other comprehensive income	—	—	170	(170)	—	—	—
Dividends3	—	—	—	(4,387)	(4,387)	(150)	(4,537)
Repurchases of shares4	(17)	—	17	(7,020)	(7,020)	—	(7,020)
Share-based compensation	—	544	(213)	(406)	(76)	—	(76)
Other changes	—	—	—	(96)	(96)	(1)	(98)
At June 30, 2024	528	(454)	20,625	164,709	185,407	1,783	187,190

1. See Note 4 “Share capital”.

2. See Note 5 “Other reserves”.

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

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

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

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

Going Concern

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

Key accounting considerations, significant judgements and estimates

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

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

2. Segment information

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

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

ADJUSTED EARNINGS BY SEGMENT



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



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



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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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



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

CASH CAPITAL EXPENDITURE BY SEGMENT

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



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



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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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



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



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

REVENUE BY SEGMENT

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



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



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

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



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



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

Identified items

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

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

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

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

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

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

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

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



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

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

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



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

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

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

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

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

3. Earnings per share



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

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

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4. Share capital



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

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

5. Other reserves



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

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

6. Derivative financial instruments and debt excluding lease liabilities

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

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

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



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

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

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

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

Consolidated Statement of Income

Interest and other income



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

Depreciation, depletion and amortisation



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

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

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

Taxation charge/credit

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,332

4,083

3,754

Taxation charge/(credit)

6,415

7,358

Of which:

2,277

4,024

3,666

Income tax excluding Pillar Two income tax

6,301

7,192

Income tax related to Pillar Two income tax

113

167

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

4,127

1,711

698

Currency translation differences

5,837

(1,296)

Of which:

4,117

1,618

(406)

Recognised in Other comprehensive income

5,736

(2,388)

1,104

(Gain)/loss reclassified to profit or loss

101

1,092

Condensed Consolidated Balance Sheet

Assets classified as held for sale



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

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

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

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

684

570

2,027

Other

1,254

2,536

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

Dividends received from joint ventures and associates

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

2,361

523

792

Dividends received from joint ventures and associates

2,884

1,530

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

Proceeds from sale of property, plant and equipment and businesses

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

(57)

559

710

Proceeds from sale of property, plant and equipment and businesses

502

1,033

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

8. Reconciliation of Operating expenses and Total Debt



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



RECONCILIATION OF TOTAL DEBT


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

9. Post-balance sheet events

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

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

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2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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



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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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



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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Identified items

See Note 2 “Segment information” for details.

B. Adjusted Earnings per share

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

C. Cash capital expenditure

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

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

D. Capital employed and Return on average capital employed

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

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

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



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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

E. Net debt and gearing

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

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



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

F. Operating expenses and Underlying operating expenses

Operating expenses

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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



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



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



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



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

Underlying operating expenses

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

8,265

8,575

8,950

Operating expenses

16,840

17,947

(119)

(44)

(210)

Redundancy and restructuring (charges)/reversal

(162)

(283)

(1)

(101)

(212)

(Provisions)/reversal

(102)

(212)

—

123

Other

252

(120)

(121)

(299)

Total identified items

(241)

(242)

8,145

8,453

8,651

Underlying operating expenses

16,598

17,704

G. Free cash flow and Organic free cash flow

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

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



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

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

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

H. Cash flow from operating activities excluding working capital movements

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

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

Quarters

$ million

Half year

Q2 2025

Q1 2025

Q2 2024

2025

2024

11,937

9,281

13,508

Cash flow from operating activities

21,218

26,838

(27)

854

(954)

(Increase)/decrease in inventories

827

(1,562)

3,635

(2,610)

1,965

(Increase)/decrease in current receivables

1,025

1,770

(3,994)

(907)

(1,269)

Increase/(decrease) in current payables

(4,901)

(3,218)

(386)

(2,663)

(258)

(Increase)/decrease in working capital

(3,049)

(3,010)

12,323

11,944

13,766

Cash flow from operating activities excluding working capital movements

24,267

29,848

I. Divestment proceeds

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS



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

J. Structural cost reduction

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

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

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

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



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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

PRINCIPAL RISKS AND UNCERTAINTIES

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

1.Portfolio risks

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

2.Climate change and the energy transition

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

3.Country risks

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

4.Financial risks

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

5.Trading risks

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

6.Health, safety, security and the environment

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

7.Information technology and cybersecurity risks

We rely heavily on information technology systems in our operations.

8.Litigation and regulatory compliance

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

9.Reputation and risks to our licence to operate

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

10.Our people and culture

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

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

2025 PORTFOLIO DEVELOPMENTS

Integrated Gas

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

Upstream

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

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

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

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

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

Chemicals and Products

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

Renewables and Energy Solutions

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

RESPONSIBILITY STATEMENT

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

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

On behalf of the Board

Wael Sawan

Sinead Gorman

Chief Executive Officer

Chief Financial Officer

July 31, 2025

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

INDEPENDENT REVIEW REPORT TO SHELL PLC

Conclusion

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

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

Basis for Conclusion

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

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

Conclusions Relating to Going Concern

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

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

Responsibilities of the Directors

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

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

Auditor’s Responsibilities for the review of the financial information

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

Use of our report

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

Ernst & Young LLP

London

July 31, 2025

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

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

Forward-Looking statements

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

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

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SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

This announcement contains inside information.

July 31, 2025


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

Page 42

The MIL Network –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

London, July 31, 2025

“Shell generated robust cash flows reflecting strong operational performance in a less favourable macro environment. We continued to deliver on our strategy by enhancing our deep-water portfolio in Nigeria and Brazil, and achieved a key milestone by shipping the first cargo from LNG Canada.

Our continued focus on performance, discipline and simplification helped deliver $3.9 billion of structural cost reductions since 2022, with the majority delivered through non-portfolio actions. This focus enables us to commence another $3.5 billion of buybacks for the next three months, the 15th consecutive quarter of at least $3 billion in buybacks.”

Shell plc Chief Executive Officer, Wael Sawan

ROBUST CASH GENERATION; STRONG OPERATIONAL PERFORMANCE

Adjusted Earnings¹ of $4.3 billion despite lower trading contribution in a weaker margin environment.
Robust CFFO of $11.9 billion, supported by strong operational performance, enables commencement of another $3.5 billion share buyback programme for the next three months.
Strong balance sheet, with gearing of 19%. 2025 cash capex outlook unchanged at $20 – 22 billion. Total shareholder distributions paid over the last 4 quarters were 46% of CFFO.
Achieved $0.8 billion of structural cost reductions in the first half of 2025, of which $0.5 billion is through non-portfolio actions; cumulative reductions since 2022 are $3.9 billion, against CMD25 target of $5 – 7 billion by end of 2028.
First cargo shipped from LNG Canada, strengthening our leading LNG position and supporting our ambition to achieve LNG sales cumulative annual growth rate of 4 – 5% to 2030.
Further enhanced peer-leading deep-water position with start-up of Mero-4 (Brazil) and announced increase of interests in Gato do Mato (Brazil) and Bonga (Nigeria); continued to high-grade Downstream and R&ES portfolio.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		1,737	3,875	3,629	1,196
Upstream		1,732	6,638	6,500	2,826
Marketing		1,199	2,181	2,718	429
Chemicals & Products²		118	864	1,372	775
Renewables & Energy Solutions (R&ES)		(9)	102	1	555
Corporate		(463)	(346)	(2,283)	36
Less: Non-controlling interest (NCI)		50
Shell	Q2 2025	4,264	13,313	11,937	5,817
Shell	Q1 2025	5,577	15,250	9,281	4,175

¹Income/(loss) attributable to shareholders for Q2 2025 is $3.6 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
²Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.2) billion and Products $0.3 billion.

CFFO excluding working capital of $12.3 billion is helped by derivative inflows and JV dividends received.
Working capital outflow of $0.4 billion reflects a reduction in JV deposits. $1.7 billion of the JV dividends received were previously held in deposit in the Corporate segment.
Net debt excluding leases is $14.3 billion.

$ billion¹	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Working capital	(0.3)	2.7	2.4	(2.7)	(0.4)
Divestment proceeds	0.8	0.2	0.8	0.6	(0.0)
Free cash flow	10.2	10.8	8.7	5.3	6.5
Net debt	38.3	35.2	38.8	41.5	43.2

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

Q2 2025 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	64	60	—
Realised gas price ($/thousand scf)	7.4	7.2	—
Production (kboe/d)	927	913	910 – 970
LNG liquefaction volumes (MT)	6.6	6.7	6.7 – 7.3
LNG sales volumes (MT)	16.5	17.8	—

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices and significantly lower trading and optimisation results.

UPSTREAM

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Realised liquids price ($/bbl)	71	64	—
Realised gas price ($/thousand scf)	7.4	6.9	—
Liquids production (kboe/d)	1,335	1,334	—
Gas production (million scf/d)	3,020	2,310	—
Total production (kboe/d)	1,855	1,732	1,700 – 1,900

Adjusted Earnings were lower than in Q1 2025, reflecting lower prices.

MARKETING

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Marketing sales volumes (kb/d)	2,674	2,813	2,600 – 3,100
Mobility (kb/d)	1,964	2,044	—
Lubricants (kb/d)	87	85	—
Sectors & Decarbonisation (kb/d)	623	684	—

Adjusted Earnings were higher than in Q1 2025, driven mainly by improved Mobility unit margins and seasonally higher volumes.

CHEMICALS & PRODUCTS

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Refinery processing intake (kb/d)	1,362	1,156	—
Chemicals sales volumes (kT)	2,813	2,164	—
Refinery utilisation (%)	85	94	88 – 96
Chemicals manufacturing plant utilisation (%)	81	72	78 – 86
Indicative refining margin (Updated¹ $/bbl)	6.2	8.9	—
Indicative chemical margin (Updated¹ $/t)	126	166	—

¹Q2 2025 indicative margins reflect the divestment of Singapore Energy and Chemicals (E&C) Park.
Q2 2025 indicative margins if including Singapore E&C Park would have been: Refining – 7.5$/bbl, Chemicals – 143$/t.

Adjusted Earnings were lower than in Q1 2025 with significantly lower trading and optimisation results, reflecting a disconnect between market volatility and supply-demand fundamentals. Chemicals results were impacted by unplanned downtime and a continued weak margin environment.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q1 2025	Q2 2025
External power sales (TWh)	76	70
Sales of pipeline gas to end-use customers (TWh)	184	132
Renewables power generation capacity (GW)*	7.5	7.6
in operation (GW)	3.5	3.9
under construction and/or committed for sale (GW)	4.0	3.8

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

Adjusted Earnings were in line with Q1 2025 with seasonally lower trading and marketing margins, offset by lower opex.

CORPORATE

Key data	Q1 2025	Q2 2025	Q3 2025 outlook
Adjusted Earnings ($ billion)	(0.5)	(0.5)	(0.7) – (0.5)

UPCOMING INVESTOR EVENTS

October 30, 2025

Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q2 2025
Quarterly Databook Q2 2025
Webcast registration Q2 2025
Dividend announcement Q2 2025
Capital Markets Day 2025 materials

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

CAUTIONARY STATEMENT

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

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

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

Shell’s Net Carbon Intensity

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

Shell’s Net-Zero Emissions Target

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

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

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

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

CONTACTS

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

The MIL Network –

August 5, 2025

MIL-OSI Africa: 5 Reasons to Consider Payroll Outsourcing
Source: APO

Accurate and timely payroll impacts costs, tax compliance, and employee morale. Many organisations assume that insourced payroll is inherently superior. Yet in today’s dynamic business environment, this assumption can be more costly. It can burden valuable personnel, increase compliance risks, and saddle organisations with expensive, yet obsolete, software.

