Pandemic – Page 133 – NewzIntel.com

MIL-Evening Report: Trust matters but we also need these 3 things to boost vaccine coverage

Source: The Conversation (Au and NZ) – By Holly Seale, Associate Professor, School of Population Health, UNSW Sydney

Australia’s COVID vaccine roll-out started slowly, with supply shortages and logistical shortcomings. Once it got going, we immunised more than 95% of the population.

This week’s COVID inquiry report contains a number of recommendations to improve Australia’s vaccine preparedness the next time we face a pandemic or health emergency.

While the inquiry gets most things right, as vaccine experts, we argue the government response should be broadened in three areas:

expanding compensation programs for people who suffer any type of vaccine injury
better understanding why people aren’t up-to-date with their vaccinations
equipping community helpers in marginalised communities to deliver information about vaccines and combat misinformation.

Australians should be compensated after vaccine injuries – not just during pandemics

The inquiry recommends reviewing Australia’s COVID vaccine claims scheme in the next 12 to 18 months, to inform future schemes in national health emergencies.

Early in the pandemic, vaccine experts called on the Australian government to establish a COVID vaccine injury compensation scheme.

This meant people who were injured after suffering a rare but serious injury, or the families of those who died, would receive compensation when there had been no fault in the manufacturing or administration of the vaccine.

Vaccine experts recommended the creation of such a scheme based on the principle of reciprocity. The Australian public was asked to accept the recommended COVID vaccines in good faith for their health benefit and the benefit of the community. So they should be compensated if something went wrong.

In 2021, the Australian government announced the COVID-19 Vaccine Claims Scheme. Australia had no such scheme before this, in stark contrast to 25 other countries including the United States, United Kingdom and New Zealand.

Australia’s scheme closed on September 30 2024.

The inquiry report recommends reviewing:

the complexity of the claims process
delayed or denied payments
any links between the scheme and vaccine hesitancy.

However, this is currently framed only within the scope of the scheme being used for future epidemic or pandemic responses.

Instead, we need a permanent, ongoing vaccine compensation scheme for all routine vaccines available on the National Immunisation Program.

As we’ve learnt from similar schemes in other countries, this would contribute to the trust and confidence needed to improve the uptake of vaccines currently on the program, and new ones added in the future. It is also right and fair to look after those injured by vaccines in rare instances.

Not getting vaccinated isn’t just about a lack of trust

The COVID inquiry recommends developing a national strategy to rebuild community trust in vaccines and improve vaccination rates, including childhood (non-COVID) vaccine rates, which are currently declining.

The COVID vaccine program has affected trust in routine vaccines. Childhood vaccine coverage has declined 1–2%. And there is a persistent issue around timeliness – kids not getting their vaccines within 30 days of the recommended time point.

The national Vaxinsights project examined the social and behavioural drivers of under-vaccination among parents of children under five years. It found access issues were the main barriers to partially vaccinated children. Cost, difficulty making an appointment and the ability to prioritise appointments due to other conflicting needs were other barriers. Trust was not a major barrier for this group.

However for unvaccinated children, vaccine safety and effectiveness concerns, and trust in information from the health-care provider, were the leading issues, rather than access barriers.

To improve childhood vaccination rates, governments need to monitor the social and behavioural drivers of vaccination over time to track changes in vaccine acceptance. They also need to address barriers to accessing immunisation services, including affordability and clinic opening hours.

It is also imperative we learn from the lessons during COVID and better engage communities and priority populations, such as First Nations communities, people with disabilities and those from different cultural groups, to build trust and improve access through community drop-in and outreach vaccine programs.

To address the decline in adult COVID vaccination we need to focus on perceptions of need, risk and value, rather than just focusing on trust. If adults don’t think they are at risk, they won’t get the vaccine. Unfortunately, when it comes to COVID, people have moved on and few people believe they need boosters.

Variant changes or enhancements to the vaccine (such as combined vaccines to protect against COVID and flu, or RSV or vaccines with long last protection) may encourage people to get vaccinated in the future. In the meantime, we agree with the inquiry that we should focus on those most at risk of severe outcomes, including residents in aged care and those with chronic health conditions.

Invest in community-led strategies to improve uptake

The COVID inquiry recommends developing a communication strategy for health emergencies to ensure all Australians, including those in priority populations, families and industries, have the information they need.

While these are not strictly focused on the promotion of vaccination, the suggestions – including the need to work closely with and fund community and representative organisations – are aligned with what our COVID research showed.

However, the government should go one step further. Communication about vaccines must be tailored, translated for different cultural groups, and easy to understand.

In some settings, messages about the vaccines will have the most impact if they come from a health-care worker. But this is not always the case. Some people prefer to hear from trusted voices from their own communities. In First Nations communities, these roles are often combined in the form of Aboriginal Health Workers.

We must support these voices in future health emergencies.

During COVID, there was insufficient support and training for community helpers – such as community leaders, faith leaders, bilingual community workers, and other trusted voices – to support their vaccine communication efforts.

The government should consider implementing a national training program to support those tasked (or volunteering) to pass on information about vaccines during health emergencies. This would provide them with the information and confidence they need to undertake this role, as well as equipping them to address misinformation.

Holly Seale is an investigator on research studies funded by NHMRC and has previously received funding from NSW Ministry of Health, as well as from Sanofi Pasteur, Moderna and Pfizer for investigator driven research and consulting fees.

Julie Leask receives a fellowship from the National Health and Medical Research Council and research funding from the World Health Organization. She received reimbursement for overseas travel costs from Sanofi in April 2024.

Margie Danchin receives funding from the Victorian and Commonwealth governments, NHMRC/MRFF and DFAT.

– ref. Trust matters but we also need these 3 things to boost vaccine coverage – https://theconversation.com/trust-matters-but-we-also-need-these-3-things-to-boost-vaccine-coverage-242487

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Australia: Fire safety first for caravan park operators

Source: Victoria Country Fire Authority

Caravan parks provide accommodation for visitors and permanent residents alike. However, the high risk of injury and fatality with caravan fires and fires at caravan parks makes fire safety education and training crucial for park operators – particularly those in high-tourism areas.

Not only can fires in caravans and caravan parks lead to serious injuries and fatalities due to their inherent intensity and ability to spread quickly, if a fire breaks out in a tourist area it is critical that park staff and guests know what to do to evacuate safely and efficiently.

Education is vital to ensure park operators understand fire hazards so they can implement measures to prevent fires, protecting both property and guests.

CFA’s Bellarine Group of brigades, supported by CFA’s District 7 team, recently worked with the Victorian Caravan Parks Association to deliver a full day of fire safety education and training to more than 60 caravan park operators from across the state.

Held at Portarlington Fire Station on 18 October, the day covered fire risk, caravan park legislation, emergency management and evacuation planning, first attack firefighting and use of extinguishers, and property preparation.

Participants heard from CFA’s Community Infrastructure and Community Education teams, witnessing a demonstration of a gas cylinder flare off and learning how to use a fire blanket and test gas bottles for leaks.

They also used CFA’s Virtual Reality technology to experience putting out a small fire.

CFA district staff then helped owners familiarise themselves with how emergency services operate and respond in the event of a fire, discussing whether a truck could fit on the premises if a fire broke out at their park.

CFA’s Industry Fire Prevention Manager Leigh Marsh said educating caravan park operators, staff and ultimately their guests about fire safety could save lives and reduce injury in the event of a fire.

“Fire safety risks can vary in parks depending on where they are located, however the flammability of caravans and their small size means that if a fire starts from cooking, an accident or faulty equipment, there is a high risk of fatality,” Leigh said.

“The fire is also likely to spread quickly due to its proximity to other caravans and park facilities.

“For those parks situated in holiday areas such as our coastal hamlets, the risk of bushfire impacting the park is high and inadequate planning can lead to delays in people being able to evacuate safely.

“Knowledge of fire safety allows caravan park operators to develop and communicate effectively to their guests about emergency plans, ensuring a quick response if a fire occurs.”

Leigh said education and training was also important to help caravan park operators better understand their legal obligations in relation to fire safety.

“Caravan parks must comply with a range of legislative requirements in Victoria in relation to fire safety, including the CFA Caravan Park Fire Safety Guidelines, which were updated this year,” Leigh said.

“Caravan parks also often operate within local communities so being proactive in fire safety fosters goodwill and promotes community safety – as well as encourages visitors to come back.”

The Caravan Parks Information and Training Day was originally the brainchild of Ocean Grove brigade volunteers and was held each year at their station for about seven years prior to the COVID-19 pandemic.

David Wynn from Wynndean Holiday Resorts said it was great to see the day up and running again, especially given the release of new Caravan Park Guidelines.

“Relationship building is critical in the interpretation of the guidelines and their application,” David said.

“The day allowed park operators and staff to use firefighting equipment in a controlled setting which assisted greatly in understanding our fire safety and emergency management obligations.”

David, who is also a volunteer with Wye River Fire Brigade, said the timing of the event was perfect preparation for the peak holiday period and the upcoming fire danger period.

“We are very lucky to have access to this day in our region and the highly-credentialled and experienced presenters,” he said.

“The CFA team made it clear they were there to support us. Thank you to them and the many volunteers, local brigades and CFA district staff who contributed to the day’s success.

“We are looking forward to next year’s event, and if you are a park operator please go out and meet with your local brigade, invite them into your park and actively build those relationships.”

CFA Bellarine Group manager and Wallington brigade firefighter Alistair Drayton said part of CFA’s role was to help communities build resilience to fire and other emergencies through education, upskilling and developing relationships with sectors most at risk.

“Events such as this are important in building that momentum and supporting and promoting a safer response for all brigades across the state,” Alistair said.

“Thanks to the park operators for giving their time and enthusiasm. Their feedback was extremely positive including that the content presented was what was needed and easy to understand and implement.

“We look forward to continuing to build relationships with them in our ongoing efforts to foster resilient and safer communities.”

Submitted by	CFA News

MIL OSI News –

January 25, 2025

MIL-OSI: STMicroelectronics Reports 2024 Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3290C

STMicroelectronics Reports 2024 Third Quarter Financial Results

Q3 net revenues $3.25 billion; gross margin 37.8%; operating margin 11.7%; net income $351 million
YTD net revenues $9.95 billion; gross margin 39.9%; operating margin 13.1%; net income $1.22 billion
Business outlook at mid-point: Q4 net revenues of $3.32 billion and gross margin of 38%
Launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon and 200mm Silicon Carbide and resizing our global cost base

Geneva, October 31, 2024 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the third quarter ended September 28, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported third quarter net revenues of $3.25 billion, gross margin of 37.8%, operating margin of 11.7%, and net income of $351 million or $0.37 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

“Q3 net revenues were in line with the midpoint of our business outlook range. Our revenues, compared to our expectations, were higher in Personal Electronics, declined less in Industrial and were lower in Automotive. Q3 gross margin of 37.8% was broadly in line with the mid-point of our business outlook range.”
“First nine months net revenues decreased 23.5% year-over-year across all reportable segments, particularly in Microcontrollers, which is impacted by a continuing weakness in the Industrial market. Operating margin was 13.1% and net income was $1.22 billion.”
“Our fourth quarter business outlook, at the mid-point, is for net revenues of $3.32 billion, decreasing year-over-year by 22.4% and increasing sequentially by 2.2%; gross margin is expected to be about 38%, impacted by about 400 basis points of unused capacity charges.”
“The midpoint of this outlook translates into full year 2024 revenues of about $13.27 billion, representing a 23.2% year-over-year decrease, in the low-end of the range indicated in the previous quarter, and a gross margin slightly below that provided in such indication.”
“Based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4 2024 and Q1 2025 well above normal seasonality.”
“We are launching a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base. This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027.”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data)	Q3 2024	Q2 2024	Q3 2023	Q/Q	Y/Y
Net Revenues	$3,251	$3,232	$4,431	0.6%	-26.6%
Gross Profit	$1,228	$1,296	$2,109	-5.2%	-41.8%
Gross Margin	37.8%	40.1%	47.6%	-230 bps	-980 bps
Operating Income	$381	$375	$1,241	1.8%	-69.3%
Operating Margin	11.7%	11.6%	28.0%	10 bps	-1,630 bps
Net Income	$351	$353	$1,090	-0.6%	-67.8%
Diluted Earnings Per Share	$0.37	$0.38	$1.16	-2.6%	-68.1%

Third Quarter 2024 Summary Review

Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment (US$ m)	Q3 2024	Q2 2024	Q3 2023	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,185	1,165	1,367	1.7%	-13.3%
Power and discrete products (P&D) segment	807	747	989	7.9%	-18.4%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,992	1,912	2,356	4.2%	-15.5%
Microcontrollers (MCU) segment	829	800	1,466	3.6%	-43.4%
Digital ICs and RF Products (D&RF) segment	426	516	605	-17.4%	-29.7%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,255	1,316	2,071	-4.6%	-39.4%
Others	4	4	4	–	–
Total Net Revenues	3,251	3,232	4,431	0.6%	-26.6%

Net revenues totaled $3.25 billion, representing a year-over-year decrease of 26.6%. Year-over-year net sales to OEMs and Distribution decreased 17.5% and 45.4%, respectively. On a sequential basis, net revenues increased 0.6%, in line with the mid-point of ST’s guidance.

Gross profit totaled $1.23 billion, representing a year-over-year decrease of 41.8%. Gross margin of 37.8%, 20 basis points below the mid-point of ST’s guidance, decreased 980 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 69.3% to $381 million, compared to $1.24 billion in the year-ago quarter. ST’s operating margin decreased 1,630 basis points on a year-over-year basis to 11.7% of net revenues, compared to 28.0% in the third quarter of 2023.

By reportable segment¹, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 13.3% mainly due to decreases in Imaging and in Analog.
Operating profit decreased by 41.2% to $175 million. Operating margin was 14.8% compared to 21.8%.

Power and Discrete products (P&D) segment:

Revenue decreased 18.4%.
Operating profit decreased by 54.0% to $121 million. Operating margin was 15.0% compared to 26.5%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Microcontrollers (MCU) segment:

Revenue decreased 43.4% mainly due to a decrease in GP MCU.
Operating profit decreased by 78.2% to $116 million. Operating margin was 14.0% compared to 36.4%.

Digital ICs and RF products (D&RF) segment:

Revenue decreased 29.7% mainly due to a decrease in ADAS (automotive ADAS and infotainment).
Operating profit decreased by 49.5% to $114 million. Operating margin was 26.8% compared to 37.3%.

Net income and diluted Earnings Per Share decreased to $351 million and $0.37 respectively compared to $1.09 billion and $1.16 respectively in the year-ago quarter.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q3 2024	Q2 2024	Q3 2023	Q3 2024	Q3 2023	TTM Change
Net cash from operating activities	723	702	1,881	3,764	6,062	-37.9%
Free cash flow (non-U.S. GAAP)²	136	159	707	813	1,725	-52.9%

Net cash from operating activities was $723 million in the third quarter compared to $1.88 billion in the year-ago quarter.

Net Capex (non-U.S. GAAP) was $565 million in the third quarter compared to $1.15 billion in the year-ago quarter.

Free cash flow (non-U.S. GAAP) was $136 million in the third quarter, compared to $707 million in the year-ago quarter.

Inventory at the end of the third quarter was $2.88 billion, compared to $2.81 billion in the previous quarter and $2.87 billion in the year-ago quarter. Days sales of inventory at quarter-end was 130 days, similar to the previous quarter, and compared to 114 days in the year-ago quarter.

In the third quarter, ST paid cash dividends to its stockholders totaling $80 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $3.18 billion as of September 28, 2024, compared to $3.20 billion as of June 29, 2024 and reflected total liquidity of $6.30 billion and total financial debt of $3.12 billion. Adjusted net financial position (non-U.S. GAAP), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.82 billion as of September 28, 2024.

Corporate developments

Since the beginning of 2024, ST has made significant changes in the way it is structured and operates, including the re-organization of its Product Groups. Since October 1, 2024, Lorenzo Grandi, President and CFO, has taken additional responsibilities, with a perimeter now also covering Supply Chain, Corporate Development and Integrated External Communication in addition to Finance, Global Procurement, Digital Transformation and Information Technology, Enterprise Risk Management and Resilience. ST’s Executive Committee remains unchanged and continues to report to Jean-Marc Chery, ST President and CEO.

Business Outlook

ST’s guidance, at the mid-point, for the 2024 fourth quarter is:

Net revenues are expected to be $3.32 billion, an increase of 2.2% sequentially, plus or minus 350 basis points.
Gross margin of 38%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.11 = €1.00 for the 2024 fourth quarter and includes the impact of existing hedging contracts.
The fourth quarter will close on December 31, 2024.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its third quarter 2024 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 4:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until November 15, 2024.

2024 Capital Markets Day

ST will conduct a live webcast of its 2024 Capital Markets Day meeting from Paris, France, on Wednesday, November 20, 2024, from 9:00 a.m. to 1:15 p.m. Central European Time (CET) / 3:00 a.m. to 7:15 a.m. U.S. Eastern Time (ET). The live webcast featuring video, audio and presentation slides will be accessible at ST’s website, https://investors.st.com. Copies of the presentations and a recording of the event will be made available at https://investors.st.com.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macroeconomic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of intellectual property (“IP”) claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral by 2027 on scope 1 and 2 and partially scope 3;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; and
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2024. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

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

For further information, please contact:

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

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

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	September 28,	September 30,
	2024	2023
	(Unaudited)	(Unaudited)

Net sales	3,245	4,416
Other revenues	6	15
NET REVENUES	3,251	4,431
Cost of sales	(2,023)	(2,322)
GROSS PROFIT	1,228	2,109
Selling, general and administrative expenses	(385)	(407)
Research and development expenses	(492)	(519)
Other income and expenses, net	30	58
Total operating expenses	(847)	(868)
OPERATING INCOME	381	1,241
Interest income, net	55	44
Other components of pension benefit costs	(4)	(5)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	432	1,280
Income tax expense	(71)	(188)
NET INCOME	361	1,092
Net income attributable to noncontrolling interest	(10)	(2)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	351	1,090

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.39	1.20
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.37	1.16

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	938.6	943.8

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Nine months ended
	September 28,	September 30,
	2024	2023
	(Unaudited)	(Unaudited)

Net sales	9,915	12,977
Other revenues	32	27
NET REVENUES	9,947	13,004
Cost of sales	(5,980)	(6,666)
GROSS PROFIT	3,967	6,338
Selling, general and administrative expenses	(1,229)	(1,215)
Research and development expenses	(1,554)	(1,579)
Other income and expenses, net	123	44
Total operating expenses	(2,660)	(2,750)
OPERATING INCOME	1,307	3,588
Interest income, net	166	114
Other components of pension benefit costs	(12)	(14)
Loss on financial instruments, net	(1)	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	1,460	3,688
Income tax expense	(231)	(547)
NET INCOME	1,229	3,141
Net income attributable to noncontrolling interest	(13)	(6)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1,216	3,135

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.35	3.47
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.29	3.32

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	940.2	944.7


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	September 28,	June 29,	December 31,
In millions of U.S. dollars	2024	2024	2023
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Current assets:
Cash and cash equivalents	3,077	3,092	3,222
Short-term deposits	977	975	1,226
Marketable securities	2,242	2,218	1,635
Trade accounts receivable, net	1,730	1,708	1,731
Inventories	2,875	2,810	2,698
Other current assets	1,062	1,066	1,295
Total current assets	11,963	11,869	11,807
Goodwill	303	296	303
Other intangible assets, net	354	353	367
Property, plant and equipment, net	11,258	10,869	10,554
Non-current deferred tax assets	547	575	592
Long-term investments	20	20	22
Other non-current assets	1,071	924	808
	13,553	13,037	12,646
Total assets	25,516	24,906	24,453

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	1,003	236	217
Trade accounts payable	1,585	1,577	1,856
Other payables and accrued liabilities	1,327	1,344	1,525
Dividends payable to stockholders	177	257	54
Accrued income tax	116	131	78
Total current liabilities	4,208	3,545	3,730
Long-term debt	2,112	2,850	2,710
Post-employment benefit obligations	397	375	372
Long-term deferred tax liabilities	60	37	54
Other long-term liabilities	935	951	735
	3,504	4,213	3,871
Total liabilities	7,712	7,758	7,601
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 901,550,639 shares outstanding as of September 28, 2024)	1,157	1,157	1,157
Additional Paid-in Capital	3,032	2,985	2,866
Retained earnings	13,118	12,813	12,470
Accumulated other comprehensive income	657	421	613
Treasury stock	(400)	(354)	(377)
Total parent company stockholders’ equity	17,564	17,022	16,729
Noncontrolling interest	240	126	123
Total equity	17,804	17,148	16,852
Total liabilities and equity	25,516	24,906	24,453


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q3 2024	Q2 2024	Q3 2023

Net Cash from operating activities	723	702	1,881
Net Cash used in investing activities	(601)	(628)	(1,756)
Net Cash from (used in) financing activities	(142)	(112)	(223)
Net Cash decrease	(15)	(41)	(100)

Selected Cash Flow Data (in US$ millions)	Q3 2024	Q2 2024	Q3 2023

Depreciation & amortization	440	439	396
Net payment for Capital expenditures	(601)	(546)	(1,152)
Dividends paid to stockholders	(80)	(73)	(58)
Change in inventories, net	(17)	(136)	147

Appendix
ST
New organization

On January 10, 2024, ST announced a new organization to deliver enhanced product development innovation and efficiency, time-to-market as well as customer focus by end market. This new organization implies a change in segment reporting which is applied from January 1, 2024.

ST moved from three reportable segments (ADG, AMS and MDG) to four reportable segments as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (AM&S) segment, comprised of ST analog products, MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (P&D) segment comprised of discrete and power transistor products.

In this Press Release, “Analog” refers to ST analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Microcontrollers (MCU) segment, comprised of general-purpose and automotive microcontrollers, microprocessors and connected security products (including EEPROM).
- Digital ICs and RF Products (D&RF) segment, comprised of automotive ADAS, infotainment, RF and communications products.

In this Press release, “Auto MCU” refers to Automotive microcontrollers and microprocessors, “GP MCU” to general purpose microcontrollers and microprocessors, “Connected Security” to connected security products (including EEPROM), “ADAS” to automotive ADAS and infotainment, “RF Communications” to RF and communications products.

Prior year quarters comparative information has been adjusted accordingly.

(Appendix – continued)
ST
Supplemental Financial Information

	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Net Revenues By Market Channel (%)
Total OEM	76%	73%	70%	70%	67%
Distribution	24%	27%	30%	30%	33%

€/$ Effective Rate	1.08	1.08	1.09	1.08	1.09

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,185	1,165	1,217	1,418	1,367
– Operating Income	175	144	185	300	298
Power and Discrete products (P&D) segment
– Net Revenues	807	747	820	965	989
– Operating Income	121	110	138	245	262
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,992	1,912	2,037	2,383	2,356
– Operating Income	296	254	323	545	560
Microcontrollers (MCU) segment
– Net Revenues	829	800	950	1,272	1,466
– Operating Income	116	72	185	378	534
Digital ICs and RF Products (D&RF) segment
– Net Revenues	426	516	475	623	605
– Operating Income	114	150	150	223	226
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,255	1,316	1,425	1,895	2,071
– Operating Income	230	222	335	601	760
Others ^(a)
– Net Revenues	4	4	3	4	4
– Operating Income (Loss)	(145)	(101)	(107)	(123)	(79)
Total
– Net Revenues	3,251	3,232	3,465	4,282	4,431
– Operating Income	381	375	551	1,023	1,241

^(a)Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	*Q3 2024*	*Q2 2024*	*Q1 2024*	*Q4 2023*	*Q3 2023*
*Unused capacity charges*	*104*	84	63	57	46

(Appendix – continued)
ST
Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. Starting Q4 2023, ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. Reporting periods prior to Q4 2023 are not impacted.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Sep 28 2024	June 29 2024	Mar 30 2024	Dec 31 2023	Sep 30 2023
Cash and cash equivalents	3,077	3,092	3,133	3,222	3,011
Short term deposits	977	975	1,226	1,226	506
Marketable securities	2,242	2,218	1,880	1,635	1,537
Total liquidity	6,296	6,285	6,239	6,083	5,054
Short-term debt	(1,003)	(236)	(238)	(217)	(173)
Long-term debt ^(a)	(2,112)	(2,850)	(2,875)	(2,710)	(2,418)
Total financial debt	(3,115)	(3,086)	(3,113)	(2,927)	(2,591)
Net Financial Position	3,181	3,199	3,126	3,156	2,463
Advances received on capital grants	(366)	(402)	(351)	(152)	–
Adjusted Net Financial Position	2,815	2,797	2,775	3,004	2,463

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $701 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-US GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Payment for purchase of tangible assets, as reported	(669)	(690)	(1,145)	(1,076)	(1,158)
Proceeds from sale of tangible assets, as reported	2	1	2	–	1
Proceeds from capital grants and other contributions, as reported	66	143	149	278	5
Advances from capital grants allocated to property, plant and equipment	36	18	27	–	–
Net Capex	(565)	(528)	(967)	(798)	(1,152)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Net cash from operating activities	723	702	859	1,480	1,881
Net Capex	(565)	(528)	(967)	(798)	(1,152)
Payment for purchase of intangible assets, net of proceeds from sale	(20)	(15)	(26)	(28)	(22)
Payment for purchase of financial assets, net of proceeds from sale	(2)	–	–	(2)	–
Free Cash Flow	136	159	(134)	652	707

¹See Appendix for the definition of reportable segments.

²Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why ST believes these measures are important.

Attachment

C3290C – Q324 Earnings PR – Oct 30 2024

The MIL Network –

January 25, 2025

MIL-OSI Australia: Australia–Vietnam tourism surge

Source: Minister for Trade

Tourist numbers from Vietnam have grown significantly following the pandemic, with nearly 178,000 visitors from Vietnam visiting Australia in the 12 months to August 2024.

The Albanese Government has been working to boost two-way tourism with Southeast Asia, creating jobs, and contributing to our economy.

Since launching Invested: Australia’s Southeast Asia Economic Strategy to 2040, a year ago, we’ve been stepping up our efforts across Southeast Asia, and tourism with Vietnam is shaping up to be a huge success story.

Cooperation between the Australian and Vietnamese governments have delivered benefits for both countries, with Vietnam becoming Australia’s fastest-growing inbound market and more Australians travelling to Vietnam than prior to the pandemic.

The Albanese Government has provided funding for a number of initiatives designed to attract more visitors from Vietnam, including the Vietnam Host Program, a new addition to the suite of online training courses delivered by the Australian Tourism Export Council (ATEC).

ATEC’s programs, which are designed by leading industry professionals, help Australian businesses understand the needs of Vietnamese travellers and how to attract them.

ATEC’s Meeting Place conference on the Gold Coast, which took place earlier this week, will continue to build momentum with Southeast Asia, with expert panels and Austrade briefings to highlight the growing opportunities for the region.

These opportunities are highlighted in new reports released by Asialink Business and the Griffith Institute of Tourism which identify the potential for continued strong growth in two-way travel between Australia and Vietnam, and provide business with insights and data to help inform their investments.

The government is supporting Australian businesses to embrace the enormous opportunities right on our doorstep.

More information about the Government’s efforts to diversify Australia’s visitor markets, including links to the Asialink and Griffith Vietnam reports and the ATEC Vietnam Host program can be viewed at the Austrade website.

Australian tourism businesses can register for the Vietnam Host Program via the Australian Tourism Export Council’s Tourism Training Hub.

Quotes attributable to Trade and Tourism Minister Don Farrell:

“Boosting tourism between our nations was a key topic of discussions when I visited Vietnam last year for our annual Economic Partnership Meeting, and again earlier this month when Vietnam’s Deputy Prime Minister His Excellency Bui Thanh Son and Minister of Planning and Investment, His Excellency Dr Nguyen Chi Dung visited Australia.

“It is very encouraging to see strong growth in visitors from Vietnam to Australia, which is supporting Australian tourism businesses to succeed and grow.

“Tourism is a key component of our strong relationship with the fast-growing economies of Southeast Asia. For too long we have flown over our friends and neighbours, overlooking the opportunity that is on our doorstep.

“The Albanese Labor Government is proud to support efforts to increase links with our friends in the region.”

Quotes attributable to Managing Director of ATEC Peter Shelley:

“The Vietnam Host program gives Australian tourism businesses the tools they need to better understand and cater to Vietnamese visitors, helping them attract and engage with this growing market.

“By taking part in the Vietnam Host program, businesses gain valuable insights into the preferences and expectations of Vietnamese travellers, equipping them to offer tailored, high-quality, culturally relevant experiences that will drive future growth from this market.”

MIL OSI News –

January 25, 2025

MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
3rd QUARTER 2024 UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
4,291	3,517	7,044	+22	Income/(loss) attributable to Shell plc shareholders		15,166	18,887	-20
6,028	6,293	6,224	-4	Adjusted Earnings	A	20,055	20,944	-4
16,005	16,806	16,336	-5	Adjusted EBITDA	A	51,523	52,204	-1
14,684	13,508	12,332	+9	Cash flow from operating activities		41,522	41,622	—
(3,857)	(3,338)	(4,827)		Cash flow from investing activities		(10,723)	(12,080)
10,827	10,170	7,505		Free cash flow	G	30,799	29,542
4,950	4,719	5,649		Cash capital expenditure	C	14,161	17,280
9,570	8,950	10,097	+7	Operating expenses	F	27,517	29,062	-5
8,864	8,651	9,735	+2	Underlying operating expenses	F	26,569	28,635	-7
12.8%	12.8%	13.9%		ROACE2	D	12.8%	13.9%
76,613	75,468	82,147		Total debt	E	76,613	82,147
35,234	38,314	40,470		Net debt	E	35,234	40,470
15.7%	17.0%	17.3%		Gearing	E	15.7%	17.3%
2,801	2,817	2,706	-1	Oil and gas production available for sale (thousand boe/d)		2,843	2,779	+2
0.69	0.55	1.06	+25	Basic earnings per share ($)		2.39	2.78	-14
0.96	0.99	0.93	-3	Adjusted Earnings per share ($)	B	3.16	3.08	+3
0.3440	0.3440	0.3310	—	Dividend per share ($)		1.0320	0.9495	+9

1.Q3 on Q2 change

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

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 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 positive $0.5 billion.

Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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 $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

Nine Months Analysis1

Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

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

Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

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

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

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

Integrated Gas

In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

Upstream

In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Marketing

In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

Renewables and Energy Solutions

In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
2,631	2,454	2,156	+7	Segment earnings		7,846	5,325	+47
(240)	(220)	(375)		Of which: Identified items	A	(1,379)	(4,625)
2,871	2,675	2,531	+7	Adjusted Earnings	A	9,225	9,951	-7
5,234	5,039	4,874	+4	Adjusted EBITDA	A	16,410	17,189	-5
3,623	4,183	4,009	-13	Cash flow from operating activities	A	12,518	13,923	-10
1,236	1,151	1,099		Cash capital expenditure	C	3,429	3,000
136	137	122	-1	Liquids production available for sale (thousand b/d)		137	134	+2
4,669	4,885	4,517	-4	Natural gas production available for sale (million scf/d)		4,835	4,744	+2
941	980	900	-4	Total production available for sale (thousand boe/d)		971	952	+2
7.50	6.95	6.88	+8	LNG liquefaction volumes (million tonnes)		22.03	21.23	+4
17.04	16.41	16.01	+4	LNG sales volumes (million tonnes)		50.32	49.01	+3

1.Q3 on Q2 change

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Page 3



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



UPSTREAM
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
2,289	2,179	1,999	+5	Segment earnings		6,741	6,388	+6
(153)	(157)	(238)		Of which: Identified items	A	28	(357)
2,443	2,336	2,237	+5	Adjusted Earnings	A	6,712	6,746	—
7,871	7,829	7,433	+1	Adjusted EBITDA	A	23,588	22,750	+4
5,268	5,739	5,336	-8	Cash flow from operating activities	A	16,734	15,663	+7
1,974	1,829	2,007		Cash capital expenditure	C	5,813	5,906
1,321	1,297	1,311	+2	Liquids production available for sale (thousand b/d)		1,316	1,313	—
2,844	2,818	2,564	+1	Natural gas production available for sale (million scf/d)		2,933	2,687	+9
1,811	1,783	1,753	+2	Total production available for sale (thousand boe/d)		1,822	1,776	+3

1.Q3 on Q2 change

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

Total production, compared with the second quarter 2024, increased mainly due to new oil production.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



MARKETING
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
760	257	629	+196	Segment earnings2		1,791	2,832	-37
(422)	(825)	(12)		Of which: Identified items2	A	(1,255)	314
1,182	1,082	641	+9	Adjusted Earnings2	A	3,046	2,518	+21
2,081	1,999	1,453	+4	Adjusted EBITDA2	A	5,767	4,837	+19
2,722	1,958	397	+39	Cash flow from operating activities2	A	5,999	3,794	+58
525	644	959		Cash capital expenditure2	C	1,634	4,406
2,945	2,868	3,138	+3	Marketing sales volumes (thousand b/d)2		2,859	3,062	-7

1.Q3 on Q2 change

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

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

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

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

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

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CHEMICALS AND PRODUCTS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
341	587	1,250	-42	Segment earnings2		2,085	3,310	-37
(122)	(499)	(213)		Of which: Identified items2	A	(1,078)	(278)
463	1,085	1,463	-57	Adjusted Earnings2	A	3,163	3,588	-12
1,240	2,242	2,661	-45	Adjusted EBITDA2	A	6,308	6,819	-7
3,321	2,249	2,862	+48	Cash flow from operating activities2	A	5,221	6,364	-18
761	638	837		Cash capital expenditure2	C	1,898	2,027
1,305	1,429	1,334	-9	Refinery processing intake (thousand b/d)		1,388	1,360	+2
3,015	3,052	2,998	-1	Chemicals sales volumes (thousand tonnes)		8,950	8,656	+3

1.Q3 on Q2 change

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

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

Refinery utilisation was 88% compared with 87% in the first nine months 2023.

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
(481)	(75)	616	-538	Segment earnings		(3)	3,361	-100
(319)	112	667		Of which: Identified items	A	183	2,778
(162)	(187)	(51)	+13	Adjusted Earnings	A	(186)	583	-132
(75)	(91)	101	+18	Adjusted EBITDA	A	101	1,229	-92
(364)	847	(34)	-143	Cash flow from operating activities	A	2,948	4,249	-31
409	425	659		Cash capital expenditure	C	1,272	1,655
79	74	76	+7	External power sales (terawatt hours)2		230	211	+9
148	148	170	0	Sales of pipeline gas to end-use customers (terawatt hours)3		487	563	-14

1.Q3 on Q2 change

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

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

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


Quarters					Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		2024	2023	%
				Renewable power generation capacity (gigawatt):
3.4	3.3	2.5	+2	– In operation2	3.4	2.5	+37
3.9	3.8	4.9	+3	– Under construction and/or committed for sale3	3.9	4.9	-20

1.Q3 on Q2 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		Nine months
Q3 2024	Q2 2024	Q3 2023		Reference	2024	2023
(647)	(1,656)	(497)	Segment earnings1		(2,656)	(2,315)
(3)	(1,080)	22	Of which: Identified items	A	(1,069)	(50)
(643)	(576)	(519)	Adjusted Earnings1	A	(1,588)	(2,266)
(346)	(213)	(186)	Adjusted EBITDA1	A	(650)	(619)
115	(1,468)	(238)	Cash flow from operating activities	A	(1,898)	(2,372)

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

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

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

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

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

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

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

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

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

FORTHCOMING EVENTS



Date			Event
January 30, 2025			Fourth quarter 2024 results and dividends
March 13, 2025			Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
May 2, 2025			First quarter 2025 results and dividends
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
71,089	74,463	76,350	Revenue1	218,031	237,888
933	898	747	Share of profit/(loss) of joint ventures and associates	3,150	2,957
440	(305)	913	Interest and other income/(expenses)2	1,042	2,207
72,462	75,057	78,011	Total revenue and other income/(expenses)	222,222	243,052
48,225	49,417	49,144	Purchases	144,509	158,138
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
305	496	436	Exploration	1,551	1,283
5,916	7,555	5,911	Depreciation, depletion and amortisation2	19,352	20,069
1,174	1,235	1,131	Interest expense	3,573	3,507
65,190	67,653	66,720	Total expenditure	196,502	212,058
7,270	7,404	11,291	Income/(loss) before taxation	25,717	30,993
2,879	3,754	4,115	Taxation charge/(credit)2	10,237	11,891
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
0.69	0.55	1.06	Basic earnings per share ($)3	2.39	2.78
0.68	0.55	1.05	Diluted earnings per share ($)3	2.36	2.75

1.See Note 2 “Segment information”.

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

3.See Note 4 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
2,947	698	(1,460)	– Currency translation differences1	1,651	(1,174)
35	(12)	1	– Debt instruments remeasurements	16	13
(75)	14	141	– Cash flow hedging gains/(losses)	(7)	61
—	—	—	– Net investment hedging gains/(losses)	—	(44)
(2)	(6)	(39)	– Deferred cost of hedging	(22)	(94)
35	(50)	(72)	– Share of other comprehensive income/(loss) of joint ventures and associates	(27)	(118)
2,940	644	(1,429)	Total	1,610	(1,357)
			Items that are not reclassified to income in later periods:
419	310	180	– Retirement benefits remeasurements	1,169	125
80	(81)	(38)	– Equity instruments remeasurements	77	(15)
(53)	44	17	– Share of other comprehensive income/(loss) of joint ventures and associates	1	(15)
446	273	159	Total	1,247	95
3,386	917	(1,270)	Other comprehensive income/(loss) for the period	2,857	(1,262)
7,777	4,567	5,906	Comprehensive income/(loss) for the period	18,337	17,840
177	123	149	Comprehensive income/(loss) attributable to non-controlling interest	357	217
7,600	4,443	5,757	Comprehensive income/(loss) attributable to Shell plc shareholders	17,981	17,622

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	September 30, 2024	December 31, 2023
Assets
Non-current assets
Goodwill	16,600	16,660
Other intangible assets	8,188	10,253
Property, plant and equipment	191,721	194,835
Joint ventures and associates	25,764	24,457
Investments in securities	3,062	3,246
Deferred tax	6,114	6,454
Retirement benefits1	10,564	9,151
Trade and other receivables	6,883	6,298
Derivative financial instruments²	498	801
	269,394	272,155
Current assets
Inventories	24,143	26,019
Trade and other receivables	46,782	53,273
Derivative financial instruments²	10,233	15,098
Cash and cash equivalents	42,252	38,774
	123,411	133,164
Assets classified as held for sale1	2,144	951
	125,555	134,115
Total assets	394,949	406,270
Liabilities
Non-current liabilities
Debt	64,597	71,610
Trade and other payables	3,864	3,103
Derivative financial instruments²	1,749	2,301
Deferred tax	15,487	15,347
Retirement benefits1	7,110	7,549
Decommissioning and other provisions	22,979	22,531
	115,786	122,441
Current liabilities
Debt	12,015	9,931
Trade and other payables	61,076	68,237
Derivative financial instruments²	6,775	9,529
Income taxes payable	4,289	3,422
Decommissioning and other provisions	4,171	4,041
	88,327	95,160
Liabilities directly associated with assets classified as held for sale1	1,298	307
	89,625	95,467
Total liabilities	205,411	217,908
Equity attributable to Shell plc shareholders	187,673	186,607
Non-controlling interest	1,865	1,755
Total equity	189,538	188,362
Total liabilities and equity	394,949	406,270

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	2,815	15,166	17,981	357	18,337
Transfer from other comprehensive income	—	—	166	(166)	—	—	—
Dividends³	—	—	—	(6,556)	(6,556)	(242)	(6,798)
Repurchases of shares4	(25)	—	25	(10,536)	(10,536)	—	(10,536)
Share-based compensation	—	542	(24)	(400)	119	—	119
Other changes	—	—	—	60	60	(5)	55
At September 30, 2024	519	(456)	24,127	163,482	187,673	1,865	189,538
At January 1, 2023	584	(726)	21,132	169,482	190,472	2,125	192,597
Comprehensive income/(loss) for the period	—	—	(1,263)	18,886	17,622	217	17,840
Transfer from other comprehensive income	—	—	(111)	111	—	—	—
Dividends3	—	—	—	(6,193)	(6,193)	(636)	(6,829)
Repurchases of shares4	(30)	—	30	(11,058)	(11,058)	—	(11,058)
Share-based compensation	—	466	(18)	(100)	349	—	349
Other changes	—	—	—	8	8	37	45
At September 30, 2023	555	(261)	19,769	171,136	191,199	1,745	192,943

1. See Note 5 “Share capital”.

2. See Note 6 “Other reserves”.

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
7,270	7,404	11,291	Income before taxation for the period	25,717	30,993
			Adjustment for:
554	619	513	– Interest expense (net)	1,749	1,789
5,916	7,555	5,911	– Depreciation, depletion and amortisation1	19,352	20,069
150	269	186	– Exploration well write-offs	973	626
154	(143)	74	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	—	(24)
(933)	(898)	(747)	– Share of (profit)/loss of joint ventures and associates	(3,150)	(2,957)
860	792	749	– Dividends received from joint ventures and associates	2,390	2,529
2,705	(954)	(3,151)	– (Increase)/decrease in inventories	1,143	2,237
4,057	1,965	(1,126)	– (Increase)/decrease in current receivables	5,827	13,105
(4,096)	(1,269)	4,498	– Increase/(decrease) in current payables2	(7,314)	(10,881)
735	253	(2,807)	– Derivative financial instruments	2,373	(6,050)
125	(332)	1	– Retirement benefits	(267)	31
359	(332)	282	– Decommissioning and other provisions2	(572)	(210)
(144)	2,027	(150)	– Other1	2,392	474
(3,028)	(3,448)	(3,191)	Tax paid	(9,092)	(10,108)
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(4,690)	(4,445)	(5,259)	Capital expenditure	(13,114)	(16,033)
(222)	(261)	(350)	Investments in joint ventures and associates	(983)	(1,093)
(38)	(13)	(40)	Investments in equity securities	(63)	(154)
(4,950)	(4,719)	(5,649)	Cash capital expenditure	(14,161)	(17,280)
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
593	648	586	Interest received	1,818	1,555
1,074	883	701	Other investing cash inflows	2,814	3,308
(769)	(920)	(724)	Other investing cash outflows	(3,183)	(2,141)
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
(89)	(179)	88	Net increase/(decrease) in debt with maturity period within three months	(375)	(185)
			Other debt:
78	132	187	– New borrowings	377	964
(1,322)	(4,154)	(3,368)	– Repayments	(7,008)	(6,596)
(979)	(1,287)	(1,049)	Interest paid	(3,177)	(3,076)
652	(115)	(26)	Derivative financial instruments	239	22
—	(1)	6	Change in non-controlling interest	(5)	(22)
			Cash dividends paid to:
(2,167)	(2,177)	(2,179)	– Shell plc shareholders	(6,554)	(6,192)
(92)	(82)	(51)	– Non-controlling interest	(242)	(636)
(3,537)	(3,958)	(2,725)	Repurchases of shares	(10,319)	(10,640)
6	(24)	(30)	Shares held in trust: net sales/(purchases) and dividends received	(480)	(176)
(7,452)	(11,846)	(9,147)	Cash flow from financing activities	(27,545)	(26,535)
729	(126)	(421)	Effects of exchange rate changes on cash and cash equivalents	224	(222)
4,105	(1,801)	(2,063)	Increase/(decrease) in cash and cash equivalents	3,478	2,785
38,148	39,949	45,094	Cash and cash equivalents at beginning of period	38,774	40,246
42,252	38,148	43,031	Cash and cash equivalents at end of period	42,252	43,031

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

2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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SHELL PLC 3rd QUARTER 2024 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 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated 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, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

2. Segment information

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



REVENUE AND CCS EARNINGS BY SEGMENT
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Third-party revenue
9,748	9,052	8,338	Integrated Gas	27,996	27,208
1,605	1,590	1,617	Upstream	4,954	5,212
30,519	32,005	35,236	Marketing2	92,564	98,799
22,608	24,583	22,119	Chemicals and Products2	70,926	72,121
6,599	7,222	9,032	Renewables and Energy Solutions	21,558	34,517
10	11	7	Corporate	33	31
71,089	74,463	76,350	Total third-party revenue1	218,031	237,888
			Inter-segment revenue
2,131	2,157	2,472	Integrated Gas	6,691	8,946
9,618	10,102	10,277	Upstream	30,008	30,282
1,235	1,363	1,456	Marketing2	3,953	4,056
9,564	9,849	11,942	Chemicals and Products2	29,725	32,653
1,131	957	894	Renewables and Energy Solutions	3,093	3,140
—	—	—	Corporate	—	—
			CCS earnings
2,631	2,454	2,156	Integrated Gas	7,846	5,325
2,289	2,179	1,999	Upstream	6,741	6,388
760	257	629	Marketing2	1,791	2,832
341	587	1,250	Chemicals and Products2	2,085	3,310
(481)	(75)	616	Renewables and Energy Solutions	(3)	3,361
(647)	(1,656)	(497)	Corporate3	(2,656)	(2,315)
4,894	3,747	6,152	Total CCS earnings4	15,804	18,901

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

2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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



CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Capital expenditure
1,090	1,024	958	Integrated Gas	2,971	2,458
1,998	1,769	2,013	Upstream	5,533	5,701
488	644	935	Marketing1	1,559	4,358
748	601	761	Chemicals and Products1	1,822	1,944
327	377	523	Renewables and Energy Solutions	1,124	1,382
39	30	68	Corporate	104	190
4,690	4,445	5,259	Total capital expenditure	13,114	16,033
			Add: Investments in joint ventures and associates
147	127	141	Integrated Gas	457	543
(37)	60	(6)	Upstream	268	205
37	—	25	Marketing	75	48
13	37	76	Chemicals and Products	76	81
59	35	114	Renewables and Energy Solutions	103	205
3	1	1	Corporate	5	11
222	261	350	Total investments in joint ventures and associates	983	1,093
			Add: Investments in equity securities
—	—	—	Integrated Gas	—	—
12	—	—	Upstream	12	—
—	—	—	Marketing	—	—
—	—	—	Chemicals and Products	—	2
23	13	21	Renewables and Energy Solutions	45	68
3	—	19	Corporate	6	84
38	13	40	Total investments in equity securities	63	154
			Cash capital expenditure
1,236	1,151	1,099	Integrated Gas	3,429	3,000
1,974	1,829	2,007	Upstream	5,813	5,906
525	644	959	Marketing1	1,634	4,406
761	638	837	Chemicals and Products1	1,898	2,027
409	425	659	Renewables and Energy Solutions	1,272	1,655
45	32	87	Corporate	114	285
4,950	4,719	5,649	Total Cash capital expenditure	14,161	17,280

1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Current cost of supplies adjustment:
668	137	(1,304)	Purchases	473	(275)
(162)	(36)	327	Taxation	(114)	60
(2)	(5)	(47)	Share of profit/(loss) of joint ventures and associates	(35)	14
503	97	(1,024)	Current cost of supplies adjustment	324	(201)
			Of which:
477	89	(969)	Attributable to Shell plc shareholders	302	(162)
26	7	(55)	Attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901
			Of which:
4,768	3,606	6,075	CCS earnings attributable to Shell plc shareholders	15,468	18,725
126	140	77	CCS earnings attributable to non-controlling interest	336	176



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
9,570	8,950	10,097	Operating expenses	27,517	29,062

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

September 30, 2024

June 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

12,015

10,849

10,119

Current debt

12,015

10,119

64,597

64,619

72,028

Non-current debt

64,597

72,028

76,613

75,468

82,147

Total debt

76,613

82,147

4. Earnings per share



EARNINGS PER SHARE
Quarters				Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders ($ million)	15,166	18,887

			Weighted average number of shares used as the basis for determining:
6,256.5	6,355.4	6,668.1	Basic earnings per share (million)	6,350.3	6,792.5
6,320.9	6,417.6	6,736.7	Diluted earnings per share (million)	6,414.0	6,856.7

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(299,830,201)

(25)

At September 30, 2024

6,224,278,848

519

At January 1, 2023

7,003,503,393

584

Repurchases of shares

(357,368,014)

(30)

At September 30, 2023

6,646,135,379

555

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

6. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	2,815	2,815
Transfer from other comprehensive income	—	—	—	—	166	166
Repurchases of shares	—	—	25	—	—	25
Share-based compensation	—	—	—	(24)	—	(24)
At September 30, 2024	37,298	154	261	1,284	(14,870)	24,127
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,263)	(1,263)
Transfer from other comprehensive income	—	—	—	—	(111)	(111)
Repurchases of shares	—	—	30	—	—	30
Share-based compensation	—	—	—	(18)	—	(18)
At September 30, 2023	37,298	154	227	1,121	(19,029)	19,769

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

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 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	September 30, 2024	December 31, 2023
Carrying amount	51,022	53,832
Fair value¹	48,489	50,866

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

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

Consolidated Statement of Income

Interest and other income



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
440	(305)	913	Interest and other income/(expenses)	1,042	2,207
			Of which:
619	616	618	Interest income	1,824	1,718
4	30	7	Dividend income (from investments in equity securities)	58	36
(154)	143	(75)	Net gains/(losses) on sales and revaluation of non-current assets and businesses	0	35
(189)	(1,169)	168	Net foreign exchange gains/(losses) on financing activities	(1,292)	(60)
159	74	195	Other	452	478

Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

Depreciation, depletion and amortisation



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
5,916	7,555	5,911	Depreciation, depletion and amortisation	19,352	20,069
			Of which:
5,578	5,642	5,716	Depreciation	16,874	17,120
340	1,984	359	Impairments	2,706	3,438
(2)	(71)	(163)	Impairment reversals	(228)	(489)

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the 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). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

2,879

3,754

4,115

Taxation charge/(credit)

10,237

11,891

Of which:

2,834

3,666

4,115

Income tax excluding Pillar Two income tax

10,026

11,891

45

88

—

Income tax related to Pillar Two income tax

212

—

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

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

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

2,947

698

(1,460)

Currency translation differences

1,651

(1,174)

Of which:

2,912

(406)

(1,469)

Recognised in Other comprehensive income

524

(1,181)

35

1,104

9

(Gain)/loss reclassified to profit or loss

1,127

7

Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

Condensed Consolidated Balance Sheet

Retirement benefits



$ million
	September 30, 2024	December 31, 2023
Non-current assets
Retirement benefits	10,564	9,151
Non-current liabilities
Retirement benefits	7,110	7,549
Surplus/(deficit)	3,454	1,602

Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

Assets classified as held for sale



$ million
	September 30, 2024	December 31, 2023
Assets classified as held for sale	2,144	951
Liabilities directly associated with assets classified as held for sale	1,298	307

Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

(144)

2,027

(150)

Other

2,392

474

‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

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SHELL PLC 3rd QUARTER 2024 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.