Workplaces are becoming more complex through a wide variety of employment conditions, frequent regulation changes, and growth risks (especially when operating in multiple regions). Payroll systems don’t always keep up, which is why over a third of companies are dissatisfied with their internal payroll systems (http://apo-opa.co/45tJ0Ko).

“The importance of accurate and timely payroll is undeniable. But assuming that insourcing payroll is inherently superior misses the mark. In today’s dynamic business environment, clinging to outdated internal systems is costly, diverts valuable personnel, and complicates software management,” says Heinrich Swanepoel, Head of Business Development at Deel Local Payroll, powered by PaySpace.

Outsourced payroll’s strategic advantages

Outsourcing payroll is a strategic move that adds scale and flexibility to an organisation’s operations. Whether it’s for five or five thousand employees, one office or multiple countries, using an experienced and technologically capable outsourced payroll provider creates crucial advantages in workforce management and adaptability.

Here are five key reasons why payroll outsourcing is a game-changer:
1. Remove Legacy System Limitations and Costs: Outdated payroll software an expose you to delays, errors, and fragmented workflows. Outsourcing with modern technology provides flexibility. Providers can efficiently handle payroll tasks regardless of onboarding surges, market expansions, or workforce adjustments.
1. Empower Staff for Higher-Impact Work: Outsourced experts add knowledge, coupled with payroll automation, secure collaboration tools, data integration, and enhanced financial visibility. They help key personnel in payroll, HR, and finance to focus on strategic, high-value priorities.
1. Navigate Payroll Compliance: Outsourcing specialists make it their business to know local and international tax rules, labour laws, and data regulations. They use software with built-in compliance checks, audit trails, and secure document tracking. The provider shares and even inherits the responsibility of payroll software compliance such as GDPR, POPIA, SOC 1 & 2, and ISO 27001.
1. Flexible payroll management: Outsourced payroll providers use scalable and flexible software to align with organisational changes, enabling their clients to adapt without reconfiguring payroll departments with restructuring or new hires.
1. Access Advanced Features: Keeping up with new features and aligning them with operations is expensive and disruptive. Outsourced payroll providers introduce cutting-edge technologies like cloud computing, artificial intelligence, and data analytics as part of their core business strategies. They offer seamless integration with client business systems for real-time, fully compliant payroll operations that the client controls without adding technical risks.
Evaluating an outsourced payroll partner

Outsourcing payroll creates huge advantages. But not all outsourced payroll providers are the same. The best candidates combine human expertise with the advantages of modern cloud-native payroll platforms.

To evaluate a provider, test their payroll expertise and compliance knowledge. Security and data protection are non-negotiable, and assess their track record with other clients. Look at what software they use—the capabilities of the software and how well their people can use those features are as important as the staff’s professional capabilities. Are they masters of their tools as well as their craft?

Interrogate their service levels and how they extend capabilities to clients, such as self-service and ad hoc reporting. Evaluate the technology platform in terms of real-time data access, automated calculations, integration with HR and accounting tools, and compliance.

“Outsourcing payroll isn’t just about saving time — it’s a strategic move that positions your business for growth, compliance, and agility,” says Swanepoel. “With the right partner, you can reduce costs, streamline operations, and focus your energy where it matters most: on your people and your business.”

Distributed by APO Group on behalf of Deel Local Payroll, powered by PaySpace.

For media queries please contact:
Victoria Lindsay:
victoria@innocomm.co.za.

About Deel Local Payroll:
Deel Local Payroll, powered by PaySpace (www.PaySpace.com), revolutionises payroll management. It offers online, multi-country payroll and HR management for businesses from start-ups through to enterprise in over 40 African countries, the United Kingdom, the Middle East, and Brazil.

Cloud-native, Deel Local Payroll, is scalable, configurable, highly secure, and easy-to-use—delivering anytime, anywhere access. It features payroll automation, self-service features, automatic legislation and feature updates, customised reporting, and more.

Since 2024, Deel Local Payroll has been part of Deel, operating as an independent subsidiary, serving its customers through the PaySpace platform.

Media files

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MIL OSI Africa –
August 5, 2025
MIL-OSI Russia: 7 killed in plane crash in southern Venezuela

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

MEXICO CITY, July 30 (Xinhua) — Seven people were killed in a plane crash in the southern Venezuelan state of Amazonas on Tuesday, Venezuelan Defense Minister Vladimir Padrino Lopez said in a statement posted on social media on Wednesday.

The plane that crashed belonged to the Venezuelan Air Force and was on a mission to transport indigenous people.

There were ten people on board, including three crew members. The co-pilot and six passengers died in the crash, according to the statement.

According to the minister, the repatriation of the bodies will be completed in the very near future, and the cause of the incident is being investigated. –0–

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

.

MIL OSI Russia News –

August 5, 2025
MIL-OSI: Banco Itaú Chile Announces Second Quarter 2025 Management Discussion & Analysis Report

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, July 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the second quarter ended June 30, 2025. For the full MD&A Report, please refer to the following link:
https://ir.itau.cl/MDAQ22025

On Monday, August 11, 2025, at 9:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Emiliano Muratore, CFO; and Andrés Perez, Chief Economist.

Webinar Details:
Online registration:
https://mzgroup.zoom.us/webinar/register/WN_Zwa7qMydTu-u6c93fjgaMw

All participants must pre-register using this link to join the webinar. Upon registering, each participant will be provided with details to connect to the call.

Q&A session:
The Q&A session will be available for participants through the webinar, where attendees will be allowed to present their questions – we will answer selected questions verbally.

Investor Relations – Itaú Chile
IR@itau.cl / ir.itau.cl

The MIL Network –

August 5, 2025
MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

Source: US Federal Emergency Management Agency

Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

“The brave men and women of DHS are the best in the world at going after traffickers

They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

“I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

”
Below are some examples of how DHS is fighting to put human traffickers out of business:

July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

All four are registered sex offenders

July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

Among the illegal aliens smuggled were 12 children

The suspect was sentenced after pleading guilty to conspiracy to transport migrants

July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

During this operation, federal officers also arrested at least 361 illegal aliens

Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

July 7, 2025: Border Patrol agents assisted the U

S

Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

The suspect, a U

S

citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

The suspect was arrested without incident in Yuma, Arizona

June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

The owner of the property admitted to harboring the illegal aliens, who came from five different countries

A Mexican national was taken in for questioning for his role in human smuggling

May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

The subject organized the smuggling of the teenager across the border to engage in sexual acts

His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

As a result, CBP officers at all U

S

ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

Inside the truck were three fully loaded firearms, including a “ghost gun

” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

After crashing into another car, the three occupants fled on foot before being arrested

The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

The aliens or their family members would pay thousands of dollars to be smuggled into the United States

April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

As a result, CBP personnel at all U

S

ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

Everyone can be part of the fight against human trafficking

The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

###

MIL OSI USA News –

August 5, 2025

MIL-OSI: TC Energy reports strong second quarter 2025 operating and financial results

Source: GlobeNewswire (MIL-OSI)

Solid execution and asset performance support higher 2025 financial outlook

Market fundamentals drive customer demand for incremental capacity projects

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA¹ outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

Second quarter 2025 financial results from continuing operations²:
- Comparable earnings¹ of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
- Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
- Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
- Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
2025 outlook:
- Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion³, compared to previous outlook of $10.7 to $10.9 billion
- Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
- Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures⁴
Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

Operational Highlights

Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
- Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
- Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
- Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
- Set a daily flow record of 4.4 Bcf on April 22, 2025
Bruce Power achieved 98 per cent availability in second quarter 2025
Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

Project Highlights

The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.


	three months ended June 30						six months ended June 30
(millions of $, except per share amounts)		2025			2024¹			2025			2024¹

Income
Net income (loss) attributable to common shares from continuing operations		862			804			1,840			1,792
per common share – basic	$	0.83		$	0.78		$	1.77		$	1.73

Segmented earnings (losses)
Canadian Natural Gas Pipelines		551			514			1,067			1,015
U.S. Natural Gas Pipelines		907			762			2,016			1,805
Mexico Natural Gas Pipelines		191			266			402			478
Power and Energy Solutions		312			220			447			472
Corporate		(7	)		(26	)		(12	)		(87	)
Total segmented earnings (losses)		1,954			1,736			3,920			3,683

Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines		923			846			1,813			1,692
U.S. Natural Gas Pipelines		1,089			1,003			2,456			2,309
Mexico Natural Gas Pipelines		319			286			552			500
Power and Energy Solutions		301			227			525			547
Corporate		(7	)		(14	)		(12	)		(30	)
Comparable EBITDA from continuing operations		2,625			2,348			5,334			5,018
Depreciation and amortization		(671	)		(633	)		(1,349	)		(1,268	)
Interest expense		(847	)		(783	)		(1,687	)		(1,563	)
Allowance for funds used during construction		114			184			362			341
Foreign exchange gains (losses), net included in comparable earnings		55			(51	)		45			(8	)
Interest income and other		49			68			100			143
Income tax (expense) recovery included in comparable earnings		(294	)		(143	)		(586	)		(424	)
Net (income) loss attributable to non-controlling interests included in comparable earnings		(155	)		(141	)		(332	)		(312	)
Preferred share dividends		(28	)		(27	)		(56	)		(50	)
Comparable earnings from continuing operations		848			822			1,831			1,877
Comparable earnings per common share from continuing operations	$	0.82		$	0.79		$	1.76		$	1.81

1 Results reflect continuing operations.


	three months ended June 30					six months ended June 30
(millions of $, except per share amounts)		2025			2024		2025			2024

Cash flows¹
Net cash provided by operations²		2,173			1,655		3,532			3,697
Comparable funds generated from operations^2,3		1,964			1,874		3,913			4,310
Capital spending⁴		1,379			1,591		3,188			3,488
Disposition of equity interest, net of transaction costs⁵		—			464		—			426
Dividends declared
per common share	$	0.85	⁶	$	0.96	$	1.70	⁶	$	1.92
Basic common shares outstanding(millions)
– weighted average for the period		1,040			1,037		1,040			1,037
– issued and outstanding at end of period		1,040			1,037		1,040			1,037

Includes continuing and discontinued operations.
Includes Liquids Pipelines earnings for the three and six months ended June 30, 2024 compared to Liquids Pipelines earnings of nil for the same periods in 2025. Refer to the 2024 Annual Report for additional information.
Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information, of our Condensed consolidated financial statements for additional information.
Included in the Financing activities section of the Condensed consolidated statement of cash flows.
Reflects dividends declared following the Spinoff Transaction.

CEO Message
Through the first half of 2025, TC Energy safely and reliably delivered energy across North America, maximizing asset value through safety and operational excellence. Despite the volatility in commodity markets and a complex macroeconomic backdrop, our business continues to demonstrate resiliency, achieving 12 per cent growth in comparable EBITDA and 13 per cent growth in segmented earnings compared to second quarter 2024. Driven by strong performance and focused execution, we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion, compared to the original outlook of $10.7 to $10.9 billion. We continue to advance our strategic priorities – executing a selective portfolio of growth projects, maintaining financial strength and agility, while maximizing the value of our assets through safety and operational excellence. Our performance continues to underscore the strength of our business model and our ability to consistently deliver solid growth, low risk and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending September 30, 2025, equivalent to $3.40 per common share on an annualized basis.

Following the completion of the Southeast Gateway pipeline on schedule and under budget in the second quarter, we commenced the collection of tolls from the CFE beginning May 2025. This event represents a significant operational and financial milestone, and an important step for Mexico’s energy landscape and economic development. The Southeast Gateway pipeline is a transformative infrastructure project – serving as a critical artery for delivering natural gas to underserved regions in Southeast Mexico, driving economic growth and energy security while supporting the country’s transition to lower-emitting, more reliable sources of energy. In July, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

As part of our ongoing efforts to maximize the value of our assets, on July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2025. This outcome on our second-largest pipeline asset demonstrates our ongoing commitment to enhance system integrity and service reliability while ensuring timely capital recovery to maximize our long-term cash flow profile.

We continue to execute our growth projects on-time and are tracking 15 per cent below budget on approximately $8.5 billion of assets expected to be placed into service this year. Year to date, we have placed into service approximately $5.8 billion of natural gas pipeline capacity projects, including the Southeast Gateway pipeline. In May, we successfully placed the East Lateral XPress (ELXP) project into service. As a strategic expansion of the Columbia Gulf Transmission system, ELXP delivers approximately 0.7 Bcf/d of firm natural gas capacity directly to Venture Global’s Plaquemines LNG terminal in Louisiana, reinforcing our role in enabling reliable, long-term energy supply to global markets.

Fundamentals continue to drive significant growth opportunities for the incremental build-out of natural gas infrastructure across LNG export, coal-to-gas conversions, data centre demand and LDC reliability. Reflecting this momentum, we reached a positive FID on $0.4 billion of expansion facilities as part of MYGP; a program comprised of multiple distinct projects with targeted in-service dates between 2027 and 2030, subject to final company and regulatory approvals. Once complete, MYGP is expected to enable approximately 1.0 Bcf/d of incremental system throughput – further enhancing our ability to connect natural gas supply from competitive, low-cost basins to critical demand markets across North America. Additionally, we have upsized capacity on our previously announced Maysville and Pulaski projects. In aggregate, over the past nine months we have announced $4.5 billion of new capital projects, each underpinned by long-term take or pay contracts with strong counterparties and delivering a weighted average build multiple⁵ in the 5-7 times range. Our origination pipeline remains robust, with both the volume and scale of opportunities continuing to grow. We are seeing increased demand across multiple end-use sectors, with customers seeking additional capacity to upsize their projects. We believe this trend reflects strong underlying market fundamentals and reinforces our confidence in the long-term need for safe, reliable and affordable natural gas infrastructure.

Looking ahead, we have clear visibility into a steady cadence of project announcements in the second half of 2025 and into 2026. Maintaining commitment to our annual net capital expenditure range of $6.0 to $7.0 billion, the majority of incremental capital is expected to be allocated toward the latter part of the decade. Our strategy remains centred on advancing low-risk, brownfield projects, underpinned by long-term contracts with strong counterparties, delivering attractive build multiples. This disciplined approach supports organic comparable EBITDA growth, underpins our three to five per cent annual dividend growth target, and enables ongoing deleveraging as we manage to our long-term target of 4.75 times debt-to-EBITDA⁶ ratio. These efforts collectively reinforce our commitment to sustainable, long-term value creation for shareholders.

Finally, we released our 2025 Report on Sustainability. The report reaffirms TC Energy’s role in a collective effort to advance a lower-emissions energy system and demonstrates how we’re aiming to strike a balance between meeting growing energy demand and addressing rising global emissions, while collaborating closely with Indigenous rights holders, customers, neighbors and governments across Canada, the U.S. and Mexico. Key highlights include:

Reduced absolute methane emissions by 12 per cent between 2019 and 2024 while increasing natural gas throughput by 15 per cent and comparable EBITDA in our natural gas business by 40 per cent
A continued focus on methane intensity reduction, targeting cost-effective abatement across jurisdictions
Achieved a five-year low in our High Energy Serious Injury and Fatality rate, demonstrating tangible progress in safeguarding our people and operations
Signed over 40 relationship agreements with Indigenous communities across NGTL and Foothills pipeline systems since 2020.

Teleconference and Webcast
We will hold a teleconference and webcast on Thursday, July 31, 2025 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/1394 3. The webcast will be available for replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on August 7, 2025. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 6101975.

The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

Forward-Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources thereof and anticipated capital expenditures, expectations with respect to the targeted debt-to-EBITDA leverage metric, expectations with respect to MYGP, including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measure
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA,a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Reconciliation
The following is a reconciliation of adjusted debt and adjusted comparable EBITDAⁱ.

	year ended December 31
(millions of Canadian $)	2024		2023		2022

Reported total debt	59,366		63,201		58,300
Management adjustments:
Debt treatment of preferred sharesⁱⁱ	1,250		1,250		1,250
Equity treatment of junior subordinated notesⁱⁱⁱ	(5,524	)	(5,144	)	(5,248	)
Cash and cash equivalents	(801	)	(3,678	)	(620	)
Operating lease liabilities	511		457		430
Adjusted debt	54,802		56,086		54,112

Comparable EBITDA from continuing operations^iv	10,049		9,472		8,483
Comparable EBITDA from discontinued operations^iv	1,145		1,516		1,418
Operating lease costs	117		105		95
Distributions received in excess of (income) loss from equity investments	67		(123	)	(29	)
Adjusted Comparable EBITDA	11,378		10,970		9,967

Adjusted Debt/Adjusted Comparable EBITDAⁱ	4.8		5.1		5.4

i	Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
ii	50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
iii	50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
iv	Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q2-quarterly-report.pdf

¹ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

² Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

³ Based on USD/CAD foreign exchange rate of 1.35 for the second half of 2025.

⁴ Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

⁵ Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

⁶ Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

The MIL Network –

August 5, 2025

MIL-OSI: Brazil’s Grupo Petrópolis Uses Descartes Routing Solution to Optimize Nationwide Beverage Distribution

Source: GlobeNewswire (MIL-OSI)

SÃO PAULO and ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Brazil’s Grupo Petrópolis is using Descartes’ routing and fleet management solution to enhance its nationwide beverage distribution operations using approximately 2,900 vehicles. The Descartes solution helped Grupo Petrópolis achieve an on-time delivery rate of 98%, reduce overtime hours by 9% and decrease fuel consumption by 5%. These improvements reflect more efficient and sustainable fleet operations.

“To better meet customer needs, we wanted a fleet management platform to enhance on-time performance, improve service in case of returns or customer concerns and advance sustainability goals by reducing carbon emissions,” said Luís Moura, Manager at Grupo Petrópolis. “The Descartes solution gives us a new level of control and visibility into our large distribution network. Across 160 locations, routes are now more intelligent and efficient, and we track all routes in real-time. If a driver goes off a planned route, the system immediately signals the detour so our team can respond quickly, which is critical to providing reliable service. And, because we can act with much more delivery precision and agility, we have lowered fuel and maintenance costs, gained visibility into idle vehicles and overcome challenges with product and delivery traceability.”

Part of Descartes’ routing, mobile and telematics solution suite, the Descartes routing and fleet management solution helps retail food and beverage distribution companies, like Grupo Petrópolis, manage routes for optimal efficiency and minimize the impact of unforeseen events on customer service levels, mileage and costs. By continually re-optimizing route plans based on real-time traffic data and other variables, the solution enhances customer service by improving on-time delivery performance, lowers mileage by guiding drivers through shorter route paths, and decreases total route time and costs by helping drivers navigate through heavy traffic with alternate routes and stop sequences. The solution also monitors planned vs. actual deliveries, product traceability, journey control (including lunch breaks, overnights and overtime), route deviations, unplanned stops and departure or arrival delays.

“Our collaboration with Grupo Petrópolis highlights how advanced routing solutions can help transform complex distribution environments into highly efficient, sustainable, and customer-focused logistics operations,” said Douglas Alves, Sales Executive at Descartes. “As food and beverage distributors look for opportunities to enhance last mile performance, our solution suite can help rebalance distribution networks; improve route productivity, execution and sustainability; respond more dynamically to demand; and accelerate cash flow with electronic proof-of-delivery.”

Learn more about Descartes’ route execution and fleet performance management solutions and its Routing, Mobile and Telematics solution suite.

About Grupo Petrópolis

Grupo Petrópolis is the only major company in the beer sector with 100% Brazilian capital. It produces the beer brands Itaipava, Crystal, Petra, Black Princess, Cacildis, Cabaré, Lokal, and Weltenburger; the vodkas Blue Spirit Ice and Nordka; Cabaré Ice; the energy drinks TNT Energy Drink and Magneto; the liquid dietary supplement TNT Sports Drink; Petra mineral water; Petra tonic; and the soft drink It!. Through environmental projects, it promotes the planting and maintenance of thousands of trees, as well as sustainability initiatives and environmental education projects for public schools. Learn more at www.grupopetropolis.com.br and on LinkedIn.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack
Tel: 226-750-8050
cstrohack@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ routing, mobile and telematics solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

The MIL Network –

August 5, 2025

MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Total revenue was €51.4 mm in Q2 2025, while net gaming revenue¹ was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
Total cash position of €45.2 mm as of June 30, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA² outlook of €10-15 million.
Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended June 30, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended June 30			Six months ended June 30
	2024	2025	Chg. %	2024	2025	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	21.8	22.1	1%	44.1	44.0	(0%)
Mexico	28.2	29.0	3%	54.8	59.5	9%
Other	4.4	3.7	(16%)	8.5	8.2	(4%)
Total	54.4	54.8	1%	107.4	111.8	4%

Avg. Monthly Active Players (000s)⁴
Spain	51.5	49.7	(3%)	50.8	50.9	0%
Mexico	62.3	84.6	36%	62.4	83.3	33%
Other	31.8	20.8	(35%)	31.2	24.0	(23%)
Total	145.6	155.1	7%	144.4	158.2	10%

Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Recent Events

Compliance with Nasdaq Listing Requirements

On June 2^nd the Company filed its 2024 annual report and on June 6^th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

Repurchases under the Share Buyback Plan

The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg. %	2024	2025	Chg. %

Total

Revenue	51.7	51.4	(1%)	102.1	105.7	4%
(+) Accounting Adjustments⁵	2.7	3.5	30%	5.3	6.1	15%
Net Gaming Revenue	54.4	54.8	1%	107.4	111.8	4%

Spain

Revenue	21.8	22.1	1%	44.1	44.0	(0%)
(+) Accounting Adjustments⁵	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	21.8	22.1	1%	44.1	44.0	(0%)

Mexico

Revenue	25.3	26.3	4%	49.2	53.9	10%
(+) Accounting Adjustments⁵	2.9	2.7	(7%)	5.6	5.6	–
Net Gaming Revenue	28.2	29.0	3%	54.8	59.5	9%

Other

Revenue	4.5	3.0	(33%)	8.8	7.8	(11%)
(+) Accounting Adjustments⁵	(0.1)	0.7	n.m.	(0.3)	0.4	n.m.
Net Gaming Revenue	4.4	3.7	(16%)	8.5	8.2	(4%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)⁵

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg.	2024	2025	Chg.