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



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
477	89	(969)	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	302	(162)
26	7	(55)	Add: Current cost of supplies adjustment attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	4,894	2,631	2,289	760	341	(481)	(647)
Less: Identified items	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Less: CCS earnings attributable to non-controlling interest	126
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,028
Add: Non-controlling interest	126
Adjusted Earnings plus non-controlling interest	6,153	2,871	2,443	1,182	463	(162)	(643)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,571	949	2,413	322	(73)	(1)	(39)
Add: Depreciation, depletion and amortisation excluding impairments	5,578	1,369	2,691	564	862	86	6
Add: Exploration well write-offs	150	2	148
Add: Interest expense excluding identified items	1,173	49	183	13	14	2	912
Less: Interest income	619	5	8	—	25	—	581
Adjusted EBITDA	16,005	5,234	7,871	2,081	1,240	(75)	(346)
Less: Current cost of supplies adjustment before taxation	665			334	331
Joint ventures and associates (dividends received less profit)	(62)	(146)	(90)	51	63	61	—
Derivative financial instruments	133	(373)	47	98	88	(106)	380
Taxation paid	(3,028)	(814)	(2,074)	(241)	23	(33)	112
Other	(365)	(32)	(406)	275	107	(75)	(234)
(Increase)/decrease in working capital	2,665	(247)	(78)	792	2,131	(136)	204
Cash flow from operating activities	14,684	3,623	5,268	2,722	3,321	(364)	115

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	3,747	2,454	2,179	257	587	(75)	(1,656)
Less: Identified items	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Less: CCS earnings attributable to non-controlling interest	140
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	6,293
Add: Non-controlling interest	122
Adjusted Earnings plus non-controlling interest	6,415	2,675	2,336	1,082	1,085	(187)	(576)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,947	940	2,312	359	297	(10)	49
Add: Depreciation, depletion and amortisation excluding impairments	5,642	1,375	2,750	548	867	95	6
Add: Exploration well write-offs	269	5	264	—	—	—	—
Add: Interest expense excluding identified items	1,149	44	166	10	23	1	904
Less: Interest income	616	—	(1)	—	30	(9)	595
Adjusted EBITDA	16,806	5,039	7,829	1,999	2,242	(91)	(213)
Less: Current cost of supplies adjustment before taxation	133			74	59
Joint ventures and associates (dividends received less profit)	(135)	96	(288)	(54)	46	64	—
Derivative financial instruments	713	(133)	9	7	304	607	(79)
Taxation paid	(3,448)	(1,039)	(1,955)	(17)	(186)	(138)	(113)
Other	(38)	(104)	(341)	(57)	263	180	20
(Increase)/decrease in working capital	(258)	324	484	153	(361)	225	(1,083)
Cash flow from operating activities	13,508	4,183	5,739	1,958	2,249	847	(1,468)



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	6,152	2,156	1,999	629	1,250	616	(497)
Less: Identified items	(149)	(375)	(238)	(12)	(213)	667	22
Less: CCS earnings attributable to non-controlling interest	77
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,224
Add: Non-controlling interest	77
Adjusted Earnings plus non-controlling interest	6,302	2,531	2,237	641	1,463	(51)	(519)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,621	845	2,160	269	253	70	24
Add: Depreciation, depletion and amortisation excluding impairments	5,716	1,413	2,771	528	918	82	4
Add: Exploration well write-offs	186	35	151	—	—	—	—
Add: Interest expense excluding identified items	1,130	51	119	23	41	1	895
Less: Interest income	618	1	5	8	13	1	590
Adjusted EBITDA	16,336	4,874	7,433	1,453	2,661	101	(186)
Less: Current cost of supplies adjustment before taxation	(1,351)			(624)	(727)
Joint ventures and associates (dividends received less profit)	(13)	(40)	43	(19)	(19)	21	—
Derivative financial instruments	(2,549)	(454)	(20)	10	(375)	(1,407)	(304)
Taxation paid	(3,191)	(679)	(2,090)	(226)	54	(258)	8
Other	177	(44)	(57)	(485)	167	327	269
(Increase)/decrease in working capital	221	352	28	(960)	(354)	1,182	(27)
Cash flow from operating activities	12,332	4,009	5,336	397	2,862	(34)	(238)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	15,804	7,846	6,741	1,791	2,085	(3)	(2,656)
Less: Identified items	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Less: CCS earnings attributable to non-controlling interest	336
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	20,055
Add: Non-controlling interest	318
Adjusted Earnings plus non-controlling interest	20,373	9,225	6,712	3,046	3,163	(186)	(1,588)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,642	2,885	7,247	1,039	562	(10)	(81)
Add: Depreciation, depletion and amortisation excluding impairments	16,874	4,154	8,169	1,647	2,599	287	18
Add: Exploration well write-offs	973	14	959
Add: Interest expense excluding identified items	3,485	136	518	35	54	4	2,737
Less: Interest income	1,824	5	17	1	69	(5)	1,736
Adjusted EBITDA	51,523	16,410	23,588	5,767	6,308	101	(650)
Less: Current cost of supplies adjustment before taxation	438			256	182
Joint ventures and associates (dividends received less profit)	(779)	(247)	(924)	89	165	138	—
Derivative financial instruments	1,153	(1,586)	53	66	(10)	2,479	152
Taxation paid	(9,092)	(2,320)	(5,832)	(432)	(182)	(415)	89
Other	(500)	(90)	(978)	612	(8)	75	(111)
(Increase)/decrease in working capital	(344)	352	827	153	(869)	570	(1,377)
Cash flow from operating activities	41,522	12,518	16,734	5,999	5,221	2,948	(1,898)



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	18,901	5,325	6,388	2,832	3,310	3,361	(2,315)
Less: Identified items	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Less: CCS earnings attributable to non-controlling interest	176
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	20,944
Add: Non-controlling interest	176
Adjusted Earnings plus non-controlling interest	21,120	9,951	6,746	2,518	3,588	583	(2,266)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,553	2,773	6,720	808	558	345	349
Add: Depreciation, depletion and amortisation excluding impairments	17,120	4,300	8,358	1,479	2,667	303	13
Add: Exploration well write-offs	625	59	566	—	—	—	—
Add: Interest expense excluding identified items	3,504	110	372	40	39	3	2,941
Less: Interest income	1,718	2	13	8	33	5	1,657
Adjusted EBITDA	52,204	17,189	22,750	4,837	6,819	1,229	(619)
Less: Current cost of supplies adjustment before taxation	(261)			(94)	(167)
Joint ventures and associates (dividends received less profit)	(167)	32	(443)	85	85	72	2
Derivative financial instruments	(5,112)	(3,071)	—	(18)	225	(1,719)	(528)
Taxation paid	(10,108)	(2,843)	(6,455)	(478)	(197)	(350)	214
Other	82	(84)	(530)	23	284	304	85
(Increase)/decrease in working capital	4,462	2,700	342	(748)	(1,019)	4,713	(1,526)
Cash flow from operating activities	41,622	13,923	15,663	3,794	6,364	4,249	(2,372)

Identified Items

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	143	2	131	(60)	(8)	79	—
Impairment reversals/(impairments)	(1,932)	(18)	(80)	(1,055)	(619)	(161)	—
Redundancy and restructuring	(211)	(9)	(56)	(69)	(30)	(45)	(2)
Provisions for onerous contracts	(17)	(3)	(14)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	461	(102)	(29)	63	211	318	—
Other1	(1,271)	(130)	(168)	10	113	7	(1,103)
Total identified items included in Income/(loss) before taxation	(2,826)	(260)	(215)	(1,111)	(333)	198	(1,105)
Less: total identified items included in Taxation charge/(credit)	(157)	(40)	(58)	(286)	165	87	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	135	1	114	(45)	(6)	71	—
Impairment reversals/(impairments)	(1,728)	(15)	(67)	(783)	(708)	(155)	—
Redundancy and restructuring	(147)	(6)	(33)	(50)	(23)	(33)	(1)
Provisions for onerous contracts	(14)	(3)	(11)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	319	(98)	(7)	45	156	223	—
Impact of exchange rate movements and inflationary adjustments on tax balances	49	10	(4)	—	—	—	43
Other1	(1,284)	(111)	(148)	7	83	5	(1,122)
Impact on CCS earnings	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,687)	(220)	(157)	(825)	(517)	112	(1,080)

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(75)	6	23	(10)	3	(98)	—
Impairment reversals/(impairments)	(196)	—	(15)	(2)	(103)	(76)	—
Redundancy and restructuring	(20)	(3)	(4)	(5)	(4)	(2)	(3)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	258	(350)	38	(2)	(88)	659	—
Other	50	(25)	(236)	—	(97)	408	—
Total identified items included in Income/(loss) before taxation	17	(371)	(194)	(18)	(288)	891	(3)
Less: total identified items included in Taxation charge/(credit)	166	4	44	(6)	(75)	225	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(68)	4	8	(7)	2	(76)	—
Impairment reversals/(impairments)	(167)	—	(12)	(1)	(79)	(75)	—
Redundancy and restructuring	(14)	(2)	(2)	(4)	(3)	(1)	(2)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	121	(340)	13	—	(59)	506	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(51)	(13)	(62)	—	—	—	24
Other	29	(25)	(184)	—	(74)	312	—
Impact on CCS earnings	(149)	(375)	(238)	(12)	(213)	667	22
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(149)	(375)	(238)	(12)	(213)	667	22

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	—	—	155	(185)	(35)	68	(3)
Impairment reversals/(impairments)	(2,498)	(32)	(179)	(1,254)	(917)	(116)	—
Redundancy and restructuring	(837)	(79)	(258)	(226)	(190)	(86)	3
Provisions for onerous contracts	(24)	(3)	(14)	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,221)	(1,421)	(44)	(9)	(79)	332	—
Other1	(1,281)	(126)	(271)	32	148	39	(1,103)
Total identified items included in Income/(loss) before taxation	(5,859)	(1,663)	(609)	(1,649)	(1,073)	238	(1,104)
Less: total identified items included in Taxation charge/(credit)	(1,290)	(284)	(638)	(394)	5	55	(35)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	2	—	118	(140)	(28)	54	(2)
Impairment reversals/(impairments)	(2,201)	(24)	(171)	(965)	(952)	(89)	—
Redundancy and restructuring	(597)	(55)	(179)	(163)	(139)	(63)	2
Provisions for onerous contracts	(19)	(3)	(11)	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,032)	(1,198)	(11)	(6)	(69)	250	—
Impact of exchange rate movements and inflationary adjustments on tax balances	573	8	512	—	—	—	53
Other1	(1,293)	(107)	(228)	24	110	30	(1,122)
Impact on CCS earnings	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(4,587)	(1,379)	28	(1,255)	(1,096)	183	(1,069)

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	35	(1)	76	32	(12)	(59)	—
Impairment reversals/(impairments)	(2,952)	(2,274)	(199)	(49)	(300)	(130)	—
Redundancy and restructuring	(54)	—	(10)	(22)	(4)	(1)	(16)
Provisions for onerous contracts	(24)	—	—	—	(24)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	939	(3,047)	387	66	77	3,455	—
Other	116	(25)	(445)	298	(119)	408	—
Total identified items included in Income/(loss) before taxation	(1,941)	(5,347)	(192)	324	(382)	3,672	(16)
Less: total identified items included in Taxation charge/(credit)	278	(722)	165	11	(104)	894	34
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	50	—	80	24	(9)	(45)	—
Impairment reversals/(impairments)	(2,284)	(1,700)	(188)	(50)	(227)	(119)	—
Redundancy and restructuring	(35)	—	(3)	(17)	(3)	(1)	(11)
Provisions for onerous contracts	(18)	—	—	—	(18)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	52	(2,821)	106	60	75	2,632	—
Impact of exchange rate movements and inflationary adjustments on tax balances	8	(31)	78	—	—	—	(39)
Other	7	(74)	(431)	297	(96)	312	—
Impact on CCS earnings	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)

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

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

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

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

B. Adjusted Earnings per share

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

C. Cash capital expenditure

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

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

D. Capital employed and Return on average capital employed

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

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

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

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



$ million	Quarters
	Q3 2024	Q2 2024	Q3 2023
Current debt	10,119	12,114	8,046
Non-current debt	72,028	72,252	73,944
Total equity	192,943	192,094	190,237
Less: Cash and cash equivalents	(43,031)	(45,094)	(35,978)
Capital employed – opening	232,059	231,366	236,250
Current debt	12,015	10,849	10,119
Non-current debt	64,597	64,619	72,028
Total equity	189,538	187,190	192,943
Less: Cash and cash equivalents	(42,252)	(38,148)	(43,031)
Capital employed – closing	223,898	224,511	232,059
Capital employed – average	227,979	227,939	234,154

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



$ million	Quarters
	Q3 2024	Q2 2024	Q3 2023
Adjusted Earnings – current and previous three quarters (Reference A)	27,361	27,558	30,758
Add: Income/(loss) attributable to NCI – current and previous three quarters	376	409	275
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	56	(25)	(12)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	7	7	13
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	27,787	27,935	31,008
Add: Interest expense after tax – current and previous three quarters	2,698	2,650	2,685
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,392	1,395	1,179
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	29,093	29,190	32,514
Capital employed – average	227,979	227,939	234,154
ROACE on an Adjusted Earnings plus NCI basis	12.8%	12.8%	13.9%

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
	September 30, 2024		June 30, 2024		September 30, 2023
Current debt	12,015		10,849		10,119
Non-current debt	64,597		64,619		72,028
Total debt	76,613		75,468		82,147
Of which lease liabilities	25,590		25,600		27,854
Add: Debt-related derivative financial instruments: net liability/(asset)	1,694		2,460		3,116
Add: Collateral on debt-related derivatives: net liability/(asset)	(821)		(1,466)		(1,762)
Less: Cash and cash equivalents	(42,252)		(38,148)		(43,031)
Net debt	35,234		38,314		40,470
Total equity	189,538		187,190		192,943
Total capital	224,772		225,505		233,414
Gearing	15.7	%	17.0	%	17.3	%

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 3rd QUARTER 2024 UNAUDITED RESULTS



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,138	1,164	2,394	367	1,766	453	(6)
Selling, distribution and administrative expenses	3,139	(1)	(39)	2,408	453	209	110
Research and development	294	27	75	55	34	22	81
Operating expenses	9,570	1,190	2,430	2,830	2,253	684	185



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



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,384	1,125	2,266	335	1,900	760	(1)
Selling, distribution and administrative expenses1	3,447	50	42	2,448	501	286	121
Research and development1	267	30	77	60	44	(26)	81
Operating expenses	10,097	1,204	2,384	2,843	2,444	1,021	201



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	17,541	3,170	6,881	1,052	4,973	1,454	10
Selling, distribution and administrative expenses	9,208	125	80	6,891	1,166	646	300
Research and development	768	85	194	136	104	58	192
Operating expenses	27,517	3,380	7,156	8,079	6,243	2,158	501



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	18,433	3,341	6,591	1,030	5,579	1,878	14
Selling, distribution and administrative expenses1	9,811	114	217	6,906	1,494	787	293
Research and development1	817	84	216	184	129	2	202
Operating expenses	29,062	3,540	7,024	8,120	7,201	2,667	509

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

Underlying operating expenses

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

9,570

8,950

10,097

Operating expenses

27,517

29,062

(552)

(210)

(19)

Redundancy and restructuring (charges)/reversal

(834)

(51)

(154)

(212)

(343)

(Provisions)/reversal

(366)

(376)

—

123

—

Other

252

—

(706)

(299)

(362)

Total identified items

(948)

(426)

8,864

8,651

9,735

Underlying operating expenses

26,569

28,635

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	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
10,827	10,170	7,505	Free cash flow	30,799	29,542
194	769	259	Less: Divestment proceeds (Reference I)	1,988	2,477
—	—	(3)	Add: Tax paid on divestments (reported under “Other investing cash outflows”)	—	—
—	189	3	Add: Cash outflows related to inorganic capital expenditure1	251	2,316
10,633	9,590	7,246	Organic free cash flow2	29,062	29,381

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

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

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

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

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

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

14,684

13,508

12,332

Cash flow from operating activities

41,522

41,622

2,705

(954)

(3,151)

(Increase)/decrease in inventories

1,143

2,237

4,057

1,965

(1,126)

(Increase)/decrease in current receivables

5,827

13,105

(4,096)

(1,269)

4,498

Increase/(decrease) in current payables1

(7,314)

(10,881)

2,665

(258)

221

(Increase)/decrease in working capital

(344)

4,462

12,019

13,766

12,111

Cash flow from operating activities excluding working capital movements

41,867

37,160

1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

I. Divestment proceeds

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



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
194	769	259	Divestment proceeds	1,988	2,477

Page 38



SHELL PLC 3rd QUARTER 2024 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 where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “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’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed 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; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed 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, October 31, 2024. 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 are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

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

Forward-Looking Non-GAAP measures

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

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

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

This Unaudited Condensed Interim Financial Report contains inside information.

Page 39



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

October 31, 2024


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Page 40

The MIL Network –

January 25, 2025

MIL-OSI: Shell plc publishes third quarter 2024 press release

Source: GlobeNewswire (MIL-OSI)

London, October 31, 2024

“Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.5 billion buyback programme for the next three months, making this the 12^th consecutive quarter in which we have announced $3 billion or more in buybacks.”

Shell plc Chief Executive Officer, Wael Sawan

STRONG RESULTS, CONSISTENT DISTRIBUTIONS

Q3 2024 Adjusted Earnings¹ of $6.0 billion, despite the lower crude prices and weaker refining margins, reflect strong operational performance in Integrated Gas, Upstream and Marketing.
CFFO of $14.7 billion for the quarter includes a working capital inflow of $2.7 billion; net debt reduced to $35.2 billion ($9.6 billion excluding lease liabilities).
Cash capex for 2024 is expected to be below the lower end of the $22 – 25 billion range.
Commencing a $3.5 billion share buyback programme, expected to be completed by Q4 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,871	5,234	3,623	1,236
Upstream		2,443	7,871	5,268	1,974
Marketing		1,182	2,081	2,722	525
Chemicals & Products²		463	1,240	3,321	761
Renewables & Energy Solutions		(162)	(75)	(364)	409
Corporate		(643)	(346)	115	45
Less: Non-controlling interest (NCI)		126
Shell	Q3 2024	6,028	16,005	14,684	4,950
Shell	Q2 2024	6,293	16,806	13,508	4,719

¹Income/(loss) attributable to shareholders for Q3 2024 is $4.3 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 $(0.1) billion and Products $0.6 billion.

CFFO of $14.7 billion for Q3 2024 includes a working capital inflow of $2.7 billion mainly due to lower prices. CFFO reflects tax payments of $3.0 billion. Net debt reduced by $3.1 billion over the quarter to $35.2 billion ($9.6 billion excluding lease liabilities).

$ billion¹	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024
Divestment proceeds	0.3	0.6	1.0	0.8	0.2
Free cash flow	7.5	6.9	9.8	10.2	10.8
Net debt	40.5	43.5	40.5	38.3	35.2

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

Q3 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Realised liquids price ($/bbl)	68	63	—
Realised gas price ($/thousand scf)	7.6	7.9	—
Production (kboe/d)	980	941	900 – 960
LNG liquefaction volumes (MT)	6.9	7.5	6.9 – 7.5
LNG sales volumes (MT)	16.4	17.0	—

Adjusted Earnings were higher than in Q2 2024, due to higher LNG liquefaction volumes. Trading and optimisation results
were in line with a strong Q2 2024.
Q4 2024 production outlook reflects scheduled maintenance at Pearl GTL in Qatar.

UPSTREAM

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Realised liquids price ($/bbl)	78	75	—
Realised gas price ($/thousand scf)	6.2	6.6	—
Liquids production (kboe/d)	1,297	1,321	—
Gas production (million scf/d)	2,818	2,844	—
Total production (kboe/d)	1,783	1,811	1,750 – 1,950

Adjusted Earnings were higher than in Q2 2024, as lower prices were offset by lower well write-offs than in the previous quarter.

MARKETING

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Marketing sales volumes (kb/d)	2,868	2,945	2,550 – 3,050
Mobility (kb/d)	2,078	2,119	—
Lubricants (kb/d)	84	81	—
Sectors & Decarbonisation (kb/d)	706	745	—

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

Adjusted Earnings were higher than in Q2 2024 due to improved Mobility unit margins and impact of seasonally higher volumes.

CHEMICALS & PRODUCTS

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Refinery processing intake (kb/d)	1,429	1,305	—
Chemicals sales volumes (kT)	3,052	3,015	—
Refinery utilisation (%)	92	81	75 – 83
Chemicals manufacturing plant utilisation (%)	80	76	72 – 80
Global indicative refining margin ($/bbl)	7.7	5.5	—
Global indicative chemical margin ($/t)	155	164	—

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.

Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

Lower refining margins in Q3 2024 were driven by a stabilising market with increased supply. Chemicals Adjusted Earnings
were lower than in Q2 2024 due to lower utilisation and lower realised prices.
Trading and optimisation results were in line with Q2 2024.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q2 2024	Q3 2024
External power sales (TWh)	74	79
Sales of pipeline gas to end-use customers (TWh)	148	148
Renewables power generation capacity (GW)*	7.1	7.3
in operation (GW)	3.3	3.4
under construction and/or committed for sale (GW)	3.8	3.9

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

Adjusted Earnings were in line with Q2 2024.

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

CORPORATE

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Adjusted Earnings ($ billion)	(0.6)	(0.6)	(0.8) – (0.6)

The Adjusted Earnings outlook is a net expense of $2.2 – 2.4 billion for the full year 2024.

UPCOMING ANNOUNCED INVESTOR EVENTS

January 30, 2025	Fourth quarter 2024 results and dividends
May 2, 2025	First quarter 2025 results and dividends
July 31, 2025	Second quarter 2025 results and dividends
October 30, 2025	Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q 3 2024

Quarterly Databook Q 3 2024

Webcast registration Q3 2024

Dividend announcement Q 3 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

CAUTIONARY STATEMENT

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

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this [report], including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this [report] and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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

Shell’s Net Carbon Intensity

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

Shell’s Net-Zero Emissions Target

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

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

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

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

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

CONTACTS

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

The MIL Network –

January 25, 2025

MIL-OSI: Shell plc Third Quarter 2024 Interim Dividend

Source: GlobeNewswire (MIL-OSI)

Shell plc Third Quarter 2024 Interim Dividend

London, October 31, 2024 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the third quarter of 2024 of US$ 0.344 per ordinary share.

Details relating to the third quarter 2024 interim dividend

Per ordinary share (GB00BP6MXD84)	Q3 2024
Shell Shares (US$)	0.344

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

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

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

The pound sterling and euro equivalent dividend payments will be announced on December 9, 2024.

Per ADS (US7802593050)	Q3 2024
Shell ADSs (US$)	0.688

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

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

Dividend timetable for the third quarter 2024 interim dividend

Event	Date
Announcement date	October 31, 2024
Ex- Dividend Date for ADSs	November 15, 2024
Ex- Dividend Date for ordinary shares	November 14, 2024
Record date	November 15, 2024
Closing of currency election date (see Note below)	November 29, 2024
Pound sterling and euro equivalents announcement date	December 9, 2024
Payment date	December 19, 2024

Note

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

Taxation – cash dividends

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

Dividend Reinvestment Programmes (“DRIP”)

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

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

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

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

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

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

Cautionary Note

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

Forward-Looking Statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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

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

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

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

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of a Member State

The MIL Network –

January 25, 2025

MIL-OSI: Shell announces commencement of a share buyback programme

Source: GlobeNewswire (MIL-OSI)

Shell plc

Shell announces commencement of a share buyback programme

October 31, 2024

Shell plc (the ‘Company’) today announces the commencement of a $3.5 billion share buyback programme covering an aggregate contract term of approximately three months (the ‘programme’). The purpose of the programme is to reduce the issued share capital of the Company. All shares repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior to the Company’s Q4 2024 results announcement, scheduled for January 30, 2025.

The Company has entered into an arrangement with a single broker consisting of two irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London market exchanges (the London Stock Exchange and/or on BATS and/or on Chi-X) (pursuant to one ‘London contract’) and Netherlands exchanges (Euronext Amsterdam and/or on CBOE Europe DXE and/or on Turquoise Europe) (pursuant to one ‘Netherlands contract’) for a period up to and including January 24, 2025. The aggregate maximum consideration for the purchase of ordinary shares under the London contract is $2.1 billion and the maximum consideration for the purchase of ordinary shares under the Netherlands contract is $1.4 billion. Purchases under the London contract will be carried out in accordance with the Company’s authority¹ to repurchase shares on-market and will be effected within certain contractually agreed parameters. Purchases under the Netherlands contract will be carried out in accordance with the Company’s authority¹ to repurchase shares off-market pursuant to the off-market share buyback contract approved by its shareholders and the parameters set out therein.

The maximum number of ordinary shares which may be purchased or committed to be purchased by the Company under the programme (across both contracts) is 525,000,000, which is the maximum number remaining as of the date of this announcement pursuant to the relevant authorities granted by shareholders at the Company’s 2024 Annual General Meeting¹.

The broker will make its trading decisions in relation to the Company’s securities independently of the Company.

The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules, Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (‘EU MAR’) and EU MAR as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced including by relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time and the Commission Delegated Regulation (EU) 2016/1052 (the ‘EU MAR Delegated Regulation’) and the EU MAR Delegated Regulation as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced, including by relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

¹ The existing shareholder authorities to buy back shares granted at the Company’s 2024 Annual General Meeting will expire at the earlier of the close of business on August 20, 2025, and the end of the date of the Company’s 2025 Annual General Meeting. The Company expects to seek renewal of shareholder authority to buy back shares at subsequent Annual General Meetings.

Enquiries

Media International: +44 (0) 207 934 5550

Media Americas: +1 832 337 4355

Cautionary Note

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

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s Net Carbon Intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares.

The MIL Network –

January 25, 2025

MIL-OSI: Shell Plc 2025 Interim Dividend Timetable

Source: GlobeNewswire (MIL-OSI)

SHELL PLC 2025 INTERIM DIVIDEND TIMETABLE

London, October 31, 2024

The Board of Shell plc today announced the intended timetable for the 2025 quarterly interim dividends.

2025 Interim Dividend Timetable

Event	4^th Quarter 2024	1^st Quarter 2025	2^nd Quarter 2025	3^rd Quarter 2025
Announcement date	January 30, 2025	May 2, 2025	July 31, 2025	October 30, 2025
Ex- Dividend Date for ADSs	February 14, 2025	May 16, 2025	August 15, 2025	November 14, 2025
Ex- Dividend Date for ordinary shares	February 13, 2025	May 15, 2025	August 14, 2025	November 13, 2025
Record date	February 14, 2025	May 16, 2025	August 15, 2025	November 14, 2025
Closing date for currency election (see Note below)	February 28, 2025	June 2, 2025	September 1, 2025	November 28, 2025
Pounds sterling and euro equivalents announcement date	March 10, 2025	June 9, 2025	September 8, 2025	December 8, 2025
Payment date	March 24, 2025	June 23, 2025	September 22, 2025	December 18, 2025

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

The 2025 interim dividend timetable is also available on www.shell.com/dividend.

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

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

Forward-Looking Statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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

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

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

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

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of a Member State

The MIL Network –

January 25, 2025

MIL-OSI Economics: ADB’s Private Sector Operations in New Sectors Well Ahead of Target, but Annual Commitment Volume is Declining: Independent Evaluation Report

Source: Asia Development Bank

MANILA, PHILIPPINES (31 October 2024) — The Asian Development Bank (ADB) has made progress in expanding its private sector operations by diversifying into new sectors and increasing cofinancing. However, the commitment volume in dollar term has declined by 42% in 2023 as compared to 2019, an independent evaluation report showed.

The evaluation analyzes ADB’s efforts to scale up its private sector operations in alignment with its operational plan.

“Since private sector operations need to be at a certain scale to be impactful, this decline in dollar commitment volume is concerning,” ADB Independent Evaluation Department Director General Emmanuel Jimenez said. “The operational plan was flexible allowing private sector operations to respond to the unexpected market changes, including the COVID-19 pandemic. However, it now needs to be more focused by identifying areas of operations with major development gaps.”

The report found that while private sector operations are on track to meet the target of 2.5 times long-term cofinancing ratio by 2030, the increase in the ratio from 2019 represents a modest growth in the dollar value of cofinancing deals.

“Switching to a key performance indicator based on the number of projects, rather than dollar volume, possibly incentivized staff to increase transactions in lower middle-income countries and sectors where deal sizes are naturally smaller,” said evaluation team leader Paolo Obias. “However, ADB was unable to originate enough projects to make up for the smaller deal sizes.”

The evaluation highlights that improvements are needed in the areas of strategic prioritization, resource allocation, incentives, and the integration of private sector diagnostics into country partnership strategies.

Despite the strong growth and development achieved in Asia and the Pacific, large financing gaps remain, particularly in infrastructure, financial inclusion, and climate financing. The gaps are too large for public institutions to handle on their own because of limited fiscal space. Multilateral development banks are thus doubling down on their commitment to scaling up their private sector activities to meet development objectives.

About Independent Evaluation at ADB

ADB’s Independent Evaluation, reporting to the Board of Directors through the Development Effectiveness Committee, contributes to development effectiveness by providing feedback on ADB’s policies, strategies, operations, and special concerns in Asia and the Pacific.

MIL OSI Economics –

January 25, 2025

MIL-Evening Report: Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

A major takeout from the inquiry into the national response to COVID is that a lack of trust would likely mean a less cooperative public during a future pandemic.

Trust spiked early in the crisis, as fear ran high and people turned to known institutions and authority figures. Later, trust declined and frustrations rose, with people reacting against harsh measures.

Criticism has grown in retrospect. In a 2024 survey, 54% said the government’s handling at the time was appropriate. This had been 80% at the pandemic’s peak. By 2024, 29% said the government had overreacted; they were more likely to rate its performance poorly than were people earlier.

The review, by an independent panel, stressed the importance of better communication and coordination in planning for future crises. But a few wrinkles should also be considered.

If we had another pandemic in five years, people would indeed be more resistant to restrictions. But if the next similar crisis was, say, 50 years on, the then-public’s attitude would be anyone’s guess. Trust might surge and subside in a similar pattern.

The change in views is unsurprising. Looking back, memories of the threat fade somewhat – because overall Australia did well – while those of the restraints (some of them notable overreach) loom larger.

The pandemic’s lift in public trust was a blip – driven by extraordinary circumstances – in a long-term decline. This decline is a serious intractable problem in our democracy, as in many other countries.

You’d have to be super optimistic to expect a revival in trust in the foreseeable future. But if it continues to fall away, the foundations of our political institutions and our society will become shakier.

In the United States, Donald Trump made a huge assault on people’s trust in the electoral system after he lost the 2020 presidential election. There’d be fears he would do the same if he loses next week.

Thankfully, in Australia trust around election management remains absolutely solid. But there’s mounting concern about the corrosive effect of misinformation and disinformation in the political debate and, equally, distrust of proposals to curb these.

The polarisation in our media is a much paler version of what we see in the US, but is still wearing away at trust.

Distrust and cynicism are closely related, and can be fuelled by relatively small things.

Australians have always been disrespectful of the political class. To a degree this can be positive, if it is healthy scepticism. But if it descends into a belief politicians are more likely to serve themselves than serve the public good, that pulls democracy downwards.

Independent Helen Haines wrote this week: “in a world of aggressive lobbying, of jobs for mates, and acceptance of pork-barrelling, it is no surprise that in Australia there is diminishing trust in politics and governments”.

The furore over Anthony Albanese obtaining Qantas upgrades, arising from Joe Aston’s just-published The Chairman’s Lounge, might be seen as small beer, as “scandals” go.

But it raises suspicions, justified or not, in voters’ minds about decision-making. If big corporations are so cosy with politicians, are the politicians more likely to lend them sympathetic ears?

After all, the pursuit of access and influence is behind much of the money that’s donated to politics. The same applies to privileges extended.

Integrity is vital to trust. It didn’t pass the integrity test for Albanese to have accepted upgrades from Qantas, especially for personal travel, when he was transport minister in the former Labor government, overseeing regulation of the airline.

After dodging for days – he said it took a long time to check his records – Albanese finally denied ever contacting then Qantas chief Alan Joyce (or other executives) to request upgrades. But, it will be asked, did a mates network mean he didn’t need to?

Albanese is highly sensitive over the Qantas story, insisting to colleagues and others it is just a media beatup.

The affair has chipped away at public trust not just in the prime minister but, to an extent, more generally, as scrutiny stretched to travel largesse received by opposition figures, including Peter Dutton asking to use Gina Rinehart’s plane.

Research for the COVID inquiry showed a distrustful public wants more transparency from their politicians.

It’s a paradox that we’ve seen an expansion of mechanisms for transparency, yet there’s the perception, and often the reality, of things being deeply opaque.

In the upgrades affair, Albanese has made much of the fact he declared everything on his parliamentary register of interests. Yet that doesn’t get us to the core of the relationship between a senior politician and key people in an airline.

It’s the same with the gambling industry. What has been going on behind the scenes to delay the government’s decision on gambling reform, expected months ago? We can find from the record the donations the gambling industry gave, but not the influence exerted privately.

The increasing professionalisation of politics may have worked against trust. It distances voters from the politicians, and provides more tools for manipulating public opinion.

This may be one reason why “community candidates”, with their grassroots campaigning, have appealed. But the apparent shyness of Simon Holmes à Court, whose Climate 200 fund donates to some of these candidates, about finding himself on the Australian Financial Review’s “covert power” list only turned more attention to the backstory of money and politics.

Concern about integrity and trust was a driver of the Albanese government’s establishment, with much fanfare, of the National Anti-Corruption Commission (NACC). Now a scathing report released this week threatens to undermine public trust in that body.

It followed the NACC’s decision not to investigate six people referred to it by the royal commission into Robodebt.

Robodebt had delivered a massive blow to people’s trust in government and the public service, and it was vital full accountability was pursued.

The NACC head, Paul Brereton, delegated the decision-making on whether to open an investigation to another commissioner, because he’d had a professional relationship with one of the people referred.

But, in a damning report, the Inspector of the NACC found Brereton had not adequately excused himself.

“I found that the NACC Commissioner’s involvement in the decision-making was comprehensive, before, during and after the 19 October 2023 meeting at which the substantive decision was made not to investigate the referrals,” the Inspector concluded.

Brereton’s response has been to say mistakes happen, the important thing is to correct them, and this will be done – through the appointment of an “eminent person” to review whether the referrals should be investigated.

Both government and opposition are declaring faith in Brereton. But crossbench senator David Pocock argues Brereton should go. Anthony Whealy, former judge and chair of the Centre for Public Integrity, told the ABC that while Brereton hadn’t committed a sackable offence, in his shoes he would step down, to protect the NACC’s reputation.

Is that the price of maintaining trust in this institution that was supposed to help restore trust?

Michelle Grattan 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. Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians – https://theconversation.com/grattan-on-friday-furore-over-anthony-albaneses-qantas-perks-chips-away-at-public-trust-in-politicians-242589

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI: Radware Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Financial Results and Highlights

Revenue of $69.5 million, an increase of 13% year–over–year
Cloud ARR of $71.6 million, an increase of 15% year-over-year
Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
Cash flow from operations of $14.7 million and $58.9 million year-to-date

TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

“We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

Financial Highlights for the Third Quarter 2024
Revenue for the third quarter of 2024 totaled $69.5 million:

Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third quarter of 2024.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call
Radware management will host a call today, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth quarter 2024 outlook. To participate on the call, please use the following numbers:
U.S. participants call toll free: 888-510-2008
International participants call: 1 646-960-0306
Conference ID: 1864701

A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-609-800-9099 or (US toll-free) 800-770-2030. Passcode 1864701.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

Use of Non-GAAP Financial Information and Key Performance Indicators
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:
Gerri Dyrek, gerri.dyrek@radware.com

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

	September 30,	December 31,
	2024	2023
	(Unaudited)	(Unaudited)
Assets

Current assets
Cash and cash equivalents	115,416	70,538
Marketable securities	94,809	86,372
Short-term bank deposits	111,998	173,678
Trade receivables, net	19,963	20,267
Other receivables and prepaid expenses	9,891	9,529
Inventories	13,543	15,544
	365,620	375,928

Long-term investments
Marketable securities	30,991	33,131
Long-term bank deposits	58,468	–
Other assets	2,104	2,166
	91,563	35,297


Property and equipment, net	16,499	18,221
Intangible assets, net	12,742	15,718
Other long-term assets	35,312	37,967
Operating lease right-of-use assets	18,433	20,777
Goodwill	68,008	68,008
Total assets	608,177	571,916

Liabilities and equity

Current liabilities
Trade payables	6,551	4,298
Deferred revenues	109,924	105,012
Operating lease liabilities	4,333	4,684
Other payables and accrued expenses	46,427	41,021
	167,235	155,015

Long-term liabilities
Deferred revenues	65,916	60,499
Operating lease liabilities	13,658	16,020
Other long-term liabilities	14,173	17,108
	93,747	93,627

Equity
Radware Ltd. equity
Share capital	749	742
Additional paid-in capital	548,240	529,209
Accumulated other comprehensive income	593	77
Treasury stock, at cost	(366,588)	(365,749)
Retained earnings	123,398	119,812
Total Radware Ltd. shareholder’s equity	306,392	284,091

Non–controlling interest	40,803	39,183

Total equity	347,195	323,274

Total liabilities and equity	608,177	571,916

Radware Ltd. Condensed Consolidated Statements of Income (Loss) (U.S Dollars in thousands, except share and per share data)

	For the three months ended		For the nine months ended
	September 30,		September 30,
	2024	2023	2024	2023
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Revenues	69,488	61,612	201,849	196,260
Cost of revenues	13,392	12,838	39,260	38,886
Gross profit	56,096	48,774	162,589	157,374

Operating expenses, net:
Research and development, net	18,654	20,614	56,251	62,905
Selling and marketing	30,500	30,532	89,945	94,368
General and administrative	6,948	7,824	21,271	24,378
Total operating expenses, net	56,102	58,970	167,467	181,651

Operating loss	(6)	(10,196)	(4,878)	(24,277)
Financial income, net	4,957	3,778	12,982	10,688
Income (loss) before taxes on income	4,951	(6,418)	8,104	(13,589)
Taxes on income	1,807	433	4,518	2,151
Net income (loss)	3,144	(6,851)	3,586	(15,740)

Basic net income (loss) per share attributed to Radware Ltd.’s shareholders	0.07	(0.16)	0.09	(0.36)

Weighted average number of shares used to compute basic net income (loss) per share	41,956,001	42,261,637	41,854,984	43,232,405

Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders	0.07	(0.16)	0.08	(0.36)

Weighted average number of shares used to compute diluted net income (loss) per share	43,573,161	42,261,637	43,199,279	43,232,405

	Radware Ltd. Reconciliation of GAAP to Non-GAAP Financial Information (U.S Dollars in thousands, except share and per share data)

		For the three months ended		For the nine months ended
		September 30,		September 30,
		2024	2023	2024	2023
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
GAAP gross profit		56,096	48,774	162,589	157,374
	Share-based compensation	81	177	240	403
	Amortization of intangible assets	992	992	2,976	2,976
Non-GAAP gross profit		57,169	49,943	165,805	160,753

GAAP research and development, net		18,654	20,614	56,251	62,905
	Share-based compensation	1,421	2,064	4,679	6,200
Non-GAAP Research and development, net		17,233	18,550	51,572	56,705

GAAP selling and marketing		30,500	30,532	89,945	94,368
	Share-based compensation	2,548	2,134	7,708	9,065
	Restructuring costs	–	1,273	–	1,273
Non-GAAP selling and marketing		27,952	27,125	82,237	84,030

GAAP general and administrative		6,948	7,824	21,271	24,378
	Share-based compensation	2,008	2,884	6,480	9,483
	Acquisition costs	159	211	571	769
Non-GAAP general and administrative		4,781	4,729	14,220	14,126

GAAP total operating expenses, net		56,102	58,970	167,467	181,651
	Share-based compensation	5,977	7,082	18,867	24,748
	Acquisition costs	159	211	571	769
	Restructuring costs	–	1,273	–	1,273
Non-GAAP total operating expenses, net		49,966	50,404	148,029	154,861

GAAP operating loss		(6)	(10,196)	(4,878)	(24,277)
	Share-based compensation	6,058	7,259	19,107	25,151
	Amortization of intangible assets	992	992	2,976	2,976
	Acquisition costs	159	211	571	769
	Restructuring costs	–	1,273	–	1,273
Non-GAAP operating income (loss)		7,203	(461)	17,776	5,892

GAAP financial income, net		4,957	3,778	12,982	10,688
	Exchange rate differences, net on balance sheet items included in financial income, net	(86)	37	(231)	(770)
Non-GAAP financial income, net		4,871	3,815	12,751	9,918

GAAP income (loss) before taxes on income		4,951	(6,418)	8,104	(13,589)
	Share-based compensation	6,058	7,259	19,107	25,151
	Amortization of intangible assets	992	992	2,976	2,976
	Acquisition costs	159	211	571	769
	Restructuring costs	–	1,273	–	1,273
	Exchange rate differences, net on balance sheet items included in financial income, net	(86)	37	(231)	(770)
Non-GAAP income before taxes on income		12,074	3,354	30,527	15,810

GAAP taxes on income		1,807	433	4,518	2,151
	Tax related adjustments	62	62	185	185
Non-GAAP taxes on income		1,869	495	4,703	2,336

GAAP net income (loss)		3,144	(6,851)	3,586	(15,740)
	Share-based compensation	6,058	7,259	19,107	25,151
	Amortization of intangible assets	992	992	2,976	2,976
	Acquisition costs	159	211	571	769
	Restructuring costs	–	1,273	–	1,273
	Exchange rate differences, net on balance sheet items included in financial income, net	(86)	37	(231)	(770)
	Tax related adjustments	(62)	(62)	(185)	(185)
Non-GAAP net income		10,205	2,859	25,824	13,474

GAAP diluted net income (loss) per share		0.07	(0.16)	0.08	(0.36)
	Share-based compensation	0.14	0.17	0.45	0.57
	Amortization of intangible assets	0.02	0.03	0.07	0.07
	Acquisition costs	0.00	0.00	0.01	0.02
	Restructuring costs	0.00	0.03	0.00	0.03
	Exchange rate differences, net on balance sheet items included in financial income, net	(0.00)	0.00	(0.01)	(0.02)
	Tax related adjustments	(0.00)	(0.00)	(0.00)	0.00
Non-GAAP diluted net earnings per share		0.23	0.07	0.60	0.31


Weighted average number of shares used to compute non-GAAP diluted net earnings per share		43,573,161	43,163,159	43,199,279	44,058,549

Radware Ltd. Condensed Consolidated Statements of Cash Flow (U.S. Dollars in thousands)

	For the three months ended		For the nine months ended
	September 30,		September 30,
	2024	2023	2024	2023
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Cash flow from operating activities:

Net income (loss)	3,144	(6,851)	3,586	(15,740)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,947	3,025	8,918	9,216
Share-based compensation	6,058	7,259	19,107	25,151
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net	(234)	161	(227)	1,116
Loss related to securities, net	–	–	–	244
Increase (decrease) in accrued interest on bank deposits	(814)	(2,289)	4,645	(3,814)
Increase (decrease) in accrued severance pay, net	147	(401)	106	(506)
Decrease in trade receivables, net	5,536	4,448	304	5,380
Decrease (increase) in other receivables and prepaid expenses and other long-term assets	749	(215)	1,155	(2,541)
Decrease (increase) in inventories	253	(671)	2,001	(1,566)
Increase (decrease) in trade payables	2,474	(1,778)	2,253	(395)
Increase (decrease) in deferred revenues	(6,059)	(12,311)	10,329	(11,095)
Increase (decrease) in other payables and accrued expenses	259	644	7,052	(10,798)
Operating lease liabilities, net	248	(804)	(369)	(805)
Net cash provided by (used in) operating activities	14,708	(9,783)	58,860	(6,153)

Cash flows from investing activities:

Purchase of property and equipment	(1,412)	(1,130)	(4,220)	(4,493)
Proceeds from other long-term assets, net	46	29	40	77
Proceeds from (investment in) bank deposits, net	9,731	21,145	(1,433)	51,345
Investment in, redemption of and purchase of marketable securities, net	5,541	2,228	(4,456)	347
Net cash provided by (used in) investing activities	13,906	22,272	(10,069)	47,276

Cash flows from financing activities:

Proceeds from exercise of share options	–	–	3	308
Repurchase of shares	–	(20,648)	(839)	(53,131)
Payment of contingent consideration related to acquisition	–	(2,063)	(3,077)	(2,063)
Net cash used in financing activities	–	(22,711)	(3,913)	(54,886)

Increase (decrease) in cash and cash equivalents	28,614	(10,222)	44,878	(13,763)
Cash and cash equivalents at the beginning of the period	86,802	42,644	70,538	46,185
Cash and cash equivalents at the end of the period	115,416	32,422	115,416	32,422

	Radware Ltd. RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP) (U.S Dollars in thousands)

		For the three months ended		For the nine months ended
		September 30,		September 30,
		2024	2023	2024	2023
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
GAAP net income (loss)		3,144	(6,851)	3,586	(15,740)
	Exclude: Financial income, net	(4,957)	(3,778)	(12,982)	(10,688)
	Exclude: Depreciation and amortization expense	2,947	3,025	8,918	9,216
	Exclude: Taxes on income	1,807	433	4,518	2,151
EBITDA		2,941	(7,171)	4,040	(15,061)

	Share-based compensation	6,058	7,259	19,107	25,151
	Restructuring costs	–	1,273	–	1,273
	Acquisition costs	159	211	571	769
Adjusted EBITDA		9,158	1,572	23,718	12,132


		For the three months ended		For the nine months ended
		September 30,		September 30,
		2024	2023	2024	2023
	Amortization of intangible assets	992	992	2,976	2,976
	Depreciation	1,955	2,033	5,942	6,240
		2,947	3,025	8,918	9,216

The MIL Network –

January 25, 2025

MIL-OSI: WTW Reports Third Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹ increased 6% to $2.3 billion for the quarter with organic growth of 6% for the quarter
Diluted Loss² per Share was $16.44 for the quarter
Adjusted Diluted Earnings per Share were $2.93 for the quarter, up 31% from prior year
Operating Margin² was (33.5)% for the quarter
Adjusted Operating Margin was 18.1% for the quarter, up 190 basis points from prior year

LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the third quarter ended September 30, 2024.