Net Income (Loss)	(3.7)	(2.4)	1.2	(0.2)	(3.1)	(2.8)
(+/-) Provision for Corporate Income Tax	0.4	1.1	0.6	0.9	1.3	0.3
(+/-) Interest Expense / (Income)	(0.0)	1.9	2.0	(4.8)	3.0	7.8
(+/-) Var. in Fair Value of Public Warrants	3.9	1.3	(2.5)	5.8	1.9	(3.9)
(+) D&A	0.1	0.2	0.1	0.1	0.3	0.2
EBITDA	0.7	2.1	1.4	1.7	3.4	1.7
(+) Employee LTIP Expense	0.6	(0.9)	(1.4)	1.1	(0.4)	(1.5)
(+/-) Other Accounting Adjustments	0.0	0.0	(0.0)	0.2	0.1	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.3	1.3	(0.0)	3.0	3.1	0.0
(+) Non-Recurring Items	0.0	1.1	1.1	0.0	1.1	1.1
Adj. EBITDA	1.3	2.3	1.1	3.0	4.1	1.1

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

The MIL Network –

August 5, 2025

MIL-OSI: Banco Santander-Chile Announces Second Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, July 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the six-month period ended June 30, 2025, and second quarter 2025 (2Q25).

Solid financial performance with a ROAE²of 24.5% in 2Q25³, the fifth consecutive quarter with a ROAE above 20%.

As of June 30, 2025, the Bank’s net income attributable to shareholders totaled $550 billion ($2.92 per share and $1.25 per ADR), representing an increase of 62.8% YoY⁴ and with an ROAE of 25.1% in 6M25⁵ compared to an ROAE of 15.8% in 6M24⁶. The increase in results is explained by an increase in the Bank’s main revenue lines. Operating income increased 22.0% YoY and 12.6% compared to the second quarter of 2024 (2Q24), driven by a better net interest and readjustment income and higher fees and results from financial transactions.

Compared to the previous quarter (1Q25), net income attributable to shareholders decreased slightly by 0.5%. The UF variation in 2Q25 was lower than in 1Q25, which reduced QoQ⁷ adjustment gains. The quarter also saw lower results from financial transactions and higher loan loss provisions. This was offset by higher interest income and cost controls. This marked the ROAE of 24.5% in 2Q25, the fifth consecutive quarter with ROAEs above 20%.

Strong recovery of NIM⁸, reaching 4.1% in 2Q25

Accumulated net interest and readjustment income (NII) as of June 30, 2025, increased 26.0% compared to the same period in 2024. This increase in NII was due to higher net interest income due to the effect of a lower monetary policy rate on our funding cost, which fell from 5.0% to 3.9% in 6M25. The increase is also explained by higher readjustment income, resulting from a greater variation in the UF during the period.

Compared to 1Q25, net interest and readjustment income increased 1.2% QoQ due to a 2.0% increase in average interest earning assets, offset by lower readjustment income due to lower inflation in 2Q25 compared to the previous quarter.

Given the above, the NIM increased from 3.1% in 2Q24 to 4.1% in 1Q25 and remained at 4.1% in 2Q25.

The customer base continues to expand, with total customers increasing by 11.5% YoY and digital customers increasing by 7.9% YoY.

Our strategy of strengthening digital products has led to continued growth in our customer base, reaching approximately 4.5 million customers, of which nearly 2.3 million are digital customers (87% of our active customers).

The Bank’s market share in checking accounts remains strong at 22.4% through April 2025, driven by increased customer demand for US dollar checking accounts, as customers can open these types of accounts digitally through our platform in a few easy steps. This also demonstrates the success of Getnet’s strategy to encourage cross-selling of other products, such as checking accounts, to SMEs.

Net commissions increased by 13.2% in 6M25, reaching recurrence levels⁹of 61.9%.

Net commissions increased 13.2% in the six months ended June 30, 2025, compared to the same period in 2024, driven by increased customer numbers and greater product usage. As a result, the recurrence ratio (total net commissions divided by core support expenses) increased from 58.3% as of June 2024 to 61.9% as of June 2025, demonstrating that more than half of the Bank’s expenses are funded by commissions generated by our customers.

Best in Class efficiency¹⁰of 35.3% in 6M25.

The Bank’s efficiency ratio reached 35.3% as of June 30, 2025, better than the 42.1% recorded in the same period last year. Total operating expenses (which include other expenses) increased 2.3% in 6M25 compared to 6M24, driven by administrative expenses primarily related to higher technology expenses in the first quarter, as well as other expenses related to the restructuring of our branch network and the transformation to Work/Café.

In the first quarter of 2025, the Bank celebrated the major milestone of the Gravity project, the migration from the Mainframe to the Cloud. In January, we transitioned processing to our new Cloud, which resulted in higher transitional technology expenses related to the change and write-downs and impairments related to legacy systems.

Solid CET1 ratio¹¹of 10.9%.

Our CET1 ratio rose to 10.9% by the end of June 2025, and the overall Basel III ratio¹² will reach 17.0%. The Bank’s capital includes a provision for 60% of 2025 earnings to date.

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

As of June 30, 2025, the bank had total assets of Ch$66,188,442 million (US$69,371 million), total gross loans (including those owed by banks) at amortized cost of Ch$40,942,542 million (US$42,911 million), total deposits of Ch$29,614,613 million (US$31,039 million), and shareholders’ equity was $4,514,322 million (US$4,731 million). The BIS capital ratio was 17.0%, with a core capital ratio of 10.9%. As of June 30, 2025, Santander Chile employed 8,660 people and had 231 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

^{__________________________________________
1} The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
² Annualized net income attributable to owners of the Bank divided by the average equity attributable to equity holders.
³ The second quarter of 2025.
⁴ Year over year.
⁵ The six months ending June 30, 2025.
⁶ The six months ending June 30, 2024.
⁷ Quarter over quarter.
⁸ NIM: Net interest margin. Annualized net interest and readjustment income divided by average interest-earning assets.
⁹ Recurrence: net commissions divided by core support costs.
¹⁰ Operating expenses including impairment and other operating expenses/margin+fees+financial trx and other net operating income.
¹¹ Common Equity Tier 1 divided by risk-weighted assets under Chilean regulation.
¹² Effective equity divided by risk-weighted assets under Chilean regulation.

The MIL Network –

August 5, 2025
MIL-OSI: QuestionPro Launches Partnerships Ecosystem to Transform Research Industry

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — QuestionPro announces the launch of the QuestionPro Partnerships Ecosystem, a comprehensive ecosystem designed to push the traditional boundaries of speed, intelligence, and depth of research norms. This ecosystem positions itself as the definitive platform for next-generation research capabilities.

The future of research will be powered by three forces. Faster research turnaround, smarter research processes, and deeper insights.The goal of the QuestionPro Partnerships Ecosystem is to foster a new culture of collaboration to enable our clients to successfully embrace the future of research. Where the future of insights isn’t siloed but collaborative.

“The question isn’t whether organizations need faster, smarter, deeper research capabilities – it’s whether any single organization can solve all these emerging challenges alone,” said Vivek Bhaskaran, CEO of QuestionPro. “The answer is no. That is at the core of why we built this curated ecosystem.”

“The future of insights will be powered by ecosystems,” said Sumair Sayani, Global Lead AI Programs & Strategic Partnerships. “The QuestionPro Partner Ecosystem democratizes advanced research capabilities, allowing businesses of all sizes to access enterprise-grade tools without complexity.”

The QuestionPro Partnerships Ecosystem is now available worldwide. Special offers are available for early adopters, with broader availability throughout Q3 2025. Offering ready-to-launch solutions for every research need, with AI and automation capabilities that reduce time organizing data while increasing time acting on insights.

About QuestionPro
Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the partnerships. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

The MIL Network –

August 5, 2025
MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.

Read more:
UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

Israel and the Trump administration

But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

A sacrifice for a state?

So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

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

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

– ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

MIL OSI Analysis –

August 5, 2025
MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.

Read more:
UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

Israel and the Trump administration

But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

A sacrifice for a state?

So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

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

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

– ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

MIL OSI Analysis –

August 5, 2025
MIL-OSI China: Brazil defeat China to reach Men’s VNL Finals semis

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

Host China lost 3-1 to world No. 4 Brazil in the quarterfinal as the 2025 FIVB Men’s Volleyball Nations League (VNL) Finals kicked off on Wednesday.

Li Yongzhen (L) of China competes during the match between China and Brazil at the 2025 Volleyball Nations League (VNL) Men’s Finals in Ningbo, east China’s Zhejiang Province, July 30, 2025. (Photo by Suo Xianglu/Xinhua)

This year’s VNL Finals follow a single-elimination format. China joined the top seven teams from the preliminary round in the fight for the title.

Brazil, the tournament favorite, finished the preliminary phase with an 11-1 record and had previously swept China 3-0 in the Chicago leg in June.

China made a strong start, overcoming an early deficit in the first set to win 31-29. Key contributions came from Wen Zihua, Yu Yuantai and Li Yongzhen, with China scoring six blocks – while Brazil did not record any.

“I’m more than satisfied, I mean I am proud of the team,” said China head coach Vital Heynen. “At the beginning of the VNL, we could not defend, but today we were amazing. I’ve never seen them fighting like today.”

In the second set, China led 17-14 but then conceded nine consecutive points. Despite calling two timeouts, the team was unable to turn the tables and lost the set 19-25.

Brazil took control in the third set with a 25-16 win, then sealed the match in the fourth, pulling away late to secure a 25-21 victory. Brazil’s Alan Souza scored a match-high 26 points, while Wen Zihua led China with 15.

“The only problem is we don’t know how to win,” Heynen admitted. “I see big steps forward, but we have to be very fair that Brazil is many steps in front of us. That is clear, but I go out of the VNL with a very nice feeling. We were fighting and that was the most important. Sport is about giving everything. My guys were giving everything. That’s what I want!”

Looking ahead to the World Championship in the Philippines starting September 12, Heynen remained optimistic: “We have another seven weeks to get better, and then we’ll see. If we play like this [today] and we lose, I have no problem with anything, because this is the way we have to play.”

Earlier on Wednesday, Italy defeated Cuba 3-1 to advance to the semifinals. France will face Slovenia and Japan will take on Poland in the remaining quarterfinals on Thursday.

MIL OSI China News –

July 31, 2025
MIL-OSI Europe: New climate finance goal adopted at COP29

Source: Government of Sweden

After long negotiations, the UN Climate Change Conference COP29 concluded on 24 November 2024 with a decision on a New Collective Quantified Goal on Climate Finance (NCQG). The NCQG encompasses USD 300 billion annually. However, decisions on other negotiating points were postponed to next year’s COP30 in Brazil.

MIL OSI Europe News –

July 31, 2025
MIL-OSI USA: Vasquez condemns Gaza starvation policy, calls for end to military aid to Israel until ceasefire is reached

Source: US Representative Gabe Vasquez’s (NM-02)

WASHINGTON, D.C. – On July 30, 2025, U.S. Representative Gabe Vasquez (NM-02) released the following statement on the urgent need for humanitarian aid in Gaza.