“We had another strong quarter fueled by revenue growth, operating leverage and the success of our Transformation program. Our revenue growth of 6% for the quarter is evidence that our value proposition is continuing to resonate in the market and that our investments in talent and technology are succeeding. We are also making ongoing progress on our commitment to improve cash flow. Given our strong performance and momentum, we are entering the fourth quarter with confidence in our ability to deliver on our targets for the year and drive sustainable, profitable growth going forward.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q3-24	Q3-23	Y/Y Change
Revenue¹	$2,289	$2,166	Reported 6% \| CC 6% \| Organic 6%
(Loss)/Income from Operations²	$(766)	$159	NM
Operating Margin² %	(33.5)%	7.3%	NM
Adjusted Operating Income	$414	$351	18%
Adjusted Operating Margin %	18.1%	16.2%	190 bps
Net (Loss)/Income²	$(1,672)	$139	NM
Adjusted Net Income	$299	$236	27%
Diluted EPS²	$(16.44)	$1.29	NM
Adjusted Diluted EPS	$2.93	$2.24	31%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
²	Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT.
^NM	Not meaningful.

Revenue was $2.29 billion for the third quarter of 2024, an increase of 6% as compared to $2.17 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 6%. On an organic basis, revenue increased 6%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Loss for the third quarter of 2024 was $1.67 billion compared to Net Income of $139 million in the prior-year third quarter. Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT. Adjusted EBITDA for the third quarter was $501 million, or 21.9% of revenue, an increase of 15%, compared to Adjusted EBITDA of $436 million, or 20.1% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 16.1%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 19.7%.

Cash Flow and Capital Allocation

Cash flows from operating activities were $913 million for the nine months ended September 30, 2024, compared to $823 million for the prior year. Free cash flow for the nine months ended September 30, 2024 and 2023 was $807 million and $707 million, respectively, an increase of $100 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the quarter ended September 30, 2024, the Company repurchased $205 million of WTW outstanding shares.

Third Quarter 2024 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q3-24	Q3-23	Y/Y Change
Total Revenue	$1,328	$1,282	Reported 4% \| CC 3% \| Organic 4%
Operating Income	$329	$305	8%
Operating Margin %	24.7%	23.8%	90 bps

The HWC segment had revenue of $1.33 billion in the third quarter of 2024, an increase of 4% (3% increase constant currency and 4% organic) from $1.28 billion in the prior year. Health had organic revenue growth driven by strong client retention, new local appointments and the continued expansion of our Global Benefits Management client portfolio in International and Europe, along with increased brokerage income in North America. Wealth generated organic revenue growth from higher levels of Retirement work in Europe, an increase in our Investments business due to capital market improvements and growth from our LifeSight solution. Career had organic revenue growth from increased compensation survey sales and advisory services in Work & Rewards and product revenue in Employee Experience. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in Individual Marketplace and a stronger comparable in Outsourcing.

Operating margins in the HWC segment increased 90 basis points from the prior-year third quarter to 24.7%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q3-24	Q3-23	Y/Y Change
Total Revenue	$940	$855	Reported 10% \| CC 10% \| Organic 10%
Operating Income	$170	$134	27%
Operating Margin %	18.1%	15.7%	240 bps

The R&B segment had revenue of $940 million in the third quarter of 2024, an increase of 10% (10% increase constant currency and organic) from $855 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology, partially offset by tempered demand for discretionary services in Consulting.

Operating margins in the R&B segment increased 240 basis points from the prior-year third quarter to 18.1%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings.

2024 Outlook

Based on current and anticipated market conditions, the Company’s full-year targets for 2024, consistent with those targets that have been previously provided, are as follows. Refer to the Supplemental Slides for additional detail.

Expect to deliver revenue of $9.9 billion or greater and mid-single digit organic revenue growth for the full year 2024
Expect to deliver adjusted operating margin of 23.0% – 23.5% for the full year 2024
Expect to deliver adjusted diluted earnings per share of $16.00 – $17.00 for the full year 2024
Expect approximately $88 million in non-cash pension income for the full year 2024
Expect a foreign currency headwind on adjusted earnings per share of approximately $0.06 for the full year 2024 at today’s rates, down from $0.10 previously
Expect to deliver approximately $450 million of cumulative run-rate savings from the Transformation program by the end of 2024 with total program costs of $1.175 billion.

Outlook includes Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained below.

In addition, WTW will host an Investor Day on Tuesday, December 3, 2024 beginning at approximately 9:00 a.m. Eastern Time. A live webcast presentation will be available at www.wtwco.com and a replay of the webcast will be available on the Company’s website following the event.

Conference Call

The Company will host a live webcast and conference call to discuss the financial results for the third quarter 2024. It will be held on Thursday, October 31, 2024, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the pending divestiture of our TRANZACT business.
Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to make divestitures, including the pending sale of our TRANZACT business (inclusive of all the legal entities that comprise such business), or acquisitions, including our ability to integrate or manage acquired businesses or de-integrate businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to consummate the pending sale of TRANZACT, and related incremental risks associated therewith including our ability to obtain approval (or for applicable waiting periods to expire) under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976; our ability to successfully manage ongoing organizational changes, including as part of our multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities, including the pending sale of TRANZACT, and related to changes in leadership in any of our businesses; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our previously-completed sale of Willis Re to Arthur J. Gallagher & Co.; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses such as TRANZACT; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of non-cash pre-tax losses and related impairment charges in connection with our pending sale of TRANZACT and other future impairment charges or write-offs of receivables; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the risk that investment levels, including cash spending, to achieve additional expected savings under our multi-year operational transformation program; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS

Claudia De La Hoz | Claudia.Delahoz@wtwco.com

WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)
REVENUE
							Components of Revenue Change⁽ⁱ⁾
							Less:				Less:
	Three Months Ended September 30,				As Reported		Currency		Constant Currency		Acquisitions/		Organic
	2024		2023		% Change		Impact		Change		Divestitures		Change

Health, Wealth & Career
Revenue excluding interest income	$	1,320	$	1,275	4	%	0	%	3	%	0	%	4	%
Interest income		8		7
Total		1,328		1,282	4	%	0	%	3	%	0	%	4	%

Risk & Broking
Revenue excluding interest income	$	911	$	830	10	%	0	%	10	%	0	%	10	%
Interest income		29		25
Total		940		855	10	%	0	%	10	%	0	%	10	%

Segment Revenue	$	2,268	$	2,137	6	%	0	%	6	%	0	%	6	%
Reimbursable expenses and other		15		22
Interest income		6		7
Revenue	$	2,289	$	2,166	6	%	0	%	6	%	0	%	6%⁽ⁱⁱ⁾

							Components of Revenue Change⁽ⁱ⁾
							Less:				Less:
	Nine Months Ended September 30,				As Reported		Currency		Constant Currency		Acquisitions/		Organic
	2024		2023		% Change		Impact		Change		Divestitures		Change

Health, Wealth & Career
Revenue excluding interest income	$	3,898	$	3,766	4	%	0	%	4	%	0	%	4	%
Interest income		26		18
Total		3,924		3,784	4	%	0	%	4	%	0	%	4	%

Risk & Broking
Revenue excluding interest income	$	2,811	$	2,607	8	%	0	%	8	%	0	%	8	%
Interest income		86		52
Total		2,897		2,659	9	%	0	%	9	%	0	%	9	%

Segment Revenue	$	6,821	$	6,443	6	%	0	%	6	%	0	%	6	%
Reimbursable expenses and other		56		90
Interest income		18		36
Revenue	$	6,895	$	6,569	5	%	0	%	5	%	0	%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾ Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾ Interest income did not contribute to organic change for the three and nine months ended September 30, 2024.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended September 30,
	HWC				R&B				Corporate				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Book-of-business settlements	$	3	$	—	$	4	$	1	$	—	$	—	$	7	$	1
Interest income		8		7		29		25		6		7		43		39
Total	$	11	$	7	$	33	$	26	$	6	$	7	$	50	$	40

	Nine Months Ended September 30,
	HWC				R&B				Corporate				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Book-of-business settlements	$	3	$	—	$	8	$	11	$	—	$	—	$	11	$	11
Interest income		26		18		86		52		18		36		130		106
Total	$	29	$	18	$	94	$	63	$	18	$	36	$	141	$	117

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended September 30,





	2024		2023











Health, Wealth & Career	$	329	$	305





Risk & Broking		170		134





Segment Operating Income	$	499	$	439

	Nine Months Ended September 30,
	2024		2023

Health, Wealth & Career	$	941	$	836
Risk & Broking		575		459
Segment Operating Income	$	1,516	$	1,295

⁽ⁱ⁾ Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended September 30,
	2024	2023
Health, Wealth & Career	24.7%	23.8%
Risk & Broking	18.1%	15.7%

	Nine Months Ended September 30,
	2024	2023
Health, Wealth & Career	24.0%	22.1%
Risk & Broking	19.8%	17.3%

RECONCILIATIONS OF SEGMENT OPERATING INCOME TO (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended September 30,
	2024			2023

Segment Operating Income	$	499		$	439
Impairment⁽ⁱ⁾		(1,042	)		—
Amortization		(56	)		(62	)
Restructuring costs		(8	)		(17	)
Transaction and transformation⁽ⁱⁱ⁾		(74	)		(113	)
Unallocated, net⁽ⁱⁱⁱ⁾		(85	)		(88	)
(Loss)/Income from Operations		(766	)		159
Interest expense		(65	)		(61	)
Other (loss)/income, net		(1,163	)		66
(Loss)/income from operations before income taxes	$	(1,994	)	$	164

	Nine Months Ended September 30,
	2024			2023

Segment Operating Income	$	1,516		$	1,295
Impairment⁽ⁱ⁾		(1,042	)		—
Amortization		(176	)		(203	)
Restructuring costs		(29	)		(30	)
Transaction and transformation⁽ⁱⁱ⁾		(296	)		(265	)
Unallocated, net⁽ⁱⁱⁱ⁾		(247	)		(211	)
(Loss)/Income from Operations		(274	)		586
Interest expense		(197	)		(172	)
Other (loss)/income, net		(1,113	)		126
(Loss)/income from operations before income taxes	$	(1,584	)	$	540

⁽ⁱ⁾ Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the pending divestiture of our TRANZACT business.
⁽ⁱⁱ⁾ In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱⁱ⁾ Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW
Reconciliations of Non-GAAP Measures
(In millions of U.S. dollars, except per share data)
(Unaudited)

RECONCILIATIONS OF NET (LOSS)/INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended September 30,
	2024			2023

Net (loss)/income attributable to WTW	$	(1,675	)	$	136
Adjusted for certain items:
Impairment		1,042			—
Amortization		56			62
Restructuring costs		8			17
Transaction and transformation		74			113
Loss/(gain) on disposal of operations		1,190			(41	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(396	)		(51	)
Adjusted Net Income	$	299		$	236

Weighted-average ordinary shares, diluted		102			105

Diluted (Loss)/Earnings Per Share	$	(16.44	)	$	1.29
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Impairment		10.23			—
Amortization		0.55			0.59
Restructuring costs		0.08			0.16
Transaction and transformation		0.73			1.07
Loss/(gain) on disposal of operations		11.68			(0.39	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(3.89	)		(0.48	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	2.93		$	2.24

	Nine Months Ended September 30,
	2024			2023

Net (loss)/income attributable to WTW	$	(1,344	)	$	433
Adjusted for certain items:
Impairment		1,042			—
Amortization		176			203
Restructuring costs		29			30
Transaction and transformation		296			265
Provision for specified litigation matter⁽ⁱ⁾		13			—
Loss/(gain) on disposal of operations		1,190			(44	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(492	)		(128	)
Tax effect of significant adjustments		(7	)		2
Adjusted Net Income	$	903		$	761

Weighted-average ordinary shares, diluted		103			107

Diluted (Loss)/Earnings Per Share	$	(13.11	)	$	4.06
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Impairment		10.17			—
Amortization		1.72			1.90
Restructuring costs		0.28			0.28
Transaction and transformation		2.89			2.48
Provision for specified litigation matter⁽ⁱ⁾		0.13			—
Loss/(gain) on disposal of operations		11.61			(0.41	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(4.80	)		(1.20	)
Tax effect of significant adjustments		(0.07	)		0.02
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	8.81		$	7.13

⁽ⁱ⁾ Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
⁽ⁱⁱ⁾ The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱⁱ⁾ Per share values and totals may differ due to rounding.

RECONCILIATIONS OF NET (LOSS)/INCOME TO ADJUSTED EBITDA

	Three Months Ended September 30,
	2024					2023

Net (Loss)/Income	$	(1,672	)	(73.0	)%	$	139		6.4	%
Provision for income taxes		(322	)				25
Interest expense		65					61
Impairment		1,042					—
Depreciation		60					60
Amortization		56					62
Restructuring costs		8					17
Transaction and transformation		74					113
Loss/(gain) on disposal of operations		1,190					(41	)
Adjusted EBITDA and Adjusted EBITDA Margin	$	501		21.9	%	$	436		20.1	%

	Nine Months Ended September 30,
	2024					2023

Net (Loss)/Income	$	(1,336	)	(19.4	)%	$	441		6.7	%
Provision for income taxes		(248	)				99
Interest expense		197					172
Impairment		1,042					—
Depreciation		176					184
Amortization		176					203
Restructuring costs		29					30
Transaction and transformation		296					265
Provision for specified litigation matter⁽ⁱ⁾		13					—
Loss/(gain) on disposal of operations		1,190					(44	)
Adjusted EBITDA and Adjusted EBITDA Margin	$	1,535		22.3	%	$	1,350		20.6	%

⁽ⁱ⁾ Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

RECONCILIATIONS OF (LOSS)/INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended September 30,
	2024					2023

(Loss)/Income from operations and Operating margin	$	(766	)	(33.5	)%	$	159	7.3	%
Adjusted for certain items:
Impairment		1,042					—
Amortization		56					62
Restructuring costs		8					17
Transaction and transformation		74					113
Adjusted operating income and Adjusted operating income margin	$	414		18.1	%	$	351	16.2	%

	Nine Months Ended September 30,
	2024					2023

(Loss)/Income from operations and Operating margin	$	(274	)	(4.0	)%	$	586	8.9	%
Adjusted for certain items:
Impairment		1,042					—
Amortization		176					203
Restructuring costs		29					30
Transaction and transformation		296					265
Provision for specified litigation matter⁽ⁱ⁾		13					—
Adjusted operating income and Adjusted operating income margin	$	1,282		18.6	%	$	1,084	16.5	%

⁽ⁱ⁾ Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended September 30,
	2024			2023

(Loss)/income from operations before income taxes	$	(1,994	)	$	164

Adjusted for certain items:
Impairment		1,042			—
Amortization		56			62
Restructuring costs		8			17
Transaction and transformation		74			113
Loss/(gain) on disposal of operations		1,190			(41	)
Adjusted income before taxes	$	376		$	315

(Benefit from)/provision for income taxes	$	(322	)	$	25
Tax effect on certain items listed above⁽ⁱⁱ⁾		396			51
Adjusted income taxes	$	74		$	76

U.S. GAAP tax rate		16.1	%		15.5	%
Adjusted income tax rate		19.7	%		24.3	%

	Nine Months Ended September 30,
	2024			2023

(Loss)/income from operations before income taxes	$	(1,584	)	$	540

Adjusted for certain items:
Impairment		1,042			—
Amortization		176			203
Restructuring costs		29			30
Transaction and transformation		296			265
Provision for specified litigation matter⁽ⁱ⁾		13			—
Loss/(gain) on disposal of operations		1,190			(44	)
Adjusted income before taxes	$	1,162		$	994

(Benefit from)/provision for income taxes	$	(248	)	$	99
Tax effect on certain items listed above⁽ⁱⁱ⁾		492			128
Tax effect of significant adjustments		7			(2	)
Adjusted income taxes	$	251		$	225

U.S. GAAP tax rate		15.6	%		18.3	%
Adjusted income tax rate		21.6	%		22.6	%

⁽ⁱ⁾ Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
⁽ⁱⁱ⁾ The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Nine Months Ended September 30,
	2024			2023

Cash flows from operating activities	$	913		$	823
Less: Additions to fixed assets and software for internal use		(106	)		(116	)
Free Cash Flow	$	807		$	707

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue	$	2,289		$	2,166		$	6,895		$	6,569

Costs of providing services
Salaries and benefits		1,396			1,359			4,135			4,019
Other operating expenses		419			396			1,315			1,282
Impairment		1,042			—			1,042			—
Depreciation		60			60			176			184
Amortization		56			62			176			203
Restructuring costs		8			17			29			30
Transaction and transformation		74			113			296			265
Total costs of providing services		3,055			2,007			7,169			5,983

(Loss)/income from operations		(766	)		159			(274	)		586

Interest expense		(65	)		(61	)		(197	)		(172	)
Other (loss)/income, net		(1,163	)		66			(1,113	)		126

(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES		(1,994	)		164			(1,584	)		540

Benefit from/(provision for) income taxes		322			(25	)		248			(99	)

NET (LOSS)/INCOME		(1,672	)		139			(1,336	)		441

Income attributable to non-controlling interests		(3	)		(3	)		(8	)		(8	)

NET (LOSS)/INCOME ATTRIBUTABLE TO WTW	$	(1,675	)	$	136		$	(1,344	)	$	433

(LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share	$	(16.44	)	$	1.30		$	(13.11	)	$	4.08
Diluted (loss)/earnings per share	$	(16.44	)	$	1.29		$	(13.11	)	$	4.06

Weighted-average ordinary shares, basic		102			105			103			106
Weighted-average ordinary shares, diluted		102			105			103			107

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)
	September 30,			December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	1,372		$	1,424
Fiduciary assets		9,176			9,073
Accounts receivable, net		2,118			2,572
Prepaid and other current assets		558			364
Current assets held for sale		1,089			—
Total current assets		14,313			13,433
Fixed assets, net		710			720
Goodwill		8,882			10,195
Other intangible assets, net		1,360			2,016
Right-of-use assets		539			565
Pension benefits assets		632			588
Other non-current assets		732			1,573
Total non-current assets		12,855			15,657
TOTAL ASSETS	$	27,168		$	29,090
LIABILITIES AND EQUITY
Fiduciary liabilities	$	9,176		$	9,073
Deferred revenue and accrued expenses		2,027			2,104
Current debt		—			650
Current lease liabilities		122			125
Other current liabilities		735			678
Current liabilities held for sale		475			—
Total current liabilities		12,535			12,630
Long-term debt		5,308			4,567
Liability for pension benefits		487			563
Deferred tax liabilities		94			542
Provision for liabilities		416			365
Long-term lease liabilities		556			592
Other non-current liabilities		202			238
Total non-current liabilities		7,063			6,867
TOTAL LIABILITIES		19,598			19,497
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		10,957			10,910
(Accumulated deficit)/retained earnings		(650	)		1,466
Accumulated other comprehensive loss, net of tax		(2,810	)		(2,856	)
Treasury shares, at cost, 15,574 shares in 2024		(5	)		—
Total WTW shareholders’ equity		7,492			9,520
Non-controlling interests		78			73
Total Equity		7,570			9,593
TOTAL LIABILITIES AND EQUITY	$	27,168		$	29,090

(i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 100,887,015 (2024) and 102,538,072 (2023); Outstanding 100,871,441 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)
	Nine Months Ended September 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET (LOSS)/INCOME	$	(1,336	)	$	441
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		176			184
Amortization		176			203
Impairment		1,042			—
Non-cash restructuring charges		17			19
Non-cash lease expense		76			83
Net periodic benefit of defined benefit pension plans		(15	)		(20	)
Provision for doubtful receivables from clients		13			8
Benefit from deferred income taxes		(379	)		(58	)
Share-based compensation		85			87
Net loss/(gain) on disposal of operations		1,190			(44	)
Non-cash foreign exchange (gain)/loss		(25	)		1
Other, net		32			21
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		271			261
Other assets		(299	)		(175	)
Other liabilities		(159	)		(191	)
Provisions		48			3
Net cash from operating activities		913			823

CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use		(106	)		(116	)
Capitalized software costs		(83	)		(66	)
Acquisitions of operations, net of cash acquired		(28	)		(6	)
Proceeds from sale of operations		—			86
Cash and fiduciary funds transferred in sale of operations		—			(922	)
Purchase of investments		(13	)		(6	)
Net cash used in investing activities		(230	)		(1,030	)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Senior notes issued		746			748
Debt issuance costs		(9	)		(7	)
Repayments of debt		(653	)		(253	)
Repurchase of shares		(506	)		(804	)
Net proceeds/(payments) from fiduciary funds held for clients		934			(71	)
Payments of deferred and contingent consideration related to acquisitions		(2	)		(8	)
Cash paid for employee taxes on withholding shares		(30	)		(21	)
Dividends paid		(265	)		(265	)
Acquisitions of and dividends paid to non-controlling interests		(10	)		(47	)
Net cash from/(used in) financing activities		205			(728	)

INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		888			(935	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		32			(54	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		3,792			4,721
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	4,712		$	3,732

(i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

	Nine Months Ended September 30,
	2024			2023

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,372		$	1,247
Fiduciary funds (included in fiduciary assets)		3,340			2,485
Total cash, cash equivalents and restricted cash	$	4,712		$	3,732

(Decrease)/increase in cash, cash equivalents and other restricted cash	$	(54	)	$	5
Increase/(decrease) in fiduciary funds		942			(940	)
Total ⁽ⁱ⁾	$	888		$	(935	)

⁽ⁱ⁾ Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

January 25, 2025

MIL-OSI Security: United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

Source: United States AFRICOM

Gallery contains 4 images

The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military. The 22-bed facility, equipped with specialized suites for dental and surgical care, is designed for rapid deployment in response to regional peacekeeping, humanitarian emergencies, and medical crises.

The donation marks the second U.N. Level 2 hospital delivered from the U.S. to Uganda. The first donated hospital played a crucial role during the COVID-19 pandemic, significantly contributing to the Ugandan response and saving thousands of lives, including civilians.