“The intentional starvation of innocent children in Gaza is undeniable and abhorrent. It is unacceptable that President Netanyahu openly denies the effect of his own cruel actions in a way that clearly flies in the face of what millions around the world have seen with their own eyes. This stark violation of human rights calls on us to do everything we can to protect the lives of these innocent children.”

“The administration must use every diplomatic tool possible to put an end to this atrocity and immediately pause all military assistance until a ceasefire is reached. Additionally, sanctions must be placed on Israeli officials who have ordered or condoned the killing of innocent civilians. The United States must hold those who have contributed to the killing of innocent people — including children — accountable, and President Trump must use his power to bring an end to this conflict and humanitarian crisis,” said Vasquez.

As the first member of the New Mexico delegation to call for a ceasefire, Rep. Vasquez has continued to push the administration to ensure innocent civilians in Gaza are not subjected to mass starvation and indiscriminate killing on the American taxpayer’s dime.

###

MIL OSI USA News –

July 31, 2025
MIL-OSI Economics: New Development Bank and SANRAL sign ZAR7 billion loan agreement for South Africa Roads Infrastructure

Source: New Development Bank

Johannesburg, South Africa – on July 22, 2025, The New Development Bank (NDB) and the South African National Roads Agency Soc Limited (SANRAL) have today signed a landmark loan agreement worth ZAR7 billion to finance the rehabilitation and expansion of key national road segments. This strategic partnership reflects a shared commitment to modernizing South Africa’s transport infrastructure, reducing logistics costs, and boosting economic growth.

The loan agreement will fund critical upgrades including the widening of highways, rehabilitation of bridges, and improvement of intersections along major freight corridors. These infrastructure enhancements are expected to significantly reduce travel times, improve road safety, and facilitate smoother movement of goods and people across the country.

To optimise financial efficiency, the loan is denominated in South African Rand (ZAR), which helps reduce debt financing charges by mitigating currency risk and aligning repayment obligations with local revenue streams.

South Africa’s transport sector plays a vital role in the national economy, and efficient road networks are essential for supporting trade, tourism, and job creation. By investing in the modernization of its road infrastructure, SANRAL aims to lower transportation costs for the majority of road users in South Africa, enhance connectivity between urban and rural areas, and stimulate inclusive economic development.

This financing aligns with the New Development Bank’s mission to support sustainable infrastructure projects that foster regional integration and economic resilience. As Mr. Monale Ratsoma, Chief Financial Officer, explained, “This loan agreement with SANRAL demonstrates the New Development Bank’s commitment to partnering with South Africa in building resilient and efficient infrastructure that drives economic transformation. We are proud to support projects that will improve the quality of life for millions of South Africans.”

From SANRAL’s perspective, Reginald Demana, Chief Executive Officer, emphasised, “The investment from the New Development Bank is a vital step towards upgrading our national road network. It will enable us to deliver safer, more reliable roads that underpin economic growth and social development.

The signing ceremony took place in Johannesburg at NDB’s Africa Regional Office and was attended by senior officials from both organisations, highlighting the strong cooperation between the New Development Bank and South African government agencies.
Background Information

New Development Bank

NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

For more information on NDB, please visit www.ndb.int

South African National Roads Agency LTD

The South African National Roads Agency (SANRAL) is an independent, statutory company. South Africa’s Ministry of Transport is the sole shareholder and owner of SANRAL. Its mandate focuses on building and maintaining roads to enhance connectivity and development in South Africa.

MIL OSI Economics –

July 31, 2025
Trump hits Brazil with tariffs, sanctions but key sectors excluded

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a “witch hunt” against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

Trump announced the tariffs, some of the steepest levied on any economy in the U.S. trade war, as his administration also unveiled sanctions on the Brazilian supreme court justice who has been overseeing Bolsonaro’s trial on charges of plotting a coup.

“Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against U.S. and Brazilian citizens and companies,” Treasury Secretary Scott Bessent said in a statement.

Bessent said Moraes “is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions — including against former President Jair Bolsonaro.”

Last week, the Brazilian justice levied search warrants and restraining orders against Bolsonaro over allegations he courted Trump‘s interference in his criminal case, in which he is accused of plotting to stop President Luiz Inacio Lula da Silva from taking office in 2023.

Trump‘s final tariff order and the sanctions followed weeks of sparring with Lula, who has likened the U.S. president, a close ideological ally of Bolsonaro’s, to an unwanted “emperor.”

On Wednesday, Lula and his government closed ranks behind Moraes, calling the U.S. sanctions “unacceptable.”

“The Brazilian government considers the use of political arguments to defend the trade measures announced by the U.S. government against Brazilian exports to be unjustifiable,” it said in a statement.

Lula added that Brazil was willing to negotiate trade with the U.S., but that it would not give up on the tools it had at hand to defend itself, hinting that retaliation was possible.

Still, Trump‘s tariff order threatened that if Brazil were to retaliate, the U.S. would also up the ante.

DIPLOMACY AT WORK

Despite Trump‘s effort to use the tariffs to alter the trajectory of a pivotal criminal trial, the range of exemptions came as a relief for many in Brasilia, who since Trump announced the tariff earlier this month had been urging protections for major exporters caught in the crossfire.

“We’re not facing the worst-case scenario,” Brazilian Treasury Secretary Rogerio Ceron told reporters.

The new tariffs will go into effect on August 6, not on Friday as Trump announced originally.

Trump‘s executive order formalizing a 50% tariff excluded dozens of key Brazilian exports to the United States, including civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers.

Planemaker Embraer EMBR3.SA, whose chief executive has met with officials in Washington and U.S. clients in recent days to plead its case for relief, said an initial review indicated that a 10% tariff imposed by Trump in April remains in place, with the exclusion applying to the additional 40%.

The exceptions are likely a response to concerns from U.S. companies, rather than a step back from Trump‘s efforts to influence Brazilian politics, said Rafael Favetti, a partner at political consultancy Fatto Inteligencia Politica in Brasilia.

“This also shows that Brazilian diplomacy did its work correctly by working to raise awareness among U.S. companies,” he said.

Brazil‘s minister of foreign affairs, Mauro Vieira, said he met with U.S. Secretary of State Marco Rubio on Wednesday to express the nation’s willingness to discuss tariffs after negotiations stalled in June, though he stressed Bolsonaro’s legal troubles were not up for debate.

It remains unclear what Brazilian authorities “are bringing to the negotiating table to, for instance, open the domestic market,” Goldman Sachs said in a note to clients.

IMPACT SMALLER THAN EXPECTED

The effective tariff rate on Brazilian shipments to the U.S. should be around 30.8%, lower than previously expected due to the exemptions, according to Goldman.

Oil shipments to the U.S., which had been suspended, are set to restart after being spared, lobby group IBP said. Meanwhile, mining lobby Ibram said the exemptions covered 75% of mining exports.

However, it was still too soon to celebrate, said former Brazilian trade secretary Welber Barral, estimating that Brazil exports some 3,000 different products to the United States.

“There will be an impact,” Barral said.

Trump‘s tariff exemptions did not shield two of Brazil‘s key exports to the U.S., beef and coffee.

Meatpackers expect to log $1 billion in losses in the second half of the year on the new tariffs, lobby group Abiec, which represents beef producers including JBS JBS3.SA and Marfrig MRFG3.SA, said.

Coffee exporters will also continue to push for exemptions, they said in a statement.

The government said it was readying measures to protect Brazil‘s businesses and workers.

If Brazil were to retaliate against Trump‘s measures, that “would generate a larger negative impact” on activity and inflation, Goldman said.

“The political inclination may be to retaliate, but exporters and business associations have been urging the Brazilian administration to engage, negotiate and de-escalate.”

(Reuters)

July 31, 2025
MIL-OSI Security: Mexican National Sentenced For Re-Entry of a Removed Alien

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that LUIS A. GAMA (“GAMA”), age 38, a native of Mexico, was sentenced on July 23, 2025, for re-entry of removed alien, in violation of Title 8, United States Code, Section 1326(a).

According to court documents, GAMA, a Mexican national, was found in Tangipahoa Parish on or around April 10, 2025. GAMA had previously been deported to Mexico on September 10, 2019.

At the sentencing hearing, United States District Judge Nannette Jolivette Brown, sentenced GAMA to twelve months of imprisonment and one year of supervised release.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

Acting U.S. Attorney Simpson praised the work of Immigration and Customs Enforcement in investigating this matter. Assistant United States Attorney Paul J. Hubbell of the General Crimes Unit oversees the prosecution.

* * *

MIL Security OSI –

July 31, 2025
MIL-OSI Security: Guatemalan National Guilty of Illegal Re-Entry into The United States

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that RUBEN URIZAR-BETETA, age 49, a citizen of Guatemala, pled guilty and was sentenced on July 15, 2025, for illegal re-entry of a removed alien, in violation of Title 8, United States Code, Section 1326(a).

According to court records, RUBEN URIZAR-BETETA illegally re-entered the United States sometime prior to March 23, 2025, after having been previously removed on or about September 30, 2014.

RUBEN URIZAR-BETETA was sentenced to 30 months unsupervised probation and a $100 mandatory special assessment fee.

Acting U.S. Attorney Simpson praised the work of the United States Department of Homeland Security, Immigration and Customs Enforcement (ICE) in investigating this matter. Assistant United States Attorney Irene González of the General Crimes Unit is in charge of the prosecution.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

July 31, 2025
MIL-OSI Security: Illegal Alien Indicted for Two Death Penalty Eligible Offenses after Attempted Carjacking

Source: Office of United States Attorneys

TUCSON, Ariz. – This afternoon, a federal grand jury in Tucson returned a five-count indictment against Julio Cesar Aguirre, 42, of Mexico, for Attempted Carjacking Resulting in Death, Use or Carrying of a Firearm During a Crime of Violence Causing Death, Possession of a Firearm by an Illegal Alien, Reentry of a Removed Alien, and Felon in Possession of a Firearm.

The first two counts carry a maximum penalty of life in prison or death.

According to court filings, Aguirre shot and killed a male driver with a 9mm caliber handgun, while attempting to carjack the victim’s Toyota Tundra on the morning of June 30, in Tucson, Arizona.

Shortly after the attempted carjacking, Tucson Police Department (TPD) officers found Aguirre hiding in a nearby shed. Aguirre, a Mexican citizen, who was previously removed from the United States in 2013, was living in the country illegally at the time of the shooting. When he was arrested, TPD officers discovered a Smith & Wesson 9mm caliber pistol within Aguirre’s reach. As a convicted felon and as an illegal alien, Aguirre was prohibited from possessing a firearm.

“The focus in this case should be on the senseless loss of the victim and the pain that loss creates for his family and friends. Our criminal laws exist to protect our community, and the United States has an obligation to enforce those laws,” said United States Attorney Timothy Courchaine. “The alleged series of crimes in the indictment, starting with illegal immigration, escalating to prohibited possession of a firearm, and culminating in the death of an innocent individual, is why the United States Attorney’s Office takes this matter so seriously.”