As part of the transfer, soldiers from the Uganda People’s Defence Force participated in intensive training at the Uganda Rapid Deployment Capabilities Center in Jinja, Oct. 14-29. During training, they learned essential skills in setting up, operating, and dismantling the hospital to ensure effective deployment when needed.

“This initiative reflects the United States’ dedication to enhancing health care and humanitarian response capabilities as part of the more than 60-year partnership with the Ugandan people,” U.S. Ambassador William Popp to Uganda said.

The majority of U.S. defense and security cooperation in Uganda supports health programs with a direct impact on Ugandan citizens. While less than 3% of the nearly $1 billion in total U.S. government development and humanitarian assistance to Uganda in 2023, nearly two-thirds of all U.S. security cooperation funds went to health programs, with the rest supporting human rights and legal training as well as peacekeeping efforts in Somalia.

MIL Security OSI –

January 25, 2025

MIL-OSI Europe: Written question – Procurement of face masks in the fight against COVID-19 and the ramifications thereof – E-002236/2024

Source: European Parliament

23.10.2024

Question for written answer E-002236/2024
to the Commission
Rule 144
Christine Anderson (ESN)

According to media reports from various EU Member States, there were significant irregularities in the procurement of protective face masks during the COVID-19 pandemic. In some cases, low-quality masks were purchased at exorbitant prices, leading to legal disputes and strains on public budgets possibly amounting to billions. This raises questions about the level playing field and budgetary discipline in the internal market.

1.What role did the Commission play in the procurement of protective face masks during the COVID-19 pandemic and to what extent were procurement processes in the Member States coordinated or supervised?
2.What is the Commission’s assessment of the financial risks arising from the ongoing legal disputes relating to the procurement of face masks for Member States’ budgets with regard to compliance with EU debt rules?
3.What measures does the Commission intend to take with regard to future cases of procurement during crisis situations in the Member States in order to prevent distortions of competition resulting from improper procurement procedures and lobby influence?

Submitted: 23.10.2024

Last updated: 31 October 2024

MIL OSI Europe News –

January 25, 2025

MIL-OSI Africa: TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots

Source: The Conversation – Africa – By Tom Nyirenda, Extraordinary Senior Lecture in the Department of Global Health, Stellenbosch University

The World Health Organization’s 2024 Global Tuberculosis report reveals a sobering reality. Formidable challenges remain in the fight against the world’s most infectious disease: persistent poverty in high burden countries; increased rates of infection among vulnerable populations; the inability to find and treat all missing cases; and funding shortfalls.

The WHO’s report measures progress in two ways: the number of TB-related deaths, and the number of people who become ill. There is still a long battle ahead to eradicate a disease that results in over 10 million patients among those already infected and claims around 1.5 million lives each year. This even though it is preventable and curable.

The good news is that some countries in Africa have made significant progress in reducing infection rates and TB-related deaths.

Global health specialist Tom Nyirenda assesses some of the report’s key findings and messages.

Tackling poverty beats TB

In 2023, an estimated 10.8 million people fell ill with TB worldwide, including 6.0 million men, 3.6 million women and 1.3 million children. This is slightly more than the 10.6 million people recorded in 2022.

TB can be defeated because we have good diagnostic tools and effective treatment for the commonest forms of the disease. Global funding, which is critical in fighting TB, is not yet up to the scale that is required to stop the disease. Only 26% of the funding committed by global partners to TB prevention, diagnostic and treatment services has materialised so far.

Good diagnostic tools and treatment aren’t the panacea. Almost 87% of TB cases are from 30 high burden poor countries of the world. Slow or lack of economic progress of affected populations is one of the greatest challenges the world continues to face.

TB-related deaths

On the positive side, progress has been made in reducing TB related deaths in the Africa region. The continent saw the biggest drop in TB related deaths since 2015 of all six regions – 42%. The European region came next with TB deaths down by 38% in the same period.

When it comes to TB infections the WHO African and European regions have made the most progress: a reduction of 24% in Africa and 27% in Europe.

One of the main reasons for the success in Africa has been progress in treating HIV patients. This is because TB is one of the most common opportunistic infections among patients with HIV. (Opportunistic infections occur more often or are more severe in people with weakened immune systems.)

Before antiretrovirals transformed treatment for HIV patients, the African continent had the highest TB-HIV co-infection rates in the world. High mortality was experienced among co-infected patients.

At one stage HIV prevalence among TB patients was estimated to be as high as 90% in some areas of sub-Saharan Africa.

Treating co-infected patients with antiretrovirals has contributed significantly to the drop in TB-related cases and deaths on the continent.

Some countries have increased TB screening among vulnerable groups such as children and those who live in confined areas, such as prisoners and displaced people.

Mixed bag of infection rates

Successes within the African region vary from country to country.

For example Nigeria and the Democratic Republic of Congo are among eight countries that accounted for about two-thirds of the global number of people estimated to have developed TB in 2023. Nigeria has 4.6% of the global new cases and the DRC has 3.1%.

It’s noteworthy that both countries have high levels of poverty; they are vast, with huge populations; and their health services are limited compared to the scale of disease burdens they face.

Sometimes increases in reported cases are not a bad thing. They can be due to improved case finding or better diagnostic procedures. But vigilance is required to maintain the drive towards achievement of global targets.

Barriers to seeking treatment

Families of TB sufferers often have to bear costs such as for medications, special foods, transport, and a loss of income.

Such expenses sometimes discourage TB sufferers from seeking treatment.

The WHO global report estimates families in many countries in Africa are among those facing “catastrophic total costs” as a result of members becoming ill with TB. This is when direct and indirect costs account for more than 20% of a family’s annual household income. The countries where this is the case include Niger, Ghana, Burkina Faso, Tanzania and South Africa.

A billboard warns locals about the dangers of tuberculosis in Dire Dawa, Ethiopia. Getty Images.

Vaccine race

The only vaccine against TB, the Bacillus Calmette-Guérin vaccine, has been used for more than 100 years. It is largely effective for children under five, but less so in older people. And it can’t be used on patients who have certain medical conditions.

Development of vaccines is a lengthy and costly exercise. Only one-fifth of the finance necessary for research has been forthcoming to date.

The good news is that of all infectious diseases TB is probably the one that has the most vaccine candidates in the pipeline (about 17). There are currently six vaccine candidates for adults in phase III trials. They could be available within the next five years.

Beating the disease will require an effective primary or recurrent TB prevention vaccine or a therapeutic vaccine for those already infected with the TB bacteria but who have not yet developed the disease.

Future threats

Climate change will affect food security and nutrition, essential for recovery from TB, and also diverting TB resources to epidemics and pandemics associated with it.

Human conflict, migration and displacement are other threats that world faces that will hinder TB infection control and treatment.

There is also the urgent need to tackle drug-resistant tuberculosis.

These dangers strengthen the case for multi-sectoral collaboration to share rare resources and strive for a meaningful impact. The speed at which COVID-19 vaccines were developed in the middle of a pandemic and global lockdowns shows this is possible in better and worse times.

What needs to be done

Without government support the war against TB will never be won. Every country and every community is different. It is therefore essential that locally relevant economic research is conducted in every situation to guide policies that reduce the economic burden of TB on communities. Generated evidence should guide policy and practice. Above all good financing should be mobilised, with governments leading the course.

– TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots
– https://theconversation.com/tb-in-africa-global-report-shows-successes-but-nigeria-and-drc-remain-important-hotspots-242489

MIL OSI Africa –

January 25, 2025

MIL-OSI Global: TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots

Source: The Conversation – Africa – By Tom Nyirenda, Extraordinary Senior Lecture in the Department of Global Health, Stellenbosch University

The World Health Organization’s 2024 Global Tuberculosis report reveals a sobering reality. Formidable challenges remain in the fight against the world’s most infectious disease: persistent poverty in high burden countries; increased rates of infection among vulnerable populations; the inability to find and treat all missing cases; and funding shortfalls.

The WHO’s report measures progress in two ways: the number of TB-related deaths, and the number of people who become ill. There is still a long battle ahead to eradicate a disease that results in over 10 million patients among those already infected and claims around 1.5 million lives each year. This even though it is preventable and curable.

The good news is that some countries in Africa have made significant progress in reducing infection rates and TB-related deaths.

Global health specialist Tom Nyirenda assesses some of the report’s key findings and messages.

Tackling poverty beats TB

In 2023, an estimated 10.8 million people fell ill with TB worldwide, including 6.0 million men, 3.6 million women and 1.3 million children. This is slightly more than the 10.6 million people recorded in 2022.

TB can be defeated because we have good diagnostic tools and effective treatment for the commonest forms of the disease. Global funding, which is critical in fighting TB, is not yet up to the scale that is required to stop the disease. Only 26% of the funding committed by global partners to TB prevention, diagnostic and treatment services has materialised so far.

Good diagnostic tools and treatment aren’t the panacea. Almost 87% of TB cases are from 30 high burden poor countries of the world. Slow or lack of economic progress of affected populations is one of the greatest challenges the world continues to face.

TB-related deaths

On the positive side, progress has been made in reducing TB related deaths in the Africa region. The continent saw the biggest drop in TB related deaths since 2015 of all six regions – 42%. The European region came next with TB deaths down by 38% in the same period.

When it comes to TB infections the WHO African and European regions have made the most progress: a reduction of 24% in Africa and 27% in Europe.

One of the main reasons for the success in Africa has been progress in treating HIV patients. This is because TB is one of the most common opportunistic infections among patients with HIV. (Opportunistic infections occur more often or are more severe in people with weakened immune systems.)

Before antiretrovirals transformed treatment for HIV patients, the African continent had the highest TB-HIV co-infection rates in the world. High mortality was experienced among co-infected patients.

At one stage HIV prevalence among TB patients was estimated to be as high as 90% in some areas of sub-Saharan Africa.

Treating co-infected patients with antiretrovirals has contributed significantly to the drop in TB-related cases and deaths on the continent.

Some countries have increased TB screening among vulnerable groups such as children and those who live in confined areas, such as prisoners and displaced people.

Mixed bag of infection rates

Successes within the African region vary from country to country.

For example Nigeria and the Democratic Republic of Congo are among eight countries that accounted for about two-thirds of the global number of people estimated to have developed TB in 2023. Nigeria has 4.6% of the global new cases and the DRC has 3.1%.

It’s noteworthy that both countries have high levels of poverty; they are vast, with huge populations; and their health services are limited compared to the scale of disease burdens they face.

Sometimes increases in reported cases are not a bad thing. They can be due to improved case finding or better diagnostic procedures. But vigilance is required to maintain the drive towards achievement of global targets.

Barriers to seeking treatment

Families of TB sufferers often have to bear costs such as for medications, special foods, transport, and a loss of income.

Such expenses sometimes discourage TB sufferers from seeking treatment.

The WHO global report estimates families in many countries in Africa are among those facing “catastrophic total costs” as a result of members becoming ill with TB. This is when direct and indirect costs account for more than 20% of a family’s annual household income. The countries where this is the case include Niger, Ghana, Burkina Faso, Tanzania and South Africa.

Vaccine race

The only vaccine against TB, the Bacillus Calmette-Guérin vaccine, has been used for more than 100 years. It is largely effective for children under five, but less so in older people. And it can’t be used on patients who have certain medical conditions.

Development of vaccines is a lengthy and costly exercise. Only one-fifth of the finance necessary for research has been forthcoming to date.

The good news is that of all infectious diseases TB is probably the one that has the most vaccine candidates in the pipeline (about 17). There are currently six vaccine candidates for adults in phase III trials. They could be available within the next five years.

Beating the disease will require an effective primary or recurrent TB prevention vaccine or a therapeutic vaccine for those already infected with the TB bacteria but who have not yet developed the disease.

Future threats

Climate change will affect food security and nutrition, essential for recovery from TB, and also diverting TB resources to epidemics and pandemics associated with it.

Human conflict, migration and displacement are other threats that world faces that will hinder TB infection control and treatment.

There is also the urgent need to tackle drug-resistant tuberculosis.

These dangers strengthen the case for multi-sectoral collaboration to share rare resources and strive for a meaningful impact. The speed at which COVID-19 vaccines were developed in the middle of a pandemic and global lockdowns shows this is possible in better and worse times.

What needs to be done

Without government support the war against TB will never be won. Every country and every community is different. It is therefore essential that locally relevant economic research is conducted in every situation to guide policies that reduce the economic burden of TB on communities. Generated evidence should guide policy and practice. Above all good financing should be mobilised, with governments leading the course.

Tom Nyirenda is affiliated with European and Developing Countries Clinical Trials Partnership -EDCTP.

– ref. TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots – https://theconversation.com/tb-in-africa-global-report-shows-successes-but-nigeria-and-drc-remain-important-hotspots-242489

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Security: Military Leaders from the US and Morocco Strengthen Partnerships at the Marrakech Airshow 2024

Source: United States AFRICOM

U.S. Air Force aircraft arrived at the Marrakech Airshow 2024 (MAS), Tuesday, Oct. 29.

The trade show features static and aerial displays of military and civilian aircraft and is an opportunity for international aerospace industry representatives to showcase their capabilities at the Marrakech Royal Moroccan Air Force Base from Oct. 30 to Nov. 2, 2024. The air show is also an opportunity for high level military officials to meet with their Moroccan Royal Armed Forces counterparts and the Ministry of Industry and Trade.

This year, the United States is participating with several aircraft platforms including a C-130J Super Hercules from Ramstein Air Base, Germany, and a Utah Air National Guard KC-135 Stratotanker. U.S. Air Force participation in this international exhibition is intended to strengthen U.S. and international security assistance efforts as well as U.S. strategic partnerships with African countries.

We are glad to be back in Morocco,” said Brig. Gen. Ricky Mills, Assistant Deputy Under Secretary of the Air Force, International Affairs. “The interactions and exchanges we have with our partners at MAS 2024 allow us to learn from and leverage the strengths of other nations.”

Also attending is U.S. Air Force Brig. Gen. Shawn Holtz, Deputy Director of Strategy, Engagement and Programs for U.S. Africa Command.

“The United States and the Royal Armed Forces of Morocco share a longstanding partnership, with Morocco hosting AFRICOM’s largest exercise, African Lion, and partnering with the Utah National Guard for more than 20 years,” said Holtz. “The Marrakech Air Show is one more opportunity to strengthen our relationship, exchange ideas, promote trust, and bolster security cooperation in the region.”

The two generals are taking part in bilateral discussions with senior leaders from the Royal Armed Forces and other African military leaders.

U.S. Ambassador to Morocco Puneet Talwar is also attending the air show.

“Congratulations to Morocco on the success of this world-class event!” said Ambassador Talwar. “The United States has been a part of each Marrakech Air Show since its first edition, and we welcome the opportunity for U.S. companies to showcase the breadth of cutting edge technology that exemplifies American innovation. Morocco’s rapidly growing role as regional economic hub, and investments in aerospace infrastructure make this an exciting time to grow our partnership.

The air show and discussions highlight the strategic partnership between the United States and Morocco which is rooted in hundreds of years of shared interests in regional peace, security, and prosperity, and a longstanding commitment to continued cooperation.

The Utah National Guard has also held an active partnership with Morocco since 2003 through the State Partnership Program, fostering strong, trust-based relationship focused on security cooperation. Through joint training and humanitarian missions, both forces exchange knowledge, refine tactics, and enhance operational capabilities.

The Marrakech Airshow is held every two years since 2008, but has been on hiatus since 2018 due to the COVID-19 pandemic.

MIL Security OSI –

January 25, 2025

MIL-OSI USA: Researcher Melissa Gish Bridges Chemistry and Physics To Improve Solar Energy Technologies

Source: US National Renewable Energy Laboratory

Researchers Bryon Larson, Melissa Gish, Ross Larsen, and Reilly Seban (left to right) are collecting and analyzing data on organic solar cells in the NREL Energy Systems Integration Facility’s Insight Center. Their research is part of a large-scale effort to quantify organic photovoltaics for incorporation into machine learning tools. Photo by Joe DelNero, NREL

Melissa Gish approaches physics and chemistry problems like puzzles: Control this or that variable, and work out how the jigsaw pieces fit together.

“I didn’t really like biology because I felt like there were too many variables to adequately control,” said Gish, a chemistry researcher at the National Renewable Energy Laboratory (NREL).

The journal Trends in Chemistry recently honored Gish in a special issue designed to highlight emerging leaders in chemistry who are innovating in their respective fields, as well as to celebrate Trends in Chemistry’s fifth anniversary and Cell Press’ 50^th anniversary.

That inclination toward controlling variables to chart a path to discovery led her from high school biology experiments on the breeding behavior of mosquitoes to majoring in chemistry in college. In her senior year, Gish studied quantum mechanics and worked in a physical chemistry lab—and that work led her to pursue a Ph.D. in experimental physical chemistry.

“The intersection of physics and chemistry just made sense to me in a way that other disciplines hadn’t,” she said. “It just clicked.”

At the University of North Carolina at Chapel Hill (UNC), Gish immediately started working in ultrafast spectroscopy, where pulsed lasers are used to study ultrafast events after a system absorbs light—within solar energy research—and her renewable energy research interests then led her to NREL, first as a postdoctoral researcher and now as a chemistry researcher.

“NREL has world-class fundamental research and amazing physical chemists,” she said, “so I could continue working with ultrafast spectroscopy and solar energy research.”

Leading on Transient Spectroscopy

Gish began her work in transient spectroscopy—studying the properties of short-lived excited states of molecules and materials—at UNC and continues that work at NREL.

“We were studying dye-sensitized photoelectrosynthesis cells, which involved the absorption of light to kick off an electron transfer cascade that would lead to catalysis to generate solar fuels,” she said. “These systems often had two-to-three-plus components, each with its own photophysics that needed to be parsed out with careful control experiments. These problems are puzzles—each puzzle is unique and fun to solve, with the added bonus of working toward new renewable energy technologies.”

At NREL, Gish has become a leader in using transient spectroscopy to study pathways to more efficient solar cells and solar energy production and uncovering the photophysics of complicated molecular and materials systems, often connecting that information to photochemical reactions. Her work spans much of the periodic table, from organic molecules and polymers to transition and rare earth metal-organic complexes to silicon nanoparticles to semiconductor materials and more. Gish’s recent investigations extend across the U.S. Department of Energy’s (DOE’s) Office of Science Basic Energy Sciences research portfolio at NREL and have targeted the short excited-state lifetimes of conjugated polymers, tuning of singlet fission at mesoporous interfaces, and development of a strategy to differentiate rare earth elements.

Gish is presently interested in connecting ultrafast photophysics on the very small scale—femtoseconds, picoseconds, and nanoseconds—to photochemical transformations on the seconds-to-hours time scale.

“Understanding the initial processes after light absorption that may affect the photochemistry or photocatalysis that happens many decades later can help us design better systems for solar energy harvesting or light-induced separations,” Gish said. “I’ve been working on in situ methods to spectroscopically determine intermediates and products on longer time scales to connect the ultrafast experiments.”

As she looks to the immediate future in her research, Gish is thinking about the photophysics of product selectivity in photocatalysis, in which solar energy is converted to chemical energy.

“To make usable, storable solar fuels, we need to be able to generate the product that we want—for example, methanol—and there’s a lot we don’t understand about how to drive solar fuel production and photocatalysis to the final product of our choosing,” she said.

Gish’s work extends to safety in the lab. She is a technical and safety leader for laser-based spectroscopy at NREL, stewarding several ultrafast laser systems and mentoring users of all experience levels in best safety practices for alignment, designing experiments, and operating systems to obtain high-quality data and rigorous data analysis. She has also played an integral part in NREL’s Laser Safety Panel, helping improve the laser operator qualification process and defining the laser system supervisor’s roles and responsibilities.

Kyle Crabb, Rob Hammond, and Melissa Gish (left to right) pose for a photo in front of the Pride flag at NREL’s South Table Mountain Campus in 2023 after the second annual Full Spectrum Network-organized Pride flag raising at NREL. Photo by Joe DelNero, NREL

Supporting and Mentoring Others

Good leaders give back to their communities, and Gish gives back through mentorship and building community.

At NREL, Gish cofounded two employee resource groups for NREL staff: the Full Spectrum Network (LGBTQIA+ employees and allies) and the Postdoc and Graduate Student Network.

“My involvement in Full Spectrum and, in particular, my role in starting Pride Month events at NREL means a lot to me,” Gish said. “What I’m most proud of is how the group has continued as I and the initial steering committee passed the torch to the current leadership. Running an employee resource group is a lot of work and requires a lot of dedication and passion, and it’s amazing to see how each iteration of Full Spectrum continues our initial traditions and builds on them. For example, the annual Pride flag raising at the South Table Mountain Campus is something that started after my time and was extended to the Flatirons Campus this year.”

Full Spectrum has helped bring together the LGBTQIA+ community at NREL and helped them feel seen and embraced.

“I think it’s important for NREL to show LGBTQIA+ staff that our contributions are recognized and celebrated, which is a legacy I am proud of,” Gish said. “I have had new employees reach out to me and say that our work in Full Spectrum and the visibility it has provided to LGBTQIA+ staff has influenced their decision to come work at NREL because of the safe space that has been created.”

Gish is also proud of her work with the Postdoc and Graduate Student Network, where she mentors early-career researchers from undergraduate and graduate students to postdoctoral researchers.

“Postdocs and students are in a unique position where they are actively looking for their next job while producing high-quality scientific research and learning the advanced techniques we have here at NREL,” she said. “We wanted the network to provide professional development opportunities, soft-skills workshops, and networking opportunities to alleviate some of that stress that these early-career folks feel. I have also had opportunities to mentor postdocs, grad students, and undergrads as a staff scientist.

“I really enjoy watching students and postdocs grow and become confident scientists,” Gish continued. “As the NREL principal investigator of a Reaching a New Energy Sciences Workforce (RENEW) project in collaboration with Metropolitan State University of Denver, I’ve had the pleasure of mentoring undergraduate students with limited lab experience who are motivated and passionate about learning spectroscopy as well as what it is like to be a scientist and explore this career as an option.”

Gish’s RENEW project focuses on understanding spin dynamics of first row transition metal photosensitizers.

She is continuing her career trajectory by actively solving chemistry puzzles—developing spectroscopic capabilities to answer new questions about next-generation solar energy technologies—and building her portfolio as a principal investigator while mentoring and serving her community.

“Melissa has developed quickly into a key team member of several of our DOE Office of Science Basic Energy Sciences projects and was recently successful as an NREL principal investigator on a RENEW project focused on harnessing spin physics to drive photochemical reactions,” said NREL’s Andrew Ferguson, spectroscopy and photoscience group manager. “I have been particularly impressed by her resilience, exemplified by her response to the restrictions imposed by the COVID pandemic on her postdoctoral work; her vision to develop the spectroscopic tools to connect ultrafast photophysical processes to much slower photochemical reactivity; and her commitment to effective training and mentoring of early-career researchers. She is certainly worthy of recognition as an emerging leader in chemistry, and I am excited to see where her career goes from here.”

Learn more about Melissa Gish’s research and NREL’s solar energy research.

MIL OSI USA News –

January 25, 2025

MIL-OSI Security: New Jersey Man Convicted for Stealing COVID-19 Unemployment Benefits

Source: Office of United States Attorneys

TRENTON N.J. – A New York man was convicted for conspiring to illegally obtain over $570,000 in COVID-19 unemployment benefits, U.S. Attorney Philip R. Sellinger announced today.

Jose Tavares, 37, of Englewood, New Jersey, was convicted on Oct. 28, 2024, on one count of conspiracy to commit wire fraud. Tavares was convicted after a five-day jury trial before U.S. District Judge Robert Kirsch in Trenton federal court.

Tavares’ conspirators, Yanira Abreu, 43, of Keasby, New Jersey, and Christopher Valerio, 34, of Perth Amboy, New Jersey, have each previously pleaded guilty and were sentenced by Judge Kirsch in the same scheme.