“This indictment represents a meaningful step toward accountability and justice for the victim, their loved ones, and all those affected by the tragic events in early July,” said FBI Phoenix Special Agent in Charge Heith Janke. “The allegations in this case involve a senseless act of violence that claimed an innocent life and deeply impacted our community. Carjacking resulting in death is a serious federal offense. The FBI, in partnership with the Tucson Police Department and the U.S. Attorney’s Office, remains dedicated to pursuing justice and ensuring public safety.”

A conviction for Illegal Alien in Possession of a Firearm or Felon in Possession of a Firearm each carries a maximum penalty of up to 15 years in prison. A conviction for Illegal Reentry carries a maximum penalty of up to 10 years in prison.

The federal prosecution of this case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhoods (PSN).

TPD and the FBI Phoenix Division’s Tucson office conducted the investigation in this case, with assistance from the Southern Arizona Violent Crime and Gang Task Force. The United States Attorney’s Office, District of Arizona, Tucson, is handling the prosecution.

An indictment is a formal accusation of criminal conduct. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

CASE NUMBER: CR-25-3393-TUC-RM-MAA
RELEASE NUMBER: 2025-128_Aguirre Indictment

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

MIL Security OSI –

July 31, 2025

MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

Source: GlobeNewswire (MIL-OSI)

THE GROUP IS ACCELERATING ITS DEVELOPMENT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
€m	Q2 2025	Change Q2/Q2	Q2 2025	Change Q2/Q2
Revenues	7,006	+3.1%	9,808	+3.2%
Expenses	-3,700	+2.2%	-5,872	+3.2%
Gross Operating Income	3,306	+4.1%	3,936	+3.1%
Cost of risk	-441	+4.2%	-840	-3.7%
Net income group share	2,390	+30.7%	2,638	+30.1%
C/I ratio	52.8%	-0.5 pp	59.9%	+0.0 pp
STRONG ACTIVITY IN ALL BUSINESS LINES Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities CIB: record half year and strong quarter CONTINUOUS FLOW OF STRATEGIC OPERATIONS Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS¹ New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings) Results especially benefiting from the capital gain related to the deconsolidation of Amundi US HIGH SOLVENCY RATIOS Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6% CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and corporates Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025 PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍

Olivier Gavalda,
Chief Executive Officer of Crédit Agricole S.A.

“With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate ⁽²⁾ rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% ⁽³⁾ of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group ⁽⁴⁾ has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy ⁽⁵⁾ increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition ⁽⁶⁾ amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.

In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.

Group results

In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings ⁽⁷⁾reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis ⁽⁸⁾.

Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Credit Agricole Group, Income statement Q2 and H1 2025

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	9,808	9,507	+3.2%	19,856	19,031	+4.3%
Operating expenses	(5,872)	(5,687)	+3.2%	(11,864)	(11,276)	+5.2%
Gross operating income	3,936	3,819	+3.1%	7,992	7,755	+3.0%
Cost of risk	(840)	(872)	(3.7%)	(1,575)	(1,523)	+3.4%
Equity-accounted entities	56	74	(24.0%)	131	142	(7.9%)
Net income on other assets	452	(7)	n.m.	456	(14)	n.m.
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,604	3,014	+19.6%	7,004	6,361	+10.1%
Tax	(615)	(762)	(19.3%)	(1,656)	(1,517)	+9.1%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,990	2,252	+32.8%	5,348	4,843	+10.4%
Non controlling interests	(352)	(224)	+57.0%	(545)	(432)	+26.1%
Net income Group Share	2,638	2,028	+30.1%	4,803	4,412	+8.9%
Cost/Income ratio (%)	59.9%	59.8%	+0.0 pp	59.8%	59.2%	+0.5 pp

Regional banks

Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% ⁽⁹⁾, -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance ⁽¹⁰⁾ was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million ⁽¹¹⁾. Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio ⁽¹²⁾ was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period ⁽¹³⁾ and 32 basis points on an annualised quarterly basis ⁽¹⁴⁾.

The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

RoTE ⁽¹⁵⁾, which is calculated on the basis of an annualised net income Group share ⁽¹⁶⁾ and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

Crédit Agricole S.A. – Income statement, Q2 and H1-25

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	7,006	6,796	+3.1%	14,263	13,602	+4.9%
Operating expenses	(3,700)	(3,621)	+2.2%	(7,691)	(7,289)	+5.5%
Gross operating income	3,306	3,175	+4.1%	6,571	6,312	+4.1%
Cost of risk	(441)	(424)	+4.2%	(855)	(824)	+3.8%
Equity-accounted entities	30	47	(35.2%)	77	90	(14.1%)
Net income on other assets	455	15	x 29.4	456	9	x 50.7
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,350	2,814	+19.0%	6,250	5,587	+11.9%
Tax	(541)	(704)	(23.2%)	(1,368)	(1,315)	+4.0%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,809	2,110	+33.1%	4,882	4,273	+14.3%
Non-controlling interests	(420)	(282)	+48.7%	(669)	(542)	+23.5%
Net income Group Share	2,390	1,828	+30.7%	4,213	3,731	+12.9%
Earnings per share (€)	0.74	0.58	+29.1%	1.30	1.08	+20.3%
Cost/Income ratio (%)	52.8%	53.3%	-0.5 pp	53.9%	53.6%	+0.3 pp

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows⁽¹⁷⁾ is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million ⁽¹⁸⁾ policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% ⁽¹⁹⁾, stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

For Indosuez Wealth Management assets under management at the end of June stood at €214 billion ⁽²⁰⁾, up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

Results of the Asset Gathering division

In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

Insurance results

In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance ⁽²¹⁾, €89 million from personal protection ⁽²²⁾ and €114 million from property and casualty insurance ⁽²³⁾.

The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,⁽²⁴⁾, revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% ⁽²⁵⁾ compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%²⁵ from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership²⁴, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

Wealth Management results ⁽²⁶⁾

In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, ⁽²⁷⁾ revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect²⁷ and -€22.5 million in integration costs in the second quarter of 2025 ⁽²⁸⁾. Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam⁽²⁹⁾ in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam²⁹ in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

Activity of the Large Customers division

The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

Financing activities consolidated its leading position in syndicated loans (#1 in France ⁽³⁰⁾ and #2 in EMEA³⁰). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³⁰) and was ranked #1 in Green, Social & Sustainable bonds in EUR ⁽³¹⁾. Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

Results of the Large Customers division

In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

Corporate and Investment Banking results

In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

Asset servicing results

In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 ⁽³²⁾. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target ⁽³³⁾of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing ⁽³⁴⁾ in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% ⁽³⁵⁾, LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context ⁽³⁶⁾. In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

Specialised financial services’ results

In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

Personal Finance and Mobility results

In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt ⁽³⁷⁾. Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points⁽³⁸⁾, a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt³⁷. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

Leasing & Factoring results

In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points³⁸, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

Crédit Agricole S.A. Retail Banking activity

In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

Retail banking activity in France

In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

Retail banking activity in Italy

In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion ⁽³⁹⁾, up +1.6% compared with end-June 2024, in an Italian market up slightly ⁽⁴⁰⁾, driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

French retail banking results

In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

International Retail Banking results ⁽⁴¹⁾

In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

Results in Italy

In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings ⁽⁴²⁾ is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

Results for Crédit Agricole Group in Italy ⁽⁴³⁾

In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

International Retail Banking results – excluding Italy

In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€287 million in the second quarter of 2025, up +€45 million.
The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

The contribution of “other items” was down -€15 million compared to first half 2024.

At 30 June 2025, risk weighted assets stood at €38.3 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other⁴⁴. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*30/06/25*	31/03/25	Exigences 30/06/25	*30/06/25*	31/03/25	Exigences 30/06/25
Phased-in CET1 ratio⁴⁵	17.6%	17.6%	9.88%	11.9%	12.1%	8.71%
Tier1 ratio⁴⁵	18.9%	19.0%	11.72%	14.0%	14.3%	10.52%
Total capital ratio⁴⁵	21.4%	21.8%	14.17%	17.8%	18.4%	12.94%
Risk-weighted assets (€bn)	649	641		406	405
Leverage ratio	5.6%	5.6%	3.5%	3.9%	4.0%	3.0%
Leverage exposure (€bn)	2,191	2,173		1,445	1,434
TLAC ratio (% RWA)⁴⁵^,⁴⁶	27.6%	28.5%	22.4%
TLAC ratio (% LRE)⁴⁶	8.2%	8.4%	6.75%
Subordinated MREL ratio (% RWA)⁴⁵	27.6%	28.5%	21.6%
Subordinated MREL ratio (% LRE)	8.2%	8.4%	6.25%
Total MREL ratio (% RWA)⁴⁵	32.7%	34.0%	26.2%
Total MREL ratio (% LRE)	9.7%	10.0%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁷	46	46		13	14

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁸, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁹. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

The Group’s liquidity reserves, at market value and after haircuts⁵⁰, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

Liquidity reserves covered more than twice the short-term debt net of treasury assets.

This change in liquidity reserves is notably explained by:

The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
The increase in central bank deposits for +€4 billion.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €131 billion.

Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

Senior secured debt of €93 billion, up +€4 billion;
Senior preferred debt of €162 billion;
Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €23 billion, down -€1 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion⁵¹in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in RT1 perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51^,⁵².

The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

€2.75 billion 52^,⁵³ ;
5.4 billion US dollars (€5.1 billion equivalent);
1.6 billion pounds sterling (€1.9 billion equivalent);
179.3 billion Japanese yen (€1.1 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent);
0.3 billion Swiss francs (€0.3 billion equivalent).

At end-June, Crédit Agricole S.A. had issued 77%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 82% completed at 30 June 2025, with:

€4.7 billion in senior secured debt;
€1.7 billion equivalent in senior preferred debt;
€7.3 billion equivalent in senior non-preferred debt;
€2.8 billion equivalent in Tier 2 debt.