According to documents filed in this case:

From July 2020 through February 2021, Tavares, Valerio, Abreu and others submitted fraudulent applications for unemployment insurance benefits to the New York Department of Labor (NYDOL) through fictitious online profiles that they created using personally identifiable information, including names, dates of birth, and Social Security numbers, of other individuals without their consent. Once the NYDOL processed and approved the fraudulent applications, Tavares and his conspirators obtained debit cards with illegally obtained funds totaling over $570,000, which they used for personal gain, including vacations, luxury retail purchases, and cosmetic surgery.

The wire fraud charge carries a maximum penalty of 20 years in prison and a maximum fine of $250,000, or twice the gross gain to the defendant or gross loss to the victim, whichever is greatest. Sentencing is scheduled for March 4, 2025.

U.S. Attorney Sellinger credited special agents of Homeland Security Investigations Newark, under the direction of Acting Special Agent in Charge Spiros Karabinas; special agents of the U.S. Department of Labor, Office of Inspector General, Northeast Region, under the direction of Special Agent in Charge Jonathan Mellone, and postal inspectors of the U.S. Postal Inspection Service, Christopher A. Nielsen, Philadelphia Division, with the investigation leading to the verdict.

The government is represented by Assistant U.S. Attorneys Matthew Stark and Benjamin D. Bleiberg of the Economic Crimes Unit in Newark.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

MIL Security OSI –

January 25, 2025

MIL-OSI USA: Florida Company Pleads Guilty to Conspiring to Sell Misbranded N95 Masks to Hospital in Early Months of COVID-19 Pandemic

Source: US Department of Health and Human Services – 3

Department of Justice
U.S. Attorney’s Office
District of Massachusetts

FOR IMMEDIATE RELEASE
Wednesday, October 30, 2024

Two individuals also pleaded guilty to misbranding N95 masks and conspiracy to commit price gouging

BOSTON – A Florida company, and two individuals associated with the company, have pleaded guilty to charges associated with shipping facemasks that were misbranded as N95 respirators, and price gouging hospitals, during the earliest phase of the COVID-19 pandemic.

JDM Supply LLC (JDM) pleaded guilty to one count of conspiracy to introduce misbranded devices into interstate commerce with intent to defraud or mislead, in violation of the Federal Food, Drug and Cosmetic Act. Daniel Motha, 40, of Miami, Fla., and Jeffrey Motha, 36, of Norfolk, Mass., also pleaded guilty to one count of introduction of misbranded devices into interstate commerce and one count of conspiracy to commit price gouging in violation of the Defense Production Act. U.S. District Court Judge Myong J. Joun scheduled sentencing for Daniel Motha and Jeffrey Motha on March 4, 2025 and JDM on March 25, 2025. In August 2023, a third individual, Jason Colantuoni of Norfolk, Mass, pleaded guilty to conspiracy to commit price gouging in connection with this investigation.

In the spring of 2020, during the earliest phase of the COVID-19 pandemic, JDM and a company identified as “Company 1” conspired to ship facemasks that were misbranded as National Institute of Occupational Safety and Health (NIOSH)-approved, N95 respirators. One hospital accepted and paid for hundreds of thousands of purported N95 masks that were manufactured by Company 1 and sold by JDM. Ultimately, the hospital did not use the masks, which were eventually returned to Company 1. JDM misled the hospital into believing that the Company 1 masks were NIOSH-approved N95s, when in fact they were not.

In August 2020, a NIOSH lab tested a sample of the Company 1 masks that had been shipped to the hospital. The masks tested between 83.94% and 93.24% filtration efficiency, thus falling below the 95% minimum level of filtration efficiency required for N95 respirators.

Daniel Motha and Jeff Motha conspired to use JDM to exploit and profit off of the critical need of hospitals and healthcare workers for scarce N95 masks during the COVID-19 pandemic. They accumulated N95 masks from various sources and then sold the N95 masks through JDM to hospitals in Massachusetts, and elsewhere, at prices in excess of the prevailing market price.

The charge of conspiracy to introduce or deliver for introduction into interstate commerce a misbranded device with intent to defraud or mislead, brought against JDM, provides for a fine of $500,000 or twice the pecuniary gain or loss of the offense, whichever is greater and up to five years of probation. The charge of introduction or delivery for introduction into interstate commerce a misbranded device provides for a sentence of up to one year in prison; up to one year of supervised release; and a fine of $100,000. The charge of conspiracy to commit price gouging in violation of the Defense Production Act provides for a sentence of up to one year in prison; up to one year of supervised release; and a fine of up to $10,000. Sentences are imposed by a federal judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

Acting United States Attorney Joshua S. Levy; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; Fernando McMillan, Special Agent in Charge of the Food and Drug Administration, Office of Criminal Investigations; Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Michael J. Krol, Acting Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Assistant U.S. Attorneys Bill Brady and Howard Locker of the Health Care Fraud Unit are prosecuting the case.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline via the NCDF Web Complaint Form.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Attorney General James Leads Multistate Coalition Backing National Ban on Price Gouging

Source: US State of New York

NEW YORK – New York Attorney General Letitia James today led a coalition of 15 attorneys general urging Congressional leaders to support a ban on price gouging at the national level. While over 40 states ban price gouging, there is no federal law preventing businesses from raising prices to increase their profits on essential goods during an emergency. In a letter to Congressional leaders, Attorney General James and the coalition argued that a national ban on price gouging would give the federal government the power to crack down on price gouging that cannot be stopped by a single state, and allow states and the federal government to work together to stop illegal price gouging in national supply chains.

“Businesses should never be able to hike prices during an emergency just to increase their profits,” said Attorney General James. “When companies take advantage of major disruptions and raise prices of food and supplies that New Yorkers rely on, my office holds them accountable, getting people their money back and protecting their wallets. Our federal government should have the same power to protect Americans when disaster strikes and stop price gouging at the national level that threatens both hardworking families and small businesses.”

Bans on price gouging let businesses raise prices to cover costs but prevent them from raising prices further solely to increase their profits during an emergency. Attorney General James and the coalition argue in their letter that prohibiting price gouging benefits both consumers and businesses. First, it encourages much-needed production at critical times by only allowing businesses to make more money by selling more products, instead of by raising prices. Second, it prevents businesses from risking long-term harm and reputational damage by overreacting in an emergency and setting prices too high. Third, it discourages hoarding in an emergency, since rising prices can prompt customers to over-buy. Fourth, price gouging bans protect consumers from monopolists who can raise prices without worrying about consumers’ reactions or being undercut by a competitor.

The COVID-19 pandemic and the onset of war in Ukraine disrupted supply chains at the national level, creating opportunities for price gouging that were sometimes out of reach from individual states. Attorney General James and the coalition argue in their letter that a federal ban would complement states’ anti-price gouging measures to help stop price gouging at the national level.

As Attorney General James and the coalition note, attorneys general have successfully stopped price gouging at the state level, demonstrating a clear need for national enforcement to complement these efforts. In New York, Attorney General James has secured decisive settlements with companies for illegally raising prices during emergencies, including the COVID-19 pandemic. In March and April 2024, Attorney General James distributed over 9,500 cans of baby formula in Buffalo and New York City as part of a settlement with Walgreens for illegally raising prices of baby formula during the 2022 shortage. In May 2023, Attorney General James recovered $100,000 from Quality King for price gouging Lysol products at the beginning of the COVID-19 pandemic. In April 2021, Attorney General James secured 1.2 million eggs for New Yorkers from Hillandale Farms Corporation as part of a settlement resolving a lawsuit brought by the Office of the Attorney General (OAG) in August 2020 for illegally gouging egg prices in the early months of the pandemic.

In March 2023, Attorney General James proposed new rules to protect consumers and small businesses by making it easier for OAG to investigate and combat price gouging. Throughout the pandemic, during major disruptions, and ahead of recent declared disasters, Attorney General James has issued consumer warnings against price gouging on essential supplies.

Joining Attorney General James in sending the letter to Congress are the attorneys general of California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Michigan, New Jersey, New Mexico, Oregon, Pennsylvania, Vermont, and the District of Columbia.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: New Affordable Homes in Sunset Park

Source: US State of New York

Governor Kathy Hochul today celebrated the completion of Sunset Ridge, an 84-unit, affordable housing development for seniors and older adults in Sunset Park, Brooklyn. The energy-efficient development, which also houses a new education space, will preserve historic decorative elements from a church that used to be on the site and is the first affordable older adult housing built in Sunset Park in over 15 years.

“Sunset Ridge is the embodiment of a multi-generational and community-centered development — one that incorporates the neighborhood’s history with the need for growth and sustainability,” Governor Hochul said. “By investing in new mixed-use projects, we are unlocking a future that is more affordable and more livable, opening up new opportunities for communities to thrive.”

The entire $65 million development is reserved for persons aged 62 and older earning up to 50 percent of the Area Median Income. All units are supported by project-based vouchers, ensuring tenants pay no more than 30 percent of their income on rent. Reflecting a strong commitment to address housing insecurity among the city’s most vulnerable, 26 apartments are set aside for formerly homeless seniors who will receive social services including emergency assistance, recreational activities, case management, wellness support and benefits assistance.

The ground floor and first floor of the new building includes a community facility space for five pre-kindergarten classrooms that will be constructed by the New York City Schools Construction Authority starting in 2025, enhancing access to early childhood education for local families.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Sunset Ridge is giving 84 senior households affordable and modern homes where they can age in place, while also prioritizing the needs of families with a new education space. This $65 million investment will help residents decrease their carbon footprint and provide support for tenants who need it most. We are grateful to Governor Hochul for her vision, as well as to Commissioner Carrion and all our partners for bringing this project to fruition.”

The project included the demolition of the Zion Lutheran Church and the construction of a new nine-story building, as well as the complete rehabilitation of two pre-existing townhouses which were combined into one building. Decorative elements of the original church were preserved and reused within the new building.

Both buildings feature energy-efficiency measures including all-electric heating and cooking. Additionally, a 19.8kW solar array was installed on the roof, underscoring the project’s commitment to sustainability.

In the past five years, New York State Homes and Community Renewal has created or preserved nearly 7,700 affordable homes in Brooklyn. Sunset Ridge continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

Fifth Avenue Committee, a nonprofit comprehensive community development corporation, is the project sponsor, developer and manager. Bay Ridge Center provides on-site social services to the formerly homeless tenants. Metropolitan New York Synod is the owner of the Community Facility on the ground floor and first floor.

Sunset Ridge is supported by HCR’s Federal Low-Income Housing Tax Credit program that generated approximately $18.3 million in equity and its State Low-Income Housing Tax Credit program that generated approximately $3.4 million in equity. All of the units benefit from a project-based Section 8 rental assistance vouchers. The New York State Energy Research and Development Authority provided more than $100,000 in funding with $31,700 in tax incentives through NY-Sun, along with $73,600 in combined incentives through the Low-Rise New Construction and the Multifamily New Construction programs. The New York City Department of Housing Preservation and Development provided $11.7 million through its Senior Affordable Rental Apartments program and $1.3 million in accrued interest. The project also received a $6 million discretionary capital grant from the Brooklyn Borough President in Fiscal Year 2017 and Fiscal Year 2020 administered by HPD.

The project was guaranteed by Fifth Avenue Committee and Moodna Creek, LLC. Chase Community Development Banking provided a $28 million construction loan. Tax credit syndicator Hudson Housing Capital and the Tax Oriented Investments unit of J.P. Morgan invested $23 million in tax credit equity to support the development. Freddie Mac through Greystone provided $15 million in permanent loan financing.

NYSERDA President and CEO Doreen M. Harris said, “Sunset Ridge shows how sustainable new construction practices and retrofitting existing structures can uplift historically underserved communities by providing affordable, healthy and comfortable housing and community spaces. This all-electric, multi-use development powered by rooftop solar will ensure New Yorkers living in Sunset Park benefit from clean energy while advancing Governor Hochul’s commitment to tackling the housing shortage.

Senate Majority Leader Charles Schumer said, “Everyone deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit and project-based Section 8 rental assistance vouchers that I worked hard to protect and expand has delivered millions to help build senior housing in Sunset Park, which will provide more seniors with an affordable, supportive and energy-efficient place to live. I applaud Governor Hochul’s efforts to create and preserve affordable homes across the state, and I will continue working to deliver the federal resources needed for more affordable homes in Brooklyn.”

New York City Schools Construction Authority President and CEO Nina Kubota said, “The SCA is excited to partner with the Fifth Avenue Committee, HCR, HPD, and Metropolitan New York Synod to leverage this high-quality opportunity to provide access to early childhood education for Sunset Park and Bay Ridge parents. We will begin work on this 13,314 square foot pre-kindergarten facility in early 2025 that will bring 90 new seats and an exterior play yard to this community. Thinking outside of the box by maximizing space in multi-use sites is part of the strategy we have been deploying to expand early childhood education throughout the City. Access to pre-k improves cognitive and social development, reduces achievement gaps, and supports working parents, providing them with affordable, reliable childcare. Today is a day to celebrate this truly unique partnership.”

Representative Dan Goldman said, “As housing costs in New York City rise to unprecedented levels, our seniors have been left behind. The Fifth Avenue Committee’s new affordable housing complex in Sunset Park is a crucial step toward providing our older New Yorkers with the homes they deserve, and I applaud the city, state, and Fifth Avenue Committee for ensuring that this vital project is completed. I look forward to continuing to work alongside FAC to ensure every New Yorker can access high-quality, stable, and affordable housing.”

State Senator Andrew Gounardes said, “If we want Brooklyn to be a place where everyone can succeed, we need to create resources for everyone from young children to seniors. The Sunset Ridge development is exactly the kind of resource our communities need: affordable housing for seniors along with universal pre-k classrooms so families can more easily access childcare and education. Thank you to Fifth Avenue Committee for taking the opportunity to support working families and a thriving future for all Brooklynites.”

Assemblymember Marcela Mitaynes said, “Fifth Avenue Committee and its partners have brought much-needed affordable senior housing to Sunset Park. Sunset Ridge is an example of how the intentional construction of housing can address the gaps that exist in New York State communities. AD51 needs more affordable units in environmentally friendly and community-oriented buildings under strong tenant protections.”

Brooklyn Borough President Antonio Reynoso said, “As we work to address housing insecurity in Brooklyn, it is critical that we consider the particular vulnerabilities faced by older adults in our community. Sunset Ridge confronts this disparity directly, and by combining affordable senior housing with universal pre-k, the project creates an intergenerational community resource and gathering place. I applaud NYS Homes and Community Renewal and NYC Department of Housing Preservation and Development as well as the Fifth Avenue Committee for investing in the well-being of both the oldest and youngest members of the Sunset Park community, and I look forward to seeing residents and students thrive in their new space.”

New York City Councilmember Alexa Aviles said, “I applaud the Fifth Avenue Committee for bringing to fruition Sunset Ridge Apartments, a development that will deliver truly affordable housing for our older adults. Housing insecurity is the number one issue in my office with frequent visits from so many older adults who are facing displacement as a result of gentrification and unscrupulous landlords. Today however, we celebrate a move towards solutions, and am proud to have played a role in bringing this much needed housing to our community. I thank Fifth Avenue Committee under the leadership of Michelle de la Uz for their work in providing affordable housing to our district seniors.”

Fifth Avenue Committee Executive Director Michelle de la Uz said, “FAC is thrilled to be cutting the ribbon at Sunset Ridge, the first new affordable housing for seniors in the community in over 15 years and FAC’s 2nd new affordable housing project in Sunset Park to be completed in 2 years. Access to quality, affordable housing is crucial to our health and well-being, especially as we age. The project is especially gratifying because it will also have 90-Universal Pre-K seats in the future, representing an important intergenerational resource for the local community. We broke ground on the project just before the pandemic hit, so we never celebrated its start, making today’s ribbon cutting with our project partners and tenants all the more meaningful. On behalf of our tenants and the local community, thank you to the Metropolitan New York Synod, NYS HCR and NYC HPD and everyone who helped make this critical project possible.”

Bay Ridge Center Executive Director Todd Fliedner said, “At Bay Ridge Center, we are dedicated to enhancing the lives of adults 60 and older in our vibrant community, through a variety of enriching programs and essential services, we strive to support our members in living active fulfilling lives.”

Chase Community Development Banking Head of East Region Dave Walsh said, “We are proud to support the redevelopment of Sunset Ridge, a project delivering essential affordable senior housing in Brooklyn. Providing housing with essential services not only fosters a sense of belonging but is vital to ensure our most vulnerable senior residents have the resources they need to flourish.”

Hudson Housing Capital Managing Director Sam Ganeshan said, “Hudson Housing Capital is proud to partner with Fifth Avenue Committee to finance high-quality, affordable housing for seniors at Sunset Ridge. This property will provide some of the City’s most vulnerable residents with a safe place to live independently and age in-place. We thank and commend all those involved in making this day possible, including our investor J.P. Morgan, and look forward to seeing this impactful housing development thrive for many years to come.”

Governor Hochul’s Housing Agenda

Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 160 communities have been certified, including the City of New York.

MIL OSI USA News –

January 25, 2025

MIL-OSI Global: A new president will be elected − but it may take some time to determine who wins

Source: The Conversation – USA – By John M. Murphy, Professor of Communication, University of Illinois at Urbana-Champaign

For more than 100 years, media of many kinds tried to be the first to report presidential election results. Although that urge still exists, pundits and analysts are now more concerned with accuracy than speed.

That’s because of the 2020 election. A raging pandemic, a divided country, a close race, polling failures, false presidential claims of voter fraud and uncertainty made everyone anxious. Then came the Jan. 6, 2021, attack on the U.S. Capitol, which meant the election was about more than the presidency – it was about democracy itself.

What’s most important now is not being first but rather being right. In recent decades, Americans have gotten used to media organizations declaring the winners of races in the hours or days after the polls close, but those are not official results. They are projections based on the available unofficial information. The formal results of the election are checked and certified through a process that takes weeks to months – and potentially longer, if lawsuits are filed.

A wrong call could spark violence, particularly because Donald Trump has yet to say that he will accept the results of the 2024 election if he loses.

Media figures and election officials are preparing Americans for the fact that we might have to wait some time to get an accurate call. As in 2020, they’re using metaphor to shape public expectations. But this year, they’re also explicitly trying to define the nation’s perceptions of time, in terms of which results count as on time or as delayed.

Sometimes what you see isn’t actually what’s real.
simon’s photo/Moment via Getty Images

Don’t get confused by mirages

A metaphor is a linguistic device that describes something in terms of something else, usually to highlight an important idea. If we see a football team as the Bears, we know they’re not literally animals, but they are ferocious. As a scholar of presidential rhetoric and political campaigns, I know it’s important to notice metaphors because they often shape public perceptions.

As members of the media prepare themselves and the public for an uncertain election night, they’re worried that Americans will be misled by false or incomplete information in the early returns. Fredreka Schouten and Sara Murray of CNN Politics write, “Election officials worry that delays in counting could give the public a false sense of who’s winning the election.” The Republican Pennsylvania secretary of state adds, “It’s obviously a concern.” And so, as they did in 2020, they’re again using the metaphor of “mirage.”

A mirage is an optical illusion, something that looks real but is not. Old adventure movies would show a mirage of water in a desert. Lost explorers with empty canteens would run excitedly toward a sparkling oasis, only to find nothing but sand.

In 2020, no one was quite sure whether the early results would show a red or a blue mirage and so they suggested it could vary by state. For example, some states, such as Florida and Arizona, counted mail ballots as they arrived, even before Election Day. In those states, Vox reported, the early “results might look overwhelmingly favorable to Joe Biden and other Democratic candidates.”

In 2024, the overwhelming expectation is that early returns in this year’s key states will look better for Republicans. Reporter Nick Corasaniti of The New York Times wrote that “Democratic operatives” have come to expect “‘the red mirage,’ the result of far more Democrats than Republicans opting to vote by mail, leading to Democratic votes being counted later.” The editorial board of The Washington Post fretted in September 2024 that Trump “used this so-called red mirage in 2020 to declare victory and insist that the counting stop.” The implication was clear: a fear he might do so again.

People tend to see what they want to see. Those lost explorers want and need water, much as Trump yearns for victory. And mirages are partly self-deception. Partisans want that beautiful picture of triumph, blue or red seas cascading across screens on election night. These feelings explain why the mirage metaphor works well for the media: It signals that campaigns and the public see what they hope for, not what’s there. Wait, the metaphor tells us. Wait until we know it’s real.

Try not to lose sleep waiting for the results.
fcafotodigital/E+ via Getty Images

A wait doesn’t mean it’s late

To make the waiting easier, the media has also explicitly tried to shape the public’s perceptions of time. This is not a new idea: The ancient Greeks used the term “kairos” to talk about timing in public speech – when we should speak, how we define time in that speech, and what sorts of times we live in.

For example, an NBC report catalogs changes various states have made since 2020 to speed up the counting, but nonetheless notes “in the event of a close race, a handful of key battleground states could keep Americans waiting well beyond Election Day.” In early October 2024, Arizona’s secretary of state told a group at Harvard the results would take “thirteen days and we’re not doing it any sooner because we’re going to get it right.”

At that same Harvard meeting, Pennsylvania Secretary of State Al Schmidt disputed the concept that taking time to count votes constituted a “delay.”

“It’s not a delay at all. It takes time to count millions of votes, with integrity, especially when you can only start at 7 a.m. on election morning,” Schmidt said.

Taken together, the two persuasive strategies urge patience. A mirage will appear, but it is false, alluring and dangerous. It does not reflect reality. Reality will come in time, the proper time, in its season. This isn’t a delay, because it takes time to get things right. This election poses enough dangers, these officials and the media believe. All Americans need to take – or give – the time to get the count right.

Some of the material in this article was previously published on Nov. 3, 2020.

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

– ref. A new president will be elected − but it may take some time to determine who wins – https://theconversation.com/a-new-president-will-be-elected-but-it-may-take-some-time-to-determine-who-wins-241199

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI: Security Federal Corporation Announces Third Quarter Income

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and nine months ended September 30, 2024.

The Company reported net income available to common shareholders of $2.0 million, or $0.62 per share, for the quarter ended September 30, 2024, compared to $2.1 million, or $0.65 per share, for the third quarter of 2023. Year-to-date net income available to common shareholders was $5.9 million, or $1.83 per common share, for the nine months ended September 30, 2024, compared to $6.6 million, or $2.02 per common share, during the nine months ended September 30, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.

Third Quarter Comparative Financial Highlights

Net interest income increased $964,000, or 10.2%, to $10.4 million during the quarter ended September 30, 2024, compared to $9.4 million during the third quarter of 2023.
Total interest income increased $2.7 million, or 16.1%, to $19.5 million while total interest expense increased $1.7 million, or 23.7%, to $9.1 million during the quarter ended September 30, 2024 compared to the same quarter the prior year. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities.
Non-interest income increased $457,000, or 21.1%, to $2.6 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to $263,000 and $74,000 increases in trust income and gain on sale of loans, respectively.
Non-interest expense increased $389,000, or 4.4%, to $9.3 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to an increase in salaries and employee benefits expense.


	*Quarter Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*9/30/2024*		*9/30/2023*
Total interest income	$	19,531	$	16,822
Total interest expense		9,121		7,376
Net interest income		10,410		9,446
Provision for credit losses		580		–
Net interest income after provision for credit losses		9,830		9,446
Non-interest income		2,625		2,168
Non-interest expense		9,313		8,924
Income before income taxes		3,142		2,690
Provision for income taxes		732		568
Net income		2,410		2,122
Preferred stock dividends		415		–
Net income available to common shareholders	$	1,995	$	2,122
Earnings per common share (basic)	$	0.62	$	0.65

Year to Date (Nine Months) Comparative Financial Highlights

Net interest income increased $1.8 million, or 6.1%, to $30.6 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
Total interest income increased $10.5 million, or 22.5%, to $57.1 million while total interest expense increased $8.7 million, or 49.0%, to $26.5 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
Non-interest income increased $780,000, or 11.8%, to $7.4 million during the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $480,000 increase in trust income.
Non-interest expense increased $1.8 million, or 6.5%, to $28.6 million for the nine months ended September 30, 2024 compared to the same period in 2023.


	*Nine Months Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*9/30/2024*		*9/30/2023*
Total interest income	$	57,071	$	46,593
Total interest expense		26,497		17,780
Net interest income		30,574		28,813
Provision for credit losses		1,090		221
Net interest income after provision for credit losses		29,484		28,592
Non-interest income		7,400		6,620
Non-interest expense		28,617		26,863
Income before income taxes		8,267		8,349
Provision for income taxes		1,878		1,775
Net income		6,389		6,574
Preferred stock dividends		512		–
Net income available to common shareholders	$	5,877	$	6,574
Earnings per common share (basic)	$	1.83	$	2.02

Credit Quality

The Bank recorded a $1.2 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.1 million for the first nine months of 2024, compared to $376,000 in provision for credit losses on loans and a $155,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $221,000 for the first nine months of 2023.
Non-performing assets were $6.8 million at both September 30, 2024 and December 31, 2023, compared to $6.3 million at September 30, 2023.
The allowance for credit losses to gross loans was 1.95%, 1.98% and 2.03% at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.


*At Period End (dollars in thousands):*	*9/30/2024*			*12/31/2023*			*9/30/2023*
Non-performing assets	$	6,770		$	6,825		$	6,339
Non-performing assets to total assets		0.43	%		0.44	%		0.43	%
Allowance for credit losses	$	13,604		$	12,569		$	12,348
Allowance for credit losses to gross loans		1.95	%		1.98	%		2.03	%

Balance Sheet Highlights and Capital Management

Total assets were $1.6 billion at September 30, 2024, a year-over-year increase of $99.0 million, or 6.7%.
Total loans receivable, net were $686.7 million at September 30, 2024, an increase of $64.2 million during the first nine months of 2024 and a year-over-year increase of $88.7 million.
Investment securities decreased $28.7 million during the first nine months of 2024 to $672.1 million at September 30, 2024, as maturities and principal paydowns of investment securities exceeded purchases during the nine-month period.
Deposits were $1.3 billion at September 30, 2024, an increase of $62.3 million, or 5.2% during the nine months ended September 30, 2024, and a year-over-year increase of $71.3 million, or 6.0%.
Borrowings decreased $49.1 million, or 28.9%, during the nine months ended September 30, 2024 to $121.0 million due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program.


*Dollars in thousands (except per share amounts)*	*9/30/2024*			*12/31/2023*			*9/30/2023*
Total assets	$	1,576,326		$	1,549,671		$	1,477,330
Cash and cash equivalents		132,376			128,284			84,224
Total loans receivable, net		686,708			622,529			598,029
Investment securities		672,054			700,712			705,558
Deposits		1,257,313			1,194,997			1,186,053
Borrowings		120,978			170,035			119,898
Total shareholders’ equity		185,081			172,362			158,996
Common shareholders’ equity		102,132			89,413			76,047
Common equity book value per share	$	31.97		$	27.69		$	23.46
Total risk-based capital to risk weighted assets (1)		19.21	%		19.49	%		19.33	%
CET1 capital to risk weighted assets (1)		17.96	%		18.24	%		18.08	%
Tier 1 leverage capital ratio (1)		10.27	%		9.83	%		10.11	%
(1) – Ratio is calculated using Bank only information and not consolidated information

Security Federal Bank has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

The MIL Network –

January 25, 2025

MIL-OSI USA: Mfume & Sessions Request GAO Examine $2.7 Trillion in Improper Payments and Provide Anti-Fraud Recommendations

Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

WASHINGTON, D.C.—Subcommittee on Government Operations and the Federal Workforce Chairman Pete Sessions (R-Texas) and Ranking Member Kweisi Mfume (D-Md.) are advancing bipartisan oversight to tackle improper payments and fraud in federal government programs. In a letter to the Comptroller General at the U.S. Government Accountability Office (GAO) Gene Dodaro, they request information on how federal agencies are identifying root causes of improper payments and implementing corrective actions and ask GAO to provide recommendations to help reduce improper payments across federal agencies.

“The Subcommittee on Government Operations and the Federal Workforce recently held its third hearing related to improper payments and fraud in the federal government. The goal of that hearing was to discuss agencies’ progress preventing improper payments and fraud in the federal government’s lifesaving programs,” wrote the lawmakers. “The Subcommittee seeks to continuously evaluate whether agencies are getting better or worse at ensuring the levels of fraud seen during the pandemic will “never happen again.” Unfortunately, because of limited or unreliable information maintained by federal agencies, the Subcommittee has been unable to adequately assess agencies’ progress.”

The Subcommittee on Government Operations and the Federal Workforce recently held a hearing where the GAO highlighted improper payments and fraud across government, totaling $2.7 trillion in improper payments since 2003. Witness testimonies at prior hearings made clear that continuing to do the same things to address improper payments is not fully addressing a long-term problem. The Office of Management and Budget (OMB) has identified a list of high priority programs, which are those with the highest dollar value or rate of improper payments or those with the highest risk of improper payments.

“Federal law requires [high priority] programs report information such as the root causes of their improper payments, mitigation strategies, and corrective action measures. However, the amount of improper payments within these programs continues to grow,” continued the lawmakers. “We ask that GAO regularly update Subcommittee staff on the progress of this review and provide periodic briefings on known practices that have helped prevent improper payments and fraud.

Read the letter to Comptroller Dodaro here.

###

MIL OSI USA News –

January 25, 2025

MIL-OSI Russia: SUM Renews Traditions: The University Hosted the D.S. Lvov National Economic Forum

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

On October 30, 2024, the National Economic Forum named after D.S. Lvov was held at the Information Technology Center of the State University of Management, within the framework of which a new master’s educational program of the Eurasian Network University “Economics of Integration Processes in the Eurasian Economic Union” was opened.

The plenary session was attended by: Vice-Rector of the State University of Management Maria Karelina, Co-Chair of the Forum, Corresponding Member of the Russian Academy of Sciences, Head of the Department of Institutional Economics of the State University of Management Georgy Kleiner, Corresponding Member of the Russian Academy of Sciences, Director of the Central Economics and Mathematics Institute of the Russian Academy of Sciences Albert Bakhtizin, Head of the Scientific Direction “Macroeconomics and Institutional Theory” of the Central Economics and Mathematics Institute of the Russian Academy of Sciences Viktor Dementyev, Director of the Department of Support of New Businesses of the State Corporation “Rosatom” Dmitry Baidarov, Academician of the Russian Academy of Sciences, Head of the Department of Economic Policy and Economic Measurements of the Institute of Economics and Finance of the State University of Management Sergey Glazyev. The moderator was Director of the IEF of the State University of Management Galina Sorokina.

The renewal of the tradition of holding the Forum will allow the State University of Management to advance in economic science. This was stated by the Vice-Rector of the State University of Management Maria Karelina. Addressing all participants, students of Academician Dmitry Lvov and future economists, she also noted that this decision will contribute to interdisciplinary research, which is especially relevant today.

It should be noted that this year marks the 70th anniversary of Dmitry Lvov’s graduation from the Moscow Ordzhonikidze Engineering and Economics Institute (now the State University of Management). The head of the Department of Institutional Economics at our university, Georgy Kleiner, delivered a report to the audience. Georgy Borisovich drew attention to the fact that not many economists offered their economic paradigm to the world. Academician Lvov saw the essence of economics in the fusion of material factors, spiritual quests, emotions and institutional influences. It is thanks to this science that we are a society. A person is not only the main resource of the economy, but also a beneficiary, a source of progress. He should not be a hostage to the economic system, but a part of it. Dmitry Lvov’s key idea was that the economy should be a link between man and humanity. It was to study such global issues that Academician Lvov created the first Department of Institutional Economics in Russia at the State University of Management.

During the active work of Dmitry Lvov, the Internet had not yet penetrated into all spheres of life, but today the academician’s speeches would be constantly on everyone’s lips, because he outraged the space with uncomfortable questions. This was very subtly noted by the director of the Central Economics and Mathematics Institute of the Russian Academy of Sciences, Albert Bakhtizin. Back in 2004, he drew attention to the depopulation of Russia, the unfair division of resources, noted the importance of contacts with China, described the instruments of pressure of the USA on other countries, that is, he saw the contours of the future world order. The speaker analyzed modern economic problems in detail, in particular, he noted that even experts in the USA understand how harmful excessive dollarization is for the world economy.

Viktor Dementyev, head of the Macroeconomics and Institutional Theory research department at the Central Economics and Mathematics Institute of the Russian Academy of Sciences, gave a report on the topic of “The Resilience of Russian Regional Economies under Different Shocks.” According to him, the modern economy has experienced four shocks: the Great Recession of 2009, the sanctions wave of 2015, the pandemic, and, of course, the second wave of sanctions, which is still ongoing. Research has shown that entities that are resilient to one shock are also resilient to others. But at the same time, methods for successfully overcoming one crisis do not always work under another.

Dmitry Baidarov, Director of the Department for Support of New Businesses at the Rosatom State Corporation, expressed the opinion that economic challenges facing Russia did not appear after the start of the SVO or during the pandemic – they have always been there, it’s just that the attitude towards them was different before. The history of Rosatom shows that if you pay attention to a gap in the economy in time, you can quickly and effectively fill it. For example, the corporation currently fulfills 88% of global orders for the construction of nuclear power facilities. Dmitry Baidarov regretfully noted that the paradigm of a competitive rather than a partnership economy, imported from outside, still prevails in Russia. The speaker said that Rosatom only realized two years ago how much engineers and economists are needed in production, and there are almost none left on the labor market, so the focus of the State University of Management on training just such specialists is very timely.

Sergey Glazyev, Head of the Department of Economic Policy and Economic Measurements at the Institute of Economics and Finance at the State University of Management, said that Dmitry Lvov was his academic advisor, with whom they substantiated the priorities of Russia’s new economic development and discussed the need to create state corporations as opposed to the fragmentation of production cycles. China has followed this path and achieved a lot, and we are facing dynamic catch-up, which is also impossible without the creation of state corporations. For an economic breakthrough, we need not just a sharp increase in investment, but targeted investment lines. The experience of Asian economies shows that this is the only way it works. If we followed the ideas of Lvov, who claimed that money cannot be a moral value and the core of the economy, we would already be world leaders along with India and China, where this is carefully monitored.

The second part of the plenary session was no less interesting and productive. It was dedicated to the opening of the educational program of the Eurasian Network University “Economics of Integration Processes in the Eurasian Economic Union”.

The program was presented by the Vice-Rector of the State University of Management Dmitry Bryukhanov, who noted that questions about the “fifth freedom”, freedom of knowledge, are becoming increasingly loud today, so the opening of the new program is fully supported by the Ministry of Science and Higher Education of the Russian Federation and Rossotrudnichestvo. The Vice-Rector reported that the program was developed with the assistance of the Eurasian Economic Commission and about 20 master’s students have already been enrolled, and training will start this week. The process will be hybrid, for which a special information environment has been developed.

One of the developers of the program, Deputy Director of the Department of Macroeconomic Policy of the Eurasian Economic Commission Kanybek Azhekbarov wished all applicants good studies and drew the attention of those gathered to the fact that the program was created on the basis of additional professional education, which has already trained 40 specialists.

The head of the program, Sergey Glazyev, thanked the Ministry of Science and Higher Education of the Russian Federation, the government of Kyrgyzstan and the State University of Management for their support. He shared plans to expand the program and noted that the Eurasian Economic Union and its labor market cannot effectively exist without a common educational space, and the State University of Management is an excellent platform to begin forming it.

At the end of the new program, students were presented with a symbolic pass to the State University of Management. After the break, the Forum continued in sections and round tables.

Subscribe to the TG channel “Our GUU” Date of publication: 10/30/2024

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI New Zealand: Dire benefit forecasts show the need for Welfare that Works

Source: New Zealand Government

A new report that forecasts young people on benefits will spend an average of 20 more years relying on welfare underscores the need for the Government’s reforms, Social Development and Employment Minister Louise Upston says.

MSD’s latest Benefit System Insights report, released today, which estimates how many future years different groups of beneficiaries will spend on a main benefit over their lifetimes, found little improvement in these projections between 2022 and 2023 after several years of sustained increases.

The report found the following:

It estimated that people under the age of 25 on a main benefit would spend an average of about 20 more years on a benefit over their lifetimes – 39 per cent longer than the estimate was under the National Government in 2017.
People under the age of 25 on Jobseeker Support would spend an average of about 18 more years on a benefit over their lifetimes – 49 per cent longer than in 2017.
Those under the age of 20 who were receiving a youth benefit would spend an average of about 23 more years on a benefit over their lifetimes – 51 per cent longer than in 2017.
Jobseeker Support beneficiaries of all ages who were ‘work-ready’ would spend an average of about 13 more years on a benefit over their lifetimes – 40 per cent longer than in 2017.

“These findings show how much of a problem welfare dependency has become in recent years and highlight the urgent need for the Government’s Welfare that Works reforms to get more people into jobs,” Louise Upston says.

“The trend of people spending longer on benefits set in well before the Covid pandemic and was baked in by the time the previous government left office.

“Our benefit system should be a safety net, not a dragnet that keeps people down. It must be a genuine pathway to employment for those who can work.

“This Government has greater aspirations for tens of thousands of young New Zealanders than spending roughly half their working-age lives on welfare.

“That is why we have returned clear consequences for job seekers who don’t fulfil their benefit obligations to prepare for or find work. It’s crucial that young people are taking basic steps to avoid the trap of long-term benefit dependency.

“We have also introduced more early intervention for young beneficiaries through a new phone-based employment case management service, 2100 more places for young people to get community job coaching, more regular work seminars, and a traffic light system to help them stay on track with their obligations.

“The work ahead to address the deep-rooted causes of welfare dependency is considerable, but so is this Government’s commitment to support New Zealanders’ aspirations for a better life through work.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI: Alpine Banks of Colorado announces financial results for third quarter 2024

Source: GlobeNewswire (MIL-OSI)

GLENWOOD SPRINGS, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended September 30, 2024. The Company reported net income of $13.6 million, or $127.16 per basic Class A common share and $0.85 per basic Class B common share, for third quarter 2024.

Highlights in third quarter 2024 include:

Basic earnings per Class A common share increased 16.8%, or $18.28, during third quarter 2024.
Basic earnings per Class A common share decreased 16.8%, or $18.30, compared to third quarter 2023.
Basic earnings per Class B common share increased 16.8%, or $0.12, during third quarter 2024.
Basic earnings per Class B common share decreased 16.8%, or $0.12, compared to third quarter 2023.
Net interest margin for third quarter 2024 was 2.98%, compared to 2.87% in second quarter 2024, and 2.87% in third quarter 2023.

“Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”

Net Income
Net income for third quarter 2024 and second quarter 2024 was $13.6 million and $11.7 million, respectively. Interest income increased $1.9 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in yields on the loan portfolio and increased balances in due from banks. These increases were slightly offset by decreased yields and volumes in the securities portfolio and decreased rates on due from banks, along with decreased volume in the loan portfolio. Interest expense increased $0.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increased balances in deposit accounts. This increase was partially offset by decreases in costs on, and volume of, the Company’s trust preferred securities. Noninterest income increased $1.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense decreased $0.8 million in third quarter 2024 compared to second quarter 2024, due to decreases in other expenses and salary and employee benefit expenses slightly offset by increases in occupancy expenses and furniture and fixture expenses. A provision for loan losses of $1.2 million was recorded in third quarter 2024 compared to a $0.2 million provision recorded in second quarter 2024.

Net income for the nine months ended September 30, 2024, and September 30, 2023, was $35.9 million and $46.0 million, respectively. Interest income increased $18.5 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $31.8 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $3.3 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.0 million in the first nine months of 2024 compared to the first nine months of 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $0.3 million in the first nine months of 2024 due to loan portfolio declines and a small volume of loan charge-offs, compared to the nine months ended September 30, 2023.

Net interest margin increased from 2.87% in second quarter 2024 to 2.98% in third quarter 2024. Net interest margin for the nine months ended September 30, 2024, and September 30, 2023, was 2.89% and 3.17%, respectively.

Assets
Total assets increased $107.0 million, or 1.7%, to $6.58 billion as of September 30, 2024, compared to June 30, 2024, primarily due to increased cash and due from banks and investment securities balances, partially offset by decreased loans receivable. Total assets increased $110.6 million, or 1.7%, from September 30, 2023, to September 30, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.34 billion on September 30, 2024, compared to $1.09 billion on September 30, 2023, an increase of 23.3%.

Loans
Loans outstanding as of September 30, 2024, totaled $4.0 billion. The loan portfolio decreased $36.3 million, or 0.9%, during third quarter 2024 compared to June 30, 2024. This decrease was driven by a $22.9 million decrease in real estate construction loans and a $33.7 million decrease in residential real estate loans, partially offset by a $13.7 million increase in commercial and industrial loans, a $5.0 million increase in commercial real estate loans, a $1.6 million increase in consumer loans, and a $0.1 million increase in other loans.

Loans outstanding as of September 30, 2024, reflected a decrease of $5.0 million, or 0.1%, compared to loans outstanding of $4.0 billion on September 30, 2023. This decrease was driven by a $102.8 million decrease in real estate construction loans, partially offset by a $54.9 million increase in commercial real estate loans, a $20.8 million increase in residential real estate loans, a $20.0 million increase in commercial and industrial loans, a $1.8 million increase in consumer loans and a $0.3 million increase in other loans.

Deposits
Total deposits increased $74.1 million, or 1.3%, to $5.9 billion during third quarter 2024 compared to June 30, 2024, primarily due to a $110.1 million increase in demand deposits and a $49.5 million increase in money market accounts. This increase was partially offset by a $36.4 million decrease in certificate of deposit accounts, a $3.8 million decrease in savings accounts, and a $45.4 million decrease in interest-bearing checking accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $390.5 million on June 30, 2024. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 29.3% on June 30, 2024.

Total deposits of $5.9 billion on September 30, 2024, reflected an increase of $38.5 million, or 0.7%, compared to total deposits of $5.8 billion on September 30, 2023. This increase was due to a $248.2 million increase in money market accounts, partially offset by a $41.6 million decrease in certificate of deposit accounts, a $111.6 million decrease in interest-bearing checking accounts, a $27.0 million decrease in demand deposits and a $29.5 million decrease in savings accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $563.7 million on September 30, 2023. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 31.4% on September 30, 2023.

Capital
The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of September 30, 2024, the Bank’s Tier 1 Leverage Ratio was 9.62%, Tier 1 Risk-Based Capital Ratio was 14.15%, and Total Risk-Based Capital Ratio was 15.30%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.23%, Tier 1 Risk-Based Capital Ratio was 13.59%, and Total Risk-Based Capital Ratio was 15.85% as of September 30, 2024.

Book value per share on September 30, 2024, was $4,787.58 per Class A common share and $31.92 per Class B common share, an increase of $294.62 per Class A common share and $1.96 per Class B common share from June 30, 2024.

Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

Dividends
Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150^th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

During third quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On October 10, 2024, the Company declared cash dividends of $30.00 per Class A common share and $0.20 per Class B common share payable on October 28, 2024, to shareholders of record on October 21, 2024.

About Alpine Banks of Colorado
Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

*Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

Contacts:	Glen Jammaron	Eric A. Gardey
	President and Vice Chairman	Chief Financial Officer
	Alpine Banks of Colorado	Alpine Banks of Colorado
	2200 Grand Avenue	2200 Grand Avenue
	Glenwood Springs, CO 81601	Glenwood Springs, CO 81601
	(970) 384-3266	(970) 384-3257

A note about forward-looking statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

The ability to attract new deposits and loans;
Demand for financial services in our market areas;
Competitive market-pricing factors;
Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
Effects of future economic, business and market conditions, including higher inflation;
Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
Deterioration in economic conditions that could result in increased loan losses;
Actions by competitors and other market participants that could have an adverse impact on expected performance;
Risks associated with concentrations in real estate-related loans;
Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
Market interest rate volatility, including changes to the federal funds rate;
Stability of funding sources and continued availability of borrowings;
Geopolitical events, including acts of war, international hostilities and terrorist activities;
Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
Any increases in FDIC assessments;
Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
The ability to recruit and retain key management and staff;
The ability to raise capital or incur debt on reasonable terms; and
Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Key Financial Measures
The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).

Key Financial Measures 09.30.2024

Consolidated Statements of Comprehensive Income 09.30.2024

Consolidated Statements of Financial Condition 09.30.2024

Consolidated Statements of Income 09.30.3024

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Empowered Committee for Animal Health Reviews Advancements Made in India’s Animal Health Sector

Source: Government of India

Empowered Committee for Animal Health Reviews Advancements Made in India’s Animal Health Sector

Mock Drill Planned to Enhance Operational Readiness for Animal Disease Responses in the Country

Posted On: 30 OCT 2024 9:41PM by PIB Delhi

The 8th meeting of the Empowered Committee for Animal Health (ECAH) of the Department of Animal Husbandry and Dairying (DAHD) was held on October 28, 2024, under the chairmanship of Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and vice-chaired by Mrs. Alka Upadhyaya, Secretary, DAHD, at Vigyan Bhawan.

The representatives of Indian Council of Agricultural Research (ICAR), Central Drugs Standard Control Organization (CDSCO), Indian Council of Medical Research (ICMR), Department of Biotechnology (DBT) etc. were present as a member to discuss advancements in India’s animal health sector.

During the meeting, the department highlighted the efforts and the achievements made so far in regulatory streamlining of animal drugs, vaccines, biologicals, and feed additives. The department also reported significant progress made in various on-going vaccination programs for livestock diseases such as Foot-and-Mouth Disease (FMD), Brucellosis, Peste des Petits Ruminants (PPR), and Classical Swine Fever (CSF) that is receiving 100% central funding under the Livestock Health & Disease Control Program (LH&DCP). Notably, all these vaccines are developed indigenously and manufactured domestically, demonstrating India’s commitment to self-sufficiency and global cooperation in animal health. Furthermore, the Principal Scientific Advisor was also briefed about the progress made on the National Digital Livestock Mission (NDLM), that aims to digitally identify and register all livestock and animal husbandry activities, including vaccination, breeding, and treatment in the country. The digital platform is currently handling over 16 transactions every second, showcasing the program’s extensive reach and efficiency.

Under the One Health Mission, the department will soon conduct a mock drill focused on animal disease response to improve operational readiness for disease management. Prof. Ajay Kumar Sood also lauded the launch of the $25 million G -20 Pandemic Fund Project recently along with The Standard Veterinary Treatment Guidelines (SVTG) and the Crisis Management Plan (CMP) for Animal Diseases. The Pandemic Fund Project aims to fortify laboratory capacities, enhanced disease surveillance and strengthen human resource to bolster resilience in animal health systems in the country.

The ECAH also deliberated upon the recently released Poultry Disease Action Plan that lays emphasis on proactive disease management through biosecurity measures, enhanced surveillance, and vaccination protocols, thereby safeguarding both poultry population and public health in India. In response to the High Pathogenic Avian Influenza (HPAI) outbreaks in Kerala in the past, the department has developed a comprehensive strategy to control and contain the disease spread, preventing significant public health hazards. It was informed, during the meeting that Compensation rates for forced culling of poultry were revised and communicated to all states and UTs during the month of September by the department.

It was also highlighted that World Organisation for Animal Health (WOAH) has recently recognized ICAR-NIVEDI, Bangalore for PPR and Leptospirosis as WOAH Reference Laboratories in India. Previously, ICAR-NIHSAD, Bhopal (for Avian Influenza) and KVFSU, Bangalore (for Rabies) have already been given this recognition highlighting DAHD’s continued commitment to enhancing animal health.

Empowered Committee on Animal Health

Established in 2021, ECAH serves as DAHD’s think tank, providing evidence-based insights and policy recommendations on national health programs, emerging disease threats, One Health initiatives, and regulatory frameworks for veterinary vaccines, drugs, and biological.

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Empowered Committee for Animal Health Reviews Advancements Made in India’s Animal Health SectorMock Drill Planned to Enhance Operational Readiness for Animal Disease Responses in the Country

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Mock Drill Planned to Enhance Operational Readiness for Animal Disease Responses in the Country