Economic and financial environment

Review of the first half of 2025

An even more conflict-ridden and unpredictable environment, causing a slowdown

The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields ⁽⁵⁴⁾ on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

2025–2026 Outlook

An anxiety-inducing context, some unprecedented resistance

The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(⁵⁵), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

Appendix 1 – Crédit Agricole Group: income statement by business line

Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,364	976	1,031	1,967	881	2,224	(635)	9,808
Operating expenses	(2,690)	(597)	(540)	(864)	(438)	(1,257)	514	(5,872)
Gross operating income	674	380	491	1,104	442	967	(121)	3,936
Cost of risk	(397)	(95)	(61)	(7)	(235)	(20)	(26)	(840)
Equity-accounted entities	1	–	–	58	(13)	10	–	56
Net income on other assets	1	1	0	449	1	0	0	452
Income before tax	278	286	430	1,604	194	958	(147)	3,604
Tax	(96)	(69)	(130)	(249)	(58)	(149)	136	(615)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	0	0
Net income	182	218	300	1,356	136	810	(11)	2,990
Non-controlling interests	(0)	(0)	(40)	(247)	(22)	(43)	1	(352)
Net income Group Share	182	217	260	1,108	114	767	(10)	2,638

	Q2-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,255	979	1,051	1,946	889	2,223	(837)	9,507
Operating expenses	(2,560)	(591)	(573)	(813)	(443)	(1,204)	497	(5,687)
Gross operating income	694	389	477	1,133	447	1,019	(340)	3,819
Cost of risk	(444)	(95)	(75)	(2)	(211)	(39)	(6)	(872)
Equity-accounted entities	2	–	–	33	29	10	–	74
Net income on other assets	1	2	0	(12)	(1)	2	(0)	(7)
Income before tax	253	296	402	1,152	265	993	(347)	3,014
Tax	(44)	(65)	(117)	(282)	(54)	(248)	48	(762)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	209	231	285	870	210	745	(299)	2,252
Non-controlling interests	(1)	(0)	(38)	(124)	(23)	(36)	(2)	(224)
Net income Group Share	208	231	247	746	187	710	(300)	2,028

Credit Agricole Group – Results par by business line, H1-25 and H1-24

	H1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,716	1,939	2,079	4,016	1,749	4,632	(1,275)	19,856
Operating expenses	(5,220)	(1,222)	(1,075)	(1,799)	(912)	(2,617)	982	(11,864)
Gross operating income	1,496	717	1,003	2,217	837	2,015	(293)	7,992
Cost of risk	(717)	(186)	(128)	(17)	(484)	5	(48)	(1,575)
Equity-accounted entities	7	–	–	86	23	16	–	131
Net income on other assets	3	2	0	449	1	0	0	456
Income before tax	790	533	875	2,734	376	2,036	(341)	7,004
Tax	(267)	(181)	(267)	(599)	(71)	(453)	182	(1,656)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	–	0
Net income	523	352	608	2,135	305	1,583	(159)	5,348
Non-controlling interests	(0)	(0)	(82)	(348)	(43)	(78)	7	(545)
Net income Group Share	523	352	526	1,787	263	1,504	(151)	4,803

	H1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,568	1,933	2,131	3,739	1,736	4,489	(1,565)	19,031
Operating expenses	(5,044)	(1,193)	(1,098)	(1,567)	(897)	(2,501)	1,024	(11,276)
Gross operating income	1,524	740	1,033	2,172	839	1,988	(541)	7,755
Cost of risk	(691)	(214)	(159)	(5)	(429)	(5)	(20)	(1,523)
Equity-accounted entities	7	–	–	61	59	14	–	142
Net income on other assets	3	4	(0)	(20)	(1)	2	(2)	(14)
Income before tax	842	530	875	2,208	468	1,999	(563)	6,361
Tax	(191)	(119)	(260)	(501)	(97)	(482)	133	(1,517)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	651	412	615	1,707	372	1,517	(430)	4,843
Non-controlling interests	(1)	(0)	(89)	(236)	(42)	(69)	6	(432)
Net income Group Share	650	412	525	1,471	330	1,448	(424)	4,412

Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,970	2,224	881	976	1,007	(51)	7,006
Operating expenses	(864)	(1,257)	(438)	(597)	(520)	(25)	(3,700)
Gross operating income	1,106	967	442	380	487	(76)	3,306
Cost of risk	(7)	(20)	(235)	(95)	(61)	(24)	(441)
Equity-accounted entities	58	10	(13)	–	–	(24)	30
Net income on other assets	453	0	1	1	0	0	455
Income before tax	1,610	958	194	286	426	(125)	3,350
Tax	(249)	(149)	(58)	(69)	(129)	113	(541)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	1,361	810	136	218	297	(12)	2,809
Non-controlling interests	(261)	(58)	(22)	(10)	(59)	(10)	(420)
Net income Group Share	1,100	752	114	208	238	(22)	2,390

	Q2-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,944	2,223	889	979	1,027	(267)	6,796
Operating expenses	(813)	(1,204)	(443)	(591)	(555)	(15)	(3,621)
Gross operating income	1,131	1,019	447	389	472	(283)	3,175
Cost of risk	(2)	(39)	(211)	(95)	(72)	(5)	(424)
Equity-accounted entities	33	10	29	–	–	(25)	47
Net income on other assets	(12)	2	(1)	2	0	24	15
Income before tax	1,150	993	265	296	400	(289)	2,814
Tax	(283)	(248)	(54)	(65)	(117)	63	(704)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	867	745	210	231	283	(226)	2,110
Non-controlling interests	(131)	(51)	(23)	(10)	(55)	(12)	(282)
Net income Group Share	736	694	187	220	228	(238)	1,828

Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

	H1-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	4,028	4,632	1,749	1,939	2,033	(118)	14,263
Operating expenses	(1,799)	(2,617)	(912)	(1,222)	(1,035)	(106)	(7,691)
Gross operating income	2,229	2,015	837	717	998	(224)	6,571
Cost of risk	(17)	5	(484)	(186)	(128)	(45)	(855)
Equity-accounted entities	86	16	23	–	–	(47)	77
Net income on other assets	453	0	1	2	0	0	456
Income before tax	2,749	2,037	376	533	870	(316)	6,250
Tax	(601)	(454)	(71)	(181)	(266)	205	(1,368)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	2,148	1,583	305	352	604	(111)	4,882
Non-controlling interests	(368)	(108)	(43)	(16)	(121)	(13)	(669)
Net income Group Share	1,780	1,475	263	337	483	(124)	4,213

	H1-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	3,733	4,489	1,736	1,933	2,085	(374)	13,602
Operating expenses	(1,567)	(2,501)	(897)	(1,193)	(1,060)	(71)	(7,289)
Gross operating income	2,166	1,988	839	740	1,024	(445)	6,312
Cost of risk	(5)	(5)	(429)	(214)	(154)	(16)	(824)
Equity-accounted entities	61	14	59	–	–	(46)	90
Net income on other assets	(20)	2	(1)	4	(0)	24	9
Income before tax	2,203	1,999	468	530	870	(483)	5,587
Tax	(502)	(482)	(97)	(119)	(259)	144	(1,315)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	1,701	1,517	372	412	610	(339)	4,273
Non-controlling interests	(248)	(101)	(42)	(18)	(126)	(7)	(542)
Net income Group Share	1,453	1,416	330	393	485	(345)	3,731

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE


€m					Q2-25	Q2-24			H1-25			H1-24
Net income Group share					2,390	1,828			4,213			3,731
– Interests on AT1, including issuance costs, before tax					(141)	(83)			(270)			(221)
– Foreign exchange impact on reimbursed AT1					4	–			4			(247)
NIGS attributable to ordinary shares		[A]			2,252	1,745			3,947			3,263
Average number shares in issue, excluding treasury shares (m)		[B]			3,025	3,025			3,025			3,008
Net earnings per share		[A]/[B]			0.74 €	0.58 €			1.30 €			1.08 €

€m									30/06/25			30/06/24
Shareholder’s equity Group share								75,528				70,396
– AT1 issuances								(8,612)				(7,164)
– Unrealised gains and losses on OCI – Group share								872				1,305
Net book value (NBV), not revaluated, attributable to ordin. sh.				[D]				67,787				64,537
– Goodwill & intangibles** – Group share								(18,969)				(17,775)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.				[E]				48,818				46,763
Total shares in issue, excluding treasury shares (period end, m)				[F]				3,025				3,025
NBV per share, after deduction of dividend to pay (€)	[D]/[F]								22.4 €			21.3 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]								16.1 €			15.5 €
** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle
€m									H1-25			H1-24
Net income Group share							4,213			3,731
Added value Amundi US									304			0
Additionnal corporate tax									-129			0
IFRIC									-173			-110
NIGS annualised ⁽¹⁾	[N]								8,382			7,572
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]								-536			-689
Result adjusted			[P] = [N]+[O]					7,846			6,884
Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** ⁽²⁾			[J]					47,211			44,710
ROTE adjusted (%)	= [P] / [J]								16.6%			15.4%
*** including assumption of dividend for the current exercise									*0,0%*

⁽¹⁾ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
⁽²⁾Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁶

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

Financial Agenda

30 October 2025                Publication of the 2025 third quarter and first nine months results
18 November 2025        Presentation of the Medium-Term Plan
4 February 2026                Publication of the 2025 fourth quarter and full year results
30 April 2026                Publication of the 2026 first quarter results
20 May 2026                2026 General Meeting
31 July 2026                Publication of the 2026 second quarter and the first half-year results
30 October 2026                Publication of the 2026 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors		investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com – www.creditagricole.info

1 Closing at 4^thof July
⁽2⁾Car, home, health, legal, all mobile phones or personal accident insurance.
⁽3⁾CA Auto Bank, automotive JVs and automotive activities of other entities
⁽4⁾Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
⁽5⁾CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
⁽6⁾Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
⁽7⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽8⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽9⁾Average rate of loans to monthly production for April to May 2025
⁽10⁾Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
⁽11⁾Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

⁽12⁾Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
⁽13⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽14⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽15⁾See Appendixes for details on the calculation of the RoTE (return on tangible equity)
⁽16⁾The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
⁽17⁾In local standards
⁽18⁾Scope: property and casualty in France and abroad
⁽19⁾Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
⁽20⁾Excluding assets under custody for institutional clients
⁽21⁾Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
⁽22⁾Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
⁽23⁾Net of reinsurance cost, including financial results
⁽24⁾Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
⁽25⁾Excluding scope effect
⁽26⁾Indosuez Wealth Management scope
⁽27⁾Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
⁽28⁾Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
⁽29⁾Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
⁽30⁾Refinitiv LSEG
⁽31⁾Bloomberg in EUR
⁽32⁾ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
⁽33⁾Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
⁽34⁾CA Auto Bank, automotive JVs and auto activities of other entities
⁽35⁾CA Auto Bank and automotive JVs
⁽36⁾Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
⁽37⁾Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
⁽38⁾Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
⁽39⁾Net of POCI outstandings
⁽40⁾Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
⁽41⁾At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

(42) Over a rolling four quarter period.
⁽43⁾At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
⁽44⁾Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

⁽48⁾
⁽49⁾

⁽54⁾This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
⁽55⁾In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
⁽56⁾APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

CASA_PR_2025-Q2

The MIL Network –

July 31, 2025

MIL-OSI USA: Attorney General James Fights to Protect Immigrant Communities and Public Safety in Rochester

Source: US State of New York

EW YORK – New York Attorney General Letitia James today took action to stand up for vulnerable immigrant communities in Rochester. In an amicus brief filed in the U.S. District Court for the Western District of New York, Attorney General James emphasized that localities with laws that limit local authorities’ involvement in federal immigration enforcement keep communities safe and allow local law enforcement to use resources to address local public safety priorities, such as fighting crime and reducing gun violence. Attorney General James further argues that Rochester’s longstanding law, often referred to as a “sanctuary city” law, is constitutional because the Constitution grants states and their localities power over the day-to-day public safety of residents within their jurisdiction. In the brief filed today, Attorney General James asks the court to grant judgment in Rochester’s favor in the U.S. Department of Justice’s (DOJ) lawsuit against the city.

“For years, these laws in Rochester and cities throughout New York have kept New Yorkers safe,” said Attorney General James. “The Trump administration’s attacks on immigrant communities are cruel and shameful. Rochester’s law is constitutional, and my office will continue to use every tool at our disposal to protect New Yorkers.”

Rochester’s law, like many other sanctuary city laws, limits local or state agencies’ involvement in federal civil immigration enforcement and is intended to build trust between immigrant communities and law enforcement and ensure local resources are spent on local priorities. Rochester first enacted its law in 1986 and later updated it in 2017. It does not limit cooperation between local and federal authorities on criminal matters. In April, DOJ filed a lawsuit against Rochester, arguing that the city’s law is unconstitutional because it is preempted by federal law. In her brief, Attorney General James argues that Rochester’s law does not violate the Constitution, and that the 10th amendment reserves police power to states and their localities.

Attorney General James writes that the law helps keep New Yorkers safe because it encourages individuals in immigrant communities to report crimes, serve as witnesses, and seek critical medical care or social services without fearing deportation. Studies have repeatedly indicated that greater involvement of local law enforcement in immigration enforcement makes immigrant communities less likely to interact with police, and more likely to become victims of crime or other exploitation. Other research has concluded that immigrant community members often refrain from seeking vital local services, including health care services, when they fear that local officials could report them to immigration authorities. Delaying medical care for fear of deportation can cause serious health complications for people who need it.

Attorney General James explains that imposing federal immigration priorities on already strained local officials can detract from local needs. A former Rochester police chief, who held the position at the time of the enactment of the city’s 2017 law, explained that it was intended to avoid diverting scarce resources and time away from the community’s public safety priorities, like reducing gun violence.

Attorney General James is asking the court to grant judgment in Rochester’s favor in the DOJ’s lawsuit and uphold Rochester’s sanctuary city law.

Attorney General James has been a national leader in fighting to protect and defend immigrant communities. In July, Attorney General James joined a coalition of 19 other states in defending essential legal services for unaccompanied immigrant children. Also in July, Attorney General James urged the U.S. Court of Appeals for the First Circuit to uphold an order blocking the federal government from mass terminating the Cuba, Haiti, Nicaragua, and Venezuela parole program. Attorney General James also joined a coalition of 17 other attorneys general in supporting the American Civil Liberties Union’s lawsuit challenging the federal government’s use of unlawful immigration enforcement tactics in Los Angeles, California. In June, Attorney General James co-led a coalition of 17 attorneys general in defending hundreds of thousands of Venezuelan immigrants who had their legal status threatened after the Trump administration attempted to eliminate Temporary Protected Status (TPS).

MIL OSI USA News –

July 31, 2025
MIL-OSI Analysis: Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow?

Source: The Conversation – UK – By Sam Halvorsen, Reader in Human Geography, Queen Mary University of London

When UK Conservative party head Kemi Badenoch recently declared that she aspires to be Britain’s Milei, she aligned herself with one of the world’s most radical and controversial leaders.

Javier Milei, Argentina’s self-styled “anarcho-capitalist” president, has gained global notoriety since his election in December 2023 for wielding a chainsaw at rallies, promising to destroy the so-called “political caste” and launching a scorched-earth economic reform programme.

But what has Milei actually achieved since entering office? And should Britain really be looking to his administration for inspiration?

Milei swept to power on a wave of anti-establishment anger. Styling himself as an outsider economist rallying against the ruling caste, he promised to slash state spending and replace Argentina’s peso with the more stable US dollar. He also pledged to eliminate entire government ministries, including health, education and culture.

His now-famous “chainsaw plan” proposed a dramatic restructuring of Argentina’s political and economic institutions, which he blamed for decades of stagnation and corruption. Backed by business elites and libertarian ideologues, Milei offered a vision of Argentina remade through radical individualism and state retrenchment.

His campaign, which contained some clear populist tendencies, was built as much on spectacle as substance. It contained daily media outbursts, personal attacks and an anti-caste rhetoric designed to turn governance into performance.

Inflation was central to Milei’s campaign. When he took office, annual inflation in Argentina stood at over 130%, one of the highest rates in the world. Milei promised to bring it under control by slashing the fiscal deficit and enforcing monetary discipline.

Monthly inflation doubled in the first months of his administration, forcing millions of Argentinians further into poverty. But it has fallen below 50% since the middle of 2025, which has been held by the government as a success.

However, the decrease in the inflation rate is the result of economic recession. While international markets have praised Milei’s fiscal orthodoxy, there is little sign of a growth rebound. Investment has stalled, consumption has plummeted and local industries are struggling amid cuts to public procurement.

Consumption has shown signs of recovery in the last few months, but only in the high-income segment. This has deepened a dual reality where middle-class and working sectors cannot make ends meet. Instead of helping the Argentinian economy recover, high-income consumption also pushes the trade balance to deteriorate.

Milei’s government has endeavoured to keep the Argentine peso strong. A strong currency has seen foreign investments paused and, despite ongoing capital controls, millions of US dollars leave the country with a surge in Argentinian tourism abroad. This trend is exactly the opposite of the most controversial of Milei’s promises: to adopt the dollar in Argentina.

Given the critical level of the central bank’s foreign reserves, the International Monetary Fund (IMF) approved the release of a US$4.7 billion (£3.5 billion) loan tranche in April 2024. It is expected to loan an extra US$2 billion before the 2025 mid-term elections in October.

Squeezing Argentinian society

Job losses have been extensive. Tens of thousands of public sector workers have been laid off, and many more have seen their salaries decimated by inflation. Entire agencies have been shut, from science and housing to the post office.

Milei’s framing of public employees as part of a parasitic caste has helped him politically. It has reinforced his anti-establishment credentials and mobilised resentment among private sector workers and the self-employed. But it has further polarised an already fragmented Argentinian society.

Unions and civil society organisations have mobilised in response, organising strikes and mass protests. These have been met in turn with crackdowns, the criminalisation of dissent and expanded police powers.

Meanwhile, Congress has been sidelined. Milei’s critics warn of creeping authoritarianism as the president governs increasingly by decree, perhaps most notably by attempting to fill two vacancies of the Supreme Court in February.

Environmental protection and foreign policy have also been reshaped by Milei’s radical agenda. The ministry of environment was among the agencies targeted for elimination. And Milei’s sweeping law of bases bill, which became law in 2024, included provisions to weaken environmental regulations and accelerate extractive industries such as lithium and oil.

Milei dismisses environmental concerns as leftist distractions from economic freedom. This is a stance echoed in his foreign policy, which has seen Argentina pivot away from regional cooperation. He has snubbed neighbours like Brazil, withdrawn from the accession process to the Brics group of nations and has aligned himself more closely with the US, Israel and the global far right.

He frequently rails against “global socialism”, and presents himself as a figurehead of a new anti-globalist movement. This posture appeals to his domestic base and international allies, but has further isolated Argentina diplomatically and eroded longstanding regional ties.

If Badenoch wants to emulate Milei, it raises serious questions about the political and economic future she envisions for Britain. Argentina is currently living through a radical experiment in state destruction. Despite circumstantially winning praise from bond markets and libertarian circles, it has brought pain, polarisation and increasing levels of repression.

For those looking beyond spectacle, Milei’s presidency offers not a blueprint for bold reform, but a cautionary tale about the dangers of governing by chainsaw.

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

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow? – https://theconversation.com/kemi-badenoch-says-she-wants-to-be-britains-javier-milei-but-is-the-argentinian-president-a-model-to-follow-261915

MIL OSI Analysis –

July 31, 2025
MIL-OSI Europe: ASIA/SOUTH KOREA – The adventure “accompanied by small prayers” of Junho Cho, “digital missionary”

Source: Agenzia Fides – MIL OSI

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by Pascale RizkSeoul (Agenzia Fides) – “Now I know. After all, even the Fathers of the Church, Saint Augustine and Saint Thomas Aquinas, repeated this simple phrase: to be happy, I need God, and if God is present, I am happy when I am close to him, and I am not happy when I am far away.” Thus, Korean singer and “Catholic influencer” Junho Chu describes the beating heart that now animates his life. And he reveals what every authentic Christian witness suggests: the source of salvation brought by Christ is mysterious, but accessing it is simple and within everyone’s reach.Junho shared his story and experience with the Jubilee of Catholic digital missionaries and influencers celebrated in Rome these past few days.The Happy Face of GodGrowing up until the age of 22 with no particular interest in religious doctrines and practices, he says that as a teenager he longed for happiness that could last “more than three days or two weeks.” Something that isn’t found in training courses or school curricula, in a competitive society where one’s worth and “is worth” only what one accomplishes. He believed he could achieve that happiness through success at work. But that wasn’t the case.At that time, two years before beginning his military service, Junho heard Cardinal Stephen Kim Sou-hwan speak on television, an imposing figure in Korea also for his passion for social justice (see Fides, 11/4/2025). “I was struck by his humility and the witness of the people who mourned his death in 2009.” Without believing in God, Junho saw God’s happy face reflected in those people. They had no personal successes to show off. They were grateful for the free love they had received. “So I started going to church and asked to be baptized. To be close to God, to go to Mass, to take Communion, and to pray. Junho says that a priest once told him: “Do you want something special? Then you must be sincere. If you live with perseverance and sincerity, every day of your life can be special.”Thanking the Lord (also) for TteokbokkiKorean society is based on respect for others, following a social stratification that dates back to the Cheoson Dynasty. Hierarchical respect is an integral part of everyday language and behavior. So when Junho saw a high-ranking Catholic soldier come to church and eat with the others, he was impressed by his humility. “He came to wash dishes with me in the kitchen. It seemed inconceivable to me that someone like him would do that. One day, I was eating tteokbokki (Korean rice dumplings) and I invited him. He sat with me and, clasping his hands, began to pray. I was deeply moved by this gesture. I had no idea that Catholics would stop to thank God for something as small as tteokbokki. I think my life, accompanied by small prayers, began there,” he says.”Sometimes they asked me to sing, I did it a few times, and a bishop told me I should keep singing, and this was like a blessing for the rest of my life,” adds Chu, who, along with other singers, enlivened the Digital Missionaries Jubilee Festival in Piazza Risorgimento on the evening of Tuesday, July 29, singing in his native language.Talent is from God and for GodDuring his military service, Chu embarked on a path that would lead him to his baptism in 2011. He also began participating in parish life, catechism, and choir. It was thanks to a contest on CPBC (Catholic Peace Broadcasting Corporation) that he was able to begin composing music and songs, and singing in Catholic churches. It had been his passion since childhood. The stories of missionaries such as Father Giovanni Lee Tae-seok, a Salesian missionary in South Sudan, and Bishop René Dupont, a MEP missionary who arrived in Korea in 1954 (see Fides, 11/4/2025) led him to imitate them, he shared with others the love of God he had received as a gift, even through his own talents. “That’s why I’m always happy to live as a Catholic on Instagram and YouTube.” His Christian journey, intertwined with music and singing, led Junho to accompany priests and nuns on missions in Cambodia, Zambia, and Mongolia. “The love you receive is incredibly greater than the love you give. It’s an absolute miracle and cannot be understood through the eyes of the world,” says Chu, who today continues his mission singing in Brazil.“The digital mission should not be about self-exaltation. The encounter with Jesus remains the starting point, but also the point of arrival. Our faith can also find comfort in the use of digital media, but it does not depend on them. The Mystery of Jesus’s predilection, savored in the everyday life, is far greater than the captivating power of a voice behind the screen or special effects. And it promises enjoyment and happiness incomparable to the excitement of having 100 followers or 500,000,” he concludes. (Agenzia Fides, 30/7/2025)Share:

MIL OSI Europe News –

July 31, 2025

